Futu Holdings surpassed its Q4 2025 funded account guidance by 19%, adding high double-digit new clients in Hong Kong and Malaysia. The overseas brand moomoo now represents 55% of group-funded accounts. Trading volume reached HKD 3.98 trillion, driven by U.S. AI value chain trades offsetting a 31% sequential decline in Hong Kong stock turnover.

Client assets remained flat at HKD 1.23 trillion as strong net inflows from high-net-worth individuals offset mark-to-market losses in Hong Kong equities. Chinese ADRs now account for under 10% of U.S. trading volume, reflecting shifting client preferences. The blended commission fee rate is expected to stay flattish quarter over quarter.

Management anticipates net new funded accounts and trading volume to be flattish in Q1 2026, with a double-digit sequential increase in net asset inflows marking the highest quarterly inflow on record. Commission rates are projected to remain stable, supporting a consistent revenue mix.

Futu is awaiting a Hong Kong VAT license to launch crypto trading and staking services and has expanded crypto offerings in Singapore and the U.S., with double-digit growth in crypto trading clients. AI is a strategic priority, with AI-generated reports and trading strategies integrated into the platform. Plans for Airstar Bank focus on synergies with Futu’s business, enhanced user experience and long-term fee income growth.