Futu Holdings Limited (FUTU): Business Model Canvas [Dec-2025 Updated]

You're looking to crack the code on how a modern, tech-first brokerage scales across Asia and the US, and the Business Model Canvas for Futu Holdings Limited shows a clear path. As a seasoned analyst, what jumps out is the sheer scale: they hit over 3.1 million funded accounts by Q3 2025, holding HK$1.24 trillion in client assets, which directly fuels their primary revenue engine-interest income from margin financing hitting HK$3.05 billion that quarter. This model hinges on a superior digital platform and community, but the real story is how they translate user growth into massive profit growth, evidenced by net income surging 143.9% year-over-year in Q3 2025. Dive into the nine blocks below to see exactly how they structure partnerships, activities, and costs to make this digital machine run so effectively.

Futu Holdings Limited (FUTU) - Canvas Business Model: Key Partnerships

You're looking at the network Futu Holdings Limited builds to power its platform, which is key to understanding its scale and reach as of late 2025. These aren't just names on a slide; they represent concrete transaction volumes and client counts.

ChinaAMC (HK) for Exclusive Tokenized Fund Distribution

Futu Holdings Limited serves as the exclusive technology-driven broker for China Asset Management (Hong Kong) Limited's (ChinaAMC (HK)) suite of tokenized money market fund products on the Futubull App. This partnership, announced July 22, 2025, is a major push into the Web3.0 space, leveraging Futu's licensed Virtual Asset Trading Platform (VATP) for compliant, 24/7 yield-generating solutions. The offerings include funds denominated in Hong Kong Dollar (HKD), Chinese Yuan (RMB), and U.S. Dollar (USD). The tokenized HKD fund was live first, surpassing HK$1 billion in value shortly after launch, with a reported 7-day annualized yield of approximately 1.66%. ChinaAMC (HK)'s parent company, China Asset Management Co. Limited, held over USD 386 billion in assets under management as of March 31, 2025, providing a deep pool of potential product expansion. The firms are exploring dual-track 'on-chain' and 'off-chain' subscription/redemption mechanisms. Futu also plans to allow users to purchase stocks directly with stablecoins using this infrastructure.

Global Exchanges (Nasdaq, Japan Exchange Group) for Market Data and Events

The relationship with global exchanges is vital for Futu Holdings Limited's multi-market data feeds and brand presence outside of its core Hong Kong market. In the second quarter of 2025, Futu partnered with Nasdaq and the Japan Exchange Group to host its inaugural offline investment event, MooFest Japan. This event attracted over 12 thousand Tokyo investors to sign up, significantly boosting local brand recognition. The cost of market information and data fees contributed to an operating expense increase of 35.6% in Q1 2025, reflecting the breadth of data coverage Futu provides across global markets.

Asset Management Firms (e.g., Fullerton) for Wealth Product Offerings

Futu Holdings Limited's wealth management segment shows strong partnership integration, evidenced by asset growth. As of the third quarter of 2025, the total client assets in wealth management reached HK$175.6 billion, marking a quarter-over-quarter increase of 7.6%. This growth was fueled by inflows into money market and fixed income products. In the second quarter of 2025, the wealth management asset balance stood at HK$163.2 billion (US$20.8 billion), representing a year-over-year increase of 104.4%. The platform also became the first tech broker in Hong Kong to offer principal-protected structured products to retail investors during Q2 2025, indicating partnerships with structured product issuers.

Corporate Clients for IPO Distribution and ESOP Solutions

The corporate services segment relies heavily on partnerships with listing companies, where Futu acts as a key distribution channel. The numbers here are quite telling about their role in the Hong Kong capital markets.

In Q3 2025, Futu Holdings Limited acted as joint bookrunners for high-profile listings including Chery Automobile, Hesai Group, and Lens Technology. For context, the total client assets across the entire platform reached HK$1.24 trillion as of September 30, 2025.

Strategic Marketing Partners like the New York Mets for US Brand Building

To build its brand in the U.S., Futu Holdings Limited, via its Moomoo platform, entered a multiyear, multimillion-dollar sponsorship with the New York Mets, announced April 3, 2025. This collaboration features permanent and rotational signage at Mets games. A key promotional element tied to this partnership is a $1 million grand prize for a lucky Moomoo investor if the Mets achieve 100 victories in the season. This is part of a broader brand push, which also included a major advertising campaign in key New York City areas in Q1 2025.

The platform's total number of funded accounts reached 3,131,450 as of September 30, 2025, showing client growth across all markets where these partnerships are active.

Futu Holdings Limited (FUTU) - Canvas Business Model: Key Activities

You're looking at the core engine of Futu Holdings Limited, the activities that actually generate the revenue and secure the client base as of late 2025. This isn't just about having an app; it's about the heavy lifting behind the scenes to keep that platform running, compliant, and growing across borders. It's a technology and regulatory tightrope walk, frankly.

Proprietary technology platform development and maintenance

Futu Holdings' primary activity is the continuous development and maintenance of its proprietary, one-stop financial services platform, branded as Futubull and Moomoo. This requires substantial, ongoing investment in the underlying infrastructure to support high-volume trading and complex financial products.

For instance, in the first quarter of 2025, Research and development expenses were reported at HK$386.0 million (US$49.6 million), marking a 15.1% increase from the first quarter of 2024. This spending directly fuels the platform's technological superiority. Total operating expenses across the business in the third quarter of 2025 were up 57.9% year-over-year, showing the scale of investment required to maintain this tech edge.

