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CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands	Dec. 31, 2023 HKD ($) shares	Dec. 31, 2022 HKD ($) shares
Allowances for loans and advances \| $	$ 45,949	$ 27,840
Treasury stock shares	144,498,392	121,363,408
Class A ordinary shares
Ordinary shares, shares authorized	48,700,000,000	48,700,000,000
Ordinary shares, shares issued	891,296,196	858,051,996
Ordinary shares, shares outstanding	891,296,196	858,051,996
Class B ordinary shares
Ordinary shares, shares authorized	800,000,000	800,000,000
Ordinary shares, shares issued	355,552,051	380,552,051
Ordinary shares, shares outstanding	355,552,051	380,552,051

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

8. INTANGIBLE ASSETS, NET


	As of December 31,
	2022	2023

	(HK$ in thousands)
Gross carrying amount
Computer software	27,196	63,197
License	29,564	28,329
Others	10,087	9,957
Total of gross carrying amount	66,847	101,483

Less: accumulated amortization
Computer software	(9,017)	(22,736)
Licenses	(1,493)	(3,911)
Others	(1,889)	(2,765)
Total of accumulated amortization	(12,399)	(29,412)
Intangible assets, net	54,448	72,071

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, 2021, 2022 and 2023 were HK$2,317 thousand, HK$6,700 thousand and HK$17,147 thousand, respectively.

INTEREST EXPENSES (Tables)

12 Months Ended

Dec. 31, 2023

INTEREST EXPENSES

Schedule of interest expenses


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Interest expenses for securities borrowed
Due to brokers	18,624	183,138	722,310
Due to clients	132,034	26,650	15,467
Interest expenses for margin financing
Due to banks	125,002	74,397	171,451
Due to other licensed financial institutions	51,179	8,318	131
Interest expenses for other businesses	50,063	—	1,400
Total	376,902	292,503	910,759

BROKERAGE COMMISSION AND HANDLING CHARGE INCOME (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)
BROKERAGE COMMISSION AND HANDLING CHARGE INCOME
Total	$ 3,944,779	$ 505,035	$ 4,007,642	$ 3,913,027
Brokerage commission income
BROKERAGE COMMISSION AND HANDLING CHARGE INCOME
Total	3,198,444		3,244,255	3,147,610
Handling charge income
BROKERAGE COMMISSION AND HANDLING CHARGE INCOME
Total	$ 746,335		$ 763,387	$ 765,417

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ORDINARY SHARES AND TREASURY STOCK	12 Months Ended
Dec. 31, 2023
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, December 14, 2022 and September 26, 2023, 64,000,000, 50,000,000 and 25,000,000 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, 2021, 2022 and 2023, 5,875,592, 2,968,984 and 2,560,304 shares of Class A Ordinary Shares were issued upon exercise of outstanding stock options. During the year ended December 31, 2021, 2022 and 2023, 929,672, 3,138,104 and 5,683,896 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, 2022 and 2023, the Group had repurchased an aggregate of 29,462,760, 121,363,408 and 144,498,392 Class A ordinary shares under these share repurchase programs in the open market, at an average price of US$41.04, US$36.48 and US$36.81 per ADS, or US$5.13, US$4.56 and US$4.60 per share for a total consideration US$151.2 million (HK$1,178.8 million), US$553.2 million (HK$4,324.6 million) and US$664.8 million (HK$5,199.3 million), respectively.

ORDINARY SHARES AND TREASURY STOCK

12 Months Ended

Dec. 31, 2023

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, December 14, 2022 and September 26, 2023, 64,000,000, 50,000,000 and 25,000,000 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, 2021, 2022 and 2023, 5,875,592, 2,968,984 and 2,560,304 shares of Class A Ordinary Shares were issued upon exercise of outstanding stock options. During the year ended December 31, 2021, 2022 and 2023, 929,672, 3,138,104 and 5,683,896 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, 2022 and 2023, the Group had repurchased an aggregate of 29,462,760, 121,363,408 and 144,498,392 Class A ordinary shares under these share repurchase programs in the open market, at an average price of US$41.04, US$36.48 and US$36.81 per ADS, or US$5.13, US$4.56 and US$4.60 per share for a total consideration US$151.2 million (HK$1,178.8 million), US$553.2 million (HK$4,324.6 million) and US$664.8 million (HK$5,199.3 million), respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023


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

29. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)

(a) Cash and cash equivalent


	As of December 31,
	2022	2023

	(HK$ in thousands)
Cash and cash equivalent	349	346

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,
	2022	2023

	(HK$ in thousands)
Payables in relation to cloud equipment and services from Tencent Group	48,672	55,939
Payables to Tencent Group in relation to ESOP management services	3,822	11,957
Other services from Tencent Group	231	1,122
	52,725	69,018


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)

Cloud service fee	114,386	171,692	152,429
Software purchased	3,869	1,997	1,300
ESOP management service income	640	675	565
SMS channel service fee	1,197	1,018	135
Equipment purchased	45,658	—	—
Other services	135	335	5,006
	165,885	175,717	159,435

INTEREST INCOME (Tables)

12 Months Ended

Dec. 31, 2023

INTEREST INCOME

Schedule of interest income


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Interest income from:
Bank deposits	197,390	986,387	2,482,866
Margin financing	1,720,473	1,588,569	1,754,056
Securities lending	397,505	499,745	1,053,294
Stock-pledged loans	1,872	135,733	170,566
Treasury bills	—	—	68,556
IPO and other financing	200,958	3,893	7,084
Total	2,518,198	3,214,327	5,536,422

DEFINED CONTRIBUTION PLAN (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 HKD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 HKD ($)	Dec. 31, 2021 CNY (¥)
DEFINED CONTRIBUTION PLAN
Employee compensation and benefits expenses	$ 2,539,858		$ 2,067,204		$ 1,248,682
China
DEFINED CONTRIBUTION PLAN
Total contributions \| ¥		¥ 220,013		¥ 170,012		¥ 110,997
Hong Kong
DEFINED CONTRIBUTION PLAN
Employee compensation and benefits expenses	$ 3,345		$ 2,568		$ 2,197

PROCESSING AND SERVICING COSTS (Tables)

12 Months Ended

Dec. 31, 2023

PROCESSING AND SERVICING COSTS.

Schedule of processing and servicing costs


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)

Cloud service fee	122,269	216,140	181,241
Market information and data fee	70,387	79,439	82,026
System cost	12,160	28,324	58,709
Data transmission fee	46,289	41,775	44,718
Others	5,898	8,162	9,210
Total	257,003	373,840	375,904

NET INCOME PER SHARE - Computation of earnings per share (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($) $ / shares shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 HKD ($) $ / shares shares	Dec. 31, 2021 HKD ($) $ / shares shares
Numerator:
Net income attributable to ordinary shareholders of the Company \| $	$ 4,281,474		$ 2,926,944	$ 2,810,210
Denominator:
Weighted average number of ordinary shares outstanding - basic	1,104,899,411		1,139,377,763	1,200,912,670
Net income per share attributable to ordinary shareholders of the Company - basic \| (per share)	$ 3.88	$ 0.50	$ 2.57	$ 2.34
Numerator:
Net income attributable to ordinary Shareholders of the Company \| $	$ 4,281,474		$ 2,926,944	$ 2,810,210
Denominator:
Weighted average number of ordinary shares outstanding - basic	1,104,899,411		1,139,377,763	1,200,912,670
Weighted average number of ordinary shares outstanding - diluted	1,119,653,571		1,151,021,697	1,219,672,508
Net income per share attributable to ordinary shareholders of the Company - diluted \| (per share)	$ 3.82	$ 0.49	$ 2.54	$ 2.30
Share Options
Denominator:
Weighted average number of ordinary shares outstanding - basic	14,754,160		11,643,934	18,759,838
Denominator:
Weighted average number of ordinary shares outstanding - basic	14,754,160		11,643,934	18,759,838

SIGNIFICANT ACCOUNTING POLICIES - Exclusive Option Agreement (Details)	12 Months Ended
	Dec. 31, 2023 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

INTEREST EXPENSES

12 Months Ended

Dec. 31, 2023

INTEREST EXPENSES

INTEREST EXPENSES

22. INTEREST EXPENSES


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Interest expenses for securities borrowed
Due to brokers	18,624	183,138	722,310
Due to clients	132,034	26,650	15,467
Interest expenses for margin financing
Due to banks	125,002	74,397	171,451
Due to other licensed financial institutions	51,179	8,318	131
Interest expenses for other businesses	50,063	—	1,400
Total	376,902	292,503	910,759

NON-INTEREST COST AND EXPENSES BY NATURE (Tables)

12 Months Ended

Dec. 31, 2023

NON-INTEREST COST AND EXPENSES BY NATURE

Schedule of non-interest cost and expenses by nature


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Employee compensation and benefits	1,248,682	2,067,204	2,539,858
Marketing and branding	1,163,495	548,348	461,594
Processing and servicing costs (Note 23)	257,003	373,840	375,904
Brokerage commission and handling charge expenses (Note 21)	572,159	329,789	249,567
Rental and other related expenses	106,459	119,854	157,898
Professional services	59,697	135,167	69,324
Depreciation and amortization	36,435	54,714	60,849
Others	111,675	123,706	175,182
Total	3,555,605	3,752,622	4,090,176

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

28. COMMITMENTS AND CONTINGENCIES

Commitments

The Group’s commitments primarily related to capital contribution obligation for certain private equity investment funds. Total commitments contracted but not yet reflected in the consolidated financial statements amounted to US$74 million and US$72.5 million as of December 31, 2022 and 2023, 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. In addition, the inquiries from the CSRC also led to the filing of a shareholder class action lawsuit against the Group, alleging that the Group made false and misleading statements regarding the status of providing securities brokerage services in Mainland China. As of the date of this report, the case status of the class action lawsuit is pending, and the Group has limited information to accurately predict if any disciplinary action or punishment will be taken by the CSRC 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, 2022 and 2023, no provision has been made by the Group for the aforementioned potential loss contingency.

SHARE-BASED COMPENSATION - Share Options (Details) - $ / shares		1 Months Ended		12 Months Ended
	Dec. 30, 2019	Dec. 31, 2018	Oct. 31, 2014	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of the stock option activity, Options granted share Number:
Outstanding at end of year (in shares)				7,259,362
Summary of the stock option activity, Weighted average exercise price per option:
Outstanding at end of year (in dollars per share)				$ 0.5533
Share Options
Summary of the stock option activity, Options granted share Number:
Exercised (in shares)				(2,560,304)	(2,968,984)	(5,875,592)
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	$ 0.60
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)				9,986,146	13,341,466	19,042,336
Exercised (in shares)				(2,560,304)	(2,968,984)	(5,875,592)
Granted (in shares)				128,000	0	1,080,000
Cancelled/Forfeited (in shares)				(294,480)	(386,336)	(905,278)
Outstanding at end of year (in shares)				7,259,362	9,986,146	13,341,466
Summary of the stock option activity, Weighted average exercise price per option:
Outstanding at beginning of year (in dollars per share)				$ 0.5556	$ 0.5703	$ 0.5628
Exercised (in dollars per share)				0.5574	0.6110	0.4365
Granted (in dollars per share)				0.6500		0.0444
Cancelled/forfeited (in dollars per shares)				0.6368	0.6381	0.6539
Outstanding at end of year (in dollars per share)				$ 0.5533	$ 0.5556	$ 0.5703

TAXATION - Net operating loss carry forwards (Details) - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
TAXATION
Net operating loss carryforwards	$ 877,231	$ 671,237
Net operating loss carryforwards, provided for valuation allowance	$ 877,231	$ 625,688

RELATED PARTY BALANCES AND TRANSACTIONS (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2023 USD ($)
RELATED PARTY BALANCES AND TRANSACTIONS
Cash and cash equivalent	$ 4,937,538		$ 5,028,898	$ 4,555,096	$ 632,134
Amounts due to related parties	69,018		52,725		$ 8,836
Revenues	10,008,418	$ 1,281,340	7,614,027	7,115,320
Transactions with Related Parties	159,435		175,717	165,885
Cloud service fee
RELATED PARTY BALANCES AND TRANSACTIONS
Transactions with Related Parties	152,429		171,692	114,386
Software purchased
RELATED PARTY BALANCES AND TRANSACTIONS
Transactions with Related Parties	1,300		1,997	3,869
ESOP management service income
RELATED PARTY BALANCES AND TRANSACTIONS
Transactions with Related Parties	565		675	640
SMS channel service fee
RELATED PARTY BALANCES AND TRANSACTIONS
Transactions with Related Parties	135		1,018	1,197
Equipment purchased
RELATED PARTY BALANCES AND TRANSACTIONS
Transactions with Related Parties				45,658
Other services
RELATED PARTY BALANCES AND TRANSACTIONS
Transactions with Related Parties	5,006		335	$ 135
Related Party [Member]
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due to related parties	69,018		52,725
Related Party [Member] \| Tencent Group
RELATED PARTY BALANCES AND TRANSACTIONS
Cash and cash equivalent	346		349
Related Party [Member] \| Tencent Group \| ESOP management service income
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due to related parties	11,957		3,822
Related Party [Member] \| Tencent Group \| SMS channel service fee
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due to related parties	1,122		231
Related Party [Member] \| Tencent Group \| Cloud equipment and services
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due to related parties	$ 55,939		$ 48,672

DEFINED CONTRIBUTION PLAN

12 Months Ended

Dec. 31, 2023

DEFINED CONTRIBUTION PLAN

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 RMB110,997 thousand, RMB170,012 thousand and RMB220,013 thousand for the years ended December 31, 2021, 2022 and 2023, 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$2,197 thousand, HK$2,568 thousand and HK$3,345 thousand of plan contributions for the years ended December 31, 2021, 2022 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
Total commitments contracted	$ 72.5	$ 74.0

FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

FINANCIAL ASSETS AND FINANCIAL LIABILITIES

Schedule of financial assets and liabilities measured at fair value


	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 (2)	—	1,911	—	1,911
Total financial assets, measured at fair value	8,181	1,911	—	10,092


	Financial Assets At Fair Value as of
	December 31, 2023
	Level 1	Level 2	Level 3	Total

	(HK$ in thousands)
Short-term investments (1)	149,348	—	—	149,348
Other financial assets (2)	29,289	2,105	—	31,394
Total financial assets, measured at fair value	178,637	2,105	—	180,742

(1)

The amounts of short-term investment exclude investments in funds measured based on NAV per share, which are not classified in the fair value hierarchy. As of December 31, 2022 and 2023, the fair values of these investments in funds were nil and HK$829,999 thousand, respectively. The investments in funds include open-ended fixed income fund, which mainly invests in debt securities, and hybrid funds that invest in a variety of debt and equity securities. There were no unfunded commitments related to these investments in funds as of December 31, 2023, and certain investments in funds are subject to initial lock-up period of no more than 12 months.

(2)

The Group enters into currency futures contracts to manage currency exposure associated with anticipated receipts and disbursements occurring in a currency other than the functional currency of the entity. The currency futures contracts are valued using broadly distributed bank and broker prices, and are classified as Level 2 of the fair value hierarchy since inputs to their valuation can be generally corroborated by market data. As of December 31, 2022 and 2023, the currency futures are included in other current assets.

Schedule of amounts of financial instruments that are offset in the consolidated balance sheets

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

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, 2023

amount

sheet

arrangements

collateral

amount

HK$ in thousands

Financial Assets

Amounts due from clearing organizations

6,939,778

(2,694,985)

4,244,793

—

4,244,793

Financial liabilities

Amounts due to clearing organizations

4,124,751

(4,100,655)

24,096

—

24,096

ACCRUED EXPENSES AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER LIABILITIES

ACCRUED EXPENSES AND OTHER LIABILITIES

12. ACCRUED EXPENSES AND OTHER LIABILITIES


	As of December 31,
	2022	2023

	(HK$ in thousands)
Current:
Accrued payroll and welfare expenses	868,646	1,175,838
Tax payables	267,619	327,623
Payables to corporate clients in relation to ESOP management services (1)	314,385	166,879
Accrued advertising and promotion fee	72,137	80,655
Temporary payables in relation to fund distribution services	18,725	45,523
Stamp duty, trading levy and trading fee payables	26,597	31,209
Accrued processing and servicing costs	30,462	34,977
Accrued professional services fee	31,083	15,958
Payables in relation to acquisition	19,196	1,660
Others	57,309	58,682
Total	1,706,159	1,939,004
Non-current:
Deferred tax liabilities (Note 25)	7,414	6,326
Others	6,206	5,857
Total	13,620	12,183

(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.

