Recently, two top internet securities firms announced their latest performance.
On the evening of November 27th Beijing time, the three major indexes of the US stock market collectively opened low, and Tiger Securities rose more than 10% against the trend at one point. However, the stock price fluctuated sharply afterwards, falling by 8.23% and closing. Meanwhile, Futu closed down 3.41%.
On the same day, Tiger Securities released unaudited financial data for the third quarter, which showed that Tiger International's revenue for the third quarter was 70.15 million US dollars, an increase of 6.2% month on month and 26.6% year-on-year; The non GAAP (Non Standard Accounting Standards) net profit attributable to the parent company during the quarter was $16 million, a month on month increase of 4.3% and a year-on-year increase of 141.1%.
Among them, Tiger International's commission income was 23.19 million US dollars, a month on month increase of 5.3%; Interest related income reached $41.61 million, a month on month increase of approximately 5.9%.
Not long ago, Futu also released its third quarter performance report. Similar to Tiger Securities, Futu also saw significant growth in its third quarter performance. The unaudited third quarter report of Futu shows that its total revenue in the third quarter increased by 36.2% year-on-year to HKD 2.6504 billion (USD 338.5 million), and its net profit increased by 44.6% year-on-year to HKD 1.0912 billion (USD 139.3 million).
From a business perspective, Futu Brokerage's commission and handling fee revenue was HKD 1.0089 billion (USD 128.8 million), an increase of 5.3% compared to the third quarter of 2022. Although the year-on-year growth in trading volume remained stable, the comprehensive commission rate increased from 8.8 basis points to 9.3 basis points due to the higher contribution of derivative trading. Interest income was HKD 1.5045 billion (USD 192.1 million), an increase of 70.8% compared to the third quarter of 2022. This growth is mainly due to an increase in interest income from bank deposits and securities lending businesses.
In terms of customers, both securities firms have seen some growth. In the third quarter, Futu added about 65000 new paying customers, with a total of over 1.65 million paying customers. There is generally bearish sentiment in global stock markets, but the customer retention rate of Futu Pay remained above 98% in the third quarter.
In terms of Tiger Securities, in the third quarter, Tiger International added 29000 new global account opening customers, totaling 2.15 million; The number of new customers who invested in gold increased by 25000, reaching a total of 870000, a year-on-year increase of 14.8%.
In terms of transaction volume, Tiger Securities pointed out that the total transaction volume of the company during the period was 80.3 billion US dollars, of which the stock trading scale was 22.1 billion US dollars, and about 8.14 million options and futures contracts were traded. The total assets of the client were approximately 18.9 billion US dollars, a year-on-year increase of 45.7%, and the net income of the client exceeded 1.5 billion US dollars during the quarter.
According to Li Hua, Chairman and CEO of Futu, the total trading volume in the third quarter increased by 13.6% compared to the previous quarter to HKD 1.1 trillion. The increasing interest of customers in leveraged and reverse ETF trading has driven a quarterly increase of 5.4% in Hong Kong stock trading volume to HKD 272.5 billion. The increase in trading volume of the seven major stocks drove a 19.0% month on month increase in trading volume of the US stock market to HKD 804.4 billion.
It is worth mentioning that both securities firms have shown significant growth in wealth management.
According to the third quarter report of Futu, the total assets of wealth management clients increased to HKD 52 billion, a year-on-year increase of 99.9% and a month on month increase of 19.3%. As of the end of the quarter, customer bond holdings increased by 86.8% month on month, mainly due to strong demand for US Treasury bonds.
It stated that in Singapore, as more and more customers turn to stable return money market funds, the balance of wealth management assets has increased sixfold year-on-year. In order to meet the diversified investment needs of Singaporean clients, it has launched structured notes and Singapore government securities bonds.
In terms of Tiger Securities, the wealth management scale (AUM) in the third quarter increased by 68.7% month on month, and the number of holdings increased by 27.9% month on month. The number of positions held during the quarter increased by 29.4% month on month, and AUM increased by 73.3% month on month.
In terms of To B business, Tiger Securities underwritten a total of 4 IPOs in the United States and Hong Kong during the quarter, including Earlyworks and Keep.
In the ESOP (Employee Stock Ownership Plan) business, Tiger Securities added 27 new clients in the third quarter, and as of September 30, 2023, the total number of ESOP clients it served reached 505.
As of the end of the quarter, Futu had 391 IPO distribution and IR customers, a year-on-year increase of 29.9%. In the third quarter, he served as a joint bookkeeper for multiple Hong Kong IPOs, including Tiggo Motors, Fourth Paradigm, and KEEP.
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