0001104659-23-048600 | 20-F | XBRL Viewer

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

PROPERTY AND EQUIPMENT, NET

SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2022

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS

4. SHORT-TERM INVESTMENTS

The following is a summary of short-term investments:


	As of December 31,
	2021	2022

	(HK$ in thousands)

Treasury bills	—	666,883
Money market funds	1,169,741	7,911
Financial assets at fair value through profit or loss	—	270
Total	1,169,741	675,064

For the years ended December 31, 2020, 2021 and 2022, the Group recorded realized gain of HK$665 thousand, nil and HK$23,059 thousand related to short-term investments in the consolidated statements of comprehensive income, respectively.

LEASE

12 Months Ended

Dec. 31, 2022

LEASE

LEASE

5. LEASE

The following table presents balances reported in the consolidated balance sheets related to the Group’s leases:


	As of December 31,
	2021	2022

	(HK$ in thousands)

Operating lease right-of-use assets	243,859	196,864
Operating lease liabilities	260,579	211,143

The following table presents operating lease expense reported in the consolidated statements of comprehensive income related to the Group’s leases:


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)

Operating lease cost	64,594	106,459	119,854

The following table reconciles the undiscounted cash flows of the Group’s leases as of December 31, 2022 to the present value of its operating lease payments:


		December 31, 2022
		(HK$ in thousands)

2023		111,603
2024		55,478
2025		42,339
2026		12,073
2027 and thereafter		2,043
Total undiscounted operating lease payments		223,536
Less: imputed interest		(12,393)
Present value of operating lease liabilities		211,143

LOANS AND ADVANCES

12 Months Ended

Dec. 31, 2022

LOANS AND ADVANCES

LOANS AND ADVANCES

6. LOANS AND ADVANCES


	As of December 31,
	2021	2022

	(HK$ in thousands)
Margin loans	29,097,216	24,681,724
IPO loans	34,348	89,465
Other advances	468,000	1,969,774
Subtotal	29,599,564	26,740,963
Less: Allowance for credit losses	(12,258)	(27,840)
Total	29,587,306	26,713,123

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2022

PROPERTY AND EQUIPMENT, NET

7. PROPERTY AND EQUIPMENT, NET


	As of December 31,
	2021	2022

	(HK$ in thousands)
Gross carrying amount
Computers and equipment	109,989	105,426
Furniture and fixtures	64,507	71,226
Office equipment	64,822	65,927
Office building	28,239	35,227
Vehicle	635	1,985
Total of gross carrying amount	268,192	279,791

Less: accumulated depreciation
Computers and equipment	(29,852)	(47,641)
Furniture and fixtures	(23,828)	(37,414)
Office equipment	(35,860)	(44,907)
Office building	(2,291)	(3,223)
Vehicle	(604)	(769)
Total of accumulated depreciation	(92,435)	(133,954)
Property and equipment, net	175,757	145,837

Depreciation expenses on property and equipment which are included in research and development expenses, selling and marketing expenses and general and administrative expenses in the consolidated statements of comprehensive income for the years ended December 31, 2020, 2021 and 2022 were HK$25,792 thousand, HK$34,118 thousand and HK$48,014 thousand, respectively.

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

8. INTANGIBLE ASSETS, NET


	As of December 31,
	2021	2022

	(HK$ in thousands)
Gross carrying amount
Computer software	15,596	27,196
License	4,261	29,564
Others	3,638	10,087
Total of gross carrying amount	23,495	66,847

Less: accumulated amortization
Computer software	(5,172)	(9,017)
Licenses	—	(1,493)
Others	(1,105)	(1,889)
Total of accumulated amortization	(6,277)	(12,399)
Intangible assets, net	17,218	54,448

Amortization expenses on intangible assets which are included in research and development expenses, selling and marketing expenses and general and administrative expenses in the consolidated statements of comprehensive income for the years ended December 31, 2020, 2021 and 2022 were HK$1,439 thousand, HK$2,317 thousand and HK$6,700 thousand, respectively.

LONG-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2022

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS

9. LONG-TERM INVESTMENTS

The Group’s long-term investments primarily consist of equity method investments and equity investments without readily determinable fair values.


	As of December 31,
	2021	2022

	(HK$ in thousands)

Equity method investments (1)	7,798	224,042
Equity investments without readily determinable fair values (2)	15,596	15,652
Total	23,394	239,694

(1)

Equity method investments

As of December 31, 2021 and 2022, the Group’s investments accounted for under the equity method totaled HK$7,798 thousand and HK$224,042 thousand, respectively. The Group applies the equity method of accounting to account for its equity method investments over which it has significant influence but does not own a majority equity interest or otherwise control.

In January 2019, the Group invested in a private company by acquiring 20% ordinary equity interest with a total consideration of HK$6,709 thousand. The Group accounts for this as an equity method investment. Based on the Group’s assessment on the recoverable amounts of the equity method investment, as of December 31, 2021 and 2022, the impairment provision on the equity method investment was HK$5,888 thousand and HK$5,888 thousand.

In December 2021, the Group invested in a private equity fund by acquiring approximately 10% ordinary equity interest with a total consideration of HK$7,798 thousand. The Group accounts for this as an equity method investment. Based on the Group’s assessment on the recoverable amounts of this equity method investment, as of December 31, 2021 and 2022, no impairment provision on the equity method investment was recognized.

9. LONG-TERM INVESTMENTS (Continued)

In June 2022, the Group invested in a private equity fund by acquiring approximately 16% ordinary equity interest with a total consideration of HK$235,434 thousand. The Group accounts for this as an equity method investment. For the year ended December 31, 2022, loss on investment recognized were HK$17,752 thousand. Based on the Group’s assessment on the recoverable amounts of this equity method investment, as of December 31, 2022, no impairment provision on the equity method investment was recognized.

(2)

Equity investments without readily determinable fair values

As of December 31, 2021 and 2022, the Group’s equity investments without readily determinable fair values totaled HK$15,596 thousand and HK$15,652 thousand, respectively. In December 2021, the Group invested in a private equity fund by acquiring 2.75% ordinary equity interest with a total consideration of HK$15,596 thousand. Equity securities without determinable fair values of the Group represent investments in privately held companies with no readily determinable fair value. The Group elected measurement alternative and recorded these investments at cost, less impairment, adjusted for subsequent observable price changes. As of December 31, 2021 and 2022, no impairment provision on the equity investments without readily determinable fair values was recognized.

OTHER ASSETS

12 Months Ended

Dec. 31, 2022

OTHER ASSETS

OTHER ASSETS

10. OTHER ASSETS


	As of December 31,
	2021	2022

	(HK$ in thousands)
Current:
Deposit	23,032	52,863
Staff advances	26,527	18,685
Others	32,035	30,710
Total	81,594	102,258
Non-current:
Refundable deposit	337,513	680,356
Property and equipment, net (Note 7)	175,757	145,837
Deferred tax assets (Note 25)	38,317	84,564
Intangible assets, net (Note 8)	17,218	54,448
Total	568,805	965,205

BORROWINGS

12 Months Ended

Dec. 31, 2022

BORROWINGS

BORROWINGS

11. BORROWINGS


	As of December 31,
	2021	2022

	(HK$ in thousands)

Borrowings from banks (1)	6,357,405	2,480,532

The Group obtained borrowings mainly to support its margin financing business. Those borrowings bear weighted average interest rates of 1.15% and 3.86% as of December 31, 2021 and 2022, respectively.

(1)

The Group has unused borrowing facilities of HK$14,695,095 thousand and HK$19,989,078 thousand from banks as of December 31, 2021 and 2022, respectively, which are uncommitted. These bank borrowings were mainly pledged by margin clients’ shares as the primary source of credit risk mitigation of the lenders, and bore floating interest rates based on various benchmarks including Hong Kong Prime Rate, Hong Kong Interbank Offered Rate (“HIBOR”), CNH HIBOR, etc.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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ACCRUED EXPENSES AND OTHER LIABILITIES

ACCRUED EXPENSES AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2022

ACCRUED EXPENSES AND OTHER LIABILITIES

12. ACCRUED EXPENSES AND OTHER LIABILITIES


	As of December 31,
	2021	2022

	(HK$ in thousands)
Current:
Accrued payroll and welfare expenses	531,409	868,646
Payables to corporate clients in relation to ESOP management services (1)	870,283	314,385
Tax payables	494,744	267,619
Accrued advertising and promotion fee	152,305	72,137
Accrued professional fee	22,066	31,083
Stamp duty, trading levy and trading fee payables	19,447	26,597
Payables in relation to acquisition	—	19,196
Temporary payables in relation to fund distribution services	48,240	18,725
Accrued market information and data fee	12,832	13,445
Contract liabilities - current	3,058	1,225
Refund from depositary bank - current	2,773	2,773
Others	19,056	70,328
Total	2,176,213	1,706,159
Non-current:
Contract liabilities - non-current	5,910	4,590
Refund from depositary bank - non-current	4,389	1,616
Deferred tax liabilities (Note 25)	636	7,414
Total	10,935	13,620

(1)	Payables to corporate clients in relation to ESOP management services mainly consist of exercise payment of share options and related withholding tax. These payables are usually expected to be settled within one year.

ORDINARY SHARES AND TREASURY STOCK

12 Months Ended

Dec. 31, 2022

ORDINARY SHARES AND TREASURY STOCK

ORDINARY SHARES AND TREASURY STOCK

13. ORDINARY SHARES AND TREASURY STOCK

Ordinary shares

The Company’s original Memorandum and articles of association authorized the Company to issue 807,500 ordinary shares with a par value of US$0.0050 per share. After a share split effective on September 22, 2016, the Company’s amended Memorandum and articles of association authorized the Company to issue 403,750,000 ordinary shares with a par value of US$0.00001 per share. Each ordinary share is entitled to one vote. Immediately prior to the completion of the initial public offering on March 8, 2019, the Company was approved by the board of directors of the Company to adopt a dual class share structure, consisting of 48,700,000,000 Class A ordinary shares with a par value of US$0.00001 each, 800,000,000 Class B ordinary shares with a par value of US$0.00001 each and 500,000,000 shares undesignated with a par value of US$0.00001 each. In respect of all matters subject to shareholders’ vote, each holder of Class A ordinary share is entitled to one and each holder of Class B ordinary share is entitled to twenty votes.

On August 22, 2020, the Company completed a public offering, issued 76,000,000 Class A ordinary shares for a total consideration of US$301.8 million (HK$2,339.7 million) after deducting the underwriting discounts and commissions and offering expenses.

Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. On August 16, 2022 and December 14, 2022, 64,000,000 and 50,000,000 shares of Class B ordinary shares were converted to the same number of Class A ordinary shares, respectively.

13. ORDINARY SHARES AND TREASURY STOCK (Continued)

Ordinary shares (Continued)

In December, 2020, the Company entered into a securities purchase agreement with a leading global investment firm for a private placement of pre-funded warrants (the “Offering” or the “Pre-Funded Warrants”). The net proceeds to the Company from the Offering were approximately US$262.5 million (HK$2,035 million). In the Offering, the Company issued pre-funded warrants to purchase 53,600,000 shares of Class A ordinary shares that were immediately exercisable and had a termination date in June 2022, at a price of US$4.89751 less a nominal exercise price of US$0.00001 per pre-funded warrant. The pre-funded Warrants were equity classified because they were immediately exercisable, did not embody an obligation for the Company to repurchase its shares, and permitted the holders to receive a fixed number of common shares upon exercise. In addition, such warrants did not provide any guarantee of value or return. On June 11, 2021, the investment firm exercised these pre-funded warrants which increased 53,599,890 shares of Class A ordinary shares, and 110 shares were retrieved as the consideration of share purchase.

On April 24, 2021, the Company completed a public offering, issued 87,400,000 Class A ordinary shares for a total consideration of US$1,398 million (HK$10,857 million) after deducting the underwriting discounts and commissions and offering expenses.

During the year ended December 31, 2020 2021 and 2022, 5,048,824, 5,875,592 and 2,968,984 shares of Class A Ordinary Shares were issued upon exercise of outstanding stock options. During the year ended December 31, 2020, 2021 and 2022, nil, 929,672 and 3,138,104 shares of Class A Ordinary Shares were issued upon vest of outstanding restricted shares units under the Group’s share-based incentive plans (Note 15).

Treasury stock

On November 3, 2021, the Group’s Board of Directors approved a share repurchase program to repurchase up to US$300.0 million worth of its own American depositary shares (“ADSs”), representing its Class A ordinary shares, until December 31, 2022.

On March 10, 2022, the Group’s Board of Directors approved another share repurchase program to repurchase up to US$500.0 million worth of its own ADSs, representing its Class A ordinary shares, until December 31, 2023.

As of December 31, 2021 and 2022, the Group had repurchased an aggregate of 29,462,760 and 121,363,408 Class A ordinary shares under these share repurchase programs in the open market, at an average price of US$41.04 and US$36.48 per ADS, or US$5.13 and US$4.56 per share for a total consideration US$151.2 million (HK$1,178.8 million) and US$553.2 million (HK$4,324.6 million), respectively.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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COLLATERALIZED TRANSACTIONS

RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2022

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS

14. RESTRICTED NET ASSETS

In accordance with the PRC laws and regulations, the Group’s PRC subsidiaries and the consolidated VIEs are required to make appropriation to certain reserve funds, namely general reserve fund, enterprise expansion fund, and staff bonus and welfare fund, all of which are appropriated from the subsidiaries’ annual after-tax profits as reported under PRC GAAP. The appropriation must be at least 10% of the annual after-tax profits to the general reserve fund until such reserve fund has reached 50% of the subsidiaries’ registered capital.

The domestic companies are also required to provide discretionary surplus fund, at the discretion of the Board of Directors, from its annual after-tax profits as reported under PRC accounting standards. The aforementioned reserve funds can only be used for specific purposes and are not distributable as cash dividends.

14. RESTRICTED NET ASSETS (Continued)

Furthermore, cash transfers from the Group’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency at the time of requesting such conversion may temporarily delay the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Group, or otherwise satisfy their foreign currency denominated obligations.

As a result of the PRC laws and regulations and the requirement that distributions by the PRC entity can only be paid out of distributable profits computed in accordance with PRC accounting standards, the PRC entity is restricted from transferring a portion of its net assets to the Group. Amounts restricted include paid-in capital and statutory reserves of the Group’s PRC subsidiaries and the VIEs.