SIGNIFICANT ACCOUNTING POLICIES - VIE Companies (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2023 USD ($)
SIGNIFICANT ACCOUNTING POLICIES
Total assets	$ 97,135,847		$ 94,502,830		$ 12,435,933
Total liabilities	72,564,116		73,641,051		$ 9,290,108
Total operating revenue	10,008,418	$ 1,281,340	7,614,027	$ 7,115,320
Ordinary shareholders of the Company	4,281,474	548,140	2,926,944	2,810,210
Net cash generated from/(used in) operating activities	(6,337,396)	(811,352)	3,474,931	6,011,971
Net cash used in investing activities	(2,444,418)	(312,949)	93,859	(963,565)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	66,352	8,495	(135,196)	167,130
Net (decrease)/increase in cash, cash equivalents and restricted cash	(6,407,505)	(820,328)	(3,575,927)	15,769,754
Cash, cash equivalents and restricted cash at beginning of the year	55,715,585	7,133,055	59,291,512	43,521,758
Cash, cash equivalents and restricted cash at end of the Year	49,308,080	$ 6,312,727	55,715,585	59,291,512
VIEs and its subsidiaries
SIGNIFICANT ACCOUNTING POLICIES
Total assets	424,717		309,708
Total liabilities	189,286		191,263
Total operating revenue	301,087		226,468	210,161
Ordinary shareholders of the Company	97,248		39,542	52,741
Net cash generated from/(used in) operating activities	(11,798)		34,727	2,340
Net cash used in investing activities	(6,818)		(3,201)	(3,327)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	123		(1,476)
Net (decrease)/increase in cash, cash equivalents and restricted cash	(18,493)		30,050	(987)
Cash, cash equivalents and restricted cash at beginning of the year	32,801		2,751	3,738
Cash, cash equivalents and restricted cash at end of the Year	$ 14,308		$ 32,801	$ 2,751

SIGNIFICANT ACCOUNTING POLICIES - Significant Risks and Uncertainties (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 HKD ($)
SIGNIFICANT ACCOUNTING POLICIES
Increase in basis points	1.00%
Pre-tax income	$ 302.9	$ 38.8
China, Yuan Renminbi
SIGNIFICANT ACCOUNTING POLICIES
Net assets	$ (3,711.1)			$ (1,727.2)
Estimated depreciation of renminbi against the U.S. dollar (as a percent)	10.00%			10.00%
Increase in pre tax income		47.5	$ 22.2
Decrease in pre tax income		$ 47.5	$ 22.2
Estimated appreciation of renminbi against the U.S. dollar (as a percent)	10.00%			10.00%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 HKD ($) $ / shares shares	Dec. 31, 2021 HKD ($) $ / shares shares
Revenues
Brokerage commission and handling charge income	$ 3,944,779	$ 505,035	$ 4,007,642	$ 3,913,027
Interest income	5,536,422	708,807	3,214,327	2,518,198
Other income	527,217	67,498	392,058	684,095
Total revenues	10,008,418	1,281,340	7,614,027	7,115,320
Costs
Brokerage commission and handling charge expenses	(249,567)	(31,951)	(329,789)	(572,159)
Interest expenses	(910,759)	(116,601)	(292,503)	(376,902)
Processing and servicing costs	(375,904)	(48,126)	(373,840)	(257,003)
Total costs	(1,536,230)	(196,678)	(996,132)	(1,206,064)
Total gross profit	8,472,188	1,084,662	6,617,895	5,909,256
Operating expenses
Research and development expenses	(1,440,893)	(184,472)	(1,222,077)	(805,325)
Selling and marketing expenses	(710,348)	(90,943)	(895,772)	(1,392,070)
General and administrative expenses	(1,313,464)	(168,158)	(931,144)	(529,048)
Total operating expenses	(3,464,705)	(443,573)	(3,048,993)	(2,726,443)
Income from Operations	5,007,483	641,089	3,568,902	3,182,813
Others, net	33,442	4,281	(210,295)	2,478
Income before income tax expenses and share of loss from equity method investments	5,040,925	645,370	3,358,607	3,185,291
Income tax expenses	(748,479)	(95,825)	(413,962)	(375,081)
Share of loss from equity method investments	(13,497)	(1,728)	(17,752)	0
Net income	4,278,949	547,817	2,926,893	2,810,210
Attributable to:
Ordinary shareholders of the Company	4,281,474	548,140	2,926,944	2,810,210
Non-controlling interest	(2,525)	(323)	(51)
Net income	4,278,949	547,817	2,926,893	2,810,210
Other comprehensive loss, net of tax
Foreign currency translation adjustment		(203)	(123,840)
Foreign currency translation adjustment \| $	(1,587)		(123,822)	71,020
Total comprehensive income	4,279,887	547,937	2,803,086	2,881,230
Attributable to:
Ordinary shareholders of the Company	4,279,887	547,937	2,803,086	2,881,230
Non-controlling interests	(2,525)	(323)	(33)
Total comprehensive income	$ 4,277,362	$ 547,614	$ 2,803,053	$ 2,881,230
Net income per share attributable to ordinary shareholders of the Company
Basic \| (per share)	$ 3.88	$ 0.50	$ 2.57	$ 2.34
Diluted \| (per share)	$ 3.82	$ 0.49	$ 2.54	$ 2.30
Weighted average number of ordinary shares used in computing net income per share
Basic	1,104,899,411	1,104,899,411	1,139,377,763	1,200,912,670
Diluted	1,119,653,571	1,119,653,571	1,151,021,697	1,219,672,508
ADS
Net income per share attributable to ordinary shareholders of the Company
Basic \| (per share)	$ 31.00	$ 3.97	$ 20.55	$ 18.72
Diluted \| (per share)	$ 30.59	$ 3.92	$ 20.34	$ 18.43

OTHER INCOME (Details) $ in Thousands, $ in Thousands	12 Months Ended
OTHER INCOME (Details) $ in Thousands, $ in Thousands	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)
OTHER INCOME.
Funds distribution service income	$ 265,686		$ 96,676	$ 68,856
Currency exchange service income	133,644		141,322	201,030
Market information and data income	37,053		41,498	43,921
Enterprise public relations service charge income	25,941		44,033	96,327
Underwriting fee income	16,090		25,350	86,880
IPO subscription service charge income	3,714		6,513	169,336
Others	45,089		36,666	17,745
Total	$ 527,217	$ 67,498	$ 392,058	$ 684,095

SHARE-BASED COMPENSATION - Share Options Granted (Details) $ / shares in Units, $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
SHARE-BASED COMPENSATION
Outstanding (in shares) \| shares		7,259,362
Exercisable (in shares) \| shares		4,515,026
Expected to vest (in shares) \| shares		2,744,336
Outstanding (in dollars per share) \| $ / shares		$ 0.5533
Exercisable (in dollars per share) \| $ / shares		0.5643
Expected to vest (in dollars per share) \| $ / shares		$ 0.5351
Outstanding (in years)	1 year 7 months 17 days	1 year 7 months 17 days
Exercisable (in years)	10 months 13 days	10 months 13 days
Expected to vest (in years)	2 years 10 months 20 days	2 years 10 months 20 days
Outstanding (in dollars) \| $		$ 45,556
Exercisable (in dollars) \| $		28,284
Expected to vest (in dollars) \| $		$ 17,272
Share Options
SHARE-BASED COMPENSATION
Weighted average grant date fair value \| $ / shares		$ 4.9563	$ 0	$ 18.9219
Options exercised (in shares) \| shares	2,560,304	2,560,304	2,968,984	5,875,592
Intrinsic value of options exercised	$ 118,913	$ 15,224

SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

SHORT-TERM INVESTMENTS

Summary of short-term investments


	As of December 31,
	2022	2023

	(HK$ in thousands)

Treasury bills	666,883	2,135,266
Financial assets at fair value through profit or loss	270	830,528
Money market funds	7,911	148,819
Total	675,064	3,114,613

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) $ in Thousands, $ in Thousands	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)
Current:
Accrued payroll and welfare expenses	$ 1,175,838		$ 868,646
Tax payables	327,623		267,619
Payables to corporate clients in relation to ESOP management services	166,879		314,385
Accrued advertising and promotion fee	80,655		72,137
Temporary payables in relation to fund distribution services	45,523		18,725
Stamp duty, trading levy and trading fee payables	31,209		26,597
Accrued processing and servicing costs	34,977		30,462
Accrued professional services fee	15,958		31,083
Payables in relation to acquisition	1,660		19,196
Others	58,682		57,309
Total	1,939,004	$ 248,243	1,706,159
Non-current:
Deferred tax liabilities	6,326		7,414
Others	5,857		6,206
Total	$ 12,183	$ 1,560	$ 13,620

COLLATERALIZED TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

COLLATERALIZED TRANSACTIONS

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


	As of December 31,
	2022	2023

	(HK$ in thousands)
Collateral received from clients	109,296,132	127,758,188
Collateral received from brokers	48,349	203,500
Collateral repledged to commercial banks and other financial institutions	12,326,953	13,326,597

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


	As of December 31,
	2022	2023

	(HK$ in thousands)
Securities borrowed and loaned (1)	12,786,899	16,106,157
Cash collateral received from borrowers	14,874,210	18,707,651
Cash collateral deposited with lenders	1,889,795	2,663,837

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

LONG-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2023

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,
	2022	2023

	(HK$ in thousands)

Equity method investments (1)	224,042	222,870
Equity investments without readily determinable fair values (2)	15,652	15,686
Total	239,694	238,556

(1)

Equity method investments

As of December 31, 2022 and 2023, the Group’s investments accounted for under the equity method totaled HK$224,042 thousand and HK$222,870 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 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. In September 2023, the Group made an additional investment with a total consideration of HK$11,767 thousand. After the additional investment, the Group acquired approximately 12% equity interest of the private equity. For the year ended December 31, 2021, 2022 and 2023, losses on investment recognized were nil, nil and HK$1,834 thousand, respectively. Based on the Group’s assessment on the recoverable amounts of this equity method investment, as of December 31, 2022 and 2023, no impairment provision on the equity method investment was recognized.

9. LONG-TERM INVESTMENTS (Continued)

(1)

Equity method 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 and 2023, losses on investment recognized were HK$17,752 and HK$11,663 thousand, respectively. Based on the Group’s assessment on the recoverable amounts of this equity method investment, as of December 31, 2022 and 2023, no impairment provision on the equity method investment was recognized.

(2)

Equity investments without readily determinable fair values

As of December 31, 2022 and 2023, the Group’s equity investments without readily determinable fair values totaled HK$15,652 thousand and HK$15,686 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, 2022 and 2023, no impairment provision on the equity investments without readily determinable fair values was recognized.

REGULATORY REQUIREMENTS (Details) $ in Thousands	Dec. 31, 2023 HKD ($)
Futu Securities
REGULATORY REQUIREMENTS
Net Capital/ Eligible Equity	$ 9,612,288
Requirement	1,528,623
Excess	8,083,665
Futu Clearing Inc.
REGULATORY REQUIREMENTS
Net Capital/ Eligible Equity	5,198,748
Requirement	375,692
Excess	4,823,056
Moomoo Financial Inc.
REGULATORY REQUIREMENTS
Net Capital/ Eligible Equity	132,522
Requirement	21,619
Excess	110,903
Moomoo Financial Singapore pte. Ltd.
REGULATORY REQUIREMENTS
Net Capital/ Eligible Equity	1,761,901
Requirement	258,553
Excess	$ 1,503,348

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

Basis of Consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and subsidiaries of the VIEs for which the Company or its subsidiary is the primary beneficiary.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to appoint or remove the majority of the members of the Board of Directors; or to cast a majority of votes at the meeting of directors; or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

A consolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has the ability to direct the activities that most significantly impact the entity’s economic performance and receive the economic benefits from the VIEs that could be significant to the VIEs , and therefore the Company or its subsidiary is considered the primary beneficiary of the VIEs for accounting purposes, and has consolidated the VIEs’ financial results of operations, assets and liabilities in the Company’s consolidated financial statements in accordance with U.S. GAAP.

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

The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) between the Company’s PRC subsidiary, Shen Si, and the VIEs. Through the Contractual Agreements, the VIEs are effectively controlled by the Company.

Shareholders’ Voting Rights Proxy Agreements. Pursuant to the Shareholders’ Voting Rights Proxy Agreements, each shareholder of VIEs irrevocably authorized Shen Si or any person(s) designated by Shen Si to exercise such shareholder’s rights in VIEs, including without limitation, the power to participate in and vote at shareholder’s meetings, the power to nominate and appoint the directors, senior management, and other shareholders’ voting right permitted by the articles of association of VIEs. The shareholders’ voting rights proxy agreements remain irrevocable and continuously valid from the date of execution until the expiration of the business term of Shen Si and can be renewed upon request by Shen Si.

Business Operation Agreements. Pursuant to the Business Operation Agreements, VIEs and their shareholders undertake that without Shen Si’s prior written consent, VIEs shall not enter into any transactions that may have a material effect on VIEs’ assets, business, personnel, obligations, rights or business operations. VIEs and their shareholders shall elect directors nominated by Shen Si and such directors shall nominate officers designated by Shen Si. The business operation agreements will remain effective until the end of Shen Si’s business term, which will be extended if Shen Si’s business term is extended or as required by Shen Si.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

VIE Companies (Continued)

1) Contractual Agreements with VIEs (Continued)

Equity Interest Pledge Agreements. Pursuant to the Equity Interest Pledge Agreements, each shareholder of VIEs agrees that, during the term of the Equity Interest Pledge Agreements, he or she will not dispose of the pledged equity interests or create or allow any encumbrance on the pledged equity interests without the prior written consent of Shen Si. The Equity Interest Pledge Agreements remain effective until the latter of the full payment of all secured debt under the equity interest pledge agreements and VIEs and their shareholders discharge all their obligations under the contractual arrangements.

Exclusive Technology Consulting and Services Agreements. Under the Exclusive Technology Consulting and Services Agreements between Shen Si and the VIEs, Shen Si has the exclusive right to provide VIEs with technology consulting and services related to, among other things, technology research and development, technology application and implementation, maintenance of software and hardware. Without Shen Si’s written consent, VIEs shall not accept any technology consulting and services covered by these agreements from any third party. VIEs agree to pay a service fee at an amount equivalent to all of its net profit to Shen Si. Unless otherwise terminated in accordance with the terms of these agreements or otherwise agreed with Shen Si, these agreements will remain effective until the expiration of Shen Si’s business term, and will be renewed if Shen Si’s business term is extended.

Exclusive Option Agreements. Pursuant to the Exclusive Option Agreements, each shareholder of VIEs has irrevocably granted Shen Si an exclusive option, to the extent permitted by PRC laws, to purchase, or have its designated person or persons to purchase, at its discretion, all or part of the shareholder’s equity interests in VIEs. Unless PRC laws and/or regulations require valuation of the equity interests, the purchase price shall be RMB1.00 or the lowest price permitted by the applicable PRC laws, whoever is higher. Each shareholder of VIEs undertakes that, without the prior written consent of Shen Si, he or she will not, among other things, (i) create any pledge or encumbrance on his or her equity interests in VIEs, (ii) transfer or otherwise dispose of his or her equity interests in VIEs, (iii) change VIEs’ registered capital, (iv) amend VIEs’ articles of association, (v) liquidate or dissolve VIEs, or (vi) distribute dividends to the shareholders of VIEs. In addition, VIEs undertake that, without the prior written consent of Shen Si, they will not, among other things, dispose of VIEs’ material assets, provide any loans to any third parties, enter into any material contract with a value of more than RMB500,000, or create any pledge or encumbrance on any of their assets, or transfer or otherwise dispose of their material assets. Unless otherwise terminated by Shen Si, these agreements will remain effective until the expiration of Shen Si’s business term, and will be renewed if Shen Si’s business term is extended.

2) Risks in relation to the VIE structure

The following table sets forth the assets, liabilities, results of operations and changes in cash and cash equivalents of the VIEs and their subsidiary taken as a whole, which were included in the Group’s consolidated financial statements with intercompany balances and transactions eliminated between the VIEs and their subsidiaries:


	As of December 31,
	2022	2023

	(HK$ in thousands)
Total assets	309,708	424,717
Total liabilities	191,263	189,286

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

VIE Companies (Continued)

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


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Total operating revenue	210,161	226,468	301,087
Net income	52,741	39,542	97,248


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Net cash generated from/(used in) operating activities	2,340	34,727	(11,798)
Net cash used in investing activities	(3,327)	(3,201)	(6,818)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—	(1,476)	123
Net (decrease)/increase in cash, cash equivalents and restricted cash	(987)	30,050	(18,493)
Cash, cash equivalents and restricted cash at beginning of the year	3,738	2,751	32,801
Cash, cash equivalents and restricted cash at end of the Year	2,751	32,801	14,308

Transactions between the VIE and other entities in the consolidated group

Total assets for 2022 and 2023 include amounts due from internal companies in the consolidated group in the amount of HK $222,446 thousand and HK$370,065 thousand, respectively. Total liabilities include amounts due to the internal companies in the amount of HK$88,487 thousand and HK$87,630 thousand, respectively. During 2021, 2022 and 2023, the VIEs earned inter-company revenues in the amounts of HK$ 187,774 thousand, HK$ 202,834 thousand and HK$ 279,145 thousand, respectively. In addition, advances from Group companies to the VIEs in 2021, 2022 and 2023 are in the amount of nil, HK$8,120 thousand and nil, respectively, the repayment of advances to Group companies by the VIEs in 2021, 2022 and 2023 are in the amount of nil,HK$8,120 thousand, and nil, respectively. All of these balances and transactions have been eliminated in consolidation.

A series of contractual agreements have been entered into by and among the WFOE, the VIEs and their respective shareholders. The Company depends on these contractual arrangements to provide the subsidiary with a “controlling financial interest” in the VIEs, as defined in FASB ASC 810, making it the primary beneficiary of the VIEs. Terms contained in each set of contractual arrangements with the VIEs and their respective shareholders are substantially similar, which enable the Company to (1) have power to direct activities that most significantly impact the entity’s economic performance, and (2) receive the economic benefits from the VIEs that could be significant to the VIEs. Therefore, the Company is considered the primary beneficiary of the VIEs and VIEs’ subsidiaries, except for registered capital of the VIEs and their subsidiaries amounting to RMB10 million as of December 31, 2022 and 2023, respectively. Since the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. However, as the Company is conducting certain businesses through the VIEs and VIEs’ subsidiaries, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

VIE Companies (Continued)

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

In the opinion of the Company’s management, the contractual arrangements among its subsidiary, the VIEs and their respective Nominee Shareholders are in compliance with current PRC laws and are legally binding and enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. As a result, the Company may be unable to consolidate the VIEs and VIEs’ subsidiaries in the consolidated financial statements in the future if there are changes to legal interpretation or enforcement.

