Futu Holdings Limited (FUTU): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las finanzas digitales, Futu Holdings Limited emerge como una plataforma revolucionaria que transforma la forma en que los inversores modernos se involucran con los mercados globales. Al combinar sin problemas la tecnología de vanguardia con un diseño intuitivo, Futu ha creado un ecosistema digital que capacita a los inversores expertos en tecnología para romper las barreras comerciales tradicionales. Su innovador modelo de negocio aprovecha las tecnologías algorítmicas avanzadas, la infraestructura comercial de bajo costo y el acceso integral de inversiones internacionales, posicionándose como un disruptor de fintech que cambia el juego que atiende específicamente a los entusiastas financieros de Millennial and Gen Z que busca oportunidades de inversión sin fronteras.

Futu Holdings Limited (FUTU) - Modelo de negocio: asociaciones clave

Colaboración estratégica con las principales instituciones financieras

Futu Holdings Limited ha establecido asociaciones estratégicas con múltiples instituciones financieras:

Institución asociada	Tipo de asociación	Alcance de colaboración
Corredores interactivos	Infraestructura comercial	Servicios de compensación y ejecución
Morgan Stanley	Servicios financieros	Datos de mercado e integración de investigación

Asociaciones tecnológicas con proveedores de servicios en la nube

Las asociaciones de infraestructura en la nube incluyen:

• Amazon Web Services (AWS) - Infraestructura de computación en la nube
• Alibaba Cloud - Centro de datos y alojamiento de servidor
• Plataforma en la nube de Google - Servicios de aprendizaje automático y análisis de datos

Asociaciones de cumplimiento regulatorio con autoridades financieras

Las asociaciones de cumplimiento regulatorio implican:

Cuerpo regulador	Área de cumplimiento
Comisión de Valores y Futuros (SFC) de Hong Kong	Licencias y cumplimiento regulatorio
Autoridad reguladora de la industria financiera (FINRA)	Regulaciones de comercio del mercado estadounidense

Cooperación con intercambios de valores globales

Las asociaciones de la bolsa de valores incluyen:

• Bolsa de Hong Kong (HKEX)
• Bolsa de Nueva York (NYSE)
• Nasdaq

Asociaciones del ecosistema de inversión con startups fintech

Las colaboraciones de inicio de FinTech se centran en:

Puesta en marcha	Enfoque de asociación
Comercio de tigres	Integración de la plataforma de comercio móvil
Moomoo	Desarrollo de tecnología de inversión

Futu Holdings Limited (FUTU) - Modelo de negocio: actividades clave

Desarrollo de la plataforma de comercio digital

La plataforma de comercio digital de FUTU Tiger Trade maneja 55.4 millones de cuentas de usuario a partir del tercer trimestre de 2023. La inversión en desarrollo de la plataforma alcanzó los $ 79.3 millones en 2022, lo que representa el 22.7% de los gastos operativos totales.

Métrica de plataforma	Valor 2023
Cuentas de usuario totales	55.4 millones
Inversión de desarrollo de plataforma	$ 79.3 millones
Porcentaje de gastos de desarrollo	22.7%

Servicios de investigación y análisis de inversiones

Los servicios de investigación generaron $ 127.6 millones en ingresos durante 2022, con 3.200 informes de investigación únicos publicados.

• Las categorías de informes de investigación incluyen acciones, derivados y oportunidades de inversión transfronteriza
• Profundidad promedio del informe de investigación: 42 páginas
• Tamaño del equipo de investigación: 186 analistas

Experiencia del usuario y optimización de la interfaz

Las mejoras en la interfaz de usuario dieron como resultado un aumento del 38% en la participación del comercio móvil en 2023.

Métrica de optimización de la interfaz de usuario	2023 rendimiento
Aumento del compromiso del comercio móvil	38%
Tasa de descarga de la aplicación	2.1 millones de descargas nuevas

Mejora de la tecnología de comercio algorítmico

Las capacidades de negociación algorítmica procesaron $ 17.3 mil millones en volumen de negociación durante el cuarto trimestre de 2023.

• Inversión tecnológica: $ 42.5 millones en 2022
• Velocidad de negociación algorítmica: 0.03 segundos por transacción
• Modelos de aprendizaje automático: 24 algoritmos de comercio activo

Expansión del servicio financiero transfronterizo

Los servicios transfronterizos se expandieron a 6 mercados adicionales en 2023, aumentando la base de usuarios internacionales en un 41%.

