What are the latest developments in the crypto business, especially after Hong Kong's regulatory changes? How does AI empower Futu's business, and does it pose challenges to take rates?

Futu is awaiting VATP license approval in Hong Kong, which would enable crypto trading with margin and staking services. Crypto offerings expanded in Singapore and the U.S., with rising client penetration. AI is a strategic priority, used for enhancing investment discovery, generating reports, summarizing news, and enabling AI algo trading. AI is seen as an empowerment, not a challenge to take rates. “In terms of the crypto development, I think in the first -- in Hong Kong, we are still waiting for the Hong Kong regulators for our VATP license approvals. We are very confident in the near future, we can get this license.”

What are the main drivers for the 800,000 new funded accounts target, including any new markets? What is the long-term strategic planning for Airstar Bank, its differentiation, product pipeline, and expected revenue structure?

The 800,000 target includes potential new markets in Asia, with client acquisition remaining robust despite volatility. For Airstar Bank, the focus is on generating synergies with Futu's existing business, upgrading user experience with new wealth management products (mutual funds, insurance), and enhancing internal controls. Long-term revenue is expected to be skewed towards fee income from wealth management. “For the first question, for our 800,000 fund accounts, this number we have already in that one new markets, we will have potential to enter into in 2026.”

What is the regional breakdown of existing and new paying clients? How much of AUM growth is from net asset inflow versus market-to-market depreciation, and what is the regional breakdown of client assets?

In Q4 FY25, Malaysia and Hong Kong collectively contributed over 50% of new client adds. Overseas brand Moomoo's funded accounts increased to 55% of total group funded accounts. Q4 net asset inflows moderated but remained high. Mark-to-market losses, particularly from the Hong Kong market downturn, almost fully offset net asset inflows. Hong Kong remains the largest in client assets, followed by Singapore, with Japan and the U.S. showing increasing contribution. “For the contribution of the fourth quarter net new adds, Malaysia and Hong Kong collectively contributed over 50% of new client adds in the fourth quarter.”

FUTU

Futu Holdings (FUTU) Q4 FY25 earnings call: guidance and Q&A

Earnings call· Dec 2025 (Q4 FY25)· Financials· Mar 12, 2026

Source: earnings call transcript

Executive summary

Futu Holdings Q4 FY25 — Strong Client Acquisition and Diversified Trading Volume

Futu Holdings delivered robust Q4 FY25 results, driven by strong client acquisition across established and newer markets, exceeding its full-year funded account guidance. While Hong Kong market volatility impacted local client growth and asset values, diversification into U.S. stock trading and wealth management offerings supported record trading volumes and asset inflows. The company continues to invest in AI and expand its product suite, aiming for continued growth in 2026 despite market uncertainties.

Highlights

Added over 950,000 net new funded accounts in 2025, surpassing full-year guidance by 19%.
Total funded accounts reached 3.4 million, up 40% year-over-year.
Total trading volume climbed to a record HKD 3.98 trillion, up 38% year-over-year.
Wealth management client assets reached HKD 179.6 billion, up 62% year-over-year.
Net income increased by 80% year-over-year to HKD 3.4 billion.

Concerns

Client growth in Hong Kong moderated sequentially in Q4 FY25 due to a sharp downturn in the local stock market.
Hong Kong stock trading volume contracted 31% quarter-over-quarter to HKD 821 billion in Q4 FY25.
Mark-to-market losses on clients' Hong Kong stock holdings weighed on overall client assets in Q4 FY25.
No share buybacks were conducted in Q4 FY25 despite an authorized USD 800 million program.

Guidance & targets

Category	Target	Timeline	Confidence
Net new funded accounts	800,000 high materiality	FY26	High
Net new funded accounts	flattish quarter-over-quarter medium materiality	Q1 · FY26	Medium
Trading volume	flattish quarter-over-quarter medium materiality	Q1 · FY26	Medium
Net asset inflows	double-digit sequential increase high materiality	Q1 · FY26	High
Total client assets	increase modestly medium materiality	Q1 · FY26	Medium
Blended commission rate	flattish Q-on-Q low materiality	Q1 · FY26	Medium
Client acquisition cost (CAC)	HKD 2,500 to HKD 3,000 medium materiality	FY26	Medium