Continuous investment in AI and crypto trading capabilities

A major focus within technology development is the integration of artificial intelligence and the expansion into virtual assets. These investments are seen as critical for maintaining a competitive edge in the evolving digital finance landscape.

The R&D increase in Q1 2025 was specifically noted as being driven by investment in AI capabilities and related technology initiatives. By the second quarter of 2025, Futu Holdings had completed the global deployment of its AI capabilities, with Moomoo AI launched across seven overseas markets. The Futubull AI tool, since its March launch, had processed nearly 2 million user queries by the end of Q2 2025. Furthermore, the third quarter of 2025 saw profit growth partly attributed to the rapid expansion in cryptocurrency markets, and the company is actively exploring crypto exchange licensing.

Here are some metrics showing the scale of this technological push:

Brokerage execution, clearing, and margin financing services

The core transactional activity involves providing brokerage execution, clearing, and the associated margin financing and securities lending. This is where the bulk of the commission and interest income is generated.

Trading volume is a direct measure of execution activity. In the third quarter of 2025, total trading volume hit a record of HK$3.90 trillion, which was a 104.8% year-over-year increase. This volume translated directly into revenue; brokerage commission and handling charge income for Q3 2025 was HK$2,913.8 million (US$374.5 million), up 90.6% year-over-year. The margin financing side also saw growth, with the margin financing and securities lending balance reaching HK$63.1 billion as of September 30, 2025, a 55.2% year-over-year increase.

The efficiency of this activity is reflected in the blended commission rate, which normalized to 7.2bps in the second quarter of 2025.

Global regulatory compliance and license acquisition

Operating across multiple international jurisdictions necessitates rigorous and continuous activity in securing and maintaining regulatory licenses. This is a non-negotiable operational cost and prerequisite for expansion.

Futu Securities International (Hong Kong) Limited, for example, holds 20 licenses and participantships to provide securities trading services in Hong Kong. These include the Type 1 Licence for Dealing in Securities, Type 2 Licence for Dealing in Futures Contracts, Type 3 Licence for Leveraged Foreign Exchange Trading, Type 4 Licence for Advising on Securities, and Type 5 Licence.

International market expansion and localization efforts

Futu Holdings actively pursues expansion into new markets, which involves significant localization efforts to tailor the platform and marketing to regional users. A key milestone in this activity is the shift in the geographic distribution of its client base.

As of the end of the second quarter of 2025, a major milestone was achieved: over 50% of Futu's total funded accounts originated from clients outside of Futu Securities Hong Kong. By the end of the third quarter of 2025, total funded accounts stood at 3,131,450, up 42.6% year-over-year. The company added 254,000 net new funded accounts in Q3 2025 alone, up 24.7% quarter-over-quarter, against an annual target of 800,000 new funded accounts for 2025.

Localization efforts are yielding concrete results in key overseas markets:

• Singapore: Reached a point where one in every two residents uses moomoo as of Q2 2025.
• Singapore/Malaysia: Secured 28,000 investor sign-ups in Singapore in July and Malaysia in October via MooFest events.
• US: Delivered a high-double-digit sequential increase in new funded accounts in Q3 2025.
• Japan: Launched US stock options trading for local investors in Q2 2025.

Futu Holdings Limited (FUTU) - Canvas Business Model: Key Resources

You're looking at the core assets Futu Holdings Limited relies on to run its business in late 2025. These aren't just things they own; they are the engines that drive their value proposition.

The most visible resources are the technology platforms themselves. You've got the proprietary Futubull and Moomoo trading platforms, which are the interfaces where all the action happens. These platforms are supported by a significant investment in the people who build and maintain them.

Here's a quick look at the scale of the assets under management and the investment in the tech team as of the third quarter of 2025:

The R&D spend of HK$574.2 million in Q3 2025 shows a defintely strong commitment to maintaining that tech edge, especially with noted increases in investment for crypto and AI capabilities.

When we talk about regulatory standing, that's a massive, non-physical resource. Futu Holdings Limited has established a broad, deep moat through its licenses. They hold over 100 licenses and qualifications worldwide, which is crucial for their global expansion across markets like Singapore, Australia, Canada, Japan, and Malaysia.

Specifically concerning digital assets, Futu has secured its footing in the regulated space. PantherTrade, a subsidiary, was granted one of the operational Hong Kong crypto licenses (VATP) by the Securities and Futures Commission (SFC) on January 27, 2025. This is a key resource for offering virtual asset trading services to eligible clients in that jurisdiction.

The licensing footprint in Hong Kong alone is extensive for Futu Securities International (Hong Kong) Limited, which holds 20 licenses and participationships. These include:

• Type 1 Licence for Dealing in Securities
• Type 2 Licence for Dealing in Futures Contracts
• Type 3 Licence for Leveraged Foreign Exchange Trading
• Type 4 Licence for Advising on Securities
• Type 5 Licence for Advising on Futures Contracts
• Type 7 Licence for Providing Automated Trading Services
• Type 9 Licence for Asset Management

Also, Moomoo Financial Inc. in the U.S. is a broker-dealer registered with the SEC and a member of FINRA. These regulatory approvals are the gatekeepers to client capital and trading access.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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:

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.