Métrica de expansión transfronteriza	Valor 2023
Nuevos mercados ingresados	6
Crecimiento de la base de usuarios internacionales	41%
Volumen de transacción transfronterizo	$ 3.6 mil millones

Futu Holdings Limited (FUTU) - Modelo de negocio: recursos clave

Infraestructura avanzada de tecnología de comercio patentado

La infraestructura tecnológica de Futu incluye:

Componente tecnológico	Detalles específicos
Plataformas comerciales	moomoo, corredores de tigre
Infraestructura del servidor	Sistemas basados ​​en la nube con tiempo de actividad del 99.99%
Inversión tecnológica	$ 83.4 millones de gastos de I + D en 2022

Ingeniería calificada y talento de tecnología financiera

Composición de talento a partir de 2023:

• Total de empleados: 2,345
• Fuerza laboral de ingeniería: 65% del personal total
• Experiencia promedio de ingeniería: 6.2 años
• Titulares de doctorado: 12% del equipo técnico

Sistemas robustos de ciberseguridad

Métrica de seguridad	Actuación
Inversión anual de ciberseguridad	$ 12.7 millones
Cumplimiento de la protección de datos	ISO 27001 certificado
Tiempo de respuesta a incidentes de seguridad	Menos de 30 minutos

Repositorios de datos de mercado financiero extensos

Especificaciones de repositorio de datos:

• Fuentes de datos del mercado en tiempo real: 38 intercambios globales
• Datos financieros históricos: más de 30 años de registros
• Volumen de procesamiento de datos diarios: 4.2 petabytes

Plataforma digital sólida y ecosistema de aplicaciones móviles

Métrica de plataforma	2023 rendimiento
Usuarios activos	2.1 millones
Descargas de aplicaciones móviles	8.3 millones
Volumen de transacción	$ 89.4 mil millones

Futu Holdings Limited (FUTU) - Modelo de negocio: propuestas de valor

Plataforma de comercio sin comisiones de bajo costo

A partir del cuarto trimestre de 2023, FUTU ofrece operaciones de comisión cero para acciones, ETF y opciones en múltiples mercados. Estructura de tarifas comerciales:

Mercado	Tarifa de comisión
Existencias estadounidenses	$0
Existencias de Hong Kong	$0
Afilados A chinos	$0

Acceso integral de inversión internacional

FUTU proporciona acceso comercial a múltiples mercados globales:

• Mercado de valores de EE. UU.
• Bolsa de Hong Kong
• Mercado chino
• Intercambio de Singapur
• Mercados globales de ETF

Herramientas comerciales avanzadas y ideas en el mercado en tiempo real

Características de la plataforma a partir de 2024:

Categoría de herramientas	Características específicas
Datos de mercado	Cotizaciones en tiempo real, datos de mercado de nivel 2
Análisis técnico	Más de 100 indicadores técnicos
Herramientas de investigación	Evaluación fundamental, informes financieros

Experiencia comercial móvil fácil de usar

Estadísticas de plataforma móvil:

• Descargas de aplicaciones móviles: 7.4 millones (cuarto trimestre 2023)
• Usuarios móviles activos: 2.3 millones
• Volumen de comercio móvil diario promedio: $ 1.2 mil millones

Educación de inversión integrada y recursos de investigación

Métricas de contenido educativo:

Tipo de recurso	Cantidad
Tutoriales de video	500+
Informes de investigación	1,200+ mensualmente
Sesiones de seminarios web	50+ mensualmente

Futu Holdings Limited (FUTU) - Modelo de negocio: relaciones con los clientes

Plataforma digital de autoservicio

A partir del tercer trimestre de 2023, la plataforma digital de Futu Tiger Trade reportó 2.1 millones de usuarios activos mensuales en Hong Kong, Singapur y China continental. La interfaz de usuario de la plataforma admite la negociación en tiempo real por más de 10,000 acciones globales y ETF.

Métricas de plataforma	Valor
Usuarios activos mensuales	2.1 millones
Instrumentos de stock/ETF compatibles	10,000+
Volumen comercial diario promedio	$ 1.2 mil millones de USD

Foros de inversión impulsados ​​por la comunidad

La plataforma de inversión social de Futu, Moomoo, presenta 16.2 millones de usuarios registrados con 450,000 interacciones comunitarias activas diarias.

• Características de participación comunitaria: discusiones de inversión
• Comentario de acciones en tiempo real
• Ideas de inversión generadas por el usuario

Algoritmos de recomendación de inversión personalizada

Los algoritmos de aprendizaje automático analizan 3.8 millones de perfiles de inversión de usuario para generar recomendaciones de acciones personalizadas con una precisión del 68%.