As of December 31, 2021 and 2022, the restricted net assets of the Group’s relevant PRC entities amounted to HK$304,377 thousand and HK$304,377 thousand, respectively.

For the year ended December 31, 2022, the Group performed a test on the restricted net assets of subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that the restricted net assets do not exceed 25% of the consolidated net assets of the Group as of December 31, 2022 and the condensed financial information of the Group are not required to be presented.

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

15. SHARE-BASED COMPENSATION

Share-based compensation was recognized in operating expenses for the years ended December 31, 2020, 2021 and 2022 as follows:


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Research and development expenses	20,579	75,755	145,226
General and administrative expenses	10,354	14,020	44,099
Selling and marketing expenses	1,640	9,138	15,204
Total share-based compensation expenses	32,573	98,913	204,529

Share Options

In October 2014, the Board of Directors of the Company approved the establishment of 2014 Share Incentive Plan, the purpose of which is to provide an incentive for employees contributing to the Group. The 2014 Share Incentive Plan shall be valid and effective until October 30, 2024. The maximum number of shares that may be issued pursuant to all awards (including incentive share options) under 2014 Share Incentive Plan shall be 135,032,132 shares. Option awards are granted with an exercise price determined by the Board of Directors. Those option awards generally vest over a period of four or five years and expire in ten years.

In December 2018, the Board of Directors of the Company approved the 2019 Share Incentive Plan, pursuant to which the maximum number of shares of the Company available for issuance shall be a number of up to 2% of the total number of shares issued and outstanding on September 29, 2019 as determined by the Board, plus an annual increase on each September 30 during the term of this 2019 Share Incentive Plan commencing on September 30, 2020, by an amount determined by the Board; provided, however, that (i) the number of shares increased in each year shall not be more than 2% of the total number of shares issued and outstanding on September 29 of the same year and (ii) the aggregate number of shares initially reserved and subsequently increased during the term of this 2019 Share Incentive Plan shall not be more than 8% of the total number of shares issued and outstanding on September 29, 2019 immediately preceding the most recent increase.

15. SHARE-BASED COMPENSATION (Continued)

Share Options (continued)

On December 30, 2019, the Company modified the exercise price of 8,113,145 stock options granted under 2014 Share Incentive Plan to US$0.60. The incremental compensation expenses of HK$3,008 thousand (US$386 thousand) was equal to the excess of the fair value of the modified award immediately after the modification over the fair value of the original award immediately before the modification.

For the years ended December 31, 2020, 2021 and 2022, the Group granted 2,489,832, 1,080,000 and nil stock options to employees pursuant to the 2014 Share Incentive Plan and 2019 Share Incentive Plan.

A summary of the stock option activity under the 2014 and 2019 Share Incentive Plan for the years ended December 31, 2020, 2021 and 2022 is included in the table below.


	Options granted	Weighted average
	share number	exercise price per option (US$)
Outstanding at January 1, 2020	23,718,626	0.5161
Exercised	(5,048,824)	0.4293
Granted	2,489,832	0.6810
Forfeited	(2,117,298)	0.5588
Outstanding at December 31, 2020	19,042,336	0.5628
Exercised	(5,875,592)	0.4365
Granted	1,080,000	0.0444
Forfeited	(905,278)	0.6539
Outstanding at December 31, 2021	13,341,466	0.5703
Exercised	(2,968,984)	0.6110
Forfeited	(386,336)	0.6381
Outstanding at December 31, 2022	9,986,146	0.5556

The following table summarizes information regarding the share options outstanding as of December 31, 2022 and exercise prices and aggregate intrinsic value have been adjusted according to the modification of exercise price in December 2019:


	As of December 31, 2022
			Weighted-
			average
		Weighted-	remaining
		average	exercise
	Options	exercise price	contractual life	Aggregate
	number	per option	(years)	intrinsic value
		US$		US$ in thousand
Options
Outstanding	9,986,146	0.5556	2.59	45,882
Exercisable	3,568,221	0.5505	2.05	16,413
Expected to vest	6,417,925	0.5584	2.89	29,470

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the fair value of the underlying stock at December 31, 2022.

15. SHARE-BASED COMPENSATION (Continued)

Share Options (Continued)

The weighted average grant date fair value of options granted for the years ended December 31, 2020, 2021 and 2022 were US$1.5239, US$18.9219 and nil per option, respectively.

Options exercised for the years ended December 31, 2020, 2021 and 2022 were 5,048,824, 5,875,592 and 2,968,984, respectively. The total intrinsic value of options exercised during year ended December 31, 2022 was approximately HK$130,580 thousand (US$16,673 thousand).

The fair value of each option granted during 2020, 2021 and 2022 was estimated on the date of each grant using the binomial option pricing model with the assumptions (or ranges thereof) in the following table:


	2020		2021		2022

Risk-free interest rate	0.27%-0.36	%	0.09%-0.89	%	NA
Expected term (in years)	5.00		5.00		NA
Expected dividend yield	0	%	0	%	NA
Expected volatility	40	%	40	%	NA
Expected forfeiture rate (post-vesting)	15	%	15	%	NA

Risk-free interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. The Company has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the options.

As of December 31, 2022, there was HK$144,783 thousand (US$18,570 thousand) of unrecognized compensation expenses related to the options, adjusted for estimated forfeitures, which is expected to be recognized over a weighted-average period of 3.10 years, and may be adjusted for future changes in estimated forfeitures.

Restricted Shares Units Plan

In December 2018, the Board of Directors of the Company approved the 2019 Share Incentive Plan. The fair value of restricted share units granted with service conditions is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant.

15. SHARE-BASED COMPENSATION (Continued)

Restricted Shares Units Plan (Continued)

The following table summarizes activities of the Company’s restricted share units granted to employees under the plan for the years ended December 31, 2020, 2021 and 2022:


		Weighted -
		average grant date
	Shares awarded number	fair value per share(US$)
Outstanding at January 1, 2020	—	—
Granted	6,067,400	4.6827
Outstanding at December 31, 2020	6,067,400	4.6827
Vested	(929,672)	4.6827
Granted	12,105,712	5.7371
Forfeited	(281,576)	5.4426
Outstanding at December 31, 2021	16,961,864	5.6793
Vested	(3,138,104)	5.7371
Granted	14,357,520	5.0877
Forfeited	(1,489,032)	5.5209
Outstanding at December 31, 2022	26,692,248	5.3631

For the years ended December 31, 2020, 2021 and 2022, the Group granted 6,067,400,12,105,712 and 14,357,520 restricted shares units to employees pursuant to the 2019 Share Incentive Plan, respectively.

As of December 31, 2022, there was HK1,051,157 thousand (US$134,821 thousand) of unrecognized compensation expenses related to the restricted shares units, adjusted for estimated forfeitures, which is expected to be recognized over a weighted-average period of 4.33 years and may be adjusted for future changes in estimated forfeitures.

NET INCOME PER SHARE

12 Months Ended

Dec. 31, 2022

NET INCOME PER SHARE

NET INCOME PER SHARE

16. NET INCOME PER SHARE

For the year ended December 31, 2020, the Company issued pre-funded warrants to purchase 53,600,000 shares of Class A ordinary shares with an exercise price of US$0.00001 that are included in our computation of basic earnings per share. For the year ended December 31, 2021, the investment firm exercised these pre-funded warrants which increased 53,599,890 shares of Class A ordinary shares, and 110 shares were retrieved as the consideration of share purchase.

Basic net income per share and diluted net income per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2020,2021 and 2022 as follows:


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands, except for share and per share data)
Basic net income per share calculation:
Numerator:
Net income attributable to ordinary shareholders of the Company	1,325,523	2,810,210	2,926,944
Denominator:
Weighted average number of ordinary shares outstanding - basic	1,036,865,727	1,200,912,670	1,139,377,763
Net income per share attributable to ordinary shareholders of the Company - basic	1.28	2.34	2.57
Diluted net income per share calculation:
Numerator:
Net income attributable to ordinary Shareholders of the Company	1,325,523	2,810,210	2,926,944
Denominator:
Weighted average number of ordinary shares outstanding - basic	1,036,865,727	1,200,912,670	1,139,377,763
Dilutive effect of share options and restricted share units	13,277,287	18,759,838	11,643,934
Weighted average number of ordinary shares outstanding - diluted	1,050,143,014	1,219,672,508	1,151,021,697
Net income per share attributable to ordinary shareholders of the Company - diluted	1.26	2.30	2.54

For the years ended December 31, 2020, 2021 and 2022, options to purchase ordinary shares and restricted share units that were anti-dilutive and excluded from the calculation of diluted net income per share were 4,800,584, 357,978 and 3,773,963 shares on a weighted average basis, respectively.

COLLATERALIZED TRANSACTIONS

12 Months Ended

Dec. 31, 2022

COLLATERALIZED TRANSACTIONS

17. COLLATERALIZED TRANSACTIONS

The Group engages in margin financing transactions with its clients. Margin loans generated from margin lending activity are collateralized by cash and/or client-owned securities held by the Group. The Group monitors the required margin and collateral level on a daily basis in compliance with regulatory and internal guidelines and controls its risk exposure through risk management system. Under applicable agreements, clients are required to deposit additional collateral or reduce holding positions, when necessary to avoid forced liquidation of their positions.

Pursuant to the authorization obtained from margin clients, the Group further repledges the collaterals to commercial banks or other financial institutions to obtain the funding for the margin or other businesses.

The following table summarizes the amounts of margin loans and clients’ collaterals received and repledged by the Group as of December 31, 2021 and 2022:


	As of December 31,
	2021	2022

	(HK$ in thousands)

Margin loan extended to margin clients (net)	29,084,958	24,653,884
Securities purchased under agreements to resell transactions	106,203	32,000
Collateral received from margin clients	119,745,500	109,296,132
Collateral received from brokers	144,156	48,349
Collateral repledged to commercial banks and other financial institutions	20,953,603	12,326,953

The Group also engaged in securities borrowing and lending transactions which require it to deposit cash collateral with the securities lenders and receive the cash collateral from the borrowers. The cash collateral is generally in excess of the market value of the securities borrowed and loaned. The Group monitors the market value of securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded as permitted contractually.

The following table summarizes the amounts of market value of securities borrowed and loaned and cash collateral received and deposited as of December 31, 2021 and 2022:


	As of December 31,
	2021	2022

	(HK$ in thousands)
Securities borrowed and loaned (1)	8,436,638	12,786,899
Cash collateral received from borrowers	9,737,786	14,874,210
Cash collateral deposited with lenders	3,120,123	1,889,795

(1)Borrowed securities include securities borrowed from margin clients under authorization, in this case no cash collateral is required.

BROKERAGE COMMISSION AND HANDLING CHARGE INCOME

12 Months Ended

Dec. 31, 2022

BROKERAGE COMMISSION AND HANDLING CHARGE INCOME

BROKERAGE COMMISSION AND HANDLING CHARGE INCOME

18. BROKERAGE COMMISSION AND HANDLING CHARGE INCOME


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Brokerage commission income	1,531,048	3,147,610	3,244,255
Handling charge income	459,090	765,417	763,387
Total	1,990,138	3,913,027	4,007,642

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES.

INTEREST INCOME

12 Months Ended

Dec. 31, 2022

INTEREST INCOME

INTEREST INCOME

19. INTEREST INCOME


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Interest income from:
Margin financing	497,975	1,720,473	1,588,569
Bank deposits	208,556	197,390	986,387
Bridge loan	1,078	1,872	135,733
Securities lending	73,792	397,505	499,745
IPO financing	184,226	200,567	2,341
Other financing	—	391	1,552
Total	965,627	2,518,198	3,214,327

OTHER INCOME

12 Months Ended

Dec. 31, 2022

OTHER INCOME.

OTHER INCOME

20. OTHER INCOME


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)

Currency exchange service income	67,000	201,030	141,322
Funds distribution service income	42,658	68,856	96,676
Enterprise public relations service charge income	29,988	96,327	44,033
Market information and data income	18,463	43,921	41,498
Underwriting fee income	30,797	86,880	25,350
IPO subscription service charge income	159,682	169,336	6,513
Others	6,469	17,745	36,666
Total	355,057	684,095	392,058

BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES

12 Months Ended

Dec. 31, 2022

BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES

21. BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Commission, handling and settlement expenses	302,800	524,470	329,225
IPO subscription service charge expenses	58,686	47,689	564
Total	361,486	572,159	329,789

INTEREST EXPENSES

12 Months Ended

Dec. 31, 2022

INTEREST EXPENSES

INTEREST EXPENSES

22. INTEREST EXPENSES


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Interest expenses for margin financing
Due to banks	45,545	125,002	74,397
Due to other licensed financial institutions	38,246	51,179	8,318
Interest expenses for securities borrowed
Due to clients	7,984	132,034	26,650
Due to brokers	13,853	18,624	183,138
Interest expenses for IPO financing
Due to banks	79,337	50,063	—
Due to other parties	125	—	—
Total	185,090	376,902	292,503

PROCESSING AND SERVICING COSTS

12 Months Ended

Dec. 31, 2022

PROCESSING AND SERVICING COSTS.

PROCESSING AND SERVICING COSTS

23. PROCESSING AND SERVICING COSTS


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)

Cloud service fee	48,940	122,269	216,140
Market information and data fee	68,274	70,387	79,439
Data transmission fee	23,072	46,289	41,775
System cost	4,476	12,160	28,324
SMS service fee	2,511	1,197	1,018
Others	2,105	4,701	7,144
Total	149,378	257,003	373,840

NON-INTEREST COST AND EXPENSES BY NATURE

12 Months Ended

Dec. 31, 2022

NON-INTEREST COST AND EXPENSES BY NATURE

NON-INTEREST COST AND EXPENSES BY NATURE

24. NON-INTEREST COST AND EXPENSES BY NATURE


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Employee compensation and benefits	682,068	1,248,682	2,067,204
Marketing and branding	297,170	1,163,495	548,348
Processing and servicing costs (Note 23)	149,378	257,003	373,840
Brokerage commission and handling charge expenses (Note 21)	361,486	572,159	329,789
Professional services	32,988	59,697	135,167
Rental and other related expenses	64,594	106,459	119,854
Depreciation and amortization	27,231	36,435	54,714
Others	42,956	111,675	123,706
Total	1,657,871	3,555,605	3,752,622

TAXATION

12 Months Ended

Dec. 31, 2022

TAXATION

TAXATION

25. TAXATION

Income Tax

1)	Cayman Islands

The Group was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on either income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

2)	The United States (“US”)

The Company’s subsidiaries, incorporated in the United States are subject to statutory income tax at a rate up to 35% for taxable income earned in the United States. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted, significantly revising the U.S corporate income tax law. Changes include a reduction in the federal corporate tax, changes to operating loss carry-forwards and carrybacks, and a repeal of the corporate alternative minimum tax. This legislation resulted in a reduction of the U.S. federal corporate income tax rates from a maximum of 35% to 21%, to which the subsidiaries incorporated in the United States are subject.

