Moomoo's Parent Company Futu Releases Q2 Earnings Result with US$400.7 Million in Total Revenues, a 25.9% Increase YoY

Core Insights - Futu Holdings Ltd. reported Q2 2024 earnings with revenues of US$400.7 million, a 25.9$166.0 million, an 8.6% year-over-year increase [1] - The company reached 23.3 million global users, a 13.3% year-over-year increase, and two million paying clients, a 28.8% year-over-year increase [1] Financial Performance - Total client assets reached US$74.2 billion, an 11.9$207.7 billion [2] Market Expansion and User Growth - Moomoo surpassed one million users in Singapore and achieved double-digit growth in client assets for eight consecutive quarters [5] - Significant progress was noted in Canada, Japan, and Malaysia, with high double-digit growth in account openings and paying clients [5] Stock Trading and Diversification - The company achieved one-year highs in US stock trading volume and daily active revenue trades (DARTs), with US stock trading volume increasing by 84.1% year-over-year [7] - Australian stock trading volume increased by 204% year-over-year, and Canadian stock trading volume rose by 106% quarter-over-quarter [8] Wealth Management and New Offerings - The wealth management business surpassed US$10 billion in assets under management (AUM), an 83.6% year-over-year increase [9] - The company launched crypto trading services in Singapore and Hong Kong, allowing trading of cryptocurrencies like Bitcoin and Ethereum [9] Strategic Partnerships and Innovations - Moomoo entered a global strategic partnership with Nasdaq to enhance market data and insights for investors [7] - The company expanded its family office services to cater to high-net-worth individuals, driving growth in private wealth management [10]