On March 15, 2019, the Foreign Investment Law was formally passed by the thirteenth National People’s Congress and it was taken effect on January 1, 2020. The Foreign Investment Law replaces the Law on Sino-Foreign Equity Joint Ventures, the Law on Sino-Foreign Cooperative Joint Ventures and the Law on Foreign-Capital Enterprises to become the legal foundation for foreign investment in the PRC.

The Foreign Investment Law stipulates certain forms of foreign investment. However, the Foreign Investment Law does not explicitly stipulate contractual arrangements such as those we rely on as a form of foreign investment. Notwithstanding the above, the Foreign Investment Law stipulates that foreign investment includes “foreign investors investing through any other methods under laws, administrative regulations or provisions prescribed by the State Council.” Future laws, administrative regulations or provisions prescribed by the State Council may possibly regard Contractual Arrangements as a form of foreign investment. In the event that the State Council in the future promulgates laws and regulations that deem investments made by foreign investors through contractual arrangements as “foreign investment”, the Group’s ability to use the contractual arrangements with its VIEs and the Group’s ability to conduct business through the VIEs could be severely limited.

The Company’s ability to direct the activities of the VIEs also depends on the power of attorney Shen Si has to vote on all matters requiring shareholders’ approvals in the VIEs. As noted above, the Company believes these power of attorney are legally binding and enforceable but may not be as effective as direct equity ownership. In addition, if the Group’s corporate structure or the contractual arrangements with the VIEs were found to be in violation of any existing PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions:

●

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)

The imposition of any of these restrictions or actions may result in a material adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these restrictions causes the Group to lose the right to direct the activities of the VIEs or the right to receive their economic benefits, the Group would no longer be able to consolidate the financial statements of the VIEs. In the opinion of management, the likelihood of losing the benefits in respect of the Group’s current ownership structure or the contractual arrangements with its VIEs is remote.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues, costs and expenses during the reported period in the consolidated financial statements and accompanying notes. These accounting estimates reflected in the Group’s consolidated financial statements mainly include, but are not limited to, current expected credit losses on financial instruments, the valuation and recognition of share-based compensation arrangements, depreciable lives of property and equipment, useful life of intangible assets, assessment for impairment of long-term investments and other non-current assets, present value for expected future leasing payment, contingency reserve, provision of income tax and valuation allowance for deferred tax asset, the estimation of the expected usage and the estimated relative standalone selling price of the incentive points and coupons, and valuation of financial instruments measured at fair value. Actual results could differ from those estimates.

Comprehensive Income and Foreign Currency Translation

The Group’s operating results are reported in the consolidated statements of comprehensive income pursuant to FASB ASC Topic 220, “Comprehensive Income”. Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Group’s OCI is comprised of gains and losses resulting from translating foreign currency financial statements of entities, of which functional currency is other than Hong Kong dollar which is the presentational currency of the Group, net of related income taxes, where applicable. Such subsidiaries’ assets and liabilities are translated into Hong Kong dollars at period-end exchange rates, and revenues and expenses are translated at average exchange rates prevailing during the period. Adjustments that result from translating amounts from a subsidiary’s functional currency to the Hong Kong dollar (as described above) are reported net of tax, where applicable, in accumulated OCI in the consolidated balance sheets.

Convenience Translation

Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive income and consolidated statements of cash flows from HK$ into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=HK$7.8109, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the HK$ amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 29, 2023, or at any other rate.

Current Expected Credit Losses

The Group applies FASB ASC Topic 326 – “Financial Instruments – Credit Losses” (“ASC Topic 326”) which replaced the incurred loss methodology with the current expected credit loss (“CECL”) methodology. The guidance applies to financial assets measured at amortized cost, held-to-maturity debt securities and off-balance sheet credit exposures. For on-balance sheet assets, an allowance must be recognized at the origination or purchase of in-scope assets and represents the expected credit losses over the contractual life of those assets.

The Group’s in-scope assets are primarily margin loans that are included in loans and advances that are collateralized by client securities and the collateral is required to be maintained at specified minimum levels at all times. The Group monitors margin levels and requires clients to provide additional collateral, or reduce margin positions, to meet minimum collateral requirements if the fair value of the collateral changes. The Group applies the practical expedient based on collateral maintenance provisions in accordance with ASC 326 - 20 - 35 – 6 in estimating an allowance for credit losses for the loans and advances. In accordance with the practical expedient, when the Group reasonably expects that borrowers (or counterparties, as applicable) will replenish the collateral as required, there is no expectation of expected credit losses when the collateral’s fair value is greater than the amortized cost of the financial assets. If the amortized cost exceeds the fair value of collateral, then credit losses are estimated only on the unsecured portion.

Besides margin loans, stock-pledged loans are also included in loans and advances. These are loans to enterprises with listed shares as collateral. Since the collateral is not replenished to meet the pledged ratio requirement in contracts, and it is not probable that the Group will foreclose on the collateral, the requirement to apply practical expedient based on collateral maintenance provisions under ASC Topic 326 is not met. The Group uses probability-of-default methods in assessing the allowance for credit losses for stock-pledged loans. The allowance for credit losses is estimated using quantitative models that consider a variety of factors such as the quality of the collateral, as well as an economic outlook over the life of the loans. In its loss forecasting model, management considers the stock price and price volatility of the collateral to determine the probability of default (“PD”) and loss given default (“LGD”) of the stock-pledged loans. The estimation of the PD and LGD further incorporates forward looking information through the use of macroeconomic scenario applied over the forecasted life of the assets. A number of forecasted economic variables are used in developing the macroeconomic scenario, which are inputs into the loss forecasting model.

IPO loans are granted to clients for subscription of new shares, and are normally settled within one week from the drawdown date. The Group uses probability-of-default methods in assessing the allowance for credit losses of IPO loans.

For the year ended December 31, 2021, 2022 and 2023, expected credit loss expenses of HK$3,200 thousand, HK$15,619 thousand and HK$18,080 thousand resulting from the assessment of allowance for credit losses for the loans and advances under ASC Topic 326 at period-end were recognized in “Others, net” in the consolidated statements of comprehensive income respectively.

An allowance for credit losses on other financial assets, including receivables from clients, brokers, clearing organizations and fund management companies and fund distributors, is estimated based on the aging of these financial assets.

Receivables from clients are due within the settlement period commonly adopted in the relevant market practices, which is usually within a few days from the trade date. Because these receivables involve customers who have no recent history of default, and the settlement periods are usually short, the credit risk arising from receivables from clients is considered low. In respect of the receivables from brokers, clearing organizations and fund management companies and fund distributors, the management considers that these receivables have a low risk of default and the counterparties have a strong capacity to meet their contractual obligation. As a result, the allowance for credit losses for other financial assets were immaterial for all periods presented.

Cash and Cash Equivalents

Cash and cash equivalents represent cash on hand, demand deposits and time deposits placed with banks or other financial institutions, which are unrestricted to withdrawal or use, and which have original maturities of three months or less.

Cash Held on Behalf of Clients

The Group has classified the clients’ monies as cash held on behalf of clients under the assets section in the consolidated balance sheets and recognized the corresponding accounts payables to the respective clients under the liabilities section.

Term Deposit

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

Restricted Cash

The Group is required to maintain restricted cash deposits for certain property leases. These funds are restricted and have been classified as such on our consolidated balance sheets due to the nature of restriction.

Short-term Investments

The Group classifies certain financial assets with highly liquidity and original maturities less than twelve months as short-term investments. The Group’s short-term investments consist of investments in money market funds, treasury bills and financial assets at fair value through profit or loss. Treasury bills are carried at amortized cost. Besides, the Group values its money market funds using quoted prices in active markets for these investments, and accordingly, the Group classifies the valuation techniques that use these quoted prices as Level 1. Financial assets at fair value through profit or loss mainly include investments in funds that are non-exchange-traded. The Group generally considers the net asset value (“NAV”) of the funds provided by the fund manager to be the best estimate of fair value. The Group uses NAV per share to measure the fair value of investments in funds.

Securities Purchased Under Agreements to Resell

Transactions involving purchases of securities under agreements to resell (resell agreements) are treated as collateralized financing transactions.

Under resell agreements, the Group pays cash to counterparties and receives securities as collateral. These agreements are carried at amounts at which the securities will subsequently be resold, and the interest income incurred by the Group is recorded as interest income in the consolidated statements of comprehensive income.

Loans and advances

Loans and advances mainly include margin loans, stock - pledged loans and IPO loans, extended to clients. They are mainly collateralized by securities and are carried at the amortized cost, net of an allowance for credit losses. Revenues earned from the loans and advances are included in interest income.

Margin loans are extended to clients on a demand basis and are not committed facilities. Securities owned by the customers, which are not recorded in the consolidated balance sheets, are held as collateral for amounts due on the margin loans.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Loans and advances (Continued)

Stock - pledged loans to enterprises that are included in other advance mainly pledged listed shares of other companies provided by these borrowers as collateral.

IPO loans for subscription of new shares are normally settled within one week from the drawdown date. Once IPO stocks are allotted, the Group requires clients to repay the IPO loans. Force liquidation action would be taken if the clients fail to settle their shortfall after the IPO allotment result is announced.

Loans and advances are initially recorded net of directly attributable transaction costs and are measured at subsequent reporting dates at amortized cost. Finance charges, premiums payable on settlement or redemption and direct costs are accounted for on an accrual basis to the surplus or deficit using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.

The balances will be written off to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

Trading Receivables from and Payables to Clients

Trading receivables from clients include amounts due on brokerage transactions on a trade-date basis. Trading payables to clients represent the closing cash balance to the customers, which mainly include cash deposits and amounts due on brokerage transactions on a trade date basis.

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

Receivables from and payables to brokers, clearing organizations and fund management companies and fund distributors include receivables and payables from unsettled trades on a trade-date basis, including amounts receivable for securities, derivatives or funds trades not delivered by the Group to the purchaser by the settlement date cash deposits, and cash collateral deposited for securities borrowing transactions and amounts payable for securities, derivatives or funds trades not received by the Group from a seller by the settlement date, and cash collateral received for securities lending transactions.

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:

a)Each of two parties owes the other determinable amounts.

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

c)The reporting party intends to set off.

d)The right of setoff is enforceable at law.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Interest Receivable and Payable

Interest receivable which is included in receivables is calculated based on the contractual interest rate of bank deposit, securities purchased under agreements to resell, loans and advances, short - term investments, securities loaned and receivables on an accrual basis, and is recorded as interest income as earned.

Interest payable which is included in payables is calculated based on the contractual interest rates of payables, borrowings and securities borrowed on an accrual basis, and is recorded as interest expense when incurred.

Securities Borrowed and Securities Loaned

Securities borrowed transactions require the Group to provide counterparties with collateral, which may be in the form of cash, or other securities. With respect to securities loaned, the Group receives collateral, which may be in the form of cash or other securities in an amount generally in excess of the fair value of the securities 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.

Securities borrowed and securities loaned are recorded at the amount of the cash collateral advanced or received. Receivables and payables related to securities borrowed and securities loaned are included at receivables from and payables to brokers or clients in the consolidated balance sheets. Securities lending fees received and securities borrowing fees paid by the Group are included in interest income and interest expense, respectively, in the consolidated statements of comprehensive income.

Leases

In an operating lease, a lessee obtains control of only the use of the underlying asset, but not the underlying asset itself. An operating lease is recognized as a right-of-use asset with a corresponding liability at the date which the leased asset is available for use by the Group.

The Group’s operating leases contain both lease components and non-lease components. Non-lease components are distinct elements of a contract that are not related to securing the use of the underlying assets, such as common area maintenance and other management costs. The Company makes an accounting policy election not to separate non-lease components to measure the lease liability and lease asset.

The lease liability is initially measured at the present value of the future lease payments over the lease term. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. The lease payments are discounted using the rate implicit in the lease or, if not readily determinable, the Group’s secured incremental borrowing rate, which is based on an internally developed yield curve using interest rates of debt issued with a similar risk profile as the Group and a duration similar to the lease term. An operating lease right-of-use asset is initially measured at the value of the lease liability minus any lease incentives and initial direct costs incurred plus any prepaid rent.

After commencement of the operating lease, the Group recognizes lease expenses on a straight-line basis over the lease term. The subsequent measurement of the lease liability is based on the present value of the remaining lease payments using the discount rate determined at lease commencement. The right-of-use asset is subsequently measured at cost less accumulated amortization and any impairment provision. The amortization of the right-of-use asset represents the difference between the straight-line lease expense and the accretion of interest on the lease liability each period. The interest amount is used to accrete the lease liability and to amortize the right-of-use asset. There is no amount recorded as interest expense.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Leases (Continued)

All of the Group’s leases are classified as operating leases and primarily consist of real estate leases for corporate offices, data centers, and other facilities. As of December 31, 2022 and 2023, the weighted-average remaining lease term on these leases is approximately three years and two years, respectively, and the weighted-average discount rate used to measure the lease liabilities was approximately 4.68% and 4.58%, respectively.

For the years ended December 31, 2021, 2022 and 2023, right-of-use assets obtained under operating leases was HK$108,949 thousand, HK$76,249 thousand and HK$146,560 thousand, respectively. The Group’s lease agreements do not contain any material residual value guarantees, restrictions or covenants.

Refundable Deposit

Refundable deposit is included in other assets in the consolidated balance sheets. As a clearing member firm of securities and derivatives clearing organizations in Hong Kong, Singapore and the U.S., the Group is also exposed to clearing member credit risk. These clearing organizations require member firms to deposit cash to a clearing fund. If a clearing member defaults in its obligations to the clearing organizations in an amount larger than its own margin and clearing fund deposits, the shortfall is absorbed pro rata from the deposits of the other clearing members. Many clearing organizations of which the Group is member have the authority to assess their members for additional funds if the clearing fund is depleted. A large clearing member default could result in a substantial cost if the Group is required to pay such additional funds.

Property and Equipment, net

Property and equipment, which are included in other assets in the consolidated balance sheets are stated at historical cost less accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Residual rate is determined based on the economic value of the property and equipment at the end of the estimated useful lives as a percentage of the original cost.


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

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

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.

Finite-lived intangible assets are carried at historical cost less accumulated amortization and accumulated impairment losses, if any. Amortization of finite-lived intangible assets is calculated using the straight-line method to allocate costs over the estimated useful lives. Pursuant to topic ASC 350 Intangibles—Goodwill and Other, the useful life of an intangible asset to an entity is the period over which the asset is expected to contribute directly or indirectly to the future cash flows of that entity. If an income approach is used to measure the fair value of the license, in determining the useful life of the intangible asset for amortization purposes, the period of expected cash flows used to measure the fair value of the license should be considered. The following is a summary of estimated useful lives:


Category		Estimated useful lives
Computer software		5 years
Licenses		10 years

The Group had indefinite - lived intangible assets that carried at cost less accumulated impairment losses, including licenses of an insurance broker license and a financial services license and a future trading right as a clearing member firm of HKEx. The Group evaluates the remaining useful life of an indefinite - lived intangible asset that is not being amortized each reporting period to determine whether events and circumstances continue to support an indefinite useful lives. The Group will not amortize the indefinite-lived intangible assets until their useful lives are determined to be finite. An intangible asset that is not subject to amortization will be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired.

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

In accordance with ASC 323 Investment—Equity Method and Joint Ventures, the Group accounts for equity method investments over which the Group has significant influence but does not own a majority of the equity interest or otherwise controls and the investments are either common stock or in substance common stock using the equity method. For the investments in limited partnerships, the equity method of accounting for investments is generally appropriate for accounting by limited partners. According to ASC 323-30-S99-1, the investments in all limited partnerships should be accounted for pursuant to paragraph 970-323-25-6. That guidance requires the use of the equity method unless the investor’s interest “is so minor that the limited partner may have virtually no influence over partnership operating and financial policies.” Investments of more than 3 to 5 percent are generally viewed to be more than minor. The Group’s share of the investee’s profit and loss is recognized in the consolidated statements of comprehensive income of the period.

The Group continually reviews its investments in equity method investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors the Group considers in its determination include the severity and the length of time that the fair value of the investment is below its carrying value; the financial condition, the operating performance and the prospects of the equity method investee; the geographic region, market and industry in which the equity method investee operates; and other specific information. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the investment in the equity method investee is written down to its fair value. For the years ended December 31, 2021, 2022 and 2023, no impairment provision was recognized.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Long-term investments (Continued)

2)Equity investments without readily determinable fair values

In accordance with ASC 321 Investment—Equity Securities, for those equity investments without readily determinable fair values, the Group elects to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. Under this measurement alternative, changes in the carrying value of the equity investment are required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer.

Pursuant to ASC 321, for those equity investments that the Group elects to use the measurement alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss equal to the difference between the carrying value and fair value.

Impairment of Long-lived Assets

Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment by comparing carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets.

