Tiger, Futu lean overseas as mainland curbs bite
SCMP · 1 SOURCESabout 3 hours ago2 MIN
Summary
Tiger Brokers and Futu Holdings reported strong second-quarter results as both online brokerages relied increasingly on overseas markets to offset stalled mainland growth. Their latest earnings came after Chinese regulators stepped up a campaign against unlicensed cross-border securities activity and unauthorised capital outflows
Key Points
- UP Fintech Holding, Tiger Brokers’ parent, said second-quarter revenue rose 31.4 per cent year on year to a record US$182.3 million, while net income slipped to US$39.4 million from US$41.4 million
- Chairman and chief executive Wu Tianhua said most of Tiger’s 32,600 new funded accounts came from Singapore and Hong Kong, lifting the total 10.3 per cent to 1.32 million
- Tiger said client assets increased 16.7 per cent to US$60.7 billion, with Hong Kong assets up almost 30 per cent quarter on quarter and US assets up nearly 50 per cent
- Futu reported revenue of HK$7.2 billion, up 35.6 per cent, and net income attributable to shareholders of HK$3.64 billion, up 41.6 per cent
- Futu’s funded accounts rose 33.6 per cent to 3.84 million, led for a third straight quarter by Malaysia, with Hong Kong and Singapore also among the top contributors
Why It Matters
For Hong Kong readers, the results show the city remains a key growth market for Chinese-founded online brokerages even as mainland regulatory pressure limits their traditional cross-border model. The push into Hong Kong, Singapore and other licensed markets also suggests future competition for retail investors will centre more on compliance tools, product breadth and local client acquisition