Atención al cliente digital 24/7

Los canales de soporte incluyen AI Chatbot, correo electrónico y soporte de agentes en vivo con una tasa de resolución de primer contacto del 92%. Tiempo de respuesta promedio: 7.2 minutos.

Participación continua del usuario a través de contenido educativo

FUTU ofrece más de 2,500 videos de inversión educativa, seminarios web que alcanzan los 780,000 espectadores únicos mensualmente con contenido que cubre los mercados globales.

Métricas de contenido educativo	Valor
Videos educativos totales	2,500+
Espectadores únicos mensuales	780,000
Cobertura del mercado de contenido	Mercados globales

Futu Holdings Limited (FUTU) - Modelo de negocio: canales

Aplicación de comercio móvil

El principal canal de comercio móvil de Futu es el Comercio de tigres Aplicación, que admite el comercio en múltiples mercados, incluidos Hong Kong, EE. UU. Y intercambios de valores chinos.

Módulo de aplicación móvil	Estadística
Descargas totales de aplicaciones	Más de 12 millones a partir del cuarto trimestre de 2023
Usuarios activos mensuales	4.3 millones en 2023
Volumen de comercio móvil	$ 98.3 mil millones en 2023

Plataforma de comercio basada en la web

FUTU ofrece una plataforma de negociación integral basada en la web integrada con su aplicación móvil.

• Sincronización multiplataforma
• Datos del mercado en tiempo real
• Herramientas avanzadas

Compromiso de las redes sociales

Plataforma social	Recuento de seguidores
Cuenta oficial de WeChat	1.2 millones de seguidores
Weibo	680,000 seguidores

Atención al cliente en línea

FUTU proporciona atención al cliente multicanal a través de plataformas digitales.

• Soporte de chat en línea 24/7
• Soporte por correo electrónico
• Centro de ayuda en la aplicación

Programas de marketing digital y referencia

Métrica del programa de referencia	Valor
Bono de referencia	Hasta $ 200 por referencia exitosa
Nuevo costo de adquisición de usuarios	$ 45 por usuario en 2023
Tasa de conversión de referencia	3.7% en 2023

Futu Holdings Limited (FUTU) - Modelo de negocio: segmentos de clientes

Jóvenes inversores expertos en tecnología

A partir del cuarto trimestre de 2023, la base de usuarios de Futu comprendía 4.1 millones de usuarios activos, con un 72% de entre 20 y 35 años. Tamaño promedio de la cuenta para este segmento: $ 15,200.

Grupo de edad	Porcentaje	Inversión promedio
20-25 años	38%	$8,500
26-35 años	34%	$22,300

Comerciantes minoristas que buscan acceso al mercado internacional

FUTU proporciona acceso a 14 mercados globales, con el 62% de los usuarios que cotizan en múltiples intercambios internacionales.

• Volumen de negociación de la Bolsa de Valores de Hong Kong: $ 3.2 mil millones mensuales
• Volumen de negociación de la bolsa de valores de EE. UU.: $ 2.7 mil millones mensuales
• Tamaño promedio de la transacción transfronteriza: $ 12,600

Millennial y Gen Z Financial Enthusiasts

En 2023, este grupo demográfico representó el 65% de la base de usuarios totales de FUTU, con una frecuencia de negociación mensual promedio de 12 transacciones.

Generación	Porcentaje de usuario	Frecuencia comercial mensual
Millennials	42%	14 transacciones
Gen Z	23%	10 transacciones

Buscadores de inversiones transfronterizos

FUTU admite inversiones en 14 mercados globales, con el 58% de los usuarios que participan activamente en el comercio transfronterizo.

• Portafolio promedio de inversión transfronteriza: $ 45,000
• Los mercados internacionales más populares: EE. UU., Hong Kong, China continental
• Tasa de crecimiento de la transacción transfronteriza: 37% año tras año

Consumidores financieros digitales

Estadísticas de uso de la plataforma móvil para 2023:

Plataforma	Porcentaje de usuario	Usuarios activos diarios promedio
Aplicación móvil	89%	2.6 millones
Plataforma de escritorio	11%	320,000

Futu Holdings Limited (FUTU) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

En 2023, Futu Holdings reportó gastos de infraestructura tecnológica de $ 87.3 millones, lo que representa el 22.4% de los gastos operativos totales. La compañía invirtió específicamente en computación en la nube, mantenimiento del servidor e infraestructura de ciberseguridad.

