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Futu (NASDAQ:FHL), online brokerage firm based in China announced over 39 percent in year-over-year revenues in its unaudited second quarter financial results, with revenues reaching US$33.3 million. Offering option quotes, mutual fund distribution and initial public offering services through its platform, the company has witnessed the number of paying customers rise to over 164,000. Net …
Futu (NASDAQ:FHL), online brokerage firm based in China announced over 39 percent in year-over-year revenues in its unaudited second quarter financial results, with revenues reaching US$33.3 million. Offering option quotes, mutual fund distribution and initial public offering services through its platform, the company has witnessed the number of paying customers rise to over 164,000. Net income figures rose to US$7.1 million for the quarter, increasing 128 percent compared to the same time last year.
As quoted in the press release:
“In May, we launched our new enterprise service brand, I&E, to integrate our IPO subscription and ESOP solution services. As of June 30, 2019, we had 39 ESOP clients, and among the 11 new additions in the second quarter were Douyu, the recently-IPO’d game-streaming business, and a number of other leading Chinese new economy companies. We continue to see good synergies between our retail business and enterprise service business, which serves as an important client acquisition channel.”
Mr. Arthur Yu Chen, Futu’s Chief Financial Officer, said, “We were able to maintain our strong growth momentum in the second quarter. The total number of paying clients increased 50.5% year-over-year to over 164 thousand. We think it is particularly encouraging that as our paying clients continued to grow, our quarterly client retention rate also reached a stunning 98.1%, which is a new high since 2018.”