Futu Holdings (FUTU)

[winston]

not vested

Futu 1Q Non-GAAP Adj. Profit Slumps 58.5% on CSRC Fine; Mainland Asset Clients Contribute ~20% of Revenue

Futu Holdings Limited (FUTU.US) reported that 1Q revenue mounted 24.7% YoY to RMB5.856 billion.

Non-GAAP adjusted profit slumped 58.5% YoY to RMB9.2 billion, mainly affected by a proposed fine and confiscation of approximately RMB1.85 billion by the China Securities Regulatory Commission (CSRC).

Following the results announcement, the company's share price dived 4.82% to USD104.91.

As of the end of 1Q, mainland asset clients accounted for approximately 13% of total clients, representing about 17% of client assets and contributing roughly 20% of revenue.

He added that overall operations in Hong Kong and overseas markets remain normal, and various new businesses are progressing in an orderly manner.

The regulatory update is not expected to have a material impact on the full-year guidance of 800,000 new client acquisitions.

Currently, the company has more than 2 million overseas asset clients, with average AUM per client of approximately USD18,000.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN