Futu Holdings Ltd., the technology-driven brokerage firm and parent of Moomoo, reported first-quarter 2026 revenue of US$746.9 million, up 25% from a year earlier, and non-GAAP adjusted net income of US$117.3 million. The results, released after Chinese regulators launched penalty proceedings against the company, highlight the growing weight of its international business.
User base and client assets surge
By March 31, 2026, Futu had:
- 30.17 million registered users
- 6.28 million brokerage accounts
- 3.59 million funded accounts
Client assets climbed 47.2% year-over-year to US$155.8 billion. Malaysia, Australia, Canada, and Japan delivered double-digit quarterly growth in client assets, underscoring the firm’s accelerating shift outside mainland China.
Trading volume across Futu’s platforms hit a record US$529.4 billion in the quarter, up 29.1% from a year earlier.
Wealth management records triple-digit regional growth
Futu’s wealth management business reached US$22.8 billion in assets under management, an increase of 28.2% year-over-year. The number of clients holding wealth management products rose 33% during the same period.
Japan, Canada, Australia, the United States, and Malaysia each recorded triple-digit annual growth in wealth management assets, signaling broad-based adoption of the firm’s product suite in multiple developed and emerging markets.
AI tools and new trading functions
Futu continued to build out its technology stack. The firm rolled out API Skill tools that let client-deployed AI agents access:
- Real-time market data
- Order execution
- Historical analytics
These tools are supported by upgraded AI models that operate under a triple-layer security structure, designed to bolster safety and accessibility for users.
The company also added new trading features:
- It became the first licensed broker in Malaysia to offer short selling and Hong Kong stock options trading.
- It expanded valuation tools for users in Japan, extending its analytical capabilities in that market.
Push into digital assets in the US and Hong Kong
In the United States, Futu introduced direct cryptocurrency deposits and withdrawals, supporting:
- 11 major blockchains
- 30 digital assets
At the same time, its virtual asset trading unit in Hong Kong began licensed, full-scale operations, aligning with the city’s efforts to build a regulated digital asset hub through a new licensing framework for advisory and asset management firms.
These initiatives give traders a pathway to move capital between traditional securities and digital tokens within regulated environments in two major financial centers.
Strategic partnerships and regional outreach
Futu strengthened ties with major global organizations during the quarter. Key collaborations included:
- New Nasdaq products with Monday and Wednesday expirations
- A financial creator workshop with Google in New York
- Education programs with the Securities Investors Association (Singapore)
In Malaysia, the firm partnered with Bursa Malaysia to stage a large retail trading event in Penang, extending its educational and outreach footprint.
By the end of the first quarter, Moomoo ranked first in total downloads among brokerage apps in Singapore, Malaysia, and Australia, according to Sensor Tower. Moomoo now serves clients in Singapore, Australia, Japan, Canada, Malaysia, and New Zealand, with a global user base above 30 million accounts.
Regulatory pressure in mainland China
The strong quarter comes as Futu faces rising regulatory pressure in its home market. On May 22, Chinese authorities announced formal penalty proceedings against the firm, alleging unlicensed activity in mainland China and proposing fines of about 1.85 billion yuan (roughly US$272 million).
The announcement triggered a single-day share price fall of around 30%. Following the news, JPMorgan cut its price target on Futu from US$300 to US$87, while Goldman Sachs reduced its target to US$102.13 from US$210.47.
Futu later disclosed that accounts from mainland China made up about 13% of total accounts as of the first quarter. The company said operations outside the mainland remain unaffected and continue to grow, underscoring the importance of its expanding global client base.
Positioned at the intersection of fintech and digital assets
The rollout of direct digital asset deposits and withdrawals in the US puts Futu in a position to capture new flows of capital by integrating traditional equities and virtual assets on one platform. The move also coincides with a broader policy shift in Washington.
On May 19, 2026, a White House Executive Order signaled a new federal stance on integrating financial technology and digital assets into the US financial system. Futu’s launch of crypto rails in that market arrives as regulators move toward clearer frameworks for digital asset activity.
In Hong Kong, the start of licensed, full-scale operations for its virtual asset trading unit ties into the city’s deliberate effort to become a digital asset hub. Hong Kong is finalizing a new licensing regime for firms that advise on and manage virtual assets, which is expected to go before its legislature later this year.
Together, these developments are expanding regulated on-ramps for digital assets at a time of renewed market strength. Total digital asset market capitalization rose more than 8% in April to about US$2.6 trillion, before renewed volatility emerged.
Market backdrop and potential impact on trading flows
Bitcoin exchange-traded funds saw net inflows of nearly US$1.97 billion in April, but that shifted to outflows of approximately US$1.26 billion over six consecutive days in late May. Bitcoin is currently consolidating in the US$75,000–US$77,000 range after a sharp correction.
Market participants are watching whether easier access through platforms like Futu’s will lift trading volumes and liquidity across the 30 supported digital assets in the coming weeks. As regulated access points in the US and Hong Kong scale up, their longer-term impact on capital allocation and cross-asset trading behavior will become clearer over time.
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