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Hong Kong Client growth moderated sequentially in Q4 FY25 following a sharp downturn in the local stock market. Despite this, Hong Kong contributed the highest number of net funded accounts within the Futu Group in 2025, extending market leadership. Strong net asset inflow, particularly from high net worth clients, was observed. Net new funded accounts: high double-digit year-over-year increase in 2025Client growth: moderated sequentially in Q4 FY25Stock trading volume: HKD 821 billionStock trading volume growth: down 31% quarter-over-quarterContribution to group net funded accounts: highest in 2025Contribution to net asset inflow: strong, higher percentage from high net worth clientsClient assets: largest in terms of AUM breakdown	—	high double-digit increase	moderated sequentially	—
Malaysia Significant share gain was observed, and momentum is expected to continue. Net new funded accounts recorded double-digit sequential growth in Q4 FY25, underpinned by strong client interest in U.S. stock trading and superior U.S. stock offerings. Launched Shariah-compliant gold tracker funds. Net new funded accounts growth: double-digit sequential growth in Q4 FY25Share gain: significantContribution to new client adds: over 50% collectively with Hong Kong in Q4 FY25	—	—	double-digit sequential growth	—
Japan Solidified position as the #1 foreign securities firm with cumulative app downloads crossing 2 million. Net new funded accounts recorded double-digit sequential growth in Q4 FY25, driven by strong client interest in U.S. stock trading. Cumulative app downloads: crossed 2 million as of November last yearPosition: #1 foreign securities firmNet new funded accounts growth: double-digit sequential growth in Q4 FY25	—	—	double-digit sequential growth	—
U.S. Rolled out offline marketing campaigns highlighting features for active traders. Average client assets recorded the fastest sequential increase. Auction contracts traded, stock, and crypto trading volume all posted double-digit sequential growth in Q4 FY25. Expanded crypto offerings. Average client assets growth: fastest sequential increase among all regionsAuction contracts traded volume growth: double-digit sequential growth in Q4 FY25Stock trading volume growth: double-digit sequential growth in Q4 FY25Crypto trading volume growth: double-digit sequential growth in Q4 FY25Crypto penetration among trading clients: risingCrypto offerings: expanded by adding more than 10 points in Q4 FY25	—	—	—	—
Singapore Saw rising net outside flow contribution from high net worth clients. Crypto penetration among trading clients is rising. Introduced more Singapore equity funds and short-duration bond funds in response to growing client demand for portfolio diversification. Expanded crypto offerings. Net outside flow contribution: rising from high net worth clientsCrypto penetration among trading clients: risingCrypto offerings: expanded by adding more than 10 points in Q4 FY25New products: introduced more Singapore equity funds as well as short-duration bond funds	—	—	—	—
Australia Moomoo was the most downloaded trading app in Australia in 2025, further solidifying its position. Moomoo app download ranking: most downloaded trading app in 2025	—	—	—	—

FUTU operating KPIs by quarter

FUTU operating KPIs stated on its earnings calls, by fiscal quarter
KPI	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
IPO distribution and IR clients	600 [Interpreted] At quarter end, we have 600 IPO distribution and IR clients, a 24% year-over-year increase. Source: earnings call transcript	625 [Interpreted] As of quarter end, we served 625 IPO distribution and IR, up 26% year-over-year. Source: earnings call transcript	683 We concluded the quarter with 683 IPO distribution and IR clients, up 32% year-over-year. Source: earnings call transcript	+9.3%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Product announcements

Product	Type	Timeline
Crypto offerings	expansion	Q4 FY25
Airstar Bank mutual funds and insurance products	launch	Q4 FY25
AI algo trading	launch	Q4 FY25
AI chatbots and AI analysis	expansion	Q4 FY25

Deals & partnerships

Xunce Technology Overall coordinator for IPO

Assumed the role of overall coordinator for a high-profile Hong Kong IPO in Q4 FY25.

Xiao Noodles Overall coordinator for IPO

Assumed the role of overall coordinator for a high-profile Hong Kong IPO in Q4 FY25.

Risks & headwinds

Hong Kong stock market downturn Q4 FY25

Hong Kong stock trading volume contracted 31% quarter-over-quarter to HKD 821 billion; Hansa Index down 5% Q-o-Q and Hansa Tech Index down 15% Q-o-Q in Q4 FY25

Mitigation:Diversification into U.S. stock trading; increased trading interest in gold and other precious metals; strong net asset inflow from high net worth clients.

Investor appetite for China technology stocks H2 FY25

Weighed market correction in the second half of 2025

Mitigation:Clients diversifying beyond large technology names into a broader range of sectors and across the AI value chain.

Market volatility due to geopolitical tensions and macro headwinds Q1 FY26

Impacted Q1 FY26, but client acquisition run rate remains robust

Mitigation:Company remains confident in achieving 2026 funded accounts target; CAC objective set with flexibility for market volatility.