Hong Kong

Starting from the financial year commencing on April 1, 2018, the two-tiered profits tax regime took effect, under which the tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.

Singapore

The Company’s subsidiaries incorporated in Singapore are subject to an income tax rate of 17% for taxable income earned in Singapore. Singapore does not impose a withholding tax on dividends for resident companies. In the years ended December 31, 2020, 2021 and 2022, we did not incur any income tax as there was no estimated assessable profit that was subject to Singapore income tax.

China

The Company’s subsidiaries, the consolidated VIEs and subsidiaries of the VIEs established in the PRC are subject to statutory income tax at a rate of 25%, unless preferential tax rates were applicable.

The Enterprise Income Tax (“EIT”) Law and its implementing rules permit High and New Technology Enterprise (“HNTE”) to enjoy a reduced 15% EIT rate. Futu Network Technology (Shenzhen) Co., Ltd., one of the Company’s subsidiary, and Shenzhen Futu, the consolidated VIE, obtained the qualification certificate of HNTE under the EIT Law, subject to the tax rate of 15% with a valid period of three years starting from 2022 and 2020, respectively.

According to the relevant EIT Laws jointly promulgated by the Ministry of Finance of the PRC, State Tax Bureau of the PRC, and Ministry of Science of the PRC that became effective from 2018 onwards, enterprises engaging in research and development activities are entitled to claim 175% of their research and development expenses so incurred as tax deductible expenses when determining their assessable profits for that year (“Super Deduction”). For enterprises that currently enjoy pre-tax deduction for R&D expenses at the ratio of 75%, the pre-tax deduction ratio will be increased to 100% during the period between October 1, 2022 and December 31,2022.

25. TAXATION (Continued)

Income Tax (Continued)

5)	China (Continued)

Under the EIT Law enacted by the National People’s Congress of PRC on March 16, 2007 and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by FIEs in the PRC to its foreign investors who are non-resident enterprises are subject to a 10% withholding tax, unless any such foreign investor’s jurisdiction of incorporation has a tax treaty with the PRC that provides for a different withholding arrangement. Under the taxation arrangement between the PRC and Hong Kong, a qualified Hong Kong tax resident which is the “beneficial owner” and directly holds 25% or more of the equity interest in a PRC resident enterprise is entitled to a reduced withholding tax rate of 5%. The Cayman Islands, where the Company was incorporated, does not have a tax treaty with PRC.

The EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered resident enterprises for the PRC income tax purposes if the place of effective management or control is within the PRC. The implementation rules to the EIT Law provide that non-resident legal entities will be considered as PRC resident enterprises if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc., occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Group does not believe that the Group’s entities organized outside of the PRC should be treated as resident enterprises for the PRC income tax purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiary registered outside the PRC should be deemed resident enterprises, the Company and its subsidiary registered outside the PRC will be subject to the PRC income tax, at a rate of 25%.

Dividends paid by the Group’s wholly foreign-owned subsidiaries in China to non-PRC-resident enterprises which do not have an establishment or place of business in the PRC, or which have such establishment or place of business but the relevant income is not effectively connected with the establishment or place of business, will be subject to a withholding tax rate of 10%, unless the relevant Hong Kong entity satisfies all the requirements under the Arrangement between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and receives approval from the relevant tax authority. The undistributed earnings that are subject to dividend tax are expected to be indefinitely reinvested for the foreseeable future. The Group did not record any withholding tax for its PRC earnings and considered determination of such withholding tax amount not practicable.

Composition of income tax expenses

The following table sets forth current and deferred portion of income tax expenses:


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Current income tax expenses	137,939	396,512	466,074
Deferred income tax benefit	(13,146)	(21,431)	(52,112)
Income tax expenses	124,793	375,081	413,962

25. TAXATION (Continued)

Tax Reconciliation

Reconciliation between the income tax expenses computed by applying the Hong Kong enterprise tax rate to income before income taxes and actual provision were as follows:


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Income before income tax expenses and share of loss from equity method investments	1,450,623	3,185,291	3,358,607
Tax expenses at Hong Kong profit tax rate of 16.5%	239,353	524,907	554,005
Changes in valuation allowance	14,348	101,653	(46,798)
Tax effect of permanence differences	9,029	22,047	41,181
Effect of income tax jurisdictions other than Hong Kong	(4,386)	(32,182)	50,807
Super deduction of research and development expenses	(29,081)	(62,966)	(86,419)
Final settlement differences	—	(602)	(3,614)
Income not subject to tax (1)	(104,470)	(177,776)	(95,200)
Income tax expenses	124,793	375,081	413,962

(1)

This amount mainly represents tax exemption relating to the offshore income of Futu Securities. The brokerage commission income derived from executing the clients’ orders of US listed securities was treated as offshore-sourced and non-taxable on the basis that these transactions were executed outside Hong Kong.

Deferred Tax Assets and Liabilities

Deferred income tax expenses reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the deferred tax assets and liabilities are as follows:


	As of December 31,
	2021	2022

	(HK$ in thousands)
Deferred tax assets
Net operating loss carryforwards	158,826	129,248
Accrued expenses and others	50,408	79,098
Less: valuation allowance	(169,422)	(122,624)
Total deferred tax assets	39,812	85,722
Set-off of deferred tax liabilities pursuant to set-off provisions	(1,495)	(1,158)
Net deferred tax assets	38,317	84,564

Total deferred tax liabilities	2,131	8,572
Set-off of deferred tax assets pursuant to set-off provisions	(1,495)	(1,158)
Net deferred tax liabilities	636	7,414

25. TAXATION (Continued)

Movement of Valuation Allowance


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Balance at beginning of the year	53,421	67,769	169,422
Additions	30,935	108,347	97,727
Reversals	(16,587)	(6,694)	(144,525)
Balance at end of the year	67,769	169,422	122,624

Valuation allowance is provided against deferred tax assets when the Group determines that it is more-likely-than-not that the deferred tax assets will not be utilized in the future. The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more-likely-than-not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying businesses. The statutory rate depending on which entity was applied when calculating deferred tax assets.

As of December 31, 2021 and 2022, the Group had net operating loss carryforwards of approximately HK$764,251 thousand and HK$671,237 thousand, respectively, which arose from the subsidiaries, the VIEs and the VIEs’ subsidiaries established in Hong Kong, the U.S, Singapore and PRC. As of December 31, 2021 and 2022, of the net operating loss carryforwards, HK$761,417 thousand and HK$625,688 thousand was provided for valuation allowance against deferred tax assets in entities where it was determined it was more likely than not that the benefits of the deferred tax assets of accrued expenses and others will not be realized. While the remaining HK$2,834 thousand and HK $45,549 thousand is expected to be utilized prior to expiration considering future taxable income for respective entities.

Uncertain Tax Position

The Group evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. The Group continues to assess the uncertain tax positions in accordance with applicable income tax guidance and based on changes in facts and circumstances.

The Group is subject to routine examinations by the applicable local jurisdictions' taxing authorities. In general, the PRC tax authorities have up to five years to conduct examinations of the tax filings of the Company’s PRC subsidiaries. Accordingly, tax filings of the Company's PRC subsidiaries and the VIEs for tax years 2017 through 2021 remain open to examination by the respective tax authorities. The Group is also subject to the examination of the tax filings in other jurisdictions, most of significant jurisdictions are no longer subject to examinations for tax years before 2016.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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DEFINED CONTRIBUTION PLAN

DEFINED CONTRIBUTION PLAN

12 Months Ended

Dec. 31, 2022

DEFINED CONTRIBUTION PLAN

26. DEFINED CONTRIBUTION PLAN

Full-time employees of the Group in the PRC are entitled to welfare benefits including pension insurance, medical insurance, unemployment insurance, maternity insurance, on-the-job injury insurance, and housing fund plans through a PRC government-mandated defined contribution plan. Chinese labor regulations require that the Group makes contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions. Total contributions by the Group for such employee benefits were RMB49,778 thousand, RMB110,997 thousand and RMB170,012 thousand for the years ended December 31, 2020, 2021 and 2022, respectively.

For the employees in Hong Kong, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. Included in employee compensation and benefits expenses in the consolidated statements of comprehensive income were HK$1,414 thousand, HK$2,197 thousand and HK$2,568 thousand of plan contributions for the years ended December 31, 2020, 2021 and 2022, respectively.

The entire disclosure for retirement benefits.

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COMMITMENTS AND CONTINGENCIES

REGULATORY REQUIREMENTS

12 Months Ended

Dec. 31, 2022

REGULATORY REQUIREMENTS

REGULATORY REQUIREMENTS

27. REGULATORY REQUIREMENTS

The Company’s principle broker-dealer and insurance-broker subsidiaries, Futu Securities, Moomoo Financial Inc., Futu Clearing Inc., Moomoo Financial Singapore pte Ltd., Futu Insurance Brokers (Hong Kong) Limited and Futu Securities (Australia) Ltd. are subject to capital requirements determined by its respective regulators.

Futu Securities, the Company’s subsidiary located in Hong Kong, was subject to the Securities and Futures (Financial Resources) Rules and the Securities and Futures Ordinance, Futu Securities is required to maintain minimum paid-up share capital and liquid capital.

Moomoo Financial Inc. and Futu Clearing Inc., the Company’s subsidiaries located in the United States, were subject to the Uniform Net Capital Rule (Rule 15c3-1) under the Exchange Act, which requires the maintenance of minimum net capital.

Moomoo Financial Singapore Pte. Ltd., the Company’s subsidiary located in Singapore, was subject to the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services licences) Regulations, which requires the maintenance of financial resource over its total risk requirement.

Futu Insurance Brokers (Hong Kong) Limited, was subject to Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules, which requires minimum net assets.

Futu Securities (Australia) Ltd., the Company’s subsidiary located in Australia, was subject to Regulatory Guide 166 Licensing: Financial requirements, which requires the maintenance of net tangible assets.

27. REGULATORY REQUIREMENTS (Continued)

The tables below summaries the net capital, the requirement and the excess capital for the Group’s broker-dealer subsidiaries as of December 31, 2022:


	As of December 31, 2022
	Net Capital/
	Eligible Equity	Requirement	Excess

	(HK$ in thousands)
Futu Securities	7,021,471	1,427,687	5,593,784
Moomoo Financial Inc.	132,413	20,222	112,191
Futu Clearing Inc.	4,183,966	311,304	3,872,662
Moomoo Financial Singapore Pte. Ltd.	881,028	213,683	667,345
Futu Insurance Brokers (Hong Kong) Limited	1,304	500	804
Futu Securities (Australia) Ltd.	48,180	2,299	45,881

Regulatory capital requirements could restrict the operating subsidiaries from expanding their business and declaring dividends if their net capital does not meet regulatory requirements.

As of December 31, 2022, all of the regulated operating subsidiaries were in compliance with their respective regulatory capital requirements.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES

28. COMMITMENTS AND CONTINGENCIES

Commitments

The Group’s commitments primarily related to capital contribution obligation for certain investment funds. Total commitments contracted but not yet reflected in the consolidated financial statements amounted to US$104 million and US$74 million as of December 31, 2021 and 2022, respectively.

Contingencies

The financial services industry is highly regulated. From time to time, the licensed companies in the financial industry may be required to assist in and/or are subject to inquiries and/or examination by the regulatory authorities of the jurisdiction in where they operate. The Group reviews its regulatory inquiries and other legal proceedings on an ongoing basis and evaluates whether potential regulatory fines are probable, estimable and material and for updating its contingency reserves and disclosures accordingly.

As of the date of issuance of the consolidated financial statements, the Group is involved in inquiries initiated by the China Securities Regulatory Commission (the “CSRC”) concerning matters including, among others, providing cross-border securities services for domestic investors. The Group has taken and may continue to take rectification measures based on communication with the CSRC and in accordance with such inquiries from the CSRC. However, there can be no assurance that the measures they have taken or will take in the future will be effective or fully satisfy the CSRC's requirements. As of the date of this report, the Group has limited information to accurately predict if any disciplinary action or punishment will be taken against the Group and/or their responsible officers after the conclusion of such inquiries, and if so, the nature and extent of any such action. Any such disciplinary actions taken against the Group and/or their responsible officers may have a material and adverse impact on their operations and financial results.

According to ASC 450-20-25-2, an estimated loss from a loss contingency shall be accrued when information available before the financial statements are issued or are available to be issued indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements, and the amount of loss can be reasonably estimated. The management has concluded that the conditions in paragraph 450-20-25-2 have not been met.

As of December 31, 2021 and 2022, no provision has been made by the Group for the aforementioned potential loss contingency.

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2022

RELATED PARTY BALANCES AND TRANSACTIONS

29. RELATED PARTY BALANCES AND TRANSACTIONS

The table below sets forth major related parties of the Group and their relationships with the Group:


Name of Entity or Individual		Relationship with the Group

Mr. Leaf Hua Li and his spouse		Principal shareholder and member of his immediate families
Tencent Holdings Limited and its subsidiaries(“Tencent Group”)		Principal shareholder
Individual directors and officers and their spouses		Directors or officers of the Group and members of their immediate families

(a) Cash and cash equivalent


	As of December 31,
	2021	2022

	(HK$ in thousands)
Cash and cash equivalent	372	349

The balance represents the cash deposited by the Group in various payment channels of Tencent Group for funding marketing campaigns, of which could be withdrawn on demand.

(b) Amounts Due to Related Parties


	As of December 31,
	2021	2022

	(HK$ in thousands)
Payables in relation to cloud equipment and services from Tencent Group	85,887	48,672
Payables to Tencent Group in relation to ESOP management services	1,307	3,822
SMS channel services from Tencent Group	265	231
	87,459	52,725


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)

Cloud service fee	48,940	114,386	171,692
Softwares purchased	508	3,869	1,997
SMS channel service fee	2,511	1,197	1,018
ESOP management service income	595	640	675
Other services	—	135	335
Equipment purchased	4,496	45,658	—
Advertising expenses	159	—	—
	57,209	165,885	175,717

The Group utilizes the cloud services, equipment and software provided by Tencent Group to process large amount of complicated data in-house, which reduces the risks involved in data storage and transmission. SMS channel services is provided by Tencent Group, including verification code, notification and marketing message services for the Group to reach its end users. Tencent Group provides advertising services to the Group via Tencent Group’s social media. The Group also earns revenue from Tencent Group by providing ESOP management service.

29. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)

(d) Trade related transactions with Related Parties

Included in payables to clients in the consolidated balance sheets as of December 31, 2021 and 2022, were payables to directors and officers of HK$44,480 thousand and HK$29,705 thousand, respectively. Revenue earned by providing brokerage services to directors and officers and their spouses amounts to HK$1,642 thousand, HK$1,430 thousand and HK$624 thousand for the years ended December 31, 2020, 2021 and 2022, respectively.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

30. SUBSEQUENT EVENTS

The Group evaluated events subsequent to the balance sheet date of December 31, 2022 through the date of issuance of the consolidated financial statements. No material recordable or disclosable events or transactions occurred.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Basis of Consolidation

All transactions and balances among the Company, its subsidiaries, the VIEs and subsidiaries of the VIEs have been eliminated upon consolidation.

VIE Companies

1) Contractual Agreements with VIEs

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

VIE Companies (Continued)

1) Contractual Agreements with VIEs (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

VIE Companies (Continued)

2) Risks in relation to the VIE structure


	As of December 31,
	2021	2022

	(HK$ in thousands)
Total assets	254,602	309,708
Total liabilities	176,204	191,263


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Total operating revenue	103,433	210,161	226,468
Net income	20,727	52,741	39,542


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Net cash (used in)/generated from operating activities	(14,847)	2,340	34,727
Net cash generated from/(used in) investing activities	17,104	(3,327)	(3,201)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—	—	(1,476)
Net increase/(decrease) in cash, cash equivalents and restricted cash	2,257	(987)	30,050
Cash, cash equivalents and restricted cash at beginning of the year	1,481	3,738	2,751
Cash, cash equivalents and restricted cash at end of the year	3,738	2,751	32,801

Transactions between the VIE and other entities in the consolidated group

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

VIE Companies (Continued)

2) Risks in relation to the VIE structure (Continued)

●

revoke the Group’s business and operating licenses;

●

require the Group to discontinue or restrict its operations;

●

restrict the Group’s right to collect revenues;

●

block the Group’s websites;

●

require the Group to restructure its operations, re-apply for the necessary licenses or relocate the Group’s businesses, staff and assets;

●

impose additional conditions or requirements with which the Group may not be able to comply; or

●

take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

VIE Companies (Continued)

2) Risks in relation to the VIE structure (Continued)

Use of Estimates

Comprehensive Income and Foreign Currency Translation

Convenience Translation

Current Expected Credit Losses

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Current Expected Credit Losses

Cash and Cash Equivalents

Cash Held on Behalf of Clients

Term Deposit

Term deposit consists of bank deposits with an original maturity of greater than three months.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Restricted Cash

Short-term Investments

Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase

Loans and advances

Other advances mainly consist of bridge loans to enterprises which mainly pledged unlisted or listed shares they hold as collateral.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Loans and advances (Continued)

Trading Receivables from and Payables to Clients

Receivables from and Payables to Brokers, Clearing Organizations and Fund Management Companies and Fund Distributors

Clearing settlement fund deposited in the clearing organizations for the clearing purpose is recognized in receivables from clearing organizations.

The Group’s policy is to net the receivables from and payables to clearing organizations according to ASC Topic 210-20, when all of the following conditions are met:

Each of two parties owes the other determinable amounts.

The reporting party has the right to set off the amount owed with the amount owed by the other party.

The reporting party intends to set off.

The right of setoff is enforceable at law.

Interest Receivable and Payable

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Securities Borrowed and Securities Loaned

Leases

Refundable Deposit

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Refundable Deposit

Property and Equipment, net


Category	Estimated useful lives	Residual rate
Computers equipment	3 - 5 years	5	%
Furniture and fixtures	3 - 5 years	5	%
Office equipment	3 - 5 years	5	%
Office building	30 years	5	%
Vehicle	5 years	5	%

Expenditures for maintenance and repairs are expensed as incurred.

Intangible Assets

Intangible assets which are included in other assets in the consolidated balance sheets mainly consist of computer software, licenses and other intangible assets.


Category		Estimated useful lives
Computer software		5 years
Licenses		10 years

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Intangible Assets(Continued)

Long-term investments

The Group’s long-term investments primarily consist of equity method investments and equity investments without readily determinable fair values.

1)Equity method investments

2)Equity investments without readily determinable fair values

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Long-term investments (Continued)

Impairment of Long-lived Assets

Treasury stock

Fair Value Measurements

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Fair Value Measurements (Continued)

Revenue Recognition

1)	Brokerage commission and handling charge income

Brokerage commission income earned for executing transactions is accrued on a trade-date basis.

Handling charge income arise from the services such as clearing and settlement services, subscription and dividend collection handling services, etc., are accrued on a trade-date basis.

Brokerage commission and handling charge income are recognised at a point in time when the service has been passed to the customer.

2)	Interest income

3)	Other income

Underwriting fee income is generated from investment banking business primarily by providing equity sub-underwriting to corporate issuers.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Revenue Recognition (Continued)

3)	Other income (Continued)

IPO subscription service charge income is derived from provision of new share subscription services in relation to IPOs in the Hong Kong capital market.

Currency exchange service income is charged to the Group’s paying clients for providing currency exchange service.

Income from market data service is charged to Futubull and Moomoo app users for market data service.

For IPO subscription service charge income, underwriting fee income and currency exchange service income, the Group recognizes the revenues upon the time when the services are rendered to customers.

Customer Loyalty Program

The Group operates a customer loyalty program to its customers that offer various incentives in the form of incentive points and coupons for redemption of free or discounted goods or services.

For the incentives offered for future sales transaction, the Group nets a portion of brokerage commission income attributable to the incentives when points or coupons are actually redeemed.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Customer Loyalty Program (continued)

The table below presents the deferred or netted brokerage commission income related to the customer loyalty program for the years ended December 31, 2020, 2021 and 2022.


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Brokerage commission income, gross	1,807,203	3,640,845	3,567,264
Less: revenue netted or deferred	(276,155)	(493,235)	(323,009)
Brokerage commission income, net	1,531,048	3,147,610	3,244,255

As of December 31, 2021 and 2022, contract liabilities recorded related to the customer loyalty program were HK $8,968 thousand and HK $5,815 thousand, respectively.

Brokerage Commission and Handling Charge Expenses

Handling and settlement fee is charged by clearing organization or executing brokers for clearing and settlement services, are accrued on a trade-date basis.

IPO subscription service charge expenses are charged by commercial banks in connection with new share subscription services in relation to IPOs in the Hong Kong capital market.

Interest Expenses

Processing and Servicing Costs

Research and Development Expenses

Selling and Marketing Expenses

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Selling and Marketing Expenses

General and Administrative Expenses

Others, net

Foreign Currency Gains and Losses

Share-Based Compensation

Taxation

1)	Income tax

2)	Uncertain tax positions

Net income per share

Basic net income per share is computed by dividing net income attributable to ordinary shareholder by the weighted average number of shares outstanding for that period.

Segment Reporting

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Significant Risks and Uncertainties

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Recent Accounting Pronouncements

GENERAL INFORMATION, ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2022

GENERAL INFORMATION, ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of principal subsidiaries and the consolidated VIE


		Place of	Percentage of
	Date of Incorporation/	Incorporation/	Direct or Indirect
Subsidiaries	Establishment/	Establishment	Economic Interest		Principal Activities
Futu Securities International (Hong Kong) Limited (“Futu Securities”)	April 17, 2012	Hong Kong	100	%	Financial services
Moomoo Financial Inc⁽¹⁾ (previous name: Futu Inc.)	December 17, 2015	Delaware, USA	100	%	Financial services
Futu Clearing Inc.	August 13, 2018	Delaware, USA	100	%	Financial services
Moomoo Financial Singapore Pte. Ltd⁽¹⁾ (previous name: Futu Singapore Pte. Ltd)	December 17, 2019	Singapore	100	%	Financial services
Futu Securities (Australia) Ltd.	February 15, 2001	New South Wales, AUS	100	%	Financial services
Moomoo Securities Japan Co., Ltd. ⁽¹⁾ (previous name:Hibiki Securities Inc)	April 5, 1920	Tokyo, Japan	100	%	Financial services
Futu Securities (Hong Kong) Limited	May 2, 2014	Hong Kong	100	%	Investment holding
Futu Network Technology Limited	May 17, 2015	Hong Kong	100	%	Research and development and technology services
Futu Network Technology (Shenzhen) Co., Ltd.	October 14, 2015	Shenzhen, PRC	100	%	Research and development and technology services
Shen Si Network Technology (Beijing) Co., Ltd. (“Shen Si”)	September 15, 2014	Beijing, PRC	100	%	No substantial business

VIE
Shenzhen Futu Network Technology Co., Ltd.⁽²⁾ (“Shenzhen Futu”)	December 18, 2007	Shenzhen, PRC	100	%	Research and development and technology services

Note:

(1)	These subsidiaries changed company names in June and September 2022.

(2)	Mr. Leaf Hua Li and Ms. Lei Li are beneficiary owners of the Company and held 85% and 15% equity interest in Shenzhen Futu, respectively. Mr. Leaf Hua Li is the founder, chairman and chief executive officer of the Company, and Ms. Lei Li is Mr. Leaf Hua Li’s spouse.

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

SIGNIFICANT ACCOUNTING POLICIES

Schedule of consolidated financial statements with intercompany balances and transactions eliminated between the VIE and its subsidiaries


	As of December 31,
	2021	2022

	(HK$ in thousands)
Total assets	254,602	309,708
Total liabilities	176,204	191,263


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Total operating revenue	103,433	210,161	226,468
Net income	20,727	52,741	39,542


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Net cash (used in)/generated from operating activities	(14,847)	2,340	34,727
Net cash generated from/(used in) investing activities	17,104	(3,327)	(3,201)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—	—	(1,476)
Net increase/(decrease) in cash, cash equivalents and restricted cash	2,257	(987)	30,050
Cash, cash equivalents and restricted cash at beginning of the year	1,481	3,738	2,751
Cash, cash equivalents and restricted cash at end of the year	3,738	2,751	32,801

Schedule of property and equipment at the end of the estimated useful lives


Category	Estimated useful lives	Residual rate
Computers equipment	3 - 5 years	5	%
Furniture and fixtures	3 - 5 years	5	%
Office equipment	3 - 5 years	5	%
Office building	30 years	5	%
Vehicle	5 years	5	%

Summary of estimated useful lives


Category		Estimated useful lives
Computer software		5 years
Licenses		10 years

Schedule of brokerage commission income related to the customer loyalty program


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Brokerage commission income, gross	1,807,203	3,640,845	3,567,264
Less: revenue netted or deferred	(276,155)	(493,235)	(323,009)
Brokerage commission income, net	1,531,048	3,147,610	3,244,255

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

FINANCIAL ASSETS AND FINANCIAL LIABILITIES

FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of financial assets and liabilities measured at fair value


	Financial Assets At Fair Value as of
	December 31, 2021
	Level 1	Level 2	Level 3	Total

	(HK$ in thousands)
Short-term investments	1,169,741	—	—	1,169,741
Other financial assets (1)	—	598	—	598
Total financial assets, measured at fair value	1,169,741	598	—	1,170,339


	Financial Assets At Fair Value as of
	December 31, 2022
	Level 1	Level 2	Level 3	Total

	(HK$ in thousands)
Short-term investments	8,181	—	—	8,181
Other financial assets (1)	—	1,911	—	1,911
Total financial assets, measured at fair value	8,181	1,911	—	10,092

(1)

Schedule of amounts of financial instruments that are not offset in the consolidated balance sheets, but could be netted against cash or financial instruments with specific counterparties under master netting agreements

Effects of offsetting on the balance sheet

Related amounts not offset

Gross

Amounts

amounts

Net amounts

subject to

set off in the

Presented in

master

Financial

Gross

balance

the balance

netting

instrument

Net

As of December 31, 2021

amount

sheet

arrangements

collateral

amount

HK$in thousands

Financial Assets

Amounts due from clearing organizations

7,596,090

(5,634,969)

1,961,121

—

1,961,121

Financial liabilities

Amounts due to clearing organizations

6,028,751

(5,634,969)

393,782

—

393,782

Effects of offsetting on the balance sheet

Related amounts not offset

Gross

Amounts

amounts

Net amounts

subject to

set off in the

presented in

master

Financial

Gross

balance

the balance

netting

instrument

Net

As of December 31, 2022

amount

sheet

arrangements

collateral

amount

HK$ in thousands

Financial Assets

Amounts due from clearing organizations

7,877,524

(4,810,571)

3,066,953

—

3,066,953

Financial liabilities

Amounts due to clearing organizations

4,862,438

(4,810,571)

51,867

—

51,867

SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

SHORT-TERM INVESTMENTS

Summary of short-term investments


	As of December 31,
	2021	2022

	(HK$ in thousands)

Treasury bills	—	666,883
Money market funds	1,169,741	7,911
Financial assets at fair value through profit or loss	—	270
Total	1,169,741	675,064

LEASE (Tables)

12 Months Ended

Dec. 31, 2022

LEASE

Summary of balances reported in the consolidated balance sheet related to the leases


	As of December 31,
	2021	2022

	(HK$ in thousands)

Operating lease right-of-use assets	243,859	196,864
Operating lease liabilities	260,579	211,143

Summary of operating lease cost reported in the consolidated statements of comprehensive (loss)/income


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)

Operating lease cost	64,594	106,459	119,854

Summary of undiscounted cash flows of leases to present value of operating lease payments


		December 31, 2022
		(HK$ in thousands)

2023		111,603
2024		55,478
2025		42,339
2026		12,073
2027 and thereafter		2,043
Total undiscounted operating lease payments		223,536
Less: imputed interest		(12,393)
Present value of operating lease liabilities		211,143

LOANS AND ADVANCES (Tables)

12 Months Ended

Dec. 31, 2022

LOANS AND ADVANCES

Schedule of loans and advances


	As of December 31,
	2021	2022

	(HK$ in thousands)
Margin loans	29,097,216	24,681,724
IPO loans	34,348	89,465
Other advances	468,000	1,969,774
Subtotal	29,599,564	26,740,963
Less: Allowance for credit losses	(12,258)	(27,840)
Total	29,587,306	26,713,123