Categoría de costos tecnológicos	Gasto anual ($)	Porcentaje de costos tecnológicos totales
Infraestructura en la nube	42,500,000	48.7%
Mantenimiento del servidor	23,800,000	27.3%
Sistemas de ciberseguridad	21,000,000	24.0%

Inversiones de investigación y desarrollo

Futu asignó $ 76.5 millones para I + D en 2023, que representa el 15.6% de los ingresos totales.

• Desarrollo de software: $ 45.2 millones
• AI y aprendizaje automático: $ 21.3 millones
• Mejora de la experiencia del usuario: $ 10 millones

Gastos de marketing y adquisición de clientes

Los gastos de marketing para 2023 totalizaron $ 52.4 millones, con un costo de adquisición de clientes de $ 87 por nuevo usuario.

Canal de marketing	Gasto ($)	Porcentaje del presupuesto de marketing
Publicidad digital	24,600,000	47%
Campañas de redes sociales	15,700,000	30%
Programas de referencia	12,100,000	23%

Costos de cumplimiento regulatorio

Los gastos de cumplimiento en 2023 ascendieron a $ 18.6 millones, que cubren los requisitos de informes legales, de auditoría y regulatorios.

• Consulta legal: $ 7.2 millones
• Auditoría e informes: $ 6.4 millones
• Tecnología regulatoria: $ 5 millones

Reclutamiento y retención de talentos

Los gastos de capital humano alcanzaron los $ 105.7 millones en 2023, con una compensación promedio de empleados de $ 145,000.

Categoría de gestión del talento	Gasto ($)	Porcentaje de costos totales de recursos humanos
Salarios base	78,300,000	74%
Beneficios y bonos	19,700,000	18.6%
Capacitación y desarrollo	7,700,000	7.4%

Futu Holdings Limited (FUTU) - Modelo de negocio: flujos de ingresos

Tarifas de la comisión comercial

En el tercer trimestre de 2023, FUTU reportó honorarios de la comisión comercial de $ 77.3 millones, lo que representa un aumento de 14.3% año tras año. La tasa promedio de la comisión de negociación fue de aproximadamente 0.0375% por transacción.

Período fiscal	Tarifas de la comisión comercial	Crecimiento año tras año
P3 2023	$ 77.3 millones	14.3%
Año completo 2022	$ 283.4 millones	-12.5%

Interés de préstamos de margen

Los ingresos por intereses de préstamos de margen para FUTU en 2022 totalizaron $ 159.2 millones, con una tasa de interés promedio de 7.8% en préstamos de margen.

Servicios de suscripción de investigación de inversiones

Los servicios de suscripción de investigación de FUTU generaron $ 42.6 millones en ingresos para 2022, con aproximadamente 1,2 millones de suscriptores activos.

Monetización de datos

• Ingresos totales de monetización de datos: $ 18.5 millones en 2022
• Productos de datos primarios vendidos a inversores institucionales
• Ingresos promedio por cliente institucional: $ 275,000 anualmente

Ofertas de productos financieros de valor agregado

Categoría de productos	Ingresos 2022	Índice de crecimiento
Productos estructurados	$ 63.7 millones	22.4%
Distribución de fondos	$ 47.3 millones	15.6%
Productos de seguro	$ 22.1 millones	8.9%

Las fuentes de ingresos totales para Futu Holdings Limited en 2022 alcanzaron $ 570.8 millones, con una cartera de ingresos diversificados en múltiples segmentos de servicios financieros.

Futu Holdings Limited (FUTU) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors choose Futu Holdings Limited's digital ecosystem. The value proposition isn't just about executing a trade; it's about providing a complete, integrated financial journey on a single platform.

The foundation is the one-stop digital platform for global multi-market trading. You aren't siloed into one exchange. As of the third quarter of 2025, the total trading volume across all platforms hit a record of HK$3.90 trillion, showing massive client activity. This volume breaks down clearly across the key markets you need access to: US stocks accounted for HK$2.60 trillion of that volume, while Hong Kong stocks contributed HK$1.19 trillion. This scale proves the platform handles significant cross-border activity effectively.

Next up is the integrated social community, which they call Moo Community. This isn't just a forum; it's where investor interaction drives engagement. While I don't have a specific active user count for the community itself for Q3 2025, the overall platform scale is telling: total registered users reached 28.2 million as of September 30, 2025. The company is also actively expanding its brand recognition through events like MooFest in places like Japan, which attracted over 12 thousand Tokyo investors to sign up for their inaugural event.