Crypto market headwinds Q4 FY25

Crypto trading volume remained resilient at approximately HKD 20 billion despite market headwinds

Mitigation:Expanded crypto offerings in Singapore and U.S.; enriched market data and information around crypto; rising crypto penetration among trading clients.

What to watch in Q1 FY26

Net new funded accounts

2026

Current 950,000+ in FY25

Target 800,000 for 2026

Why it matters

This is a key growth driver for the business, indicating market penetration and client acquisition efficiency.

We remain confident in our ability to acquire 800,000 net new funded accounts in 2026, supported by strong bottom-up growth opportunities across both our established markets and newer ones.

Find out whether FUTU delivers this. Inve re-checks your case every morning.

Q&A highlights

What are the current trends for client growth, net asset inflow, trading velocity, and commission rates in Q1 FY26? Can you provide a breakdown of U.S. stock trading volume, specifically the contribution from Chinese ADRs?

Management expects flattish QoQ net new funded accounts and trading volume in Q1 FY26, but a double-digit sequential increase in net asset inflows, potentially reaching a historic high. Total client assets are expected to increase modestly. The blended commission rate is flattish QoQ. Chinese ADRs contributed less than 10% to U.S. stock trading volume in Q4 FY25, a structural decrease.

“Regarding the Chinese ADRs contribution for our U.S. stock trading volumes in the latest quarter, this portion is less than 10%.”

asked by Peter Zhang from JPMorgan · answered by Arthur Chen

3 min read 6 chapters

Detailed narrative

Client Acquisition & Geographic Expansion

Futu achieved strong client acquisition in 2025, adding over 950,000 net new funded accounts, exceeding its full-year guidance by 19%. Total funded accounts reached 3.4 million, a 40% year-over-year increase. Growth was broad-based, with Hong Kong and Malaysia being primary drivers.

Japan solidified its position as the #1 foreign securities firm with over 2 million cumulative app downloads, and Moomoo was the most downloaded trading app in Australia in 2025. While Q4 FY25 saw moderation in Hong Kong client growth due to local market downturn, Japan and Malaysia recorded double-digit sequential growth.

Trading Volume & Diversification

Total trading volume reached a record HKD 3.98 trillion in Q4 FY25, up 38% year-over-year and 2% quarter-over-quarter. U.S. equity markets were a significant driver, with turnover up 17% sequentially to HKD 3 trillion, as clients diversified beyond large technology names into broader sectors and the AI value chain.

Hong Kong stock trading volume contracted 31% quarter-over-quarter to HKD 821 billion due to investor sentiment towards China technology stocks, partially offset by interest in gold and precious metals. Crypto trading volume remained resilient at approximately HKD 20 billion, with rising penetration across Hong Kong, Singapore, and the U.S.

Wealth Management Growth & Product Expansion

Wealth management client assets grew to HKD 179.6 billion, up 62% year-over-year and 2% sequentially. This growth was supported by broadening the portfolio suite across key markets. In Hong Kong, high-dividend funds were enhanced, and minimum investment thresholds for structured products were lowered. Singapore saw the introduction of more equity and short-duration bond funds, while Malaysia launched Shariah-compliant gold tracker funds, meeting strong local demand.

Airstar Bank Strategy & Synergies

Futu is focused on enhancing Airstar Bank's user experience and internal infrastructure. In Q4 FY25, the bank streamlined account opening, launched mutual funds and insurance products in its app, and introduced a desktop version. Internally, compliance and risk management capabilities were strengthened with an anti-money laundering system and AI-powered fraud detection.

The long-term strategy for Airstar Bank is to generate meaningful synergies with Futu's existing business, with revenue streams expected to skew towards fee income from wealth management and associated activities.

Investment Banking Services & IPO Leadership

Futu reinforced its standing as a leading online broker for Hong Kong IPO distribution and subscription. At quarter-end, the company had 600 IPO distribution and IR clients, a 24% year-over-year increase. In 2025, Futu provided investment banking services to over half of the newly listed Hong Kong Main Board companies, with its platform representing 49% of the total public offering subscription amount.

The number of Hong Kong IPO subscribers on the platform grew nearly 5x year-over-year.

AI Integration & Strategic Priority

AI is a company-level strategic priority, with assessments beginning in 2022 and ramped-up investment over recent quarters. Futu leverages AI to enhance investment opportunity discovery and information gathering, providing AI-generated daily/weekly reports, earnings summaries, and news. The company launched AI algo trading in Q4 FY25, allowing users to generate quantitative strategies with natural language.

Asset class coverage for AI chatbots and analysis has expanded, and access to open cloud is offered via open API, leveraging years of development in market data and trading infrastructure.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.