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2022

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment


	As of December 31,
	2021	2022

	(HK$ in thousands)
Gross carrying amount
Computers and equipment	109,989	105,426
Furniture and fixtures	64,507	71,226
Office equipment	64,822	65,927
Office building	28,239	35,227
Vehicle	635	1,985
Total of gross carrying amount	268,192	279,791

Less: accumulated depreciation
Computers and equipment	(29,852)	(47,641)
Furniture and fixtures	(23,828)	(37,414)
Office equipment	(35,860)	(44,907)
Office building	(2,291)	(3,223)
Vehicle	(604)	(769)
Total of accumulated depreciation	(92,435)	(133,954)
Property and equipment, net	175,757	145,837

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS, NET

Schedule of Intangible assets


	As of December 31,
	2021	2022

	(HK$ in thousands)
Gross carrying amount
Computer software	15,596	27,196
License	4,261	29,564
Others	3,638	10,087
Total of gross carrying amount	23,495	66,847

Less: accumulated amortization
Computer software	(5,172)	(9,017)
Licenses	—	(1,493)
Others	(1,105)	(1,889)
Total of accumulated amortization	(6,277)	(12,399)
Intangible assets, net	17,218	54,448

LONG-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

LONG-TERM INVESTMENTS

Schedule of Long term Investments


	As of December 31,
	2021	2022

	(HK$ in thousands)

Equity method investments (1)	7,798	224,042
Equity investments without readily determinable fair values (2)	15,596	15,652
Total	23,394	239,694

(1)

Equity method investments

9. LONG-TERM INVESTMENTS (Continued)

(2)

Equity investments without readily determinable fair values

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

OTHER ASSETS

Schedule of other assets


	As of December 31,
	2021	2022

	(HK$ in thousands)
Current:
Deposit	23,032	52,863
Staff advances	26,527	18,685
Others	32,035	30,710
Total	81,594	102,258
Non-current:
Refundable deposit	337,513	680,356
Property and equipment, net (Note 7)	175,757	145,837
Deferred tax assets (Note 25)	38,317	84,564
Intangible assets, net (Note 8)	17,218	54,448
Total	568,805	965,205

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2022

BORROWINGS

Schedule of borrowings


	As of December 31,
	2021	2022

	(HK$ in thousands)

Borrowings from banks (1)	6,357,405	2,480,532

The Group obtained borrowings mainly to support its margin financing business. Those borrowings bear weighted average interest rates of 1.15% and 3.86% as of December 31, 2021 and 2022, respectively.

(1)

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

ACCRUED EXPENSES AND OTHER LIABILITIES

Schedule of accrued expenses and other liabilities


	As of December 31,
	2021	2022

	(HK$ in thousands)
Current:
Accrued payroll and welfare expenses	531,409	868,646
Payables to corporate clients in relation to ESOP management services (1)	870,283	314,385
Tax payables	494,744	267,619
Accrued advertising and promotion fee	152,305	72,137
Accrued professional fee	22,066	31,083
Stamp duty, trading levy and trading fee payables	19,447	26,597
Payables in relation to acquisition	—	19,196
Temporary payables in relation to fund distribution services	48,240	18,725
Accrued market information and data fee	12,832	13,445
Contract liabilities - current	3,058	1,225
Refund from depositary bank - current	2,773	2,773
Others	19,056	70,328
Total	2,176,213	1,706,159
Non-current:
Contract liabilities - non-current	5,910	4,590
Refund from depositary bank - non-current	4,389	1,616
Deferred tax liabilities (Note 25)	636	7,414
Total	10,935	13,620

(1)	Payables to corporate clients in relation to ESOP management services mainly consist of exercise payment of share options and related withholding tax. These payables are usually expected to be settled within one year.

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

SHARE-BASED COMPENSATION

Schedule of Share-based compensation recognized in operating expenses


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Research and development expenses	20,579	75,755	145,226
General and administrative expenses	10,354	14,020	44,099
Selling and marketing expenses	1,640	9,138	15,204
Total share-based compensation expenses	32,573	98,913	204,529

Schedule of the stock option activity under the 2014 and 2019 Share Incentive Plan


	Options granted	Weighted average
	share number	exercise price per option (US$)
Outstanding at January 1, 2020	23,718,626	0.5161
Exercised	(5,048,824)	0.4293
Granted	2,489,832	0.6810
Forfeited	(2,117,298)	0.5588
Outstanding at December 31, 2020	19,042,336	0.5628
Exercised	(5,875,592)	0.4365
Granted	1,080,000	0.0444
Forfeited	(905,278)	0.6539
Outstanding at December 31, 2021	13,341,466	0.5703
Exercised	(2,968,984)	0.6110
Forfeited	(386,336)	0.6381
Outstanding at December 31, 2022	9,986,146	0.5556

Schedule of share options outstanding


	As of December 31, 2022
			Weighted-
			average
		Weighted-	remaining
		average	exercise
	Options	exercise price	contractual life	Aggregate
	number	per option	(years)	intrinsic value
		US$		US$ in thousand
Options
Outstanding	9,986,146	0.5556	2.59	45,882
Exercisable	3,568,221	0.5505	2.05	16,413
Expected to vest	6,417,925	0.5584	2.89	29,470

Schedule of fair value of options granted using the binomial option pricing model


	2020		2021		2022

Risk-free interest rate	0.27%-0.36	%	0.09%-0.89	%	NA
Expected term (in years)	5.00		5.00		NA
Expected dividend yield	0	%	0	%	NA
Expected volatility	40	%	40	%	NA
Expected forfeiture rate (post-vesting)	15	%	15	%	NA

Schedule of activities of the restricted share units granted to employees under the plan


		Weighted -
		average grant date
	Shares awarded number	fair value per share(US$)
Outstanding at January 1, 2020	—	—
Granted	6,067,400	4.6827
Outstanding at December 31, 2020	6,067,400	4.6827
Vested	(929,672)	4.6827
Granted	12,105,712	5.7371
Forfeited	(281,576)	5.4426
Outstanding at December 31, 2021	16,961,864	5.6793
Vested	(3,138,104)	5.7371
Granted	14,357,520	5.0877
Forfeited	(1,489,032)	5.5209
Outstanding at December 31, 2022	26,692,248	5.3631

NET INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

NET INCOME PER SHARE

Schedule of earnings per share, basic and diluted


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands, except for share and per share data)
Basic net income per share calculation:
Numerator:
Net income attributable to ordinary shareholders of the Company	1,325,523	2,810,210	2,926,944
Denominator:
Weighted average number of ordinary shares outstanding - basic	1,036,865,727	1,200,912,670	1,139,377,763
Net income per share attributable to ordinary shareholders of the Company - basic	1.28	2.34	2.57
Diluted net income per share calculation:
Numerator:
Net income attributable to ordinary Shareholders of the Company	1,325,523	2,810,210	2,926,944
Denominator:
Weighted average number of ordinary shares outstanding - basic	1,036,865,727	1,200,912,670	1,139,377,763
Dilutive effect of share options and restricted share units	13,277,287	18,759,838	11,643,934
Weighted average number of ordinary shares outstanding - diluted	1,050,143,014	1,219,672,508	1,151,021,697
Net income per share attributable to ordinary shareholders of the Company - diluted	1.26	2.30	2.54

COLLATERALIZED TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2022

COLLATERALIZED TRANSACTIONS

Schedule of margin loans and client's collateral received and repledged


	As of December 31,
	2021	2022

	(HK$ in thousands)

Margin loan extended to margin clients (net)	29,084,958	24,653,884
Securities purchased under agreements to resell transactions	106,203	32,000
Collateral received from margin clients	119,745,500	109,296,132
Collateral received from brokers	144,156	48,349
Collateral repledged to commercial banks and other financial institutions	20,953,603	12,326,953

Schedule of market value of securities borrowed and lent and cash collateral received and deposited


	As of December 31,
	2021	2022

	(HK$ in thousands)
Securities borrowed and loaned (1)	8,436,638	12,786,899
Cash collateral received from borrowers	9,737,786	14,874,210
Cash collateral deposited with lenders	3,120,123	1,889,795

(1)Borrowed securities include securities borrowed from margin clients under authorization, in this case no cash collateral is required.

BROKERAGE COMMISSION AND HANDLING CHARGE INCOME (Tables)

12 Months Ended

Dec. 31, 2022

BROKERAGE COMMISSION AND HANDLING CHARGE INCOME

Schedule of brokerage commission and handling charge income


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Brokerage commission income	1,531,048	3,147,610	3,244,255
Handling charge income	459,090	765,417	763,387
Total	1,990,138	3,913,027	4,007,642

INTEREST INCOME (Tables)

12 Months Ended

Dec. 31, 2022

INTEREST INCOME

Schedule of interest income


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Interest income from:
Margin financing	497,975	1,720,473	1,588,569
Bank deposits	208,556	197,390	986,387
Bridge loan	1,078	1,872	135,733
Securities lending	73,792	397,505	499,745
IPO financing	184,226	200,567	2,341
Other financing	—	391	1,552
Total	965,627	2,518,198	3,214,327

OTHER INCOME (Tables)

12 Months Ended

Dec. 31, 2022

OTHER INCOME.

Schedule of other income


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)

Currency exchange service income	67,000	201,030	141,322
Funds distribution service income	42,658	68,856	96,676
Enterprise public relations service charge income	29,988	96,327	44,033
Market information and data income	18,463	43,921	41,498
Underwriting fee income	30,797	86,880	25,350
IPO subscription service charge income	159,682	169,336	6,513
Others	6,469	17,745	36,666
Total	355,057	684,095	392,058

BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES (Tables)

12 Months Ended

Dec. 31, 2022

BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES.

Schedule of brokerage commission and handling charge expenses


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Commission, handling and settlement expenses	302,800	524,470	329,225
IPO subscription service charge expenses	58,686	47,689	564
Total	361,486	572,159	329,789

INTEREST EXPENSES (Tables)

12 Months Ended

Dec. 31, 2022

INTEREST EXPENSES

Schedule of interest expenses


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Interest expenses for margin financing
Due to banks	45,545	125,002	74,397
Due to other licensed financial institutions	38,246	51,179	8,318
Interest expenses for securities borrowed
Due to clients	7,984	132,034	26,650
Due to brokers	13,853	18,624	183,138
Interest expenses for IPO financing
Due to banks	79,337	50,063	—
Due to other parties	125	—	—
Total	185,090	376,902	292,503

PROCESSING AND SERVICING COSTS (Tables)

12 Months Ended

Dec. 31, 2022

PROCESSING AND SERVICING COSTS.

Schedule of processing and servicing costs


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)

Cloud service fee	48,940	122,269	216,140
Market information and data fee	68,274	70,387	79,439
Data transmission fee	23,072	46,289	41,775
System cost	4,476	12,160	28,324
SMS service fee	2,511	1,197	1,018
Others	2,105	4,701	7,144
Total	149,378	257,003	373,840

NON-INTEREST COST AND EXPENSES BY NATURE (Tables)

12 Months Ended

Dec. 31, 2022

NON-INTEREST COST AND EXPENSES BY NATURE

Schedule of non-interest cost and expenses by nature


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Employee compensation and benefits	682,068	1,248,682	2,067,204
Marketing and branding	297,170	1,163,495	548,348
Processing and servicing costs (Note 23)	149,378	257,003	373,840
Brokerage commission and handling charge expenses (Note 21)	361,486	572,159	329,789
Professional services	32,988	59,697	135,167
Rental and other related expenses	64,594	106,459	119,854
Depreciation and amortization	27,231	36,435	54,714
Others	42,956	111,675	123,706
Total	1,657,871	3,555,605	3,752,622

TAXATION (Tables)

12 Months Ended

Dec. 31, 2022

TAXATION

Schedule of current and deferred portion of income tax expenses


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Current income tax expenses	137,939	396,512	466,074
Deferred income tax benefit	(13,146)	(21,431)	(52,112)
Income tax expenses	124,793	375,081	413,962

Schedule of reconciliation between the income tax expenses computed by applying the Hong Kong enterprise tax rate to income before income taxes and actual provision


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Income before income tax expenses and share of loss from equity method investments	1,450,623	3,185,291	3,358,607
Tax expenses at Hong Kong profit tax rate of 16.5%	239,353	524,907	554,005
Changes in valuation allowance	14,348	101,653	(46,798)
Tax effect of permanence differences	9,029	22,047	41,181
Effect of income tax jurisdictions other than Hong Kong	(4,386)	(32,182)	50,807
Super deduction of research and development expenses	(29,081)	(62,966)	(86,419)
Final settlement differences	—	(602)	(3,614)
Income not subject to tax (1)	(104,470)	(177,776)	(95,200)
Income tax expenses	124,793	375,081	413,962

(1)

Schedule of components of the deferred tax assets and liabilities


	As of December 31,
	2021	2022

	(HK$ in thousands)
Deferred tax assets
Net operating loss carryforwards	158,826	129,248
Accrued expenses and others	50,408	79,098
Less: valuation allowance	(169,422)	(122,624)
Total deferred tax assets	39,812	85,722
Set-off of deferred tax liabilities pursuant to set-off provisions	(1,495)	(1,158)
Net deferred tax assets	38,317	84,564

Total deferred tax liabilities	2,131	8,572
Set-off of deferred tax assets pursuant to set-off provisions	(1,495)	(1,158)
Net deferred tax liabilities	636	7,414

Schedule of movement of valuation allowance


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)
Balance at beginning of the year	53,421	67,769	169,422
Additions	30,935	108,347	97,727
Reversals	(16,587)	(6,694)	(144,525)
Balance at end of the year	67,769	169,422	122,624

REGULATORY REQUIREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

REGULATORY REQUIREMENTS

Schedule of the net capital, the requirement and the excess capital for the Group's broker-dealer subsidiaries


	As of December 31, 2022
	Net Capital/
	Eligible Equity	Requirement	Excess

	(HK$ in thousands)
Futu Securities	7,021,471	1,427,687	5,593,784
Moomoo Financial Inc.	132,413	20,222	112,191
Futu Clearing Inc.	4,183,966	311,304	3,872,662
Moomoo Financial Singapore Pte. Ltd.	881,028	213,683	667,345
Futu Insurance Brokers (Hong Kong) Limited	1,304	500	804
Futu Securities (Australia) Ltd.	48,180	2,299	45,881

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2022


Name of Entity or Individual		Relationship with the Group

Mr. Leaf Hua Li and his spouse		Principal shareholder and member of his immediate families
Tencent Holdings Limited and its subsidiaries(“Tencent Group”)		Principal shareholder
Individual directors and officers and their spouses		Directors or officers of the Group and members of their immediate families

(a) Cash and cash equivalent


	As of December 31,
	2021	2022

	(HK$ in thousands)
Cash and cash equivalent	372	349

The balance represents the cash deposited by the Group in various payment channels of Tencent Group for funding marketing campaigns, of which could be withdrawn on demand.

