Tiger, Futu post strong overseas gains after Beijing clampdown stalls mainland growth
Tiger Brokers and Futu Holdings, two of the region’s largest online brokerages, posted robust second-quarter growth as they expanded overseas to absorb Beijing’s toughest crackdown yet on illegal cross-border stock trading. UP Fintech Holding, parent of Tiger Brokers, reported on Wednesday that revenue rose 31.4 per cent year on year to a record US$182.3 million. Net income attributable to…
Tiger Brokers and Futu Holdings, two major online brokerages in the region, have reported strong second-quarter growth due to their expansion overseas, as Beijing's crackdown on illegal cross-border stock trading has stalled mainland growth. Tiger Brokers reported a 31.4% year-on-year revenue increase to a record US$182.3 million, while Futu reported revenue of HK$7.2 billion (US$918 million), up 35.6%.
The crackdown by Beijing has forced both companies to shift their focus to Southeast Asia, North America, and Europe, where they have seen significant growth in new funded accounts and client assets.
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