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The following are the Minutes of the 3Q25 earnings call for $Futu(FUTU.US) compiled by Dolphin Research. Detailed business data for the quarter can be viewed in the Longbridge APP under Stocks - Panorama - Performance Composition. I. Review of Core Financial Information 1. $FUTU-W(03588.HK) The company's total revenue for the quarter reached HKD 6.4 billion, a significant year-on-year increase of 86%, mainly driven by comprehensive growth in brokerage, interest, and other service income. 2. Brokerage commission and fee income increased to HKD 2.9 billion, up 91% year-on-year and 13% quarter-on-quarter...

Futu

Camden National

BitMine Immersion Tech

Sharplink

Formidable Fortress ETF

Pro Ultra 7-10Yrs

AT & T

Tesla

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

AXS TSLA Bear Daily ETF

XI2CSOPTSLA-U

XL2CSOPTSLA

XI2CSOPTSLA

GraniteShares 2x Long TSLA Daily ETF

Reliance

Berkshire Hathaway B

Berkshire Hathaway

XL2CSOPBRKB

AT&T INC 5.000% DEP SHS REP 1/1000 PERP PFD SER A

AT&T INC DEP SHS EACH REP 1/1000TH PERP PFD SER C

Futu (3Q25 Minutes): Crypto Trading Surges, Hong Kong Remains the Main Source of New Customers

The business data of Futu compiled by Dolphin Research can be viewed in the Longbridge APP — Stocks — Panorama — Performance Composition. Below are the Minutes of Futu's Q1 earnings call: 1. Review of Key Financial Information (1) Brokerage Commission and Service Fee Income: HK$2.3 billion, up 113% YoY and 12% QoQ; YoY growth driven by increased trading volume, partially offset by lower commission rates (due to product structure changes and larger average order sizes in Hong Kong stocks). (2) Interest Income: HK$2.1 billion, up 53% YoY...

Futu 1Q25 (Minutes): Core Segments Show Growth Potential for Next Quarter (Excl. Options)

US Bank Securities Rates Futu Holding Buy Rating with Target Price at $224

Futu Co-Founder and Senior VP Xu Li Sells Shares

Futu CEO Li Hua Submits Initial Beneficial Ownership Statement

Futu Announces Platform Innovations and Service Upgrades

Futu Holdings Reports Significant Q4 2025 Net Revenue Growth

Futu Holdings Becomes Controlling Shareholder of Airstar Bank

Futu, Founder Securities and Zhifu Securities Expand Businesses in Hong Kong

Futu Private Wealth Hosts 2026 Global Investment Summit Targeting High Net Worth Clients' Asset Allocation

JPMorgan Raises Futu's Target Price to $300

Futu Holdings Plans to Repurchase Up to $800 Million in Shares by End of 2027

Futu Reports Diluted EPS of HKD 22.80 for Current Quarter

Futu Holdings Reports Significant Q3 2025 Earnings Growth

MooMoo platform launches BNB

JPMorgan Raises Futu Holdings Target Price to $280

Futu Reports Strong Take-Up for This Year's Silver Bonds

Futu's Private Wealth Management AUM and Client Numbers Surge in H1

Citigroup Raises Target Price for Futu Holdings to $190.00

Futu's Total Client Assets Grow by 68.1% to HKD 973.9 Billion

Futu's total funded accounts grew by 40.9% year-over-year

Futu reports Q2 revenue of HKD 5.31089 billion

HINSANG GROUP

RIVERINE CHINA

PASHUN INT RTS

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SOFTMEDX

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VISION SYNERGY

GEMILANG INTL

GHPC

PantherTrade, a licensed exchange backed by Futu, is listing Avalanche (AVAX) as one of only four supported assets. This provides a regulated fiat-onramp in Hong Kong for AVAX, potentially increasing liquidity and demand. The impact will depend on user traction and regulatory comfort.

CoinMarketCal

Avalanche (AVAX) - PantherTrade Listing - 16 May 2026

02888

Futu's subsidiary, Leopard Trading, and Dingdian Finance have completed a successful transfer test of the Hong Kong dollar stablecoin 'HKDAP' on the Ethereum mainnet. The test involved converting fiat Hong Kong dollars into reserve assets, with Standard Chartered Bank providing full backing for all HKDAP transfers. Following the test, all HKDAP were fully redeemed. The companies plan to continue their collaboration and aim to launch HKDAP in phases by the end of Q2 2023.

CoinLive

STANCHART

Standard Chartered PLC

Futu's Subsidiary Completes HKDAP Transfer Test on Ethereum

FUTG

Futu Holdings (FUTU) received a Buy rating from Bank of America Securities, with a price target of $224.00, while shares closed at $144.89. Analyst Emma Xu is ranked #1612 out of 12193 analysts. The overall analyst consensus for Futu Holdings is a Strong Buy, with an average price target of $213.03, indicating a potential upside of 47.03%. Morgan Stanley also maintained a Buy rating with a $225.00 price target.

- Emma Xu from Bank of America Securities has reiterated a Buy rating on Futu Holdings, setting a price target of $224.00.  
- The current share price is $144.89, with an overall Strong Buy consensus rating and an average price target of $213.03, indicating a 47.03% upside.  
- Additionally, Morgan Stanley has also maintained a Buy rating, with a slightly higher price target of $225.00.