For wealth building, Futu Holdings offers comprehensive wealth management products. This segment is growing fast, with the wealth management asset balance expanding to HK$175.6 billion by the end of September 2025, marking a 7.6% sequential increase. They've been aggressive in product innovation, becoming the first online broker in Hong Kong to offer principal-protected structured products to retail investors. Plus, they are the first and only online brokerage platform to distribute ChinaAMC (HK)'s tokenized money market funds. They back this up by partnering with more than 80 world-class fund manager companies.

The user experience is clearly sticky, evidenced by a superior user experience. The funded account quarterly retention rate has consistently stayed above 98%. When you look at the growth, you see the result of this stickiness: total funded accounts reached 3,131,450 as of September 30, 2025, a 42.6% year-over-year increase. To be defintely clear, this high retention suggests clients find the platform intuitive and reliable enough to keep their money there, even through market volatility.

Finally, the platform provides crucial access to IPO subscriptions and efficient resource consolidation. This is a major draw, especially in the Hong Kong market. In the first half of 2025 alone, Futu Holdings partnered with six of the ten largest Hong Kong IPOs based on fundraising size, facilitating over HK$10 billion in subscription amounts across 12 different IPOs. This positions them as a key conduit for retail participation in major capital market events.

Here's a quick look at the scale underpinning these value propositions as of September 30, 2025:

Metric	Value (as of Q3 2025)	Year-over-Year Change
Total Funded Accounts	3,131,450	42.6% increase
Total Client Assets	HK$1.24 trillion	78.9% increase
Total Trading Volume	HK$3.90 trillion	104.8% increase
Wealth Management Assets	HK$175.6 billion	N/A (QoQ increase of 7.6%)

The platform's ability to deliver these services efficiently is reflected in its profitability metrics, like the non-GAAP adjusted net income of HK$3.31 billion for Q3 2025. This shows that the value delivered to the customer translates directly into strong financial performance for Futu Holdings Limited.

Futu Holdings Limited (FUTU) - Canvas Business Model: Customer Relationships

You're looking at how Futu Holdings Limited keeps its rapidly growing, tech-savvy client base engaged and serviced as of late 2025. The relationship strategy is heavily weighted toward digital scalability, but it still layers in high-touch elements for the most valuable segments. Honestly, the sheer scale of their user base demands automation, so that's where the bulk of the effort goes.

Automated self-service via digital platforms and AI tools

Futu Holdings Limited relies on its fully digitalized platform to handle the vast majority of customer interactions. This is the engine that supports the massive scale, which, as of September 30, 2025, included a total user base of 28.2 million, marking a 16.8% year-over-year increase. The core service delivery is automated, from trade execution to data provision. The firm has been actively integrating technology, such as launching Futubull AI in Q1 2025, to enhance this self-service experience. Furthermore, the platform supports complex needs through automation, evidenced by the launch of a self-service request-for-quote (RFQ) function for structured products in Q3 2025, catering to professional investors.

The scale of active engagement is clear when you look at the core client metrics:

• Total number of funded accounts reached 3,131,450 as of Q3 2025.
• Brokerage accounts stood at 5,605,138 in Q3 2025.
• The platform added 254,000 net new funded accounts in Q3 2025 alone.

Dedicated relationship managers for high-net-worth clients

While the platform is digital-first, the growth in assets under management suggests a tiered service approach is necessary. Total client assets soared to HK$1.24 trillion as of September 30, 2025, a 78.9% surge year-over-year. This level of asset concentration naturally requires dedicated support for the highest-value clients, even if specific numbers on relationship manager headcount aren't public. The focus on wealth management, where assets reached HK$175.6 billion by the end of Q3 2025, implies that personalized service is a key retention tool for this segment. You'd expect relationship managers to focus on cross-selling complex products like the expanding array of structured products and funds distributed under the Money Plus brand.

Interactive, user-driven social network (NiuNiu/Moo Community)

The NiuNiu/Moo Community is central to Futu Holdings Limited's customer relationship strategy, embedding social media tools directly into the investing experience. This network allows users to interact directly with peers, company executives, and thought leaders. It's designed to foster the free flow of information, which helps reduce information asymmetry for all users, from novices to experts. This community engagement is a powerful driver of platform stickiness and trading activity. The platform's success in Hong Kong, where 1 in every 2 adults used Futu as of Q1 2025, is often attributed to this network effect.

