1、Futu HoldingsAssessing the upside of multiple re-ratingSee the end pages of this presentation for analyst certification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should

2、be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.Asia Pacific Equity Research Sep 2025Asia FinancialsKatherine Lei AC(852)2800-J.P.Morgan Securitie

3、s(Asia Pacific)LimitedAsia FinancialsPeter Zhang AC(852)2800-J.P.Morgan Securities(Asia Pacific)Limited2Company Overview and Key FactsFutu is an advanced technology company transforming the investing experience by offering a fully digitized brokerage and wealth management platform.As at 2Q25,it has

4、27.1mn registered users,2.88mn paying clients and HK$974bn client AUM,by leveraging its proprietary and highly automated infrastructure,and Futu provides the below services:1)Online onboarding and user-friendly trading platform.2)Comprehensive market data and information rivaling that of Bloomberg,i

5、n our view.3)Online community for investors to exchange their views,and also channels for listed companies to conduct virtual roadshows.Futu and its subsidiaries provide investing services,including stock trading and clearing,margin financing,wealth management,market data and information service for

6、 Hong Kong,Singapore,the US,Japan,Malaysia,Canada,Australia and New Zealand,to individual investors through its proprietary one-stop digital platforms.Futu proves crypto trading services in HK,SG,and the US.Futu is currently in phase 2 of VATP license application in HK.Futu was founded by Leaf Hua L