Futu Announces Plan for App Removal in Mainland China App Stores

Rhea-AI Summary

Futu Holdings Limited has announced the removal of its Futubull app from app stores in Mainland China in response to regulatory requirements. Existing Mainland China clients can still trade on the app, and services will not be affected. Users outside Mainland China can continue to use the app without interruption.

HONG KONG, May 16, 2023 (GLOBE NEWSWIRE) -- Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its decision to remove the Futubull app from app stores in Mainland China from May 19, 2023.

In response to the Chinese Securities and Regulatory Commission’s (the “CSRC”) rectification requirements on cross-border securities business, Futu will remove the Futubull app from app stores in Mainland China in order to bring its operations into full compliance with such regulatory principle.

After the Futubull app is removed from app stores in Mainland China, existing Mainland China clients can still make trades on Futubull, and the relevant services and business will not be affected in any way by the removal. Users outside Mainland China may also continue to download and use Futubull without any interruption.

Existing Mainland China clients and users who have any questions regarding Futubull may contact us through the online customer service portal on the app or dial our service hotline 400-870-1818.

Futu will continue to serve all existing Mainland China clients by offering high-quality products, services and user experience.

About Futu Holdings Limited

Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has 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. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.

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 United States Securities and Exchange Commission (“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

Why is Futu Holdings removing the Futubull app from app stores in Mainland China?

Futu Holdings is removing the Futubull app to comply with the regulatory requirements set by the Chinese Securities and Regulatory Commission (CSRC) on cross-border securities business.

Will existing Mainland China clients be able to trade on Futubull after the app is removed from app stores?

Yes, existing Mainland China clients can still make trades on Futubull even after the app is removed from app stores. The removal will not affect their ability to use the app and access its services.

Can users outside Mainland China continue to download and use Futubull?

Yes, users outside Mainland China can continue to download and use Futubull without any interruption. The removal of the app from app stores in Mainland China does not impact users outside the region.

How can existing Mainland China clients and users contact Futu Holdings regarding Futubull?

Existing Mainland China clients and users can contact Futu Holdings through the online customer service portal on the app or by dialing the service hotline 400-870-1818.