- The stock price of Futu Holdings Ltd (NASDAQ: FUTU) increased by 24.32% yesterday. This is why it happened.
The stock price of Futu Holdings Ltd (NASDAQ: FUTU) increased by 24.32% yesterday as it went from a previous close of $123 to $152.91. Investors appear to be responding positively to the company announcing the official launch of its one-stop investment platform moomoo in Singapore earlier this week. And in tandem with the company’s second anniversary of its NASDAQ listing, Futu also unveiled the opening of its new regional headquarters in Singapore to better serve the Southeast Asia region.
As Futu’s first market entry outside of China, Hong Kong Special Administrative Region, and the United States, Singapore represents the company’s ambitious plans to capitalize on the rapid adoption of digital services and a young population that has grown in a technologically immersive environment.
moomoo — which is strategically backed by Tencent — is seeking to be the technology-driven and international version of Futu’s renowned investing platform, focusing on empowering both seasoned and the younger generation of investors to take greater ownership of their financial future by providing market accessibility and data options, thereby reducing friction to access global investable products.
Futu Singapore is standing out by offering the lowest fees and trading minimums in Singapore via moomoo for investing in Hong Kong SAR, Singapore, and US securities. And compared to its peers, it enjoys a reputation of reliability, security and stability, and is also regulated and licensed by the Monetary Authority of Singapore (MAS).
Futu is currently possessing one of the largest trading communities in the world, amassing over 13 million users globally with daily active users surpassing one million. And moomoo has also embedded social media tools to create a network centered on its users and provide connectivity to users, investors, companies, analysts, media, and key opinion leaders. The moo community aggregates different levels of investors where people can exchange and stress-test investment ideas.
Futu has stayed in line with their mission of making investing easier and not alone for users, and has dedicated over 70% of their employees into research and development, constantly coming up with new solutions on how to improve and innovate its current platform.
Through a wide array of product offerings of powerful, in-depth and customized analytics tools, moomoo is set to create an unparalleled experience for users with complimentary access to Level 2 market data for the US market which displays real-time bids and stock quotes, and 24/7 aggregated updates. And the app also includes AI-driven data screeners and easy-to-analyse trading charts, combined with the convenience of trading across multiple markets with its multi-currency facility.
“In a world still in massive lockdowns, expansion into Singapore is a strategic decision to serve as a bridge into the rest of Southeast Asia. Singapore’s digital friendly environment, high quality infrastructure, and efforts in adopting technologies has also made it an ideal location for us to expedite our foray into international markets.”
“With over a million retail investors there, we believe that there is huge potential in the local market which will serve as a strong growth driver for us as our products are quite different from other products in the Singapore market. Currently, we have already set up our local headquarters and are looking to scale up our business moving forward.”
— Leaf Hua Li, Founder & CEO of Futu
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.