Treasury stock

The Group accounted for those shares repurchased as treasury stock at cost of purchase, and is shown separately in the shareholders’ equity as the Group has not yet decided on the ultimate disposition of those shares acquired. When the Group decides to cancel the treasury stock, the difference between the original issuance price and the repurchase price is debited into additional paid-in capital. Refer to Note 13 for details.

Fair Value Measurements

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

Level 1 — Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.

Level 2 — Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Fair Value Measurements (Continued)

Level 3 — Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates.

The carrying amount of cash and cash equivalents, cash held on behalf of clients, restricted cash, receivables from and payables to clients, brokers, clearing organizations and fund management companies and fund distributors, accrued interest receivable, accrued interest payable, amounts due to related parties, other financial assets and liabilities approximates fair value because of their short-term nature. Term deposit, loans and advances, borrowings, securities purchased under agreements to resell, securities sold under agreements to repurchase and operating lease liabilities are carried at amortized cost. The carrying amount of term deposit, loans and advances, borrowings and operating lease liabilities approximate their respective fair value as the interest rates applied reflect the current quoted market yield for comparable financial instruments. Short-term investments except for treasury bills are measured at fair value.

The Group’s non-financial assets, such as operating lease right-of-use assets, long-term investments, property and equipment and intangible assets, would be measured at fair value only if they were determined to be impaired.

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 recognized at a point in time when the service has been passed to the customer.

2)	Interest income

The Group earns interest income primarily in connection with its margin financing and securities lending services, IPO financing, stock - pledged loan, treasury bills and deposits with banks, which are recorded on an accrual basis and are included in interest income in the consolidated statements of comprehensive income. Interest income is recognized as it is accrued over time using the effective interest method.

3)	Other income

Other income consists of enterprise public relations service charge income provided to corporate clients, underwriting fee income, IPO subscription service charge income, currency exchange service income from clients, income from market data service and funds distribution service income from fund management companies, etc.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Revenue Recognition (Continued)

3)	Other income (Continued)

Enterprise public relations service charge income is charged to corporate clients by providing platform to post their detailed stock information and latest news in Futubull app, as well as providing a lively, interactive community among their potential investors to exchange investment views, share trading experience and socialize with each other. Unearned enterprise public relations service income of which the Group had received the consideration is recorded as contract liabilities (deferred revenue).

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

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.

Funds distribution service income is charged to fund management companies for providing fund products distribution service to Futu’s individual clients. The Group, as an intermediary would receive subscription fees from fund management companies as agreed in the service contracts.

For enterprise public relations service charge income, funds distribution service income, market information and data income and ESOP management service income, the service revenues are recognized ratably over the term of the service contracts.

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 generated from current sales transaction, the Group defers a portion of commission income with corresponding liability reflected as contract liability attributable to the incentives. The contract liability is determined by the Group based on the expected usage of the incentive points and coupons, and their estimated relative standalone selling price based on the related goods and services. The judgment was made by the Group in determining the expected usage and estimated relative standalone selling price of the incentive points and coupons, derived from historical trading volume, commission rates and redemption patterns, and an evaluation as to whether historical activities are representative of the expected future activities.

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.

For the incentives not offered for future sales transaction, the Group considers them as a payment of other distinct goods that would be granted to clients. Such incentives are accounted for as selling and marketing expense with corresponding liability reflected as other liability in the consolidated balance sheet.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Customer Loyalty Program (continued)

As of December 31, 2022 and 2023, contract liabilities recorded related to the customer loyalty program were HK $5,815 thousand and HK $7,420 thousand, respectively.

Brokerage Commission and Handling Charge Expenses

Commission expenses for executing and/or clearing transactions are accrued on a trade-date basis. The commission expenses are charged by executing brokers for securities and derivative trades in stock and derivative markets as the Group makes securities and derivative trades with these brokers as principal.

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

Interest expenses primarily consist of interest expenses of borrowings from banks, other licensed financial institutions and other parties paid to fund the Group’s margin financing business, securities borrowing business, IPO and other financing business.

Processing and Servicing Costs

Processing and servicing costs consist of market information and data fee, data transmission fee, cloud service fee, system cost, and SMS service fee, etc. The nature of market information and data fee mainly represents for information and data fee paid to stock exchanges like HKEx, NASDAQ, and New York stock exchange, etc. Data transmission fee is the fee of data transmission among cloud server and data centers located in the regions of subsidiaries. Cloud service fee and SMS service fee mainly represent the data storage and computing service and the SMS channel service fee. The nature of system cost mainly represents for the fee to access and use the systems paid to software providers.

Research and Development Expenses

Research and development expenses consist of expenses related to developing transaction platform and website like Futubull app and other products, including payroll and welfare, rental expenses and other related expenses for personnel engaged in research and development activities. All research and development costs have been expensed as incurred as the costs qualifying for capitalization have been insignificant.

Selling and Marketing Expenses

Selling and marketing expenses consist primarily of advertising and promotion costs, payroll, rental and related expenses for personnel engaged in marketing and business development activities. Advertising and promotion costs are expensed as incurred and are included within selling and marketing expenses in the consolidated statements of comprehensive income.

General and Administrative Expenses

General and administrative expenses consist of payroll, rental, related expenses for employees involved in general corporate functions, including finance, legal and human resources, costs associated with use of facilities and equipment, such as depreciation expenses, professional service expenses, rental and other general corporate related expenses.

Others, net

Others, net, mainly consist of non-operating income and expenses, foreign currency gains or losses, expected credit loss expenses, gain or loss from investments and impairment from long-term investments and other non-current assets for all periods presented.

Foreign Currency Gains and Losses

Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are remeasured at the applicable rates of exchange in effect at that date. Foreign currency gain or loss resulting from the settlement of such transactions and from remeasurement at period-end is recognized in “Others, net” in the consolidated statements of comprehensive income.

Share-Based Compensation

The Company follows ASC 718 to determine whether a share option and a restricted share units should be classified and accounted for as a liability award or equity award. All share-based awards to employees and directors classified as equity awards , such as stock options and restricted share units, are measured at the grant date based on the fair value of the awards. Share-based compensation, net of estimated forfeitures, is recognized as expenses on a straight-line method over the requisite service period, which is the vesting period. Options granted generally vest over four or five years.

The modification of the terms or conditions of the existing shared-based award is treated as an exchange of the original award for a new award. The incremental compensation expenses are 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 stock options already vested as of the modification date, the Group immediately recognized the incremental value as compensation expenses. For stock options still unvested as of the modification date, the incremental compensation expenses are recognized over the remaining service period of these stock options.

The Company determined the fair value of the restricted share units with reference to the fair value of the underlying shares as of the grant date. The Company utilizes the binomial option pricing model to estimate the fair value of stock options granted, with the assistance of an independent valuation firm.

Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate pre-vesting options and records share-based compensation expenses only for those awards that are expected to vest. See Note 15 for further discussion on share-based compensation.

Taxation

1)	Income tax

Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.

2)	Uncertain tax positions

The Group did not recognize any interest and penalties associated with uncertain tax positions for the years ended December 31, 2021, 2022 and 2023. The Group continues to assess the uncertain tax positions in accordance with applicable income tax guidance and based on changes in facts and circumstances.

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.

Diluted net income per share is calculated by dividing net income attributable to ordinary shareholder, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of ordinary shares issuable upon the conversion of the redeemable convertible preferred shares, using the if-converted method, and shares issuable upon the exercise of share options and vesting of restricted share units using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted net income per share calculation when inclusion of such share would be anti-dilutive.

Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker has been identified as the Chief Executive Officer who allocates resources to and assesses the performance of the operating segments of an entity. The Group’s reporting segments are decided based on its operating segments while taking full consideration of various factors such as products and services, geographic location and regulatory environment related to administration of the management. Operating segments meeting the same qualifications are allocated as one reporting segment, providing independent disclosures.

The Group engages primarily in online brokerage services and margin financing services. The Group does not distinguish between markets or segments for the purpose of internal reports. The Group does not distinguish revenues, costs and expenses between segments in its internal reporting, and reports costs and expenses by nature as a whole. Hence, the Group has only one reportable segment.

Significant Risks and Uncertainties

1)	Currency risk

Currency risk arises from the possibility that fluctuations in foreign exchange rates will impact the financial instruments. The Group is not exposed to significant transactional foreign currency risk since almost all of its transactions, assets and liability are denominated in Hong Kong dollars and U.S. dollars and Hong Kong dollars are pegged against U.S. dollars. The impact of foreign currency fluctuations in the Group’s earnings is included in “Others, net” in the consolidated statements of comprehensive income. At the same time, the Group is exposed to translational foreign currency risk since some of the Company’s major subsidiaries have RMB as their functional currency. Therefore, RMB depreciation against Hong Kong dollars could have a material adverse impact on the foreign currency translation adjustment in the consolidated statements of comprehensive income. The Group enters into currency futures contracts to manage currency exposure associated with anticipated receipts and disbursements occurring in a currency other than the functional currency of the entity. The overall impact of the currency risk of other foreign currency assets held by the Group other than U.S. dollars and RMB is not significant.

As of December 31, 2022 and 2023, the Group had RMB-denominated net assets of HK$1,727.2 million and net liabilities of HK$3,711.1 million, respectively. We estimate that a 10% depreciation of RMB against the U.S. dollar based on the foreign exchange rate on December 31, 2022 and 2023, would result in a decrease of US$22.2 million and an increase of US$47.5 million, respectively, in the Group’s pre-tax profit for the years ended December 31, 2022 and 2023. We estimate that a 10% appreciation of RMB against the U.S. dollar based on the foreign exchange rate on December 31, 2022 and 2023 would result in an increase of US$22.2 million and a decrease of US$47.5 million, respectively, in the Group’s pre-tax profit for the years ended December 31, 2022 and 2023.

2)	Credit risk

Cash held on behalf of clients are segregated and deposited in financial institutions as required by rules mandated by the Group’s primary regulators. These financial institutions are of sound credit ratings, therefore the Group believes that there is no significant credit risk related to cash held on behalf of clients.

The Group’s securities and derivative trades activities are transacted on either a cash or margin basis. The Group’s credit risk is limited in that substantially all of the contracts entered into are settled directly at securities and derivatives clearing organizations. In margin transactions, the Group extends credit to the client, subject to various regulatory and internal margin requirements, collateralized by cash and securities in the client’s account. IPO loans are exposed to credit risk from clients who fails to repay the loans upon IPO stock allotment. The Group monitors the clients’ collateral level and has the right to dispose the newly allotted stocks once the stocks first start trading. Stock-pledged loans to enterprise pledged by listed shares are exposed to credit risk from counterparties who fail to repay the loans, the Group monitors on the collateral level of stock-pledged loans in real time, and has the right to dispose of the pledged listed shares once the collateral level falls under the minimal level required to get the loans repaid.

Liabilities to other brokers and dealers related to unsettled transactions are recorded at the amount for which the securities were purchased, and are paid upon receipt of the securities from other brokers or dealers.

Significant Risks and Uncertainties (Continued)

2)	Credit risk (Continued)

In connection with its clearing activities, the Group is obligated to settle transactions with brokers and other financial institutions even if its clients fail to meet their obligations to the Group. Clients are required to complete their transactions by the settlement date, generally two business days after the trade date. If clients do not fulfill their contractual obligations, the Group may incur losses. The Group has established procedures to reduce this risk by generally requiring that clients deposit sufficient cash and/or securities into their account prior to placing an order.

For cash management purposes, the Group enters into short-term securities purchased under agreements to resale transactions (“reverse repos”) in addition to securities borrowing and lending arrangements, all of which may result in credit exposure in the event the counterparty to a transaction is unable to fulfill its contractual obligations. Reverse repos are collateralized by securities with a market value in excess of the obligation under the contract. Similarly, securities lending agreements are collateralized by deposits of cash or securities. The Group attempts to minimize credit risk associated with these activities by monitoring collateral values on a daily basis and requiring additional collateral to be deposited with or returned to the Group as permitted under contractual provisions.

Concentrations of Credit Risk

The Group’s exposure to credit risk associated with its brokerage and other activities is measured on an individual counterparty basis, as well as by groups of counterparties that share similar attributes. There was no revenue from clients which individually represented greater than 10% of the total revenues for the years ended December 31, 2021, 2022 and 2023, respectively. Concentrations of credit risk can be affected by changes in political, industry, or economic factors. To reduce the potential for risk concentration, credit limits are established and exposure is monitored in light of changing counterparty and market conditions. As of December 31, 2022 and 2023, the Group did not have any material concentrations of credit risk within or outside the ordinary course of business.

3)	Interest rate risk

Fluctuations in market interest rates may negatively affect the Group’s financial condition and results of operations. The Group are exposed to floating interest rate risk on cash deposit and floating rate borrowings. We use net interest simulation modeling techniques to evaluate the effect that changes in interest rates might have on pre-tax profit or loss. The model includes all interest-sensitive assets and liabilities. The simulations involve assumptions that are inherently uncertain and, as a result, cannot precisely predict the impact that changes in interest rates will have on pre-tax profit or loss. Actual results may differ from simulated results due to differences in timing and frequency of rate changes, changes in market conditions and changes in management strategy that lead to changes in the mix of interest-sensitive assets and liabilities.

The simulations assume that the asset and liability structure of the consolidated balance sheets would not be changed as a result of a simulated change in interest rates. The results of the simulations based on the Group’s financial position as of December 31, 2023 indicate that a 1% (100 basis points) increase/ decrease in interest rates over a 12-month period would have increased/decreased the Group’s profit before tax by approximately HK$302.9 million (US$38.8 million), depending largely on the extent and timing of possible changes in floating rates.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting if certain criteria are met. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This guidance is effective immediately and the amendments may be applied prospectively through December 31, 2023. The adoption did not have a material accounting impact on the Group’s consolidated financial position or results of operations.

New accounting standards which have not yet been adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update requires disclosure of incremental segment information on an annual and interim basis. This update is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. This guidance should be applied retrospectively to all prior periods presented in the financial statements. The Group is currently evaluating the impact on its financial statements of adopting this guidance.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires that public entities on an annual basis, (1) in the rate reconciliation, disclose specific categories and provide additional information for reconciling items that meet a quantitative threshold; (2) about income taxes paid, disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and by individual jurisdiction in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received); and (3) disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) disaggregated by federal, state, and foreign. This update is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. This guidance should be applied on a prospective basis. Retrospective application is permitted. The Group is currently evaluating the impact on its financial statements of adopting this guidance.

GENERAL INFORMATION, ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2023

GENERAL INFORMATION, ORGANIZATION AND PRINCIPAL ACTIVITIES

GENERAL INFORMATION, ORGANIZATION AND PRINCIPAL ACTIVITIES

1. GENERAL INFORMATION, ORGANIZATION AND PRINCIPAL ACTIVITIES

Futu Holdings Limited (the “Company”) is an investment holding company incorporated in the Cayman Islands with limited liability and conducts its business mainly through its subsidiaries, and the consolidated variable interest entities (“VIEs”) and subsidiaries of the VIEs (collectively referred to as the “Group”). The Group principally engages in online financial services including securities and derivative trades brokerage, margin financing and fund distribution services based on internally developed software and digital platform “Futubull” and “Moomoo”. The Group also provides financial information and online community services, etc. The Company completed its IPO on March 8, 2019 on the Nasdaq Global Market. Each American Depositary Shares (“ADSs”) of the Company represents eight Class A ordinary shares.

As of December 31, 2023, the Company’s principal subsidiaries and the consolidated VIE are as follows:


		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	December 17, 2015	Delaware, USA	100	%	Financial services
Futu Clearing Inc.	August 13, 2018	Delaware, USA	100	%	Financial services
Moomoo Financial 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.	April 5, 1920	Tokyo, Japan	100	%	Financial services
Moomoo Financial Canada Inc. ⁽¹⁾ (previous name: OTT Financial Canada Inc.)	August 7, 2015	Ontario, Canada	85	%	Financial services
Futu Lending Limited	April 18, 2017	Hong Kong	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)	This subsidiary changed company names in June 2023.

(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.

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

OTHER ASSETS

Schedule of other assets


	As of December 31,
	2022	2023

	(HK$ in thousands)
Current:
Deposit	52,863	57,932
Staff advances	18,685	17,667
Others	30,710	59,880
Total	102,258	135,479
Non-current:
Refundable deposit	680,356	932,899
Property and equipment, net (Note 7)	145,837	124,964
Deferred tax assets (Note 25)	84,564	96,820
Intangible assets, net (Note 8)	54,448	72,071
Total	965,205	1,226,754

NET INCOME PER SHARE

12 Months Ended

Dec. 31, 2023

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, 2021,2022 and 2023 as follows:


	Year ended December 31,
	2021	2022	2023

	(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	2,810,210	2,926,944	4,281,474
Denominator:
Weighted average number of ordinary shares outstanding - basic	1,200,912,670	1,139,377,763	1,104,899,411
Net income per share attributable to ordinary shareholders of the Company - basic	2.34	2.57	3.88
Diluted net income per share calculation:
Numerator:
Net income attributable to ordinary Shareholders of the Company	2,810,210	2,926,944	4,281,474
Denominator:
Weighted average number of ordinary shares outstanding - basic	1,200,912,670	1,139,377,763	1,104,899,411
Dilutive effect of share options and restricted share units	18,759,838	11,643,934	14,754,160
Weighted average number of ordinary shares outstanding - diluted	1,219,672,508	1,151,021,697	1,119,653,571
Net income per share attributable to ordinary shareholders of the Company - diluted	2.30	2.54	3.82

For the years ended December 31, 2021, 2022 and 2023, 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 357,978, 3,773,963 and 1,525,875 shares on a weighted average basis, respectively.

TAXATION - Composition of income tax expenses (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)
TAXATION
Current income tax expenses	$ 763,248		$ 466,074	$ 396,512
Deferred income tax benefit	(14,769)		(52,112)	(21,431)
Income tax expenses	$ 748,479	$ 95,825	$ 413,962	$ 375,081

- Definition

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

+ References + Details

NON-INTEREST COST AND EXPENSES BY NATURE

12 Months Ended

Dec. 31, 2023

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,
	2021	2022	2023

	(HK$ in thousands)
Employee compensation and benefits	1,248,682	2,067,204	2,539,858
Marketing and branding	1,163,495	548,348	461,594
Processing and servicing costs (Note 23)	257,003	373,840	375,904
Brokerage commission and handling charge expenses (Note 21)	572,159	329,789	249,567
Rental and other related expenses	106,459	119,854	157,898
Professional services	59,697	135,167	69,324
Depreciation and amortization	36,435	54,714	60,849
Others	111,675	123,706	175,182
Total	3,555,605	3,752,622	4,090,176

SHARE-BASED COMPENSATION - Restricted Shares Plan (Details) - Restricted shares $ / shares in Units, $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2023 USD ($)
Shares awarded number
Outstanding at beginning	26,692,248	16,961,864	6,067,400
Vested	(5,683,896)	(3,138,104)	(929,672)
Granted	8,769,800	14,357,520	12,105,712
Forfeited	(2,500,424)	(1,489,032)	(281,576)
Outstanding at end	27,277,728	26,692,248	16,961,864
Weighted-average grant date fair value per share
Outstanding at beginning \| $ / shares	$ 5.3631	$ 5.6793	$ 4.6827
Vested \| $ / shares	5.0877	5.7371	4.6827
Granted \| $ / shares	6.1047	5.0877	5.7371
Forfeited \| $ / shares	5.2052	5.5209	5.4426
Outstanding at end \| $ / shares	$ 5.6734	$ 5.3631	$ 5.6793
Unrecognized compensation expenses related to the restricted shares	$ 1,130,550			$ 144,740
Unrecognized compensation expenses related to the restricted shares expected to be recognized over a weighted-average period	3 years 10 months 24 days
2019 Share Incentive Plan
Shares awarded number
Granted	8,769,800	14,357,520	12,105,712

SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Weighted-average remaining lease term	2 years	3 years
Weighted-average discount rate	4.58%	4.68%
Right-of-use assets obtained under operating leases	$ 146,560	$ 76,249	$ 108,949

LEASE - Balances reported in the consolidated balance sheets (Details) $ in Thousands, $ in Thousands	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)
Balances reported in the consolidated balance sheets related to the leases
Operating lease right-of-use assets	$ 224,092	$ 28,690	$ 196,864
Operating lease liabilities	$ 238,017		$ 211,143

RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2023

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, 2022 and 2023, 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, 2023, 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, 2023 and the condensed financial information of the Company are not required to be presented.

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
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
Singapore
TAXATION
Applicable tax rate (as a percent)					17.00%	17.00%	17.00%

FINANCIAL ASSETS AND FINANCIAL LIABILITIES

12 Months Ended

Dec. 31, 2023

FINANCIAL ASSETS AND FINANCIAL LIABILITIES

FINANCIAL ASSETS AND FINANCIAL LIABILITIES

3. FINANCIAL ASSETS AND FINANCIAL LIABILITIES

Financial Assets and Liabilities Measured at Fair Value

The following tables set forth, by level within the fair value hierarchy financial assets and financial liabilities measured at fair value as of December 31, 2022 and 2023. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement.


	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 (2)	—	1,911	—	1,911
Total financial assets, measured at fair value	8,181	1,911	—	10,092


	Financial Assets At Fair Value as of
	December 31, 2023
	Level 1	Level 2	Level 3	Total

	(HK$ in thousands)
Short-term investments (1)	149,348	—	—	149,348
Other financial assets (2)	29,289	2,105	—	31,394
Total financial assets, measured at fair value	178,637	2,105	—	180,742

(1)

(2)

Transfers Between Level 1 and Level 2

Transfers of financial assets and financial liabilities at fair value to or from Levels 1 and 2 arise where the market for a specific financial instrument has become active or inactive during the period. The fair values transferred are ascribed as if the financial assets or financial liabilities had been transferred as of the end of the period. During the years ended December 31, 2022 and 2023, there were no transfers between levels for financial assets and liabilities, at fair value.

3. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Continued)

Financial Assets and Liabilities Not Measured at Fair Value

The following financial instruments are not measured at fair value in the Group’s consolidated balance sheets as of December 31, 2022 and 2023, but require disclosure of their fair values: cash and cash equivalents, cash held on behalf of clients, term deposit, restricted cash, treasury bills, securities purchased under agreements to resell, loans and advances, receivables, other financial assets, amounts due to related parties, payables, borrowings and other financial liabilities. The estimated fair value of such instruments at December 31, 2022 and 2023 approximates their carrying value due to their generally short maturities. If measured at fair value in the financial statements, cash and cash equivalents, cash held on behalf of clients and term deposit would be classified as level 1, while other financial instruments would be classified as level 2.

Netting of Financial Assets and Financial Liabilities

The Group’s policy is to net the receivables from and payables to clearing organizations that meet the offsetting requirements prescribed in ASC Topic 210-20. The following tables represents the amounts of financial instruments that are offset in the consolidated balance sheets as of December 31, 2022 and 2023.

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

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, 2023

amount

sheet

arrangements

collateral

amount

HK$ in thousands

Financial Assets

Amounts due from clearing organizations

6,939,778

(2,694,985)

4,244,793

—

4,244,793

Financial liabilities

Amounts due to clearing organizations

4,124,751

(4,100,655)

24,096

—

24,096

- Definition

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.

+ References + Details

INTEREST INCOME (Details) $ in Thousands, $ in Thousands	12 Months Ended
INTEREST INCOME (Details) $ in Thousands, $ in Thousands	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)
INTEREST INCOME
Bank deposits	$ 2,482,866		$ 986,387	$ 197,390
Margin financing	1,754,056		1,588,569	1,720,473
Securities lending	1,053,294		499,745	397,505
Stock-pledged loans	170,566		135,733	1,872
Treasury bills	68,556
IPO and other financing	7,084		3,893	200,958
Total	$ 5,536,422	$ 708,807	$ 3,214,327	$ 2,518,198

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References + Details

LEASE - Operating lease expense reported in the consolidated statements (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating lease cost
Operating lease cost	$ 122,333	$ 119,854	$ 106,459

TAXATION - Components of the deferred tax assets (Details) - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Net operating loss carryforwards	$ 187,154	$ 129,248
Accrued expenses and others	98,227	79,098
Less: valuation allowance	(188,205)	(122,624)	$ (169,422)	$ (67,769)
Total deferred tax assets	97,176	85,722
Set-off of deferred tax liabilities pursuant to set-off provisions	(356)	(1,158)
Net deferred tax assets	96,820	84,564
Total deferred tax liabilities	6,682	8,572
Set-off of deferred tax assets pursuant to set-off provisions	(356)	(1,158)
Net deferred tax liabilities	$ 6,326	$ 7,414

LOANS AND ADVANCES (Details) - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Loans And Advances
Subtotal	$ 32,593,304	$ 26,740,963
Less: Allowance for credit losses	(45,949)	(27,840)
Total	32,547,355	26,713,123
Financing Receivable, before Allowance for Credit Loss	32,593,304	26,740,963
Financing Receivable, Allowance for Credit Loss	45,949	27,840
Asset Pledged as Collateral
Loans And Advances
Less: Allowance for credit losses	(5,000)	0
Financing Receivable, Allowance for Credit Loss	5,000	0
Margin loans
Loans And Advances
Subtotal	30,621,456	24,681,724
Financing Receivable, before Allowance for Credit Loss	30,621,456	24,681,724
IPO loans
Loans And Advances
Subtotal		89,465
Financing Receivable, before Allowance for Credit Loss		89,465
Other advances
Loans And Advances
Subtotal	1,971,848	1,969,774
Financing Receivable, before Allowance for Credit Loss	1,971,848	1,969,774
Other advances \| Asset Pledged as Collateral
Loans And Advances
Subtotal	1,912,570	1,910,670
Financing Receivable, before Allowance for Credit Loss	$ 1,912,570	$ 1,910,670

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

BORROWINGS - Additional Information (Details) - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
BORROWINGS
Borrowings weighted average interest rate	5.30%	3.86%
Borrowing capacity	$ 586,178	$ 0
Banks
BORROWINGS
Unused borrowing facilities	$ 17,400,130	$ 19,989,078

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1D
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1D
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

INTEREST EXPENSES (Details) - HKD ($) $ in Thousands	12 Months Ended
INTEREST EXPENSES (Details) - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INTEREST EXPENSES
Interest expenses for securities borrowed - Due to brokers	$ 722,310	$ 183,138	$ 18,624
Interest expenses for securities borrowed - Due to clients	15,467	26,650	132,034
Interest expenses for margin financing - Due to banks	171,451	74,397	125,002
Interest expenses for margin financing - Due to other licensed financial institutions	131	8,318	51,179
Interest Expenses for Other Businesses	1,400		50,063
Total	$ 910,759	$ 292,503	$ 376,902

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

OTHER ASSETS

12 Months Ended

Dec. 31, 2023

OTHER ASSETS

OTHER ASSETS

10. OTHER ASSETS


	As of December 31,
	2022	2023

	(HK$ in thousands)
Current:
Deposit	52,863	57,932
Staff advances	18,685	17,667
Others	30,710	59,880
Total	102,258	135,479
Non-current:
Refundable deposit	680,356	932,899
Property and equipment, net (Note 7)	145,837	124,964
Deferred tax assets (Note 25)	84,564	96,820
Intangible assets, net (Note 8)	54,448	72,071
Total	965,205	1,226,754

RESTRICTED NET ASSETS (Details) - HKD ($) $ in Thousands	12 Months Ended
RESTRICTED NET ASSETS (Details) - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
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
Percent of net assets	25.00%

COLLATERALIZED TRANSACTIONS

12 Months Ended

Dec. 31, 2023

COLLATERALIZED TRANSACTIONS

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, 2022 and 2023:


	As of December 31,
	2022	2023

	(HK$ in thousands)
Collateral received from clients	109,296,132	127,758,188
Collateral received from brokers	48,349	203,500
Collateral repledged to commercial banks and other financial institutions	12,326,953	13,326,597

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, 2022 and 2023:


	As of December 31,
	2022	2023

	(HK$ in thousands)
Securities borrowed and loaned (1)	12,786,899	16,106,157
Cash collateral received from borrowers	14,874,210	18,707,651
Cash collateral deposited with lenders	1,889,795	2,663,837

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

OTHER INCOME (Tables)

12 Months Ended

Dec. 31, 2023

OTHER INCOME.

Schedule of other income


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)

Funds distribution service income	68,856	96,676	265,686
Currency exchange service income	201,030	141,322	133,644
Market information and data income	43,921	41,498	37,053
Enterprise public relations service charge income	96,327	44,033	25,941
Underwriting fee income	86,880	25,350	16,090
IPO subscription service charge income	169,336	6,513	3,714
Others	17,745	36,666	45,089
Total	684,095	392,058	527,217

SIGNIFICANT ACCOUNTING POLICIES - Transactions between the VIE and other entities in the consolidated group (Details) $ in Thousands, $ in Thousands, ¥ in Millions	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
SIGNIFICANT ACCOUNTING POLICIES
Amounts due to related parties	$ 69,018		$ 52,725		$ 8,836
Revenues	10,008,418	$ 1,281,340	7,614,027	$ 7,115,320
Related Party
SIGNIFICANT ACCOUNTING POLICIES
Amounts due to related parties	69,018		52,725
VIEs and its subsidiaries
SIGNIFICANT ACCOUNTING POLICIES
Revenues	301,087		226,468	210,161
Advances from Group companies	0		8,120	0
Repayment of advances	0		8,120	0
Registered capital \| ¥						¥ 10	¥ 10
VIEs and its subsidiaries \| Inter-company
SIGNIFICANT ACCOUNTING POLICIES
Revenues	279,145		202,834	$ 187,774
VIEs and its subsidiaries \| Internal companies
SIGNIFICANT ACCOUNTING POLICIES
Due from internal companies	370,065		222,446
Amounts due to related parties	$ 87,630		$ 88,487

PROCESSING AND SERVICING COSTS (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)
PROCESSING AND SERVICING COSTS.
Cloud service fee	$ 181,241		$ 216,140	$ 122,269
Market information and data fee	82,026		79,439	70,387
System cost	58,709		28,324	12,160
Data Transmission Fee	44,718		41,775	46,289
Others	9,210		8,162	5,898
Total	$ 375,904	$ 48,126	$ 373,840	$ 257,003

FINANCIAL ASSETS AND FINANCIAL LIABILITIES - Transfers Between Level 1 and Level 2 (Details) - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
FINANCIAL ASSETS AND FINANCIAL LIABILITIES
Fair value asset transferred from level 1 to level 2	$ 0	$ 0

LOANS AND ADVANCES

12 Months Ended

Dec. 31, 2023

LOANS AND ADVANCES

LOANS AND ADVANCES

6. LOANS AND ADVANCES


	As of December 31,
	2022	2023

	(HK$ in thousands)
Margin loans	24,681,724	30,621,456
IPO loans	89,465	—
Other advances (1)	1,969,774	1,971,848
Subtotal	26,740,963	32,593,304
Less: Allowance for credit losses (2)	(27,840)	(45,949)
Total	26,713,123	32,547,355

(1)

Stock-pledged loans are included in other advance as of December 31, 2022 and 2023 with a gross amount of HK$1,910,670 thousand and HK$1,912,570 thousand, respectively.

(2)

The allowance for credit losses was HK$27,840 thousand and HK$45,949 thousand as of December 31, 2022 and 2023, of which nil and HK$5,000 thousand relate to stock-pledged loans, respectively.

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment


	As of December 31,
	2022	2023

	(HK$ in thousands)
Gross carrying amount
Computers and equipment	105,426	106,128
Furniture and fixtures	71,226	73,125
Office equipment	65,927	72,133
Office building	35,227	44,346
Vehicle	1,985	5,406
Total of gross carrying amount	279,791	301,138

Less: accumulated depreciation
Computers and equipment	(47,641)	(65,207)
Office equipment	(44,907)	(56,187)
Furniture and fixtures	(37,414)	(49,115)
Office building	(3,223)	(4,273)
Vehicle	(769)	(1,392)
Total of accumulated depreciation	(133,954)	(176,174)
Property and equipment, net	145,837	124,964

BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES (Tables)

12 Months Ended

Dec. 31, 2023

BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES.

Schedule of brokerage commission and handling charge expenses


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Commission, handling and settlement expenses	524,470	329,225	249,172
IPO subscription service charge expenses	47,689	564	395
Total	572,159	329,789	249,567

SIGNIFICANT ACCOUNTING POLICIES - Customer loyalty program (Details) - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Customers loyalty program
SIGNIFICANT ACCOUNTING POLICIES
Contract liabilities	$ 7,420	$ 5,815

SIGNIFICANT ACCOUNTING POLICIES - Convenience Translation (Details)	Dec. 31, 2023 $ / $
Convenience Translation
Exchange rate of HK$ per US$1.00	7.8109

SHORT-TERM INVESTMENTS - Additional information (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SHORT-TERM INVESTMENTS
Investment income	$ 68,323	$ 23,059	$ 0

NET INCOME PER SHARE - Antidilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Option [Member]
NET INCOME PER SHARE
Anti-dilutive shares excluded from the calculation of diluted net income per share	1,525,875	3,773,963	357,978

GENERAL INFORMATION, ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2023

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	December 17, 2015	Delaware, USA	100	%	Financial services
Futu Clearing Inc.	August 13, 2018	Delaware, USA	100	%	Financial services
Moomoo Financial 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.	April 5, 1920	Tokyo, Japan	100	%	Financial services
Moomoo Financial Canada Inc. ⁽¹⁾ (previous name: OTT Financial Canada Inc.)	August 7, 2015	Ontario, Canada	85	%	Financial services
Futu Lending Limited	April 18, 2017	Hong Kong	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)	This subsidiary changed company names in June 2023.

(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.

LONG-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

LONG-TERM INVESTMENTS

Schedule of Long term Investments


	As of December 31,
	2022	2023

	(HK$ in thousands)

Equity method investments (1)	224,042	222,870
Equity investments without readily determinable fair values (2)	15,652	15,686
Total	239,694	238,556

(1)

Equity method investments

(2)

Equity investments without readily determinable fair values

PROCESSING AND SERVICING COSTS

12 Months Ended

Dec. 31, 2023

PROCESSING AND SERVICING COSTS.

PROCESSING AND SERVICING COSTS

23. PROCESSING AND SERVICING COSTS


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)

Cloud service fee	122,269	216,140	181,241
Market information and data fee	70,387	79,439	82,026
System cost	12,160	28,324	58,709
Data transmission fee	46,289	41,775	44,718
Others	5,898	8,162	9,210
Total	257,003	373,840	375,904

LONG-TERM INVESTMENTS - Additional Information (Details) $ in Thousands, $ in Thousands	1 Months Ended			12 Months Ended
	Sep. 30, 2023 HKD ($)	Jun. 30, 2022 HKD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
LONG-TERM INVESTMENTS
Equity method investments	$ 11,767	$ 235,434	$ 7,798	$ 222,870		$ 224,042	$ 7,798
Loss on investment				13,497	$ 1,728	17,752	0
Impairment provision of equity method investments								$ 0	$ 0
Equity investments without readily determinable fair values			$ 15,596	15,686		15,652	15,596
Impairment provision of equity investments without readily determinable fair values				0		0
Private equity fund 1
LONG-TERM INVESTMENTS
Percentage of equity interest (as a percent)	12.00%		10.00%
Loss on investment				1,834		0	$ 0
Private equity fund 2
LONG-TERM INVESTMENTS
Percentage of equity interest (as a percent)		16.00%
Loss on investment				$ 11,663		$ 17,752
Newflow Amity Fund I, LP
LONG-TERM INVESTMENTS
Percentage of equity interest (as a percent)							2.75%

BROKERAGE COMMISSION AND HANDLING CHARGE INCOME

12 Months Ended

Dec. 31, 2023

BROKERAGE COMMISSION AND HANDLING CHARGE INCOME

BROKERAGE COMMISSION AND HANDLING CHARGE INCOME

18. BROKERAGE COMMISSION AND HANDLING CHARGE INCOME


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Brokerage commission income	3,147,610	3,244,255	3,198,444
Handling charge income	765,417	763,387	746,335
Total	3,913,027	4,007,642	3,944,779

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

15. SHARE-BASED COMPENSATION

Share-based compensation was recognized in operating expenses for the years ended December 31, 2021, 2022 and 2023 as follows:


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Research and development expenses	75,755	145,226	201,033
General and administrative expenses	14,020	44,099	69,560
Selling and marketing expenses	9,138	15,204	20,238
Total share-based compensation expenses	98,913	204,529	290,831

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.

For the years ended December 31, 2021, 2022 and 2023, the Group granted 1,080,000, nil and 128,000 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, 2021, 2022 and 2023 is included in the table below.


	Options granted	Weighted average
	share number	exercise price per option (US$)
Outstanding at January 1, 2021	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
Exercised	(2,560,304)	0.5574
Granted	128,000	0.6500
Forfeited	(294,480)	0.6368
Outstanding at December 31, 2023	7,259,362	0.5533

The following table summarizes information regarding the share options outstanding as of December 31, 2023 and exercise prices and aggregate intrinsic value have been adjusted according to the modification of exercise price in December 2019:


	As of December 31, 2023
			Weighted-
			average
		Weighted-	remaining
		average	exercise
	Options	exercise price	contractual life	Aggregate
	number	per option	(years)	intrinsic value
		US$		US$ in thousand
Options
Outstanding	7,259,362	0.5533	1.63	45,556
Exercisable	4,515,026	0.5643	0.87	28,284
Expected to vest	2,744,336	0.5351	2.89	17,272

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, 2023.

15. SHARE-BASED COMPENSATION (Continued)

Share Options (Continued)

The weighted average grant date fair value of options granted for the years ended December 31, 2021, 2022 and 2023 were US$18.9219, nil and US$4.9563 per option, respectively.

Options exercised for the years ended December 31, 2021, 2022 and 2023 were 5,875,592, 2,968,984 and 2,560,304, respectively. The total intrinsic value of options exercised during year ended December 31, 2023 was approximately HK$118,913 thousand (US$15,224 thousand).

The fair value of each option granted during 2021, 2022 and 2023 was estimated on the date of each grant using the binomial option pricing model with the assumptions (or ranges thereof) in the following table:


	2021		2022	2023

Risk-free interest rate	0.09%-0.89	%	NA	4.13	%
Expected term (in years)	5.00		NA	4.00
Expected dividend yield	0	%	NA	0	%
Expected volatility	40	%	NA	40	%
Expected forfeiture rate (post-vesting)	15	%	NA	15	%

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, 2023, there was HK$95,559 thousand (US$12,234 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 2.33 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, 2021, 2022 and 2023:


		Weighted -
		average grant date
	Shares awarded number	fair value per share(US$)
Outstanding at January 1, 2021	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
Vested	(5,683,896)	5.0877
Granted	8,769,800	6.1047
Forfeited	(2,500,424)	5.2052
Outstanding at December 31, 2023	27,277,728	5.6734

For the years ended December 31, 2021, 2022 and 2023, the Group granted 12,105,712,14,357,520 and 8,769,800 restricted shares units to employees pursuant to the 2019 Share Incentive Plan, respectively.

As of December 31, 2023, there was HK1,130,550 thousand (US$144,740 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 3.90 years and may be adjusted for future changes in estimated forfeitures.

GENERAL INFORMATION, ORGANIZATION AND PRINCIPAL ACTIVITIES (Details)	Dec. 18, 2007	Dec. 31, 2023
Futu Securities International (Hong Kong) Limited ("Futu Securities")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Moomoo Financial Inc(1) (previous name: Futu Inc.)
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Futu Clearing Inc.
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Moomoo Financial 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.
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Moomoo Financial Canada Inc. (previous name: OTT Financial Canada Inc.)
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		85.00%
Futu Lending Limited
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 Network Technology (Beijing) Co., Ltd. ("Shen Si")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Shenzhen Futu Network Technology Co., Ltd.(2) ("Shenzhen Futu")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of Direct or Indirect Economic Interest, Subsidiaries		100.00%
Mr. Leaf Hua Li \| Shenzhen Futu Network Technology Co., Ltd.(2) ("Shenzhen Futu")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of equity interest (as a percent)	85.00%
Ms. Lei Li \| Shenzhen Futu Network Technology Co., Ltd.(2) ("Shenzhen Futu")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of equity interest (as a percent)	15.00%

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

7. PROPERTY AND EQUIPMENT, NET


	As of December 31,
	2022	2023

	(HK$ in thousands)
Gross carrying amount
Computers and equipment	105,426	106,128
Furniture and fixtures	71,226	73,125
Office equipment	65,927	72,133
Office building	35,227	44,346
Vehicle	1,985	5,406
Total of gross carrying amount	279,791	301,138

Less: accumulated depreciation
Computers and equipment	(47,641)	(65,207)
Office equipment	(44,907)	(56,187)
Furniture and fixtures	(37,414)	(49,115)
Office building	(3,223)	(4,273)
Vehicle	(769)	(1,392)
Total of accumulated depreciation	(133,954)	(176,174)
Property and equipment, net	145,837	124,964

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, 2021, 2022 and 2023 were HK$34,118 thousand, HK$48,014 thousand and HK$43,702 thousand, respectively.

SIGNIFICANT ACCOUNTING POLICIES - Taxation (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Uncertain tax positions
Interest and penalties associated with uncertain tax positions	$ 0	$ 0	$ 0

SIGNIFICANT ACCOUNTING POLICIES - Current Expected Credit Losses (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)
SIGNIFICANT ACCOUNTING POLICIES
Expected credit loss expenses	$ 18,080	$ 2,315	$ 15,619	$ 3,200

SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details)	Dec. 31, 2023
Computer software
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	5 years
License
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	10 years

LEASE (Tables)

12 Months Ended

Dec. 31, 2023

LEASE

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


	As of December 31,
	2022	2023

	(HK$ in thousands)

Operating lease right-of-use assets	196,864	224,092
Operating lease liabilities	211,143	238,017

Schedule of operating lease expenses reported in the consolidated statements of comprehensive income


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)

Operating lease cost	106,459	119,854	122,333

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


		December 31, 2023
		(HK$ in thousands)

2024		116,684
2025		104,637
2026		24,745
2027		2,048
Total undiscounted operating lease payments		248,114
Less: imputed interest		(10,097)
Present value of operating lease liabilities		238,017

RELATED PARTY BALANCES AND TRANSACTIONS - Additional Information (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)	Dec. 31, 2023 USD ($)
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due to related parties	$ 69,018		$ 52,725		$ 8,836
Revenues	10,008,418	$ 1,281,340	7,614,027	$ 7,115,320
Related Party [Member]
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due to related parties	69,018		52,725
Officer [Member] \| Payables to clients
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due to related parties	31,545		29,705
Officer [Member] \| Principal Shareholders and Directors And Immediate Family Member of Management [Member] \| Brokerage Services and Margin Loans
RELATED PARTY BALANCES AND TRANSACTIONS
Revenues	$ 88		$ 624	$ 1,430

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

+ Details

NON-INTEREST COST AND EXPENSES BY NATURE (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)
NON-INTEREST COST AND EXPENSES BY NATURE
Employee compensation and benefits	$ 2,539,858		$ 2,067,204	$ 1,248,682
Marketing and branding	461,594		548,348	1,163,495
Processing and servicing costs (Note 23)	375,904	$ 48,126	373,840	257,003
Brokerage commission and handling charge expenses (Note 21)	249,567	$ 31,951	329,789	572,159
Rental and other related expenses	157,898		119,854	106,459
Professional services	69,324		135,167	59,697
Depreciation and amortization	60,849		54,714	36,435
Others	175,182		123,706	111,675
Total	$ 4,090,176		$ 3,752,622	$ 3,555,605

SHARE-BASED COMPENSATION - Fair value of options granted and compensation expenses (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2021	Dec. 31, 2023 USD ($)
Fair value of options granted estimation:
Risk-free interest rate (as a percent)	4.13%
Expected term (in years)	4 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%
Maximum
Fair value of options granted estimation:
Risk-free interest rate (as a percent)		0.89%
Share Options
Fair value of options granted estimation:
Unrecognized compensation expenses	$ 95,559		$ 12,234
Weighted-average period expected to be recognized for unrecognized compensation expense (in years)	2 years 3 months 29 days

REGULATORY REQUIREMENTS

12 Months Ended

Dec. 31, 2023

REGULATORY REQUIREMENTS

REGULATORY REQUIREMENTS

27. REGULATORY REQUIREMENTS

The Company’s principal broker-dealer subsidiaries, Futu Securities, Futu Clearing Inc., Moomoo Financial Singapore Pte. Ltd and Moomoo Financial Inc. 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.

Futu Clearing Inc. and Moomoo Financial 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 License) Regulations, which requires the maintenance of financial resource over its total risk requirement.

The tables below summaries the net capital, the requirement and the excess capital for the Group’s principle broker-dealer subsidiaries as of December 31, 2023:


	As of December 31, 2023
	Net Capital/
	Eligible Equity	Requirement	Excess

	(HK$ in thousands)
Futu Securities	9,612,288	1,528,623	8,083,665
Futu Clearing Inc.	5,198,748	375,692	4,823,056
Moomoo Financial Singapore Pte. Ltd.	1,761,901	258,553	1,503,348
Moomoo Financial Inc.	132,522	21,619	110,903

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, 2023, all of the regulated operating subsidiaries were in compliance with their respective regulatory capital requirements.

FINANCIAL ASSETS AND FINANCIAL LIABILITIES - Financial Assets and Liabilities Measured at value (Details) - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Short-term investments	$ 149,348	$ 8,181
Other financial assets	31,394	1,911
Total financial assets, measured at fair value	180,742	10,092
Fair value disclosure	0
Fixed Income Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Alternative Investment	829,999	0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Short-term investments	149,348	8,181
Other financial assets	29,289
Total financial assets, measured at fair value	178,637	8,181
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Other financial assets	2,105	1,911
Total financial assets, measured at fair value	$ 2,105	$ 1,911

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

2. 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) Risks in relation to the VIE structure


	As of December 31,
	2022	2023

	(HK$ in thousands)
Total assets	309,708	424,717
Total liabilities	191,263	189,286

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

VIE Companies (Continued)

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


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Total operating revenue	210,161	226,468	301,087
Net income	52,741	39,542	97,248


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Net cash generated from/(used in) operating activities	2,340	34,727	(11,798)
Net cash used in investing activities	(3,327)	(3,201)	(6,818)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—	(1,476)	123
Net (decrease)/increase in cash, cash equivalents and restricted cash	(987)	30,050	(18,493)
Cash, cash equivalents and restricted cash at beginning of the year	3,738	2,751	32,801
Cash, cash equivalents and restricted cash at end of the Year	2,751	32,801	14,308

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

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Current Expected Credit Losses

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

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.

Restricted Cash

Short-term Investments

Securities Purchased Under Agreements to Resell

Transactions involving purchases of securities under agreements to resell (resell agreements) are treated as collateralized financing transactions.

Loans and advances

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Loans and advances (Continued)

Stock - pledged loans to enterprises that are included in other advance mainly pledged listed shares of other companies provided by these borrowers as collateral.

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:

a)Each of two parties owes the other determinable amounts.

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

c)The reporting party intends to set off.

d)The right of setoff is enforceable at law.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Interest Receivable and Payable

Securities Borrowed and Securities Loaned

Leases

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Leases (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.

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

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. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Long-term investments (Continued)

2)Equity investments without readily determinable fair values

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 recognized at a point in time when the service has been passed to the customer.

2)	Interest income

3)	Other income

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Revenue Recognition (Continued)

3)	Other income (Continued)

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

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)

As of December 31, 2022 and 2023, contract liabilities recorded related to the customer loyalty program were HK $5,815 thousand and HK $7,420 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

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Selling and Marketing Expenses

General and Administrative Expenses

Others, net

Foreign Currency Gains and Losses

Share-Based Compensation

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

1)	Currency risk

2)	Credit risk

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Significant Risks and Uncertainties (Continued)

2)	Credit risk (Continued)

Concentrations of Credit Risk

3)	Interest rate risk

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Recent Accounting Pronouncements

New accounting standards which have not yet been adopted

LEASE

12 Months Ended

Dec. 31, 2023

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,
	2022	2023

	(HK$ in thousands)

Operating lease right-of-use assets	196,864	224,092
Operating lease liabilities	211,143	238,017

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,
	2021	2022	2023

	(HK$ in thousands)

Operating lease cost	106,459	119,854	122,333

The following table reconciles the undiscounted cash flows of the Group’s leases as of December 31, 2023 to the present value of its operating lease payments:


		December 31, 2023
		(HK$ in thousands)

2024		116,684
2025		104,637
2026		24,745
2027		2,048
Total undiscounted operating lease payments		248,114
Less: imputed interest		(10,097)
Present value of operating lease liabilities		238,017

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)
Cash flows from operating activities
Net income	$ 4,278,949	$ 547,817	$ 2,926,893	$ 2,810,210
Adjustments for:
Depreciation and amortization	60,849	7,790	54,714	36,436
Expected credit loss expenses	18,080	2,315	15,619	3,200
Share of loss from equity method investments	13,497	1,728	17,752	0
Impairment from other non-current assets	0	0	77,217	0
Foreign exchange (gains)/losses	(66,032)	(8,454)	133,124	(138,234)
Share-based compensation	290,831	37,234	204,529	98,913
Realized gain from short-term investments	(68,323)	(8,747)	(23,059)
Unrealized gain from short-term investments	(58,950)	(7,547)	(1,728)	(26)
Deferred income tax benefit	(14,769)	(1,891)	(52,112)	(21,431)
Amortization of right-of-use assets	110,357	14,129	94,933	83,695
Changes in operating assets:
Net (increase)/decrease in securities purchased under agreements to resell	(101,039)	(12,936)	74,203	(106,203)
Net (increase)/decrease in loans and advances	(5,852,341)	(749,253)	2,858,601	(10,765,123)
Net (increase)/decrease in accounts receivable from clients and brokers	945,661	121,069	1,936,445	(1,847,898)
Net increase in accounts receivable from clearing organizations	(1,177,840)	(150,794)	(1,101,912)	(717,193)
Net decrease / (increase) in accounts receivable from fund management companies and fund distributors	(72,605)	(9,295)	(6,746)	225,282
Net (increase)/decrease in interest receivable	9,737	1,247	(199,714)	(30,953)
Net increase in prepaid assets	(9,929)	(1,271)	(8,904)	(6,653)
Net increase in other assets	(287,513)	(36,809)	(445,903)	(105,145)
Changes in operating liabilities:
Net (decrease)/increase in amounts due to related parties	17,593	2,252	3,690	(37,983)
Net increase/(decrease) in accounts payable to clients and brokers	(4,613,791)	(590,686)	2,297,647	16,130,249
Net increase/(decrease) in accounts payable to clearing organizations	(27,771)	(3,555)	(341,915)	69,516
Net (decrease)/increase in accounts payable to fund management companies and fund distributors	84,774	10,853	34,111	(70,752)
Net increase in payroll and welfare payable	307,192	39,329	337,237	213,981
Net increase/(decrease) in interest payable	34,245	4,384	(5,495)	9,866
Net decrease in operating lease liabilities	(107,528)	(13,766)	(93,093)	(79,544)
Net decrease in securities sold under agreements to repurchase			(4,467,861)	(985,176)
Net increase/(decrease) in other liabilities	(50,730)	(6,495)	(843,342)	1,242,937
Net cash generated from/(used in) operating activities	(6,337,396)	(811,352)	3,474,931	6,011,971
Cash flows from investing activities
Purchase of property and equipment and intangible assets	(77,763)	(9,956)	(90,520)	(70,456)
Purchase of short-term investments	(4,755,173)	(608,787)	(4,061,490)	(1,169,715)
Proceeds from disposal of short-term investments	2,417,221	309,468	4,590,834
Acquisition of long-term investments	(11,767)	(1,506)	(235,434)	(23,394)
Placement of term deposits	(29,282)	(3,749)
Maturity of term deposits	29,882	3,826		300,000
Cash paid for acquisitions, net of cash acquired	(17,536)	(2,245)	(109,531)
Net cash (used in)/generated from investing activities	(2,444,418)	(312,949)	93,859	(963,565)
Cash flows from financing activities
Proceeds from public offering, net of issuance costs				10,856,524
Proceeds from exercise of employee share options	11,616	1,487	16,332	23,492
Purchase of treasury stocks	(874,692)	(111,984)	(3,145,810)	(1,178,755)
IPO loan borrowings (net)				(300,199)
Proceeds from other borrowings	79,581,200	10,188,480	70,806,177	53,483,435
Repayment of other borrowings	(76,410,167)	(9,782,505)	(74,686,220)	(52,313,417)
Payment of other financing expenses				(16,862)
Net cash generated from/ (used in) financing activities	2,307,957	295,478	(7,009,521)	10,554,218
Effect of exchange rate changes on cash, cash equivalents and restricted cash	66,352	8,495	(135,196)	167,130
Net increase/(decrease) in cash, cash equivalents and restricted cash	(6,407,505)	(820,328)	(3,575,927)	15,769,754
Cash, cash equivalents and restricted cash at beginning of the year	55,715,585	7,133,055	59,291,512	43,521,758
Cash, cash equivalents and restricted cash at end of the Year	49,308,080	6,312,727	55,715,585	59,291,512
Cash, cash equivalents and restricted cash
Cash and cash equivalents	4,937,538		5,028,898	4,555,096
Cash held on behalf of clients	44,369,310		50,685,472	54,734,351
Restricted cash	1,232		1,215	2,065
Cash, cash equivalents and restricted cash at end of the year	49,308,080		55,715,585	59,291,512
Supplemental disclosure
Interest paid	(876,514)	(112,217)	(297,998)	(367,036)
Income tax paid	(698,821)	(89,467)	(694,973)	(102,890)
Cash paid for amounts include in operating lease liabilities	$ (128,160)	$ (16,408)	$ (106,497)	$ (89,427)