Here's a snapshot of the user base supporting this community as of Q3 2025:

Metric	Value as of Sep 30, 2025	Year-over-Year Change
Total Users	28.2 million	16.8% increase
Funded Accounts	3,131,450	42.6% increase
Total Client Assets	HK$1.24 trillion	78.9% increase

Localized customer support in key international markets

Futu Holdings Limited is aggressively expanding its global footprint, which necessitates localized support structures to maintain service quality. The company operates across eight overseas markets as of late 2025, including the US, Singapore, Australia, Japan, Canada, Malaysia, and New Zealand (launched in 2025). This global push is showing results; overseas markets accounted for over 50% of new funded accounts by Q2 2025. For instance, in Singapore, the company secured 28,000 investor sign-ups in July 2025 via the MooFest event, indicating successful localized marketing and support infrastructure is in place to onboard and service these new international clients.

Educational content and offline investment courses

To support its primary target of the emerging affluent population, Futu Holdings Limited integrates investment education directly into the user journey. The NiuNiu/Moo Classroom offers content ranging from investing basics to sophisticated analytical guides, accessible through the platform. Offline investment courses and events, like the MooFest in Malaysia and Singapore, serve as tangible touchpoints that complement the digital experience. This educational layer helps onboard less experienced investors and deepens the engagement of existing users, which is crucial for driving the massive trading volumes seen, such as the HK$3.90 trillion total trading volume in Q3 2025.

The commitment to education and community is part of a broader strategy to facilitate a shift in wealth management. The average age of its clients with funded accounts was 38 as of December 31, 2024, suggesting a demographic that values both digital efficiency and accessible learning resources.

Futu Holdings Limited (FUTU) - Canvas Business Model: Channels

You're looking at how Futu Holdings Limited (FUTU) gets its product-the trading and wealth management platform-into the hands of its users as of late 2025. It's a multi-pronged digital-first approach, heavily reliant on app performance and community engagement.

Futubull and Moomoo mobile and desktop applications

The applications are the core delivery mechanism. These platforms serve as the primary touchpoint for retail investors globally. The scale of adoption is significant, showing strong channel penetration across their operating markets.

Here are the key platform metrics as of the end of the third quarter of 2025:

Metric	Value (End of Q3 2025)	Year-over-Year Growth
Combined Registered Users	28.16 million	17%
Brokerage Accounts	5.61 million	31%
Funded Accounts	3.13 million	42.6%
Total Client Assets	HK$1.24 trillion (US$159.5 billion)	79%
Total Trading Volume (Q3 2025)	HK$3.90 trillion	105%

The platform's technological capabilities also feed back into the channel experience. For instance, the Moomoo AI chatbot had processed 4.25 million user queries by the end of Q3 2025, achieving an impressive 90% satisfaction rate, which helps keep users engaged within the app ecosystem.

Direct online client acquisition via digital marketing

Futu Holdings Limited pours capital into digital channels to drive the growth of new funded accounts. This spend directly correlates with the top-line user acquisition effort.

The selling and marketing expenses reflect this focus on digital reach:

• Selling and marketing expenses for Q3 2025 reached HK$585.6 million (US$75.3 million).
• This represented an 86.3% increase year-over-year from Q3 2024's HK$314.3 million.
• The customer acquisition cost was estimated around HKD 2,300 in Q3 2025.

The company added 254 thousand net new funded accounts in Q3 2025 alone, showing that the marketing spend is translating into funded users.

Offline events (e.g., MooFest) to drive sign-ups in new markets

While primarily digital, Futu Holdings Limited uses high-profile offline events to build brand presence and drive direct sign-ups, especially in newer international markets. These events create a tangible connection with the community.

The impact of these flagship events is measurable in terms of immediate user acquisition:

Event/Market	Timeframe	Reported Sign-ups
MooFest (Singapore and Malaysia)	Q3 2025	28,000 investors
MooFest Tokyo (Japan)	Q2 2025	Around 3,000 local investors

Also, in Q2 2025, the company noted that in Singapore, one in every two residents used moomoo, suggesting deep channel penetration in that specific market.

Corporate services team for institutional client onboarding

This channel targets corporate clients, primarily for Initial Public Offering (IPO) distribution and Investor Relations (IR) services, which is a distinct, high-value segment from the retail focus.

The financial contribution and client base for this segment are growing rapidly:

• Income from other businesses, which includes corporate services, was HK$444.1 million (US$57.1 million) in Q3 2025.
• This segment saw a substantial year-over-year growth of 113.0% in Q3 2025.
• The number of IPO distribution and IR clients reached 561 as of Q3 2025, marking a 21.7% increase year-over-year.

