External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We completed a four-day marketing trip in HK last week engaging with active longonly and long/short investors covering China/HK markets.</li><li>We see that L/O investors’ long-term conviction in Futu has strengthened, although short-term views are mixed. Key concerns include 1) tightening of account opening process to mainland clients in HK; 2) fund outflows amid easing sentiment towards stablecoin-related themes; and 3) possible client and asset attritions on the Futubull platform due to CRS global taxation plan.</li><li>We believe these headwinds are largely sentiment-driven and do not reflect the broker’s solid fundamentals. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We completed a four-day marketing trip in HK last week engaging with active longonly and long/short investors covering China/HK markets.We see that L/O investors’ long-term conviction in Futu has strengthened, although short-term views are mixed. Key concerns include 1) tightening of account opening process to mainland clients in HK; 2) fund outflows amid easing sentiment towards stablecoin-related themes; and 3) possible client and asset attritions on the Futubull platform due to CRS global taxation plan.We believe these headwinds are largely sentiment-driven and do not reflect the broker’s solid fundamentals. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Futu Holdings (FUTU US) - Marketing Feedback: Short-Term Views Mixed...

<ul><li>Futu Holdings Limited (FUTU US) is a leading tech-driven financial services platform with global geographic exposure across eight markets to provide clients with trading, wealth management, market data and information and corporate services based on its one-stop Futubull and Moomoo.</li><li>Its superior user experience is key to break into a new market and win paying clients from traditional brokerage, while the underlying technology infrastructure which consistently renovates, enriches this moat.</li><li>We view progressive market expansions and increments of crypto and wealth management product supply as key drivers to enhance net asset inflow and thus earnings stability. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Futu Holdings Limited (FUTU US) is a leading tech-driven financial services platform with global geographic exposure across eight markets to provide clients with trading, wealth management, market data and information and corporate services based on its one-stop Futubull and Moomoo.Its superior user experience is key to break into a new market and win paying clients from traditional brokerage, while the underlying technology infrastructure which consistently renovates, enriches this moat.We view progressive market expansions and increments of crypto and wealth management product supply as key drivers to enhance net asset inflow and thus earnings stability. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Futu Holdings (FUTU US) - Pioneered One-Stop Financial Services Platform...

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Profile: Billionaire Founder of Chinese Broker Futu Faces His Toughest Test From an early engineer at Tencent Holdings Ltd. to the billionaire founder of Futu Holdings Ltd., Li Hua built one of China’s most prominent online brokerages.</li><li>Now, the cross-border business model that powered Futu’s rise has exposed the 49-year-old entrepreneur to the most serious regulatory and legal challenge of his career.</li><li>A third defendant seeking to unfreeze assets in a more than $100 million U.S. insider trading lawsuit shares a name with an investor whose Hong Kong corporate takeover collapsed days after a U.S. court order.</li></ul>

In Profile: Billionaire Founder of Chinese Broker Futu Faces His Toughest Test From an early engineer at Tencent Holdings Ltd. to the billionaire founder of Futu Holdings Ltd., Li Hua built one of China’s most prominent online brokerages.Now, the cross-border business model that powered Futu’s rise has exposed the 49-year-old entrepreneur to the most serious regulatory and legal challenge of his career.A third defendant seeking to unfreeze assets in a more than $100 million U.S. insider trading lawsuit shares a name with an investor whose Hong Kong corporate takeover collapsed days after a U.S. court order.

CX Daily: Billionaire Founder of Chinese Broker Futu Faces His Toughest Test 

<ul><li>How Mercedes, BMW and Audi Hope to Win Back China For decades, Germany’s luxury car triumvirate — Mercedes-Benz Group AG, BMW AG and Audi AG — reigned supreme in China, leveraging their mastery of the internal combustion engine to lock down the high-end segment of the world’s largest car market.</li><li>Analysis: China’s AI Boom Masks a Deepening Economic Divide As artificial intelligence (AI) emerges as a powerful engine for China’s exports and industrial profits, economists warn that the boom could exacerbate deep-seated structural inequalities.</li><li>Online Broker Futu Sued in U.S. Over Undisclosed China Regulatory Risks</li></ul>

How Mercedes, BMW and Audi Hope to Win Back China For decades, Germany’s luxury car triumvirate — Mercedes-Benz Group AG, BMW AG and Audi AG — reigned supreme in China, leveraging their mastery of the internal combustion engine to lock down the high-end segment of the world’s largest car market.Analysis: China’s AI Boom Masks a Deepening Economic Divide As artificial intelligence (AI) emerges as a powerful engine for China’s exports and industrial profits, economists warn that the boom could exacerbate deep-seated structural inequalities.Online Broker Futu Sued in U.S. Over Undisclosed China Regulatory Risks

CX Daily: How Mercedes, BMW and Audi Hope to Win Back China 

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>China takes an important step in economic and social reform</li>
<li>Japan continues to tiptoe around monetary policy and JGB issuance</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
China takes an important step in economic and social reform
Japan continues to tiptoe around monetary policy and JGB issuance


United States

Futu Holdings Limited operates as a holding company. The Company, through its subsidiaries, offers an online brokerage platform that enables individual investors to trade in listed stocks. Futu Holdings serves customers in the United States, China, and Hong Kong.

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Futu Holdings Ltd (FUTU US)

Futu Holdings (FUTU US) - Marketing Feedback: Short-Term Views Mixed...

We completed a four-day marketing trip in HK last week engaging with active longonly and long/short investors covering China/HK markets.

CMB International

Futu Holdings (FUTU US) - Pioneered One-Stop Financial Services Platform...

Futu Holdings Limited (FUTU US) is a leading tech-driven financial services platform with global geographic exposure across eight markets to...

CMB International

CX Daily: Billionaire Founder of Chinese Broker Futu Faces His Toughest Test

TOP STORIES In Profile: Billionaire Founder of Chinese Broker Futu Faces His Toughest Test From an early engineer at Tencent Holdings Ltd. to the...

Caixin Global

CX Daily: How Mercedes, BMW and Audi Hope to Win Back China

How Mercedes, BMW and Audi Hope to Win Back China For decades, Germany’s luxury car triumvirate — Mercedes-Benz Group AG,...

Caixin Global

Overview #62 - Standing Room Only

A review of recent events/data impacting our investment themes and outlook. We look at China's recent structural reform and some parallels with...

Rikki Malik

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Market Cap (USDm)

P/E

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