Futu Acquired Australian Subsidiary That Holds Australian Financial Services License

Rhea-AI Summary

Futu Holdings Limited (Nasdaq: FUTU) has announced the acquisition of Futu Securities (Australia) Ltd, an Australian subsidiary holding an Australian Financial Services License (AFSL) regulated by ASIC. This strategic acquisition allows Futu to offer online brokerage and financial services in Australia, tapping into a significant market opportunity. The company aims to enhance its presence in the wealth management sector through its digital platforms, Futubull and moomoo, catering primarily to the emerging affluent population.

Positive

• Acquisition of Futu Securities (Australia) Ltd enhances market presence in Australia.
• Holding an AFSL enables provision of diverse financial services and online brokerage.
• Opportunities for significant revenue growth in the Australian market.

Negative

• None.

HONG KONG, Dec. 19, 2021 (GLOBE NEWSWIRE) -- Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced that it had successfully acquired an Australian-based subsidiary, Futu Securities (Australia) Ltd. Futu Securities (Australia) Ltd holds an Australian Financial Services License (AFSL). The AFSL is a license granted and regulated by the Australian Securities and Investments Commission (ASIC).

The Company expects to use this license to provide online brokerage and other financial services in Australia. By leveraging its differentiated products and services, the Company is confident to tap into the huge market opportunity in Australia.

About Futu Holdings Limited

Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering a fully digitized brokerage and wealth management platform. The Company primarily serves the emerging affluent population, pursuing a massive opportunity to facilitate a once-in-a-generation shift in the wealth management industry and build a digital gateway into broader financial services. The Company provides investing services through its proprietary digital platform, Futubull and moomoo, each a highly integrated application accessible through any mobile device, tablet or desktop. The Company's primary fee-generating services include trade execution and margin financing which allow its clients to trade securities, such as stocks, warrants, options, futures and exchange-traded funds, or ETFs, across different markets. Futu has also embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders..

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from the management team of the Company, contain forward-looking statements. Futu may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Futu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Futu's goal and strategies; Futu's expansion plans; Futu's future business development, financial condition and results of operations; Futu's expectations regarding demand for, and market acceptance of, its credit products; Futu's expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborate with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Futu's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Futu does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor inquiries, please contact:

Investor Relations
Futu Holdings Limited
ir@futuholdings.com

FAQ

What is the significance of Futu's acquisition of Futu Securities (Australia) Ltd?

The acquisition allows Futu to operate in Australia, providing online brokerage and financial services under an Australian Financial Services License (AFSL).

How does the acquisition impact Futu's business strategy?

It enables Futu to expand its operations and tap into the growing wealth management market in Australia, targeting the emerging affluent population.

What is the Australian Financial Services License (AFSL) held by Futu Securities?

The AFSL is a license that permits companies to provide financial services in Australia, regulated by the Australian Securities and Investments Commission (ASIC).

When was the acquisition of Futu Securities (Australia) Ltd announced?

The acquisition was announced on December 19, 2021.