Word-of-mouth referrals within the active user community

The social investing aspect of the platforms is designed to foster organic growth, which is essentially word-of-mouth amplified digitally. The company explicitly noted that user-generated content accelerated in Q3 2025, solidifying its leadership in social investing.

This organic channel is supported by community-building efforts, such as the Global Creator Summit in September 2025, which brought together 30 leading financial educators to shape financial discourse, further empowering the community that drives referrals.

Futu Holdings Limited (FUTU) - Canvas Business Model: Customer Segments

You're looking at the core user base of Futu Holdings Limited, which is heavily weighted towards the digitally native, emerging affluent retail investor, but is rapidly diversifying geographically and by service type. The sheer scale of the user base as of late 2025 provides a solid foundation for all other segments.

As of September 30, 2025, Futu Holdings Limited had reached a total of 3,131,450 funded accounts, marking a 42.6% year-over-year increase. This entire base is primarily composed of the emerging affluent retail investors, who are highly engaged, as evidenced by the total trading volume hitting a record HK$3.90 trillion in Q3 2025.

The demographic profile for this core group remains consistent with prior reporting, with the average age of its clients with funded accounts stated as 38. This segment is characterized by high engagement; for instance, in Hong Kong, the company has achieved a penetration rate where 1 in every 2 adults uses Futu.

The international expansion is a major theme, meaning the geographic spread of these retail investors is broadening significantly. As of the end of Q2 2025, over 50% of total funded accounts were from clients outside of Futu Securities Hong Kong, a milestone that was sustained through Q3 2025.

Here's a look at the scale across the key markets serving these retail and sophisticated investors:

Geographic Market	Key Metric/Status (as of late 2025 data)	Client Segment Focus
Hong Kong	Led new client additions in Q3 2025; 1 in every 2 adults using Futu (Q1 2025 data)	Active traders and sophisticated investors
Singapore	Positioned as the number one retail broker; one in every two residents used moomoo in Q2 2025	Active traders and sophisticated investors
US, Canada, Japan	All overseas markets delivered double-digit quarter-over-quarter growth in client assets in Q2 2025	International investors
Malaysia	Had meaningful contributions to funded account growth in Q3 2025	International investors

The growth in international markets is not just about volume; it's about diversification. The U.S. market, for example, delivered a high-double-digit sequential increase in new funded accounts in Q3 2025.

Futu Holdings Limited also serves institutional clients through its corporate services, which includes IPO subscription and investor relations (IR) support. This segment is showing strong growth, too. As of the third quarter of 2025, the company reported having 561 IPO distribution and IR clients, a 21.7% year-over-year increase. This group includes asset managers and family offices looking for streamlined corporate service execution, often tied to listings on the Hong Kong exchange.

A newer, yet rapidly growing, segment involves cryptocurrency holders. While Futu Holdings Limited focuses on compliant yield products, the underlying client activity in this asset class is explosive. In the third quarter of 2025, cryptocurrency trading volume saw a staggering 161% quarter-over-quarter surge. This indicates a significant portion of the active trader base is utilizing the platform for digital asset exposure, which directly supports the demand for compliant yield and wealth management offerings in that space.

You can see the overall growth supporting these segments:

• Total registered users reached 28.2 million as of September 30, 2025.
• Total client assets hit HK$1.24 trillion as of September 30, 2025.
• Margin financing and securities lending balance stood at HK$63.1 billion as of September 30, 2025.

If onboarding takes 14+ days, churn risk rises, but the Q3 2025 net new funded account addition of 254 thousand suggests strong conversion efficiency. Finance: draft 13-week cash view by Friday.

Futu Holdings Limited (FUTU) - Canvas Business Model: Cost Structure

You're looking at the expense side of Futu Holdings Limited's engine as of late 2025, which is heavily weighted toward growth and technology investment. The total operating expenses for the third quarter of 2025 reached HK$1,704.8 million (US$219.1 million), marking a substantial 57.9% increase year-over-year.

The cost structure is dominated by three major buckets: technology development, client acquisition, and general overhead. Honestly, you can see where the money is going to keep that growth engine running hot.

High R&D expenses for platform and AI development are a clear priority. For Q3 2025, Research and development expenses were HK$574.2 million (US$73.8 million), showing a 49.3% jump from the prior year. This spending is explicitly tied to greater investment in crypto and Artificial Intelligence capabilities.