SHARE-BASED COMPENSATION - Share-based compensation expenses (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)
SHARE-BASED COMPENSATION
Total share-based compensation expenses	$ 290,831	$ 37,234	$ 204,529	$ 98,913
Research and development expenses
SHARE-BASED COMPENSATION
Total share-based compensation expenses	201,033		145,226	75,755
General and administrative expenses
SHARE-BASED COMPENSATION
Total share-based compensation expenses	69,560		44,099	14,020
Selling and marketing expenses
SHARE-BASED COMPENSATION
Total share-based compensation expenses	$ 20,238		$ 15,204	$ 9,138

BORROWINGS (Details) $ in Thousands, $ in Thousands	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)
BORROWINGS
Borrowings from banks	$ 5,651,565	$ 723,549	$ 2,480,532
Banks
BORROWINGS
Borrowings from banks	$ 5,651,565		$ 2,480,532

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

OTHER INCOME

12 Months Ended

Dec. 31, 2023

OTHER INCOME.

OTHER INCOME

20. OTHER INCOME


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)

Funds distribution service income	68,856	96,676	265,686
Currency exchange service income	201,030	141,322	133,644
Market information and data income	43,921	41,498	37,053
Enterprise public relations service charge income	96,327	44,033	25,941
Underwriting fee income	86,880	25,350	16,090
IPO subscription service charge income	169,336	6,513	3,714
Others	17,745	36,666	45,089
Total	684,095	392,058	527,217

ORDINARY SHARES AND TREASURY STOCK (Details) $ / shares in Units, $ in Thousands, $ in Millions										1 Months Ended		12 Months Ended
	Sep. 26, 2023 shares	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, 2023 HKD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 HKD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 HKD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	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
Average price of share repurchase \| $ / shares													$ 4.60		$ 4.56		$ 5.13
Total consideration \| $												$ 874,692		$ 3,145,810		$ 1,178,755
ADS
ORDINARY SHARES AND TREASURY STOCK
Average price of share repurchase \| $ / shares													$ 36.81		$ 36.48		$ 41.04
ADS \| Maximum
ORDINARY SHARES AND TREASURY STOCK
Number of shares authorized to repurchase																		500,000,000.0	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)												2,560,304	2,560,304	2,968,984	2,968,984	5,875,592	5,875,592
Shares issued upon vest of outstanding restricted shares units												5,683,896	5,683,896	3,138,104	3,138,104	929,672	929,672
Number of shares repurchased												144,498,392	144,498,392	121,363,408	121,363,408	29,462,760	29,462,760
Total consideration												$ 5,199,300	$ 664.8	$ 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)												8,244,200	8,244,200	6,107,088	6,107,088	6,805,264	6,805,264
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	25,000,000	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	53,599,890
Shares cancelled																110	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

BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES

12 Months Ended

Dec. 31, 2023

BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES.

BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES

21. BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Commission, handling and settlement expenses	524,470	329,225	249,172
IPO subscription service charge expenses	47,689	564	395
Total	572,159	329,789	249,567

OTHER ASSETS (Details) $ in Thousands, $ in Thousands	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)
Current:
Deposit	$ 57,932		$ 52,863
Staff advances	17,667		18,685
Others	59,880		30,710
Total	135,479	$ 17,345	102,258
Non-current:
Refundable deposit	932,899		680,356
Property and equipment, net (Note 7)	124,964		145,837
Deferred tax assets (Note 25)	96,820		84,564
Intangible assets, net (Note 8)	72,071		54,448
Total	$ 1,226,754	$ 157,055	$ 965,205

TAXATION - Tax Reconciliation (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)
TAXATION
Income before income tax expenses and share of loss from equity method investments	$ 5,040,925	$ 645,370	$ 3,358,607	$ 3,185,291
Tax expenses at Hong Kong profit tax rate of 16.5%	831,588		554,005	524,907
Changes in valuation allowance	65,581		(46,798)	101,653
Tax effect of permanence differences	49,787		41,181	22,047
Effect of income tax jurisdictions other than Hong Kong	20,873		50,807	(32,182)
Super deduction of research and development expenses	(132,704)		(86,419)	(62,966)
Final settlement differences	11,756		(3,614)	(602)
Income not subject to tax (1)	(98,402)		(95,200)	(177,776)
Income tax expenses	$ 748,479	$ 95,825	$ 413,962	$ 375,081
Hong Kong
TAXATION
Hong Kong profit tax rate (as a percent)	16.50%	16.50%

LEASE - Undiscounted cash flows of the Group's leases (Details) - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Undiscounted cash flows of the leases to the present value of its operating lease payments
2024	$ 116,684
2025	104,637
2026	24,745
2027	2,048
Total undiscounted operating lease payments	248,114
Less: imputed interest	(10,097)
Present value of operating lease liabilities	$ 238,017	$ 211,143

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

30. SUBSEQUENT EVENTS

The Group evaluated events subsequent to the balance sheet date of December 31, 2023 through the date of issuance of the consolidated financial statements. No material recordable or disclosable events or transactions occurred.

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SIGNIFICANT ACCOUNTING POLICIES

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


	As of December 31,
	2022	2023

	(HK$ in thousands)
Total assets	309,708	424,717
Total liabilities	191,263	189,286

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

VIE Companies (Continued)

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


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Total operating revenue	210,161	226,468	301,087
Net income	52,741	39,542	97,248


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Net cash generated from/(used in) operating activities	2,340	34,727	(11,798)
Net cash used in investing activities	(3,327)	(3,201)	(6,818)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—	(1,476)	123
Net (decrease)/increase in cash, cash equivalents and restricted cash	(987)	30,050	(18,493)
Cash, cash equivalents and restricted cash at beginning of the year	3,738	2,751	32,801
Cash, cash equivalents and restricted cash at end of the Year	2,751	32,801	14,308

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

- Definition

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.

+ References + Details

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY $ in Thousands, $ in Thousands	Total shareholders' equity HKD ($)	Ordinary shares Class A Ordinary Shares [Member] HKD ($) shares	Ordinary shares Class B Ordinary Shares [Member] HKD ($) shares	Treasury stock purchases HKD ($) shares	Additional paid in capital HKD ($)	Accumulated other comprehensive (loss)/income HKD ($)	Retained earnings HKD ($)	Noncontrolling Interest HKD ($)	Class A Ordinary Shares [Member] HKD ($) shares	Class A Ordinary Shares [Member] USD ($) shares	HKD ($) shares	USD ($) shares
Beginning balances at Dec. 31, 2020		$ 47	$ 38		$ 6,960,369	$ 4,974	$ 1,342,262				$ 8,307,690
Beginning balance (in shares) at Dec. 31, 2020 \| shares		590,139,760	494,552,051
Profit for the year							2,810,210				2,810,210
Net income											2,810,210
Share-based compensation					98,913						98,913
Shares issued upon exercise of employee share options/ restricted share units ("RSUs")					19,957						19,957
Shares issued upon exercise of employee share options/ restricted share units ("RSUs") (in shares) \| shares		6,805,264							5,875,592	5,875,592
Issuance of ordinary shares		$ 7			10,856,517						10,856,524
Issuance of ordinary shares (in shares) \| shares		87,400,000
Treasury stock purchases				$ (1,178,755)					$ (1,178,800)	$ (151,200)	(1,178,755)
Treasury stock purchases (in shares) \| shares				(29,462,760)					29,462,760	29,462,760
Exercise of Pre-funded warrants		$ 4			(4)
Exercise of Pre-funded warrants (in shares) \| shares		53,599,890
Foreign currency translation adjustment, net of tax						71,020					71,020
Ending balances at Dec. 31, 2021		$ 58	$ 38		17,935,752	75,994	4,152,472				20,985,559
Ending balance at Dec. 31, 2021	$ 20,985,559	$ 58	$ 38		17,935,752	75,994	4,152,472				20,985,559
Ending balance (in shares) at Dec. 31, 2021 \| shares		737,944,914	494,552,051
Ending balance, Treasury stock at Dec. 31, 2021				$ (1,178,755)
Ending balance, Treasury stock (in shares) at Dec. 31, 2021 \| shares				(29,462,760)
Profit for the year											2,926,944
Net income	2,926,944						2,926,944	$ (51)			2,926,893
Share-based compensation	204,529				204,529						204,529
Shares issued upon exercise of employee share options/ restricted share units ("RSUs")	14,162	$ 1			14,161						14,162
Shares issued upon exercise of employee share options/ restricted share units ("RSUs") (in shares) \| shares		6,107,088							2,968,984	2,968,984
Surrendered and cancellation of Class A ordinary shares (in shares) \| shares		(6)
Share conversion from Class B to Class A		$ 9	$ (9)
Share conversion from Class B to Class A (in shares) \| shares		114,000,000	(114,000,000)
Treasury stock purchases	(3,145,810)			$ (3,145,810)					$ (4,324,600)	$ (553,200)	(3,145,810)
Treasury stock purchases (in shares) \| shares				(91,900,648)					121,363,408	121,363,408
Foreign currency translation adjustment, net of tax	(123,840)					(123,840)		18			(123,822)
Acquisition of a subsidiary								268			268
Ending balances at Dec. 31, 2022											20,861,544
Ending balance at Dec. 31, 2022	20,861,544	$ 68	$ 29		18,154,442	(47,846)	7,079,416	235			$ 20,861,779
Ending balance (in shares) at Dec. 31, 2022 \| shares		858,051,996	380,552,051
Ending balance, Treasury stock at Dec. 31, 2022				$ (4,324,565)
Ending balance, Treasury stock (in shares) at Dec. 31, 2022 \| shares				(121,363,408)							121,363,408	121,363,408
Profit for the year											$ 4,281,474	$ 548,140
Net income	4,281,474						4,281,474	(2,525)			4,278,949	547,817
Share-based compensation	290,831				290,831						290,831
Shares issued upon exercise of employee share options/ restricted share units ("RSUs")	11,166	$ 1			11,165						11,166
Shares issued upon exercise of employee share options/ restricted share units ("RSUs") (in shares) \| shares		8,244,200							2,560,304	2,560,304
Share conversion from Class B to Class A		$ 2	$ (2)
Share conversion from Class B to Class A (in shares) \| shares		25,000,000	(25,000,000)
Treasury stock purchases	(874,692)			$ (874,692)					$ (5,199,300)	$ (664,800)	(874,692)
Treasury stock purchases (in shares) \| shares				(23,134,984)					144,498,392	144,498,392
Foreign currency translation adjustment, net of tax	(1,587)					(1,587)					(1,587)
Capital injections from non-controlling interest								5,285			5,285
Ending balances at Dec. 31, 2023											24,568,736	3,145,442
Ending balance at Dec. 31, 2023	$ 24,568,736	$ 71	$ 27			$ (49,433)	$ 11,360,890	$ 2,995			$ 24,571,731	$ 3,145,825
Ending balance (in shares) at Dec. 31, 2023 \| shares		891,296,196	355,552,051	(144,498,392)
Ending balance, Treasury stock at Dec. 31, 2023					$ 18,456,438
Ending balance, Treasury stock (in shares) at Dec. 31, 2023 \| shares				(5,199,257,000)							144,498,392	144,498,392

TAXATION

12 Months Ended

Dec. 31, 2023

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 (“U.S.”)

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.

25. TAXATION (Continued)

Income Tax (Continued)

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, 2021, 2022 and 2023, 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 2023 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 has increased to 100% during the period since October 1, 2022.

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.

25. TAXATION (Continued)

Income Tax (Continued)

5)	China (Continued)

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,
	2021	2022	2023

	(HK$ in thousands)
Current income tax expenses	396,512	466,074	763,248
Deferred income tax benefit	(21,431)	(52,112)	(14,769)
Income tax expenses	375,081	413,962	748,479

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,
	2021	2022	2023

	(HK$ in thousands)
Income before income tax expenses and share of loss from equity method investments	3,185,291	3,358,607	5,040,925
Tax expenses at Hong Kong profit tax rate of 16.5%	524,907	554,005	831,588
Changes in valuation allowance	101,653	(46,798)	65,581
Tax effect of permanence differences	22,047	41,181	49,787
Effect of income tax jurisdictions other than Hong Kong	(32,182)	50,807	20,873
Super deduction of research and development expenses	(62,966)	(86,419)	(132,704)
Final settlement differences	(602)	(3,614)	11,756
Income not subject to tax (1)	(177,776)	(95,200)	(98,402)
Income tax expenses	375,081	413,962	748,479

(1)	This amount mainly represents tax exempted items, including the exempted interest income and offshore income of Futu Securities derived from executing the clients’ orders of US listed securities, etc.

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,
	2022	2023

	(HK$ in thousands)
Deferred tax assets
Net operating loss carryforwards	129,248	187,154
Accrued expenses and others	79,098	98,227
Less: valuation allowance	(122,624)	(188,205)
Total deferred tax assets	85,722	97,176
Set-off of deferred tax liabilities pursuant to set-off provisions	(1,158)	(356)
Net deferred tax assets	84,564	96,820

Total deferred tax liabilities	8,572	6,682
Set-off of deferred tax assets pursuant to set-off provisions	(1,158)	(356)
Net deferred tax liabilities	7,414	6,326

25. TAXATION (Continued)

Movement of Valuation Allowance


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Balance at beginning of the year	67,769	169,422	122,624
Additions	108,347	97,727	77,016
Reversals	(6,694)	(144,525)	(11,435)
Balance at end of the year	169,422	122,624	188,205

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, 2022 and 2023, the Group had net operating loss carryforwards of approximately HK$671,237 thousand and HK$877,231 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, 2022 and 2023, of the net operating loss carryforwards, HK$625,688 thousand and HK$877,231 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. Apart from these net operating loss carryforwards that was provided for valuation allowance, the remaining 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 2018 through 2022 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 2017.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

BORROWINGS

12 Months Ended

Dec. 31, 2023

BORROWINGS

BORROWINGS

11. BORROWINGS


	As of December 31,
	2022	2023

	(HK$ in thousands)

Borrowings from banks (1)	2,480,532	5,651,565

The Group obtained borrowings mainly to support its margin financing business. Those borrowings bear weighted average interest rates of 3.86% and 5.30% as of December 31, 2022 and 2023, respectively.

(1)

The Group has unused borrowing facilities of HK$19,989,078 thousand and HK$17,400,130 thousand from banks as of December 31, 2022 and 2023, of which nil and HK$586,178 thousand are committed, and the remaining are uncommitted, respectively. 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

NET INCOME PER SHARE (Details) - Pre-Funded Warrants - Class A ordinary shares - $ / 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

REGULATORY REQUIREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

REGULATORY REQUIREMENTS

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


	As of December 31, 2023
	Net Capital/
	Eligible Equity	Requirement	Excess

	(HK$ in thousands)
Futu Securities	9,612,288	1,528,623	8,083,665
Futu Clearing Inc.	5,198,748	375,692	4,823,056
Moomoo Financial Singapore Pte. Ltd.	1,761,901	258,553	1,503,348
Moomoo Financial Inc.	132,522	21,619	110,903

TAXATION (Tables)

12 Months Ended

Dec. 31, 2023

TAXATION

Schedule of current and deferred portion of income tax expenses


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Current income tax expenses	396,512	466,074	763,248
Deferred income tax benefit	(21,431)	(52,112)	(14,769)
Income tax expenses	375,081	413,962	748,479

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,
	2021	2022	2023

	(HK$ in thousands)
Income before income tax expenses and share of loss from equity method investments	3,185,291	3,358,607	5,040,925
Tax expenses at Hong Kong profit tax rate of 16.5%	524,907	554,005	831,588
Changes in valuation allowance	101,653	(46,798)	65,581
Tax effect of permanence differences	22,047	41,181	49,787
Effect of income tax jurisdictions other than Hong Kong	(32,182)	50,807	20,873
Super deduction of research and development expenses	(62,966)	(86,419)	(132,704)
Final settlement differences	(602)	(3,614)	11,756
Income not subject to tax (1)	(177,776)	(95,200)	(98,402)
Income tax expenses	375,081	413,962	748,479

(1)	This amount mainly represents tax exempted items, including the exempted interest income and offshore income of Futu Securities derived from executing the clients’ orders of US listed securities, etc.