(b) Amounts Due to Related Parties


	As of December 31,
	2021	2022

	(HK$ in thousands)
Payables in relation to cloud equipment and services from Tencent Group	85,887	48,672
Payables to Tencent Group in relation to ESOP management services	1,307	3,822
SMS channel services from Tencent Group	265	231
	87,459	52,725


	Year ended December 31,
	2020	2021	2022

	(HK$ in thousands)

Cloud service fee	48,940	114,386	171,692
Softwares purchased	508	3,869	1,997
SMS channel service fee	2,511	1,197	1,018
ESOP management service income	595	640	675
Other services	—	135	335
Equipment purchased	4,496	45,658	—
Advertising expenses	159	—	—
	57,209	165,885	175,717

GENERAL INFORMATION, ORGANIZATION AND PRINCIPAL ACTIVITIES (Details)	Dec. 18, 2007	Dec. 31, 2022
"Futu Securities" or the "Operating Company"
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Futu Securities (Hong Kong) Limited
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Futu Network Technology Limited
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Futu Network Technology (Shenzhen) Co., Ltd
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Shen Si
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Futu Inc
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Shenzhen Futu
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Futu Clearing Inc. [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Futu Singapore Pte. Ltd
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Futu Securities (Australia) Ltd.
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Moomoo Securities Japan Co., Ltd.(Previous name: Hibiki Securities Inc)
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Mr. Leaf Hua Li \| Shenzhen Futu
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of equity interest (as a percent)	85.00%
Ms. Lei Li \| Shenzhen Futu
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of equity interest (as a percent)	15.00%

SIGNIFICANT ACCOUNTING POLICIES - Exclusive Option Agreement (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares
SIGNIFICANT ACCOUNTING POLICIES
Purchase price for equity interests in shenzhen futu under exclusive option agreement \| ¥ / shares	¥ 1.00
Threshold of shenzhen futu disposes of shenzhen futu's material assets without prior written consent of shen si \| ¥	¥ 500,000

SIGNIFICANT ACCOUNTING POLICIES - VIE Companies (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 HKD ($)	Dec. 31, 2022 USD ($)
SIGNIFICANT ACCOUNTING POLICIES
Total assets	$ 94,502,830		$ 101,538,514		$ 12,113,418
Total liabilities	73,641,051		80,552,955		$ 9,439,345
Total operating revenue	7,614,027	$ 975,969	7,115,320	$ 3,310,822
Ordinary shareholders of the Company	2,926,944	375,178	2,810,210	1,325,523
Net cash generated from operating activities	3,474,931	445,417	6,011,971	20,456,717
Net cash generated from/(used in) investing activities	93,859	12,030	(963,565)	(244,175)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(135,196)	(17,329)	167,130	(1,117)
Net increase/(decrease) in cash, cash equivalents and restricted cash	(3,575,927)	(458,363)	15,769,754	28,618,321
Cash, cash equivalents and restricted cash at beginning of the year	59,291,512	7,600,014	43,521,758	14,903,437
Cash, cash equivalents and restricted cash at end of the year	55,715,585	$ 7,141,651	59,291,512	43,521,758
VIEs and its subsidiaries
SIGNIFICANT ACCOUNTING POLICIES
Total assets	309,708		254,602
Total liabilities	191,263		176,204
Total operating revenue	226,468		210,161	103,433
Ordinary shareholders of the Company	39,542		52,741	20,727
Net cash generated from operating activities	34,727		2,340	(14,847)
Net cash generated from/(used in) investing activities	(3,201)		(3,327)	17,104
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,476)
Net increase/(decrease) in cash, cash equivalents and restricted cash	30,050		(987)	2,257
Cash, cash equivalents and restricted cash at beginning of the year	2,751		3,738	1,481
Cash, cash equivalents and restricted cash at end of the year	$ 32,801		$ 2,751	$ 3,738

SIGNIFICANT ACCOUNTING POLICIES - Transactions between the VIE and other entities in the consolidated group (Details) - VIEs and its subsidiaries $ in Thousands, ¥ in Millions	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 HKD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
SIGNIFICANT ACCOUNTING POLICIES
Due from internal companies	$ 222,446	$ 190,424
Due to internal companies	88,487	80,435
Revenues earned	202,834	187,774	$ 94,500
Advances from Group companies	8,120	0	0
Repayment of advances	$ 8,120	$ 0	$ 0
Registered capital \| ¥				¥ 10	¥ 10

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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SIGNIFICANT ACCOUNTING POLICIES - Convenience Translation (Details)	Dec. 31, 2022 $ / $
Convenience Translation
Exchange rate of HK$ per US$1.00	7.8015

SIGNIFICANT ACCOUNTING POLICIES - Current Expected Credit Losses (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 HKD ($)
SIGNIFICANT ACCOUNTING POLICIES
Expected credit loss expenses	$ 15,619	$ 2,002	$ 3,200	$ 9,075

SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Weighted-average remaining lease term	3 years	4 years
Weighted-average discount rate	4.68%	4.71%
Right-of-use assets obtained under operating leases	$ 76,249	$ 108,949	$ 85,827

SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment, net (Details)	12 Months Ended
	Dec. 31, 2022
Computers equipment
SIGNIFICANT ACCOUNTING POLICIES
Residual rate (as a percent)	5.00%
Computers equipment \| Minimum
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	3
Computers equipment \| Maximum
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	P5Y
Furniture and fixtures
SIGNIFICANT ACCOUNTING POLICIES
Residual rate (as a percent)	5.00%
Furniture and fixtures \| Minimum
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	3
Furniture and fixtures \| Maximum
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	P5Y
Office equipment
SIGNIFICANT ACCOUNTING POLICIES
Residual rate (as a percent)	5.00%
Office equipment \| Minimum
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	3
Office equipment \| Maximum
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	P5Y
Office building
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	P30Y
Residual rate (as a percent)	5.00%
Vehicle
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	P5Y
Residual rate (as a percent)	5.00%

SIGNIFICANT ACCOUNTING POLICIES - Equity method investments (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Impairment charges on long-term investment using equity method	$ 0	$ 0	$ 5,888

SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2022
Computer software
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	5 years
License
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	10 years

SIGNIFICANT ACCOUNTING POLICIES - Customer loyalty program (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Brokerage commission income, gross	$ 3,567,264	$ 3,640,845	$ 1,807,203
Less: revenue netted or deferred	(323,009)	(493,235)	(276,155)
Brokerage commission income, net	3,244,255	3,147,610	$ 1,531,048
Customers loyalty program
SIGNIFICANT ACCOUNTING POLICIES
Contract liabilities	$ 5,815	$ 8,968

SIGNIFICANT ACCOUNTING POLICIES - Share-Based Compensation (Details) - Share-Based Payment Arrangement, Option	1 Months Ended	12 Months Ended
	Oct. 31, 2014	Dec. 31, 2022
Minimum
SIGNIFICANT ACCOUNTING POLICIES
Options vesting period	4 years	4 years
Maximum
SIGNIFICANT ACCOUNTING POLICIES
Options vesting period	5 years	5 years

SIGNIFICANT ACCOUNTING POLICIES - Taxation (Details)	36 Months Ended
SIGNIFICANT ACCOUNTING POLICIES - Taxation (Details)	Dec. 31, 2022 HKD ($)
Uncertain tax positions
Interest and penalties associated with uncertain tax positions	$ 0

SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2022 segment
Segment Reporting
Number of reportable segments	1

SIGNIFICANT ACCOUNTING POLICIES - Significant Risks and Uncertainties (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 HKD ($)
SIGNIFICANT ACCOUNTING POLICIES
Increase in basis points		1.00%
Pre-tax income	$ 321.9	$ 41.3
China, Yuan Renminbi
SIGNIFICANT ACCOUNTING POLICIES
Net assets		$ (1,727.2)		$ (2,374.8)
Estimated depreciation of renminbi against the U.S. dollar (as a percent)		10.00%		10.00%
Appreciation in pre tax income		$ 22.2	$ 30.5
Estimated appreciation of renminbi against the U.S. dollar (as a percent)		10.00%		10.00%
Depreciation in pre tax income		$ 22.2	$ 30.5

FINANCIAL ASSETS AND FINANCIAL LIABILITIES - Financial Assets and Liabilities Measured at value (Details) - HKD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Short-term investments	$ 8,181	$ 1,169,741
Other financial assets	1,911	598
Total financial assets, measured at fair value	10,092	1,170,339
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Short-term investments	8,181	1,169,741
Total financial assets, measured at fair value	8,181	1,169,741
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Other financial assets	1,911	598
Total financial assets, measured at fair value	$ 1,911	$ 598

FINANCIAL ASSETS AND FINANCIAL LIABILITIES - Transfers Between Level 1 and Level 2 (Details) - HKD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL ASSETS AND FINANCIAL LIABILITIES
Fair value asset transferred from level 1 to level 2	$ 0	$ 0

FINANCIAL ASSETS AND FINANCIAL LIABILITIES - Netting of Financial Assets (Details) - Amounts due from clearing organizations - HKD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Effects of offsetting on the balance sheet
Gross amounts	$ 7,877,524	$ 7,596,090
Gross amounts set off in the balance sheet	(4,810,571)	(5,634,969)
Net amounts presented in the balance sheet	3,066,953	1,961,121
Related amounts not offset
Net amount	$ 3,066,953	$ 1,961,121

FINANCIAL ASSETS AND FINANCIAL LIABILITIES - Netting of Financial Liabilities (Details) - Amounts due to clearing organizations - HKD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Effects of offsetting on the balance sheet
Gross amounts	$ 4,862,438	$ 6,028,751
Gross amounts set off in the balance sheet	(4,810,571)	(5,634,969)
Net amounts presented in the balance sheet	51,867	393,782
Related amounts not offset
Net amount	$ 51,867	$ 393,782

SHORT-TERM INVESTMENTS (Details) $ in Thousands, $ in Thousands	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)
SHORT-TERM INVESTMENTS
Short-term investments	$ 675,064	$ 86,530	$ 1,169,741
Treasury bills
SHORT-TERM INVESTMENTS
Short-term investments	666,883
Money market funds
SHORT-TERM INVESTMENTS
Short-term investments	7,911		$ 1,169,741
Financial assets at fair value through profit or loss
SHORT-TERM INVESTMENTS
Short-term investments	$ 270

SHORT-TERM INVESTMENTS - Additional information (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SHORT-TERM INVESTMENTS
Investment income	$ 23,059	$ 0	$ 665

LEASE - Balances reported in the consolidated balance sheets (Details) $ in Thousands, $ in Thousands	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)
Balances reported in the consolidated balance sheets related to the leases
Operating lease right-of-use assets	$ 196,864	$ 25,234	$ 243,859
Operating lease liabilities	$ 211,143		$ 260,579

LEASE - Operating lease expense reported in the consolidated statements (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating lease cost
Operating lease cost	$ 119,854	$ 106,459	$ 64,594

LEASE - Undiscounted cash flows of the Group's leases (Details) - HKD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Undiscounted cash flows of the leases to the present value of its operating lease payments
2023	$ 111,603
2024	55,478
2025	42,339
2026	12,073
2027 and thereafter	2,043
Total undiscounted operating lease payments	223,536
Less: imputed interest	(12,393)
Present value of operating lease liabilities	$ 211,143	$ 260,579

LOANS AND ADVANCES (Details) - HKD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loans And Advances
Subtotal	$ 26,740,963	$ 29,599,564
Less: Allowance for credit losses	(27,840)	(12,258)
Total	26,713,123	29,587,306
Margin loans
Loans And Advances
Subtotal	24,681,724	29,097,216
IPO loans
Loans And Advances
Subtotal	89,465	34,348
Other advances
Loans And Advances
Subtotal	$ 1,969,774	$ 468,000

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

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PROPERTY AND EQUIPMENT, NET (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OTHER ASSETS
Total of gross carrying amount	$ 279,791	$ 268,192
Total of accumulated depreciation	(133,954)	(92,435)
Property and equipment, net	145,837	175,757
Depreciation expenses on property and equipment	48,014	34,118	$ 25,792
Computers and equipment
OTHER ASSETS
Total of gross carrying amount	105,426	109,989
Total of accumulated depreciation	(47,641)	(29,852)
Furniture and fixtures
OTHER ASSETS
Total of gross carrying amount	71,226	64,507
Total of accumulated depreciation	(37,414)	(23,828)
Office equipment
OTHER ASSETS
Total of gross carrying amount	65,927	64,822
Total of accumulated depreciation	(44,907)	(35,860)
Office building
OTHER ASSETS
Total of gross carrying amount	35,227	28,239
Total of accumulated depreciation	(3,223)	(2,291)
Vehicle
OTHER ASSETS
Total of gross carrying amount	1,985	635
Total of accumulated depreciation	$ (769)	$ (604)

INTANGIBLE ASSETS, NET (Details) - HKD ($) $ in Thousands	12 Months Ended
INTANGIBLE ASSETS, NET (Details) - HKD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OTHER ASSETS
Total of gross carrying amount	$ 66,847	$ 23,495
Total of accumulated amortization	(12,399)	(6,277)
Intangible assets, net	54,448	17,218
Amortization expense on intangible assets	6,700	2,317	$ 1,439
Computer software
OTHER ASSETS
Total of gross carrying amount	27,196	15,596
Total of accumulated amortization	(9,017)	(5,172)
License
OTHER ASSETS
Total of gross carrying amount	29,564	4,261
Total of accumulated amortization	(1,493)
Other Intangible Assets [Member]
OTHER ASSETS
Total of gross carrying amount	10,087	3,638
Total of accumulated amortization	$ (1,889)	$ (1,105)

LONG-TERM INVESTMENTS - Equity method investments and equity investments (Details) $ in Thousands, $ in Thousands	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 HKD ($)	Dec. 31, 2021 HKD ($)	Jan. 31, 2019 HKD ($)
LONG-TERM INVESTMENTS
Equity method investments	$ 224,042		$ 235,434	$ 7,798	$ 6,709
Equity investments without readily determinable fair values	15,652			15,596
Total	$ 239,694	$ 30,724		$ 23,394

