Chinese online giant Futu Holdings to go public In USA next year – South Asia Time

Chinese online giant Futu Holdings to go public In USA next year

 January 1, 2019  

Hong Kong  : A Hong Kong-based online brokerage Futu Holdings plans to debut in the U.S. public markets next year, as it filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission on Friday.

It plans to list on the Nasdaq under the symbol FHL and aims to raise up to 300 million U.S. dollars in the IPO. Founded in 2011, the company posted a revenue of 92 million U.S. dollars for the 12 months ended Sept. 30.

The stock investing service has been backed by corporate shareholders with 215.5 million U.S. dollars, including China’s internet giant Tencent, U.S. private equity investment firm Matrix Partners and U.S. venture capital firm Sequoia Capital, Futu disclosed on its official website.

Registered by Hong Kong’s Securities and Futures Commission in 2014, it mainly provides trading services in both Chinese and U.S. stock markets. The fintech also provides market data and news feed of Hong Kong, China’s mainland and U.S. stock markets on its investing platform Futu Niuniu with more than 5 million users.

Bookrunners of the deal include Goldman Sachs (Asia), UBS Investment Bank and Credit Suisse. No information on pricing terms has been released so far.