Tip Ranks

Leverage Shares 2X Long Futu Daily ETF

Bank of America

Morgan Stanley

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

Futu Holdings (FUTU) Gets a Buy from Bank of America Securities

COIN

FNCL

Neil McDonald, Moomoo Trading CEO, joins 'Fast Money' to talk the state of retail trading in the current market.

Coinbase

ISHRS Us Brokers & Sec Exchg

Fidelity MSCI Financials Index

VG Financial

Financial Select Sector SPDR Fund

Moomoo Trading CEO says retail traders still engaged with market, increased dip-buying

601899

TIGR

Binance co-founder Yi He announced the launch of commodity trading, including crude oil, gold, and silver, positioning the exchange as a global financial infrastructure beyond crypto and traditional finance. Speaking at the Hong Kong Web3 Festival 2026, he noted the industry's evolution towards convergence, highlighting platforms like Futu, Tiger Brokers, and Robinhood that now integrate both equity and crypto assets. Yi emphasized Binance's commitment to advancing global financial freedom and equality, aiming to enhance the lives of ordinary users.

Zijin Mining

UP Fintech

Gold.com

Robinhood

ZHONGJIN GOLD

Direxion Daily Jr Gold Miners Bull 2X

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Sprott Active Gold & Silver Miners ETF

Us Gbl GLD & Met

iShares US Oil Equip & Svcs

Sprott JR Gold Miners ETF

VALUEGOLD ETF

SPDR Gold Minishares

F GX OIL

HS GOLD ETF

Pro Ultr GLD

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Pro Ultr Bloomberg Crude Oil

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United States Oil Fund LP

VanEck Junior Gold Miners ETF

Direxion Daily Gold Miners Bull 2X

SPDR Gold Shares

VanEck Oil Services ETF

GLOBAL X Gold Explorers

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Invesco Db Precious Metals ETF

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iShares Silver Tr

Sprott Silver Mnrs & Physical Silver ETF

SPDR O&G Ex & Prd

VanEck Oil Refiners ETF

Sprott PHYs Silver

Yi He: Binance Moves Beyond Crypto and TradFi Labels, Targets Global Financial Infrastructure

Futu Securities has opened a café in Hong Kong to adapt to changing client lifestyles, offering drinks at preferential prices for app users. The initiative aims to integrate investment with daily life and enhance customer experience. Other retailers like Uniqlo and Longbridge have also launched cafés to attract customers. This trend reflects a broader strategy among non-food retailers to increase store traffic and meet diverse consumer needs. Hong Kong's retail sales have seen a significant rise, reaching HK$35 billion in February 2026, boosted by the Chinese New Year holiday.

- Futu Securities has launched Futu Café in Hong Kong, offering beverages to integrate investment with clients' daily lifestyles.  
- Clients using the app can purchase drinks starting at HK$12, while non-members pay HK$24.  
- This trend of non-food retailers opening cafes aims to attract new customers and enhance store traffic, with recent examples including Uniqlo and Longbridge.

SCMP

FAST RETAILING CO., LTD.

FAST RETAIL-DRS

Louis Vuitton

Jones Lang Lasalle

Ralph Lauren

Fast Retailing

Futu Securities opens coffee shop as it adapts to changing client ‘lifestyles’

HSBA

00005

HSBH

Hong Kong is advancing its stablecoin strategy, transitioning from a pilot phase to a system-building phase. Key developments include the issuance of a limited number of licenses for stablecoin projects, emphasizing their role as payment instruments rather than investment tools. Major financial institutions like HSBC and Futu Securities are leading the charge, integrating stablecoins into local payment systems. The Hong Kong Monetary Authority is allowing flexibility in currency issuance, paving the way for a multi-currency stablecoin market. This initiative aims to enhance Hong Kong's position as an international financial center while ensuring regulatory compliance and risk management.

- Hong Kong is transitioning stablecoins from a "pilot tool" to a "system building phase," with regulators emphasizing quick progress while managing risks.  
- The first batch of licenses for stablecoin issuers will be limited and focus on real-world applications, reflecting a shift towards incorporation into traditional financial systems led by licensed institutions.  
- This strategic development aims to integrate stablecoins as payment instruments into local infrastructure, enhancing Hong Kong's position as an international financial center while maintaining vigilant regulatory oversight.

HSBC Holdings Plc

HSBC HOLDINGS

HSBC Holdings plc ADRhedged

With HSBC and securities firms entering the market simultaneously, Hong Kong's stablecoin has entered its next phase.

Futu Holdings Limited (NASDAQ:FUTU) saw its stock price rise by 12.5% to $158.56, with trading volume increasing by 37%. Analysts have mixed ratings, with Barclays lowering its price target to $200, while Goldman Sachs upgraded it to a 'buy' with a target of $213.39. The company reported earnings of $3.07 per share and a revenue of $771 million, with a net margin of 49.63%. Futu also announced a special dividend of $2.60 per share, payable on April 29th. The average price target for the stock is $210.57.

- Futu Holdings Limited's stock surged 12.5%, closing at $158.56 with trading volume increasing by 37%.  
- Analysts have mixed views: Barclays decreased its target from $236 to $200, while Goldman Sachs upgraded its rating to "buy" with a price target of $213.39.  
- The company reported earnings of $3.07 per share last quarter and announced a special dividend of $2.60 per share payable on April 29.

Futu (NASDAQ:FUTU) Trading 12.5% Higher   - Time to Buy?

FUTU-W(03588.HK)