LONG-TERM INVESTMENTS - Additional Information (Details) $ in Thousands, $ in Thousands	1 Months Ended			12 Months Ended
	Jun. 30, 2022 HKD ($)	Dec. 31, 2021 HKD ($)	Jan. 31, 2019 HKD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
LONG-TERM INVESTMENTS
Equity method investments	$ 235,434	$ 7,798	$ 6,709	$ 224,042
Loss on investment				17,752	$ 2,275	$ 307
Impairment provision of equity method investments		5,888		5,888			$ 0	$ 0
Equity investments without readily determinable fair values		15,596		15,652
Impairment provision of equity investments without readily determinable fair values		$ 0		$ 0
TH Fund LP
LONG-TERM INVESTMENTS
Percentage of equity interest (as a percent)	16.00%	10.00%	20.00%
Newflow Amity Fund I, LP
LONG-TERM INVESTMENTS
Percentage of equity interest (as a percent)		2.75%

OTHER ASSETS (Details) $ in Thousands, $ in Thousands	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)
Current:
Deposit	$ 52,863		$ 23,032
Staff advances	18,685		26,527
Others	30,710		32,035
Total	102,258	$ 13,107	81,594
Non-current:
Refundable deposit	680,356		337,513
Property and equipment, net (Note 7)	145,837		175,757
Deferred tax assets (Note 25)	84,564		38,317
Intangible assets, net (Note 8)	54,448		17,218
Total	$ 965,205	$ 123,720	$ 568,805

BORROWINGS (Details) $ in Thousands, $ in Thousands	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)
BORROWINGS
Borrowings from banks	$ 2,480,532	$ 317,956	$ 6,357,405
Banks
BORROWINGS
Borrowings from banks	$ 2,480,532		$ 6,357,405

BORROWINGS - Additional Information (Details) - HKD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
BORROWINGS
Borrowings weighted average interest rate	3.86%	1.15%
Banks
BORROWINGS
Unused borrowing facilities	$ 19,989,078	$ 14,695,095

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) $ in Thousands, $ in Thousands	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)
Current:
Accrued payroll and welfare expenses	$ 868,646		$ 531,409
Payables to corporate clients in relation to ESOP management services	314,385		870,283
Tax payables	267,619		494,744
Accrued advertising and promotion fee	72,137		152,305
Accrued professional fee	31,083		22,066
Stamp duty, trading levy and trading fee payables	26,597		19,447
Payables in relation to acquisition	19,196
Temporary payables in relation to fund distribution services	18,725		48,240
Accrued market information and data fee	13,445		12,832
Contract liabilities - current	1,225		3,058
Refund from depositary bank - current	2,773		2,773
Others	70,328		19,056
Total	1,706,159	$ 218,696	2,176,213
Non-current:
Contract liabilities - non-current	4,590		5,910
Refund from depositary bank - non-current	1,616		4,389
Deferred tax liabilities	7,414		636
Total	$ 13,620	$ 1,746	$ 10,935

ORDINARY SHARES AND TREASURY STOCK (Details) $ / shares in Units, $ in Thousands, $ in Millions									1 Months Ended		12 Months Ended
	Dec. 14, 2022 shares	Aug. 16, 2022 shares	Apr. 24, 2021 HKD ($) shares	Apr. 24, 2021 USD ($) shares	Aug. 22, 2020 HKD ($) shares	Aug. 22, 2020 USD ($) shares	Mar. 08, 2019 Vote $ / shares shares	Sep. 22, 2016 Vote $ / shares shares	Dec. 31, 2020 HKD ($)	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2022 HKD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 HKD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 HKD ($) shares	Mar. 10, 2022 shares	Nov. 03, 2021 shares	Jun. 11, 2021 shares	Sep. 21, 2016 $ / shares shares
ORDINARY SHARES AND TREASURY STOCK
Ordinary shares, shares authorized								403,750,000											807,500
Ordinary shares, par value (in dollars per share) \| $ / shares							$ 0.00001	$ 0.00001											$ 0.0050
Number of vote \| Vote								1
Net proceeds after deducting commissions and offering expenses \| $													$ 10,856,524		$ 2,339,718
Average price of share repurchase \| $ / shares												$ 4.56		$ 5.13
Total consideration \| $											$ 3,145,810		$ 1,178,755
ADS
ORDINARY SHARES AND TREASURY STOCK
Average price of share repurchase \| $ / shares												$ 36.48		$ 41.04
ADS \| Maximum
ORDINARY SHARES AND TREASURY STOCK
Number of shares authorized to repurchase																500,000,000.0
ADS \| Minimum
ORDINARY SHARES AND TREASURY STOCK
Number of shares authorized to repurchase																	300,000,000.0
Class A ordinary shares
ORDINARY SHARES AND TREASURY STOCK
Ordinary shares, shares authorized							48,700,000,000					48,700,000,000		48,700,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares							$ 0.00001					$ 0.00001		$ 0.00001
Number of vote \| Vote							1
Issuance of ordinary shares (in shares)			87,400,000	87,400,000	76,000,000	76,000,000
Net proceeds after deducting commissions and offering expenses			$ 1,398,000	$ 10,857.0	$ 2,339,700	$ 301.8
Shares issued upon exercise of employee share options/ restricted share units ("RSUs") (in shares)											2,968,984	2,968,984	5,875,592	5,875,592	5,048,824
Shares issued upon vest of outstanding restricted shares units											3,138,104	3,138,104	929,672	929,672	0
Number of shares repurchased											121,363,408	121,363,408	29,462,760	29,462,760
Total consideration											$ 4,324,600	$ 553.2	$ 1,178,800	$ 151.2
Redesignation of ordinary shares into Class B ordinary shares		64,000,000
Class A ordinary shares \| Ordinary shares
ORDINARY SHARES AND TREASURY STOCK
Issuance of ordinary shares (in shares)													87,400,000	87,400,000
Shares issued upon exercise of employee share options/ restricted share units ("RSUs") (in shares)											6,107,088	6,107,088	6,805,264	6,805,264	5,048,824
Class A ordinary shares \| Private placement
ORDINARY SHARES AND TREASURY STOCK
Aggregate gross proceeds from private placement									$ 2,035,000	$ 262.5
Price per share \| $ / shares										$ 4.89751
Class B ordinary shares
ORDINARY SHARES AND TREASURY STOCK
Ordinary shares, shares authorized							800,000,000					800,000,000		800,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares												$ 0.00001		$ 0.00001
Number of vote \| Vote							20
Ordinary shares, number of shares undesignated with par value							500,000,000
Redesignation of ordinary shares into Class B ordinary shares	50,000,000
Pre-Funded Warrants \| Class A ordinary shares
ORDINARY SHARES AND TREASURY STOCK
Warrants to purchase shares of ordinary shares										53,600,000				53,599,890
Shares cancelled														110
Warrants exercise price \| $ / shares										$ 0.00001
Pre-Funded Warrants \| Class A ordinary shares \| Private placement
ORDINARY SHARES AND TREASURY STOCK
Warrants to purchase shares of ordinary shares										53,600,000								53,599,890
Shares cancelled																		110
Warrants exercise price \| $ / shares										$ 0.00001

RESTRICTED NET ASSETS (Details) - HKD ($) $ in Thousands	12 Months Ended
RESTRICTED NET ASSETS (Details) - HKD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
RESTRICTED NET ASSETS
Required percentage of after-tax-profit under PRC GAAP to be set aside as a general reserve fund	10.00%
Required registered capital ratio to de-force compulsory net profit allocation to general reserve fund	50.00%
Restricted net assets	$ 304,377	$ 304,377
Restricted Investments, Percent of Net Assets	25.00%

SHARE-BASED COMPENSATION - Share-based compensation expenses (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 HKD ($)
SHARE-BASED COMPENSATION
Total share-based compensation expenses	$ 204,529	$ 26,217	$ 98,913	$ 32,573
Research and development expenses
SHARE-BASED COMPENSATION
Total share-based compensation expenses	145,226		75,755	20,579
General and administrative expenses
SHARE-BASED COMPENSATION
Total share-based compensation expenses	44,099		14,020	10,354
Selling and marketing expenses
SHARE-BASED COMPENSATION
Total share-based compensation expenses	$ 15,204		$ 9,138	$ 1,640

SHARE-BASED COMPENSATION - Share Options (Details) $ / shares in Units, $ in Thousands, $ in Thousands		1 Months Ended		12 Months Ended
	Dec. 30, 2019 $ / shares shares	Dec. 31, 2018	Oct. 31, 2014 shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 HKD ($) shares	Dec. 31, 2019 USD ($) $ / shares shares
Summary of the stock option activity, Options granted share Number:
Outstanding at end of year (in shares)				9,986,146
Summary of the stock option activity, Weighted average exercise price per option:
Outstanding at end of year (in dollars per share) \| $ / shares				$ 0.5556
Share Options
Summary of the stock option activity, Options granted share Number:
Exercised (in shares)				(2,968,984)	(5,875,592)	(5,048,824)
Share Options \| Minimum
SHARE-BASED COMPENSATION
Vesting period (in years)			4 years	4 years
Share Options \| Maximum
SHARE-BASED COMPENSATION
Vesting period (in years)			5 years	5 years
2014 Share Incentive Plan \| Share Options
SHARE-BASED COMPENSATION
Maximum number of shares under the plan			135,032,132
Expire period			10 years
Modification of exercise price of number of stock options granted	8,113,145
Modified of exercise price of stock options granted \| $ / shares	$ 0.60
Incremental compensation expenses							$ 3,008	$ 386
2019 Share Incentive Plan \| Share Options \| Maximum
SHARE-BASED COMPENSATION
Maximum percentage of shares available for issuance, based on total number of shares issued and outstanding on September 29, 2019		2.00%
Maximum percentage of number of shares increased in each year		2.00%
Maximum percentage of aggregate number of shares initially reserved and subsequently increased during the term of the total number of shares issued and outstanding on September 29		8.00%
2014 Share Incentive Plan and 2019 Share Incentive Plan \| Share Options
Summary of the stock option activity, Options granted share Number:
Outstanding at beginning of year (in shares)				13,341,466	19,042,336	23,718,626
Exercised (in shares)				(2,968,984)	(5,875,592)	(5,048,824)
Granted (in shares)				0	1,080,000	2,489,832
Cancelled/Forfeited (in shares)				(386,336)	(905,278)	(2,117,298)
Outstanding at end of year (in shares)				9,986,146	13,341,466	19,042,336	23,718,626	23,718,626
Summary of the stock option activity, Weighted average exercise price per option:
Outstanding at beginning of year (in dollars per share) \| $ / shares				$ 0.5703	$ 0.5628	$ 0.5161
Exercised (in dollars per share) \| $ / shares				0.6110	0.4365	0.4293
Granted (in dollars per share) \| $ / shares					0.0444	0.6810
Cancelled/forfeited (in dollars per shares) \| $ / shares				0.6381	0.6539	0.5588
Outstanding at end of year (in dollars per share) \| $ / shares				$ 0.5556	$ 0.5703	$ 0.5628		$ 0.5161

SHARE-BASED COMPENSATION - Share Options Granted (Details) $ / shares in Units, $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares
SHARE-BASED COMPENSATION
Outstanding (in shares) \| shares		9,986,146
Exercisable (in shares) \| shares		3,568,221
Expected to vest (in shares) \| shares		6,417,925
Outstanding (in dollars per share) \| $ / shares		$ 0.5556
Exercisable (in dollars per share) \| $ / shares		0.5505
Expected to vest (in dollars per share) \| $ / shares		$ 0.5584
Outstanding (in years)	2 years 7 months 2 days	2 years 7 months 2 days
Exercisable (in years)	2 years 18 days	2 years 18 days
Expected to vest (in years)	2 years 10 months 20 days	2 years 10 months 20 days
Outstanding (in dollars) \| $		$ 45,882
Exercisable (in dollars) \| $		16,413
Expected to vest (in dollars) \| $		$ 29,470
Share Options
SHARE-BASED COMPENSATION
Weighted average grant date fair value \| $ / shares		$ 0	$ 18.9219	$ 1.5239
Options exercised (in shares) \| shares	2,968,984	2,968,984	5,875,592	5,048,824
Intrinsic value of options exercised	$ 130,580	$ 16,673

SHARE-BASED COMPENSATION - Fair value of options granted and compensation expenses (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022 USD ($)
Fair value of options granted estimation:
Expected term (in years)		5 years	5 years
Expected dividend yield (as a percent)		0.00%	0.00%
Expected volatility (as a percent)		40.00%	40.00%
Expected forfeiture rate (post-vesting) (as a percent)		15.00%	15.00%
Minimum
Fair value of options granted estimation:
Risk-free interest rate (as a percent)		0.09%	0.27%
Maximum
Fair value of options granted estimation:
Risk-free interest rate (as a percent)		0.89%	0.36%
Share Options
Fair value of options granted estimation:
Unrecognized compensation expenses	$ 144,783			$ 18,570
Weighted-average period expected to be recognized for unrecognized compensation expense (in years)	3 years 1 month 6 days

SHARE-BASED COMPENSATION - Restricted Shares Plan (Details) - Restricted shares $ / shares in Units, $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2022 USD ($)
Shares awarded number
Outstanding at beginning	16,961,864	6,067,400
Granted	14,357,520	12,105,712	6,067,400
Vested	(3,138,104)	(929,672)
Forfeited	(1,489,032)	(281,576)
Outstanding at end	26,692,248	16,961,864	6,067,400
Weighted-average grant date fair value per share
Outstanding at beginning \| $ / shares	$ 5.6793	$ 4.6827
Granted \| $ / shares	5.0877	5.7371	$ 4.6827
Vested \| $ / shares	5.7371	4.6827
Forfeited \| $ / shares	5.5209	5.4426
Outstanding at end \| $ / shares	$ 5.3631	$ 5.6793	$ 4.6827
Unrecognized compensation expenses related to the restricted shares	$ 1,051,157			$ 134,821
Unrecognized compensation expenses related to the restricted shares expected to be recognized over a weighted-average period	4 years 3 months 29 days
2019 Share Incentive Plan
Shares awarded number
Granted	14,357,520	12,105,712	6,067,400