Significant selling and marketing expenses for client acquisition are also a major cost driver. These expenses hit HK$585.6 million (US$75.3 million) in Q3 2025, an 86.3% increase year-over-year. The primary reason for this surge was the increase in new funded accounts, which grew to 3,131,450 as of September 30, 2025. The average Customer acquisition cost (CAC) was reported at HKD 2,300 for the quarter.

Here is a quick breakdown of the major operating expenses for the third quarter of 2025:

Cost Category	Q3 2025 Amount (HK$ million)	Year-over-Year Change
Research and Development Expenses	574.2	+49.3%
Selling and Marketing Expenses	585.6	+86.3%
General and Administrative Expenses	545.1	+43.1%
Brokerage Commission and Handling Charge Expenses	160.6	+97.1%
Processing and Servicing Costs (Includes Data Fees)	159.2	+22.7%
Interest Expenses	473.8	+14.6%

Brokerage commission and handling charge expenses were HK$160.6 million (US$20.6 million) in Q3 2025, which rose by 97.1% year-over-year. This increase was noted as being roughly in line with the growth in brokerage commission and handling charge income.

Data transmission and market information fees fall under the broader Processing and servicing costs, which totaled HK$159.2 million (US$20.5 million) for the quarter. The 22.7% year-over-year increase in this category was primarily attributed to higher cloud service fees as well as higher market information and data fees.

General and administrative costs, including regulatory compliance, were reported at HK$545.1 million (US$70.1 million) in Q3 2025, up 43.1% compared to the third quarter of 2024. The main driver for this increase was an increase in general and administrative personnel needed for new market expansion.

You should also note the financing costs embedded in the structure:

• Interest expenses were HK$473.8 million (US$60.9 million).
• The year-over-year increase of 14.6% was mainly due to higher expenses associated with the securities borrowing and lending business.
• Higher margin financing interest expenses also contributed to the rise.

Finance: draft 13-week cash view by Friday.

Futu Holdings Limited (FUTU) - Canvas Business Model: Revenue Streams

You're looking at the core ways Futu Holdings Limited brings in money as of late 2025, based on their latest reported figures. Honestly, it's a story of high-volume trading and lending, with the interest side pulling ahead of commissions in the third quarter.

The revenue streams are clearly segmented, showing a mature platform that monetizes both transaction flow and client capital.

Here's the quick math on the major components for the third quarter ended September 30, 2025:

Revenue Stream Component	Q3 2025 Amount (HK$)	Q3 2025 Amount (US$)	Year-over-Year Growth (YoY)
Interest income from margin financing and securities lending	HK$3.05 billion	US$391.3 million	79.2%
Brokerage commission and handling charge income	HK$2.91 billion	US$374.5 million	90.6%
Currency exchange and other service fees (part of Other Income)	HK$444.1 million	US$57.1 million	113.0%

Interest income from margin financing and securities lending hit HK$3.05 billion in Q3 2025, showing a strong 79.2% jump year-over-year. This growth was mainly fueled by higher interest income from the securities borrowing and lending business and margin financing activities.

Brokerage commission and handling charge income followed closely, reaching HK$2.91 billion for the quarter, which was up 90.6% from the prior year. This massive increase was primarily driven by the 104.8% year-over-year surge in total trading volume, even with a slight decline in the blended commission rate.

The remaining revenue sources, which include wealth management product distribution service income and corporate services income, are grouped under the 'Other Income' line item in the primary reporting, which totaled HK$444.1 million in Q3 2025, marking a 113.0% YoY increase.

You can see how these two main drivers stack up against the total revenue:

• Interest income from margin financing and securities lending (HK$3.05 billion in Q3 2025)
• Brokerage commission and handling charge income (HK$2.91 billion in Q3 2025)
• Currency exchange and other service fees (part of Other Income: HK$444.1 million in Q3 2025)

The wealth management segment is definitely growing, though. By the end of Q3 2025, Futu Holdings Limited's wealth management assets had surged 80% year-over-year, reaching HK$175.6 billion.

For corporate services, which covers things like IPO distribution and ESOP solutions (Employee Stock Ownership Plan), the platform supported 561 IPO distribution and Investor Relations clients, a 21.7% increase year-over-year. That's real activity translating into revenue.

The total revenues for Futu Holdings Limited in Q3 2025 were HK$6.40 billion (US$822.9 million), an 86.3% increase from Q3 2024.

Finance: draft 13-week cash view by Friday.