Futu Holdings Limited (FUTU) stock experienced a downfall in premarket – See why?

Futu Holdings Limited (FUTU) saw a decrease of 4.13% in the premarket. However, the last trading session closed at $73.81 with a decline of 12.41%.

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Resignation of Eric Chi Zhang from the Board of Directors

On 14th September 2021, FUTU announced that Mr. Eric Chi Zhang, a director of the Company, resigned from the board of directors of the Company due to personal reasons. Mr. Zhang’s departure had nothing to do with a conflict with the company.

On account of the board of board and executives team, the company thanked Mr. Zhang for his important services and contributions to the Company. The FUTU team also wished him the best in his future efforts with the ending notes.

Paper Trading Competition to Support ESG Companies

FUTU announced on 8th September 2021 that it is starting a paper trading competition to support the ESG companies. In collaboration with Benzinga, a prominent financial news website announced the start of registration for its paper trading competition. The competition will encourage trader education and the advocacy of ESG-focused economies. For the competition, moomoo and Benzinga have a common goal: to promote financial inclusion, educate investors, and inspire social good by demonstrating to investors that what is good for the environment can also be good for your money.

Using a user-friendly paper trading platform, participants are expected to hone their trading abilities and try new investing ideas without risking any real money. Benzinga will give tips and techniques to assist investors to construct a strategic portfolio throughout the competition, while moomoo will provide participants with access to its smart stock trading platform.

Second Quarter 2021 Financial Results

FUTU reported second-quarter 2021 financial results on 31st August 2021. According to the report:

  • Total revenues rose by 129.3 percent year over year (“YoY”) to $203.1 million in the second quarter, marking the sixth consecutive quarter of triple-digit growth.
  • Non-GAAP adjusted net income increased by 126.7 percent to $70.9 million year over year.
  • The number of Futu users reached 15.5 million, up 66.8% year over year; the number of registered customers reached 2.32 million, up 142.5 percent year over year; and the number of Futu’s paying clients reached 1 million, up 230.2 percent year over year.
  • Futu’s overall trading volume increased by 104.3 percent year over year to $169.4 billion in Q2.

This quarter, Futu’s commercial services grew rapidly. As of June 30, 2021, Futu I&E has 186 IPO and IR clients, with 263 ESOP solution clients. Futu participated in the underwriting or marketing of all Chinese ADR secondary listings in Hong Kong during the first half of 2021, as well as a number of HK$100 billion Hong Kong IPOs, including Kuaishou Technology, Baidu Inc., Bilibili Inc., and JD Logistics, Inc.