NET INCOME PER SHARE (Details) - Pre Funded Warrants [Member] - Class A Ordinary Shares [Member] - $ / shares	Dec. 31, 2021	Dec. 31, 2020
NET INCOME PER SHARE
Warrants to purchase shares of ordinary shares	53,599,890	53,600,000
Warrants exercise price		$ 0.00001
Shares cancelled	110

NET INCOME PER SHARE - Computation of earnings per share (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($) $ / shares shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 HKD ($) $ / shares shares	Dec. 31, 2020 HKD ($) $ / shares shares
Numerator:
Net income attributable to ordinary shareholders of the Company \| $	$ 2,926,944		$ 2,810,210	$ 1,325,523
Denominator:
Weighted average number of ordinary shares outstanding - basic	1,139,377,763		1,200,912,670	1,036,865,727
Net income per share attributable to ordinary shareholders of the Company - basic \| (per share)	$ 2.57	$ 0.33	$ 2.34	$ 1.28
Numerator:
Net income attributable to ordinary Shareholders of the Company \| $	$ 2,926,944		$ 2,810,210	$ 1,325,523
Denominator:
Weighted average number of ordinary shares outstanding - basic	1,139,377,763		1,200,912,670	1,036,865,727
Dilutive effect of share options and restricted share units	1,151,021,697		1,219,672,508	1,050,143,014
Weighted average number of ordinary shares outstanding - diluted	1,151,021,697		1,219,672,508	1,050,143,014
Net income per share attributable to ordinary shareholders of the Company - diluted \| (per share)	$ 2.54	$ 0.33	$ 2.30	$ 1.26
Share Options
Denominator:
Weighted average number of ordinary shares outstanding - basic	11,643,934		18,759,838	13,277,287
Denominator:
Weighted average number of ordinary shares outstanding - basic	11,643,934		18,759,838	13,277,287

NET INCOME PER SHARE - Antidilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
NET INCOME PER SHARE
Anti-dilutive shares excluded from the calculation of diluted net income per share	3,773,963
Share-Based Payment Arrangement, Option [Member]
NET INCOME PER SHARE
Anti-dilutive shares excluded from the calculation of diluted net income per share		357,978	4,800,584

COLLATERALIZED TRANSACTIONS (Details) $ in Thousands, $ in Thousands	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)
COLLATERALIZED TRANSACTIONS
Securities purchased under agreements to resell transactions	$ 32,000	$ 4,102	$ 106,203
Collateral received from margin clients	12,326,953		20,953,603
Collateral received from brokers	48,349		144,156
Collateral repledged to commercial banks and other financial institutions	109,296,132		119,745,500
Securities borrowed and lent	12,786,899		8,436,638
Cash collateral deposited with lenders	1,889,795		3,120,123
Cash collateral received from borrowers	14,874,210		9,737,786
Margin loans
COLLATERALIZED TRANSACTIONS
Margin loan extended to margin clients (net)	$ 24,653,884		$ 29,084,958

BROKERAGE COMMISSION AND HANDLING CHARGE INCOME (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 HKD ($)
BROKERAGE COMMISSION AND HANDLING CHARGE INCOME
Total	$ 4,007,642	$ 513,701	$ 3,913,027	$ 1,990,138
Brokerage commission income
BROKERAGE COMMISSION AND HANDLING CHARGE INCOME
Total	3,244,255		3,147,610	1,531,048
Handling charge income
BROKERAGE COMMISSION AND HANDLING CHARGE INCOME
Total	$ 763,387		$ 765,417	$ 459,090

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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INTEREST INCOME (Details) $ in Thousands, $ in Thousands	12 Months Ended
INTEREST INCOME (Details) $ in Thousands, $ in Thousands	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 HKD ($)
INTEREST INCOME
Margin financing	$ 1,588,569		$ 1,720,473	$ 497,975
Bank deposits	986,387		197,390	208,556
Bridge loan	135,733		1,872	1,078
Securities lending	499,745		397,505	73,792
IPO financing	2,341		200,567	184,226
Other financing	1,552		391
Total	$ 3,214,327	$ 412,014	$ 2,518,198	$ 965,627

OTHER INCOME (Details) $ in Thousands, $ in Thousands	12 Months Ended
OTHER INCOME (Details) $ in Thousands, $ in Thousands	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 HKD ($)
OTHER INCOME.
Currency exchange service income	$ 141,322		$ 201,030	$ 67,000
Funds distribution service income	96,676		68,856	42,658
Enterprise public relations service charge income	44,033		96,327	29,988
Market information and data income	41,498		43,921	18,463
Underwriting fee income	25,350		86,880	30,797
IPO subscription service charge income	6,513		169,336	159,682
Others	36,666		17,745	6,469
Total	$ 392,058	$ 50,254	$ 684,095	$ 355,057

BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 HKD ($)
BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES
Total	$ 329,789	$ 42,273	$ 572,159	$ 361,486
Commission, handling and settlement expenses
BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES
Total	329,225		524,470	302,800
IPO subscription service charge expenses
BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES
Total	$ 564		$ 47,689	$ 58,686

INTEREST EXPENSES (Details) - HKD ($) $ in Thousands	12 Months Ended
INTEREST EXPENSES (Details) - HKD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INTEREST EXPENSES
Interest expenses for margin financing - Due to banks	$ 74,397	$ 125,002	$ 45,545
Interest expenses for margin financing - Due to other licensed financial institutions	8,318	51,179	38,246
Interest expenses for securities borrowed - Due to clients	26,650	132,034	7,984
Interest expenses for securities borrowed - Due to brokers	183,138	18,624	13,853
Interest expenses for IPO financing - Due to banks		50,063	79,337
Interest expenses for IPO financing - Due to other parties			125
Total	$ 292,503	$ 376,902	$ 185,090

PROCESSING AND SERVICING COSTS (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 HKD ($)
PROCESSING AND SERVICING COSTS.
Cloud service fee	$ 216,140		$ 122,269	$ 48,940
Market information and data fee	79,439		70,387	68,274
Data transmission fee	41,775		46,289	23,072
System cost	28,324		12,160	4,476
SMS service fee	1,018		1,197	2,511
Others	7,144		4,701	2,105
Total	$ 373,840	$ 47,919	$ 257,003	$ 149,378

NON-INTEREST COST AND EXPENSES BY NATURE (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 HKD ($)
NON-INTEREST COST AND EXPENSES BY NATURE
Employee compensation and benefits	$ 2,067,204		$ 1,248,682	$ 682,068
Marketing and branding	548,348		1,163,495	297,170
Processing and servicing costs	373,840	$ 47,919	257,003	149,378
Brokerage commission and handling charge expenses	329,789	$ 42,273	572,159	361,486
Professional services	135,167		59,697	32,988
Rental and other related expenses	119,854		106,459	64,594
Depreciation and amortization	54,714		36,435	27,231
Others	123,706		111,675	42,956
Total	$ 3,752,622		$ 3,555,605	$ 1,657,871

TAXATION - Income Tax - Applicable Tax Rates (Details)				3 Months Ended	12 Months Ended		36 Months Ended
TAXATION - Income Tax - Applicable Tax Rates (Details)	Apr. 01, 2018	Dec. 22, 2017	Dec. 21, 2017	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2022
TAXATION
Withholding tax rate (as a percent)					10.00%
Withholding tax rate applicable to beneficial owner ( as a percent)					5.00%
United States
TAXATION
Applicable tax rate (as a percent)		21.00%	35.00%		35.00%
Hong Kong
TAXATION
Applicable tax rate (as a percent)					16.50%
Hong Kong \| Assessable profits on the first HK$2 million
TAXATION
Applicable tax rate (as a percent)	8.25%
Hong Kong \| Assessable profits in excess of HK$2 million
TAXATION
Applicable tax rate (as a percent)					16.50%
China
TAXATION
Applicable tax rate (as a percent)					25.00%
Preferential tax rate (as a percent)					15.00%
Super deduction of research and development expenses (as a percent)					175.00%
Pre-tax deduction ratio for R&D expenses				100.00%	75.00%
China \| Futu Network Technology (Shenzhen) Co., Ltd
TAXATION
Preferential tax rate (as a percent)							15.00%
Preferential tax rate, valid period					3 years	3 years
Singapore
TAXATION
Applicable tax rate (as a percent)					17.00%

TAXATION - Composition of income tax expenses (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 HKD ($)
TAXATION
Current income tax expenses	$ 466,074		$ 396,512	$ 137,939
Deferred income tax benefit	(52,112)		(21,431)	(13,146)
Income tax expenses	$ 413,962	$ 53,062	$ 375,081	$ 124,793

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

TAXATION - Tax Reconciliation (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 HKD ($)
TAXATION
Income before income tax expenses and share of loss from equity method investments	$ 3,358,607		$ 3,185,291	$ 1,450,623
Tax expenses at Hong Kong profit tax rate of 16.5%	554,005		524,907	239,353
Changes in valuation allowance	(46,798)		101,653	14,348
Tax effect of permanence differences	41,181		22,047	9,029
Effect of income tax jurisdictions other than Hong Kong	50,807		(32,182)	(4,386)
Super deduction of research and development expenses	(86,419)		(62,966)	(29,081)
Final settlement differences	(3,614)		(602)
Income not subject to tax	(95,200)		(177,776)	(104,470)
Income tax expenses	$ 413,962	$ 53,062	$ 375,081	$ 124,793
Hong Kong
TAXATION
Hong Kong profit tax rate (as a percent)	16.50%	16.50%

TAXATION - Components of the deferred tax assets (Details) - HKD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Net operating loss carryforwards	$ 129,248	$ 158,826
Accrued expenses and others	79,098	50,408
Less: valuation allowance	(122,624)	(169,422)	$ (67,769)	$ (53,421)
Total deferred tax assets	85,722	39,812
Set-off of deferred tax liabilities pursuant to set-off provisions	(1,158)	(1,495)
Net deferred tax assets	84,564	38,317
Total deferred tax liabilities	8,572	2,131
Set-off of deferred tax assets pursuant to set-off provisions	(1,158)	(1,495)
Net deferred tax liabilities	$ 7,414	$ 636

TAXATION - Movement of Valuation Allowance (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement of Valuation Allowance
Balance at beginning of the year	$ 169,422	$ 67,769	$ 53,421
Additions	97,727	108,347	30,935
Reversals	(144,525)	(6,694)	(16,587)
Balance at end of the year	$ 122,624	$ 169,422	$ 67,769

TAXATION - Net operating loss carry forwards (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
TAXATION
Net operating loss carryforwards	$ 671,237	$ 764,251
Net operating loss carryforwards, provided for valuation allowance	625,688	761,417
Net operating loss carryforwards, expected to be utilized prior to expiration	$ 45,549	$ 2,834
China
TAXATION
Preferential tax rate (as a percent)	15.00%

DEFINED CONTRIBUTION PLAN (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 HKD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 HKD ($)	Dec. 31, 2020 CNY (¥)
DEFINED CONTRIBUTION PLAN
Employee compensation and benefits expenses	$ 2,067,204		$ 1,248,682		$ 682,068
China
DEFINED CONTRIBUTION PLAN
Total contributions \| ¥		¥ 170,012		¥ 110,997		¥ 49,778
Hong Kong
DEFINED CONTRIBUTION PLAN
Employee compensation and benefits expenses	$ 2,568		$ 2,197		$ 1,414

REGULATORY REQUIREMENTS (Details) $ in Thousands	Dec. 31, 2022 HKD ($)
Futu Securities
REGULATORY REQUIREMENTS
Net Capital/ Eligible Equity	$ 7,021,471
Requirement	1,427,687
Excess	5,593,784
Moomoo Financial Inc.
REGULATORY REQUIREMENTS
Net Capital/ Eligible Equity	132,413
Requirement	20,222
Excess	112,191
Futu Clearing Inc.
REGULATORY REQUIREMENTS
Net Capital/ Eligible Equity	4,183,966
Requirement	311,304
Excess	3,872,662
Moomoo Financial Singapore pte. Ltd.
REGULATORY REQUIREMENTS
Net Capital/ Eligible Equity	881,028
Requirement	213,683
Excess	667,345
Futu Insurance Brokers (Hong Kong) Limited
REGULATORY REQUIREMENTS
Net Capital/ Eligible Equity	1,304
Requirement	500
Excess	804
Futu Securities (Australia) Ltd.
REGULATORY REQUIREMENTS
Net Capital/ Eligible Equity	48,180
Requirement	2,299
Excess	$ 45,881

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
Total commitments contracted	$ 74	$ 104

RELATED PARTY BALANCES AND TRANSACTIONS (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2020 HKD ($)	Dec. 31, 2022 USD ($)
RELATED PARTY BALANCES AND TRANSACTIONS
Cash and cash equivalent	$ 5,028,898	$ 4,555,096	$ 1,034,668	$ 644,607
Amounts Due to Related Parties	52,725	87,459		$ 6,758
Tencent Group
RELATED PARTY BALANCES AND TRANSACTIONS
Cash and cash equivalent	349	372
Amounts Due to Related Parties	52,725	87,459
Transactions with Related Parties	175,717	165,885	57,209
Tencent Group \| Cloud service fee
RELATED PARTY BALANCES AND TRANSACTIONS
Services provided by related parties	171,692	114,386	48,940
Tencent Group \| Software purchased
RELATED PARTY BALANCES AND TRANSACTIONS
Services provided by related parties	1,997	3,869	508
Tencent Group \| SMS channel service fee
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts Due to Related Parties	231	265
Services provided by related parties	1,018	1,197	2,511
Tencent Group \| ESOP management service income
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts Due to Related Parties	3,822	1,307
Income from related parties	675	640	595
Tencent Group \| Other services
RELATED PARTY BALANCES AND TRANSACTIONS
Services provided by related parties	335	135
Tencent Group \| Equipment purchased
RELATED PARTY BALANCES AND TRANSACTIONS
Services provided by related parties		45,658	4,496
Tencent Group \| Cloud equipment and services
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts Due to Related Parties	$ 48,672	$ 85,887
Tencent Group \| Advertising expenses
RELATED PARTY BALANCES AND TRANSACTIONS
Services provided by related parties			$ 159

RELATED PARTY BALANCES AND TRANSACTIONS - Additional Information (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Payables to clients
RELATED PARTY BALANCES AND TRANSACTIONS
Payables to directors and officers	$ 29,705	$ 44,480
Directors and officers and their spouses \| Brokerage Services and Margin Loans
RELATED PARTY BALANCES AND TRANSACTIONS
Revenues earned	$ 624	$ 1,430	$ 1,642