Schedule of components of the deferred tax assets and liabilities


	As of December 31,
	2022	2023

	(HK$ in thousands)
Deferred tax assets
Net operating loss carryforwards	129,248	187,154
Accrued expenses and others	79,098	98,227
Less: valuation allowance	(122,624)	(188,205)
Total deferred tax assets	85,722	97,176
Set-off of deferred tax liabilities pursuant to set-off provisions	(1,158)	(356)
Net deferred tax assets	84,564	96,820

Total deferred tax liabilities	8,572	6,682
Set-off of deferred tax assets pursuant to set-off provisions	(1,158)	(356)
Net deferred tax liabilities	7,414	6,326

Schedule of movement of valuation allowance


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Balance at beginning of the year	67,769	169,422	122,624
Additions	108,347	97,727	77,016
Reversals	(6,694)	(144,525)	(11,435)
Balance at end of the year	169,422	122,624	188,205

SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment Reporting
Number of reportable segments	1

SIGNIFICANT ACCOUNTING POLICIES - Share-Based Compensation (Details) - Share-Based Payment Arrangement, Option	1 Months Ended	12 Months Ended
	Oct. 31, 2014	Dec. 31, 2023
Minimum
SIGNIFICANT ACCOUNTING POLICIES
Options vesting period	4 years	4 years
Maximum
SIGNIFICANT ACCOUNTING POLICIES
Options vesting period	5 years	5 years

LOANS AND ADVANCES (Tables)

12 Months Ended

Dec. 31, 2023

LOANS AND ADVANCES

Schedule of loans and advances


	As of December 31,
	2022	2023

	(HK$ in thousands)
Margin loans	24,681,724	30,621,456
IPO loans	89,465	—
Other advances (1)	1,969,774	1,971,848
Subtotal	26,740,963	32,593,304
Less: Allowance for credit losses (2)	(27,840)	(45,949)
Total	26,713,123	32,547,355

(1)

Stock-pledged loans are included in other advance as of December 31, 2022 and 2023 with a gross amount of HK$1,910,670 thousand and HK$1,912,570 thousand, respectively.

(2)

The allowance for credit losses was HK$27,840 thousand and HK$45,949 thousand as of December 31, 2022 and 2023, of which nil and HK$5,000 thousand relate to stock-pledged loans, respectively.

SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2023

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS

4. SHORT-TERM INVESTMENTS

The following is a summary of short-term investments:


	As of December 31,
	2022	2023

	(HK$ in thousands)

Treasury bills	666,883	2,135,266
Financial assets at fair value through profit or loss	270	830,528
Money market funds	7,911	148,819
Total	675,064	3,114,613

For the years ended December 31, 2021, 2022 and 2023, the Group recorded realized gain of nil, HK$23,059 thousand and HK$68,323 thousand related to short-term investments in the consolidated statements of comprehensive income, respectively.

COLLATERALIZED TRANSACTIONS (Details) - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
COLLATERALIZED TRANSACTIONS
Collateral received from clients	$ 127,758,188	$ 109,296,132
Collateral received from brokers	203,500	48,349
Collateral repledged to commercial banks and other financial institutions	13,326,597	12,326,953
Securities borrowed and loaned	16,106,157	12,786,899
Cash collateral received from borrowers	18,707,651	14,874,210
Cash collateral deposited with lenders	$ 2,663,837	$ 1,889,795

INTEREST INCOME

12 Months Ended

Dec. 31, 2023

INTEREST INCOME

INTEREST INCOME

19. INTEREST INCOME


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Interest income from:
Bank deposits	197,390	986,387	2,482,866
Margin financing	1,720,473	1,588,569	1,754,056
Securities lending	397,505	499,745	1,053,294
Stock-pledged loans	1,872	135,733	170,566
Treasury bills	—	—	68,556
IPO and other financing	200,958	3,893	7,084
Total	2,518,198	3,214,327	5,536,422

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38820
Entity Registrant Name	Futu Holdings Ltd
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	34/F, United Centre
Entity Address, Address Line Two	95 Queensway
Entity Address, Address Line Three	Admiralty
Entity Address, City or Town	Hong Kong S.A.R
Entity Address, Country	CN
Document Period End Date	Dec. 31, 2023
Entity Filer Category	Large Accelerated Filer
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	Yes
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Central Index Key	0001754581
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Location	Shenzhen, the People’s Republic of China
Auditor Firm ID	1424
Class A Ordinary Shares [Member]
Document Information [Line Items]
Security Exchange Name	NASDAQ
Title of 12(b) Security	Class A ordinary shares, par value US$0.00001 per share*
Entity Common Stock, Shares Outstanding	746,797,804
No Trading Symbol Flag	true
Class B Ordinary Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	355,552,051
ADR [Member]
Document Information [Line Items]
Security Exchange Name	NASDAQ
Trading Symbol	FUTU
Title of 12(b) Security	American depositary shares (one American depositary share representing eight Class A ordinary shares, par value US$0.00001 per share)
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	34/F, United Centre
Entity Address, Address Line Two	95 Queensway
Entity Address, Address Line Three	Admiralty
Entity Address, City or Town	Hong Kong S.A.R
Entity Address, Country	CN
Contact Personnel Name	Arthur Yu Chen
Contact Personnel Email Address	ir@futuholdings.com
City Area Code	852
Local Phone Number	2523-3588

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER LIABILITIES

Schedule of accrued expenses and other liabilities


	As of December 31,
	2022	2023

	(HK$ in thousands)
Current:
Accrued payroll and welfare expenses	868,646	1,175,838
Tax payables	267,619	327,623
Payables to corporate clients in relation to ESOP management services (1)	314,385	166,879
Accrued advertising and promotion fee	72,137	80,655
Temporary payables in relation to fund distribution services	18,725	45,523
Stamp duty, trading levy and trading fee payables	26,597	31,209
Accrued processing and servicing costs	30,462	34,977
Accrued professional services fee	31,083	15,958
Payables in relation to acquisition	19,196	1,660
Others	57,309	58,682
Total	1,706,159	1,939,004
Non-current:
Deferred tax liabilities (Note 25)	7,414	6,326
Others	6,206	5,857
Total	13,620	12,183

(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.

INTANGIBLE ASSETS, NET (Details) - HKD ($) $ in Thousands	12 Months Ended
INTANGIBLE ASSETS, NET (Details) - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OTHER ASSETS
Total of gross carrying amount	$ 101,483	$ 66,847
Total of accumulated amortization	(29,412)	(12,399)
Intangible assets, net	72,071	54,448
Amortization expense on intangible assets	17,147	6,700	$ 2,317
Computer software
OTHER ASSETS
Total of gross carrying amount	63,197	27,196
Total of accumulated amortization	(22,736)	(9,017)
License
OTHER ASSETS
Total of gross carrying amount	28,329	29,564
Total of accumulated amortization	(3,911)	(1,493)
Others.
OTHER ASSETS
Total of gross carrying amount	9,957	10,087
Total of accumulated amortization	$ (2,765)	$ (1,889)

SHORT-TERM INVESTMENTS (Details) $ in Thousands, $ in Thousands	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)
SHORT-TERM INVESTMENTS
Short-term investments	$ 3,114,613	$ 398,752	$ 675,064
Treasury bills
SHORT-TERM INVESTMENTS
Short-term investments	2,135,266		666,883
Financial assets at fair value through profit or loss
SHORT-TERM INVESTMENTS
Short-term investments	830,528		270
Money market funds
SHORT-TERM INVESTMENTS
Short-term investments	$ 148,819		$ 7,911

SIGNIFICANT ACCOUNTING POLICIES - Equity method investments (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Impairment charges on long-term investment using equity method	$ 0	$ 0	$ 0

FINANCIAL ASSETS AND FINANCIAL LIABILITIES - Netting of Financial Assets (Details) - Amounts due from clearing organizations - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Effects of offsetting on the balance sheet
Gross amounts	$ 6,939,778	$ 7,877,524
Gross amounts set off in the balance sheet	(2,694,985)	(4,810,571)
Net amounts presented in the balance sheet	4,244,793	3,066,953
Related amounts not offset
Net amount	$ 4,244,793	$ 3,066,953

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

Schedule of Share-based compensation recognized in operating expenses


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Research and development expenses	75,755	145,226	201,033
General and administrative expenses	14,020	44,099	69,560
Selling and marketing expenses	9,138	15,204	20,238
Total share-based compensation expenses	98,913	204,529	290,831

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, 2021	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
Exercised	(2,560,304)	0.5574
Granted	128,000	0.6500
Forfeited	(294,480)	0.6368
Outstanding at December 31, 2023	7,259,362	0.5533

Schedule of share options outstanding


	As of December 31, 2023
			Weighted-
			average
		Weighted-	remaining
		average	exercise
	Options	exercise price	contractual life	Aggregate
	number	per option	(years)	intrinsic value
		US$		US$ in thousand
Options
Outstanding	7,259,362	0.5533	1.63	45,556
Exercisable	4,515,026	0.5643	0.87	28,284
Expected to vest	2,744,336	0.5351	2.89	17,272

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


	2021		2022	2023

Risk-free interest rate	0.09%-0.89	%	NA	4.13	%
Expected term (in years)	5.00		NA	4.00
Expected dividend yield	0	%	NA	0	%
Expected volatility	40	%	NA	40	%
Expected forfeiture rate (post-vesting)	15	%	NA	15	%

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, 2021	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
Vested	(5,683,896)	5.0877
Granted	8,769,800	6.1047
Forfeited	(2,500,424)	5.2052
Outstanding at December 31, 2023	27,277,728	5.6734

FINANCIAL ASSETS AND FINANCIAL LIABILITIES - Netting of Financial Liabilities (Details) - Amounts due to clearing organizations - HKD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Effects of offsetting on the balance sheet
Gross amounts	$ 4,124,751	$ 4,862,438
Gross amounts set off in the balance sheet	(4,100,655)	(4,810,571)
Net amounts presented in the balance sheet	24,096	51,867
Related amounts not offset
Net amount	$ 24,096	$ 51,867

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

PROPERTY AND EQUIPMENT, NET (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OTHER ASSETS
Total of gross carrying amount	$ 301,138	$ 279,791
Total of accumulated depreciation	(176,174)	(133,954)
Property and equipment, net	124,964	145,837
Depreciation expenses on property and equipment	43,702	48,014	$ 34,118
Computers and equipment
OTHER ASSETS
Total of gross carrying amount	106,128	105,426
Total of accumulated depreciation	(65,207)	(47,641)
Furniture and fixtures
OTHER ASSETS
Total of gross carrying amount	73,125	71,226
Total of accumulated depreciation	(49,115)	(37,414)
Office equipment
OTHER ASSETS
Total of gross carrying amount	72,133	65,927
Total of accumulated depreciation	(56,187)	(44,907)
Office building
OTHER ASSETS
Total of gross carrying amount	44,346	35,227
Total of accumulated depreciation	(4,273)	(3,223)
Vehicle
OTHER ASSETS
Total of gross carrying amount	5,406	1,985
Total of accumulated depreciation	$ (1,392)	$ (769)

BROKERAGE COMMISSION AND HANDLING CHARGE INCOME (Tables)

12 Months Ended

Dec. 31, 2023

BROKERAGE COMMISSION AND HANDLING CHARGE INCOME

Schedule of brokerage commission and handling charge income


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)
Brokerage commission income	3,147,610	3,244,255	3,198,444
Handling charge income	765,417	763,387	746,335
Total	3,913,027	4,007,642	3,944,779

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2023

BORROWINGS

Schedule of borrowings


	As of December 31,
	2022	2023

	(HK$ in thousands)

Borrowings from banks (1)	2,480,532	5,651,565

The Group obtained borrowings mainly to support its margin financing business. Those borrowings bear weighted average interest rates of 3.86% and 5.30% as of December 31, 2022 and 2023, respectively.

(1)

LONG-TERM INVESTMENTS - Equity method investments and equity investments (Details) $ in Thousands, $ in Thousands	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 HKD ($)	Dec. 31, 2022 HKD ($)	Jun. 30, 2022 HKD ($)	Dec. 31, 2021 HKD ($)
LONG-TERM INVESTMENTS
Equity method investments	$ 222,870		$ 11,767	$ 224,042	$ 235,434	$ 7,798
Equity investments without readily determinable fair values	15,686			15,652		$ 15,596
Total	$ 238,556	$ 30,541		$ 239,694

SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment, net (Details)	Dec. 31, 2023
Computers equipment
SIGNIFICANT ACCOUNTING POLICIES
Residual rate (as a percent)	5.00%
Computers equipment \| Minimum
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	3 years
Computers equipment \| Maximum
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	5 years
Furniture and fixtures
SIGNIFICANT ACCOUNTING POLICIES
Residual rate (as a percent)	5.00%
Furniture and fixtures \| Minimum
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	3 years
Furniture and fixtures \| Maximum
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	5 years
Office equipment
SIGNIFICANT ACCOUNTING POLICIES
Residual rate (as a percent)	5.00%
Office equipment \| Minimum
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	3 years
Office equipment \| Maximum
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	5 years
Office building
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	30 years
Residual rate (as a percent)	5.00%
Vehicle
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	5 years
Residual rate (as a percent)	5.00%

TAXATION - Movement of Valuation Allowance (Details) - HKD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement of Valuation Allowance
Balance at beginning of the year	$ 122,624	$ 169,422	$ 67,769
Additions	77,016	97,727	108,347
Reversals	(11,435)	(144,525)	(6,694)
Balance at end of the year	$ 188,205	$ 122,624	$ 169,422

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS, NET

Schedule of Intangible assets


	As of December 31,
	2022	2023

	(HK$ in thousands)
Gross carrying amount
Computer software	27,196	63,197
License	29,564	28,329
Others	10,087	9,957
Total of gross carrying amount	66,847	101,483

Less: accumulated amortization
Computer software	(9,017)	(22,736)
Licenses	(1,493)	(3,911)
Others	(1,889)	(2,765)
Total of accumulated amortization	(12,399)	(29,412)
Intangible assets, net	54,448	72,071

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2023

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

29. RELATED PARTY BALANCES AND TRANSACTIONS (Continued)

(a) Cash and cash equivalent


	As of December 31,
	2022	2023

	(HK$ in thousands)
Cash and cash equivalent	349	346

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,
	2022	2023

	(HK$ in thousands)
Payables in relation to cloud equipment and services from Tencent Group	48,672	55,939
Payables to Tencent Group in relation to ESOP management services	3,822	11,957
Other services from Tencent Group	231	1,122
	52,725	69,018


	Year ended December 31,
	2021	2022	2023

	(HK$ in thousands)

Cloud service fee	114,386	171,692	152,429
Software purchased	3,869	1,997	1,300
ESOP management service income	640	675	565
SMS channel service fee	1,197	1,018	135
Equipment purchased	45,658	—	—
Other services	135	335	5,006
	165,885	175,717	159,435

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.

(d) Trade related transactions with Related Parties

Included in payables to clients in the consolidated balance sheets as of December 31, 2022 and 2023, were payables to directors and officers of HK$29,705 thousand and HK$31,545 thousand, respectively. Revenue earned by providing brokerage services to directors and officers and their spouses amounts to HK$1,430 thousand, HK$624 thousand and HK$88 thousand for the years ended December 31, 2021, 2022 and 2023, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

NET INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

NET INCOME PER SHARE

Schedule of earnings per share, basic and diluted


	Year ended December 31,
	2021	2022	2023

	(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	2,810,210	2,926,944	4,281,474
Denominator:
Weighted average number of ordinary shares outstanding - basic	1,200,912,670	1,139,377,763	1,104,899,411
Net income per share attributable to ordinary shareholders of the Company - basic	2.34	2.57	3.88
Diluted net income per share calculation:
Numerator:
Net income attributable to ordinary Shareholders of the Company	2,810,210	2,926,944	4,281,474
Denominator:
Weighted average number of ordinary shares outstanding - basic	1,200,912,670	1,139,377,763	1,104,899,411
Dilutive effect of share options and restricted share units	18,759,838	11,643,934	14,754,160
Weighted average number of ordinary shares outstanding - diluted	1,219,672,508	1,151,021,697	1,119,653,571
Net income per share attributable to ordinary shareholders of the Company - diluted	2.30	2.54	3.82

CONSOLIDATED BALANCE SHEETS $ in Thousands, $ in Thousands	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)
ASSETS
Cash and cash equivalents	$ 4,937,538	$ 632,134	$ 5,028,898
Cash held on behalf of clients	44,369,310	5,680,435	50,685,472
Restricted cash	1,232	158	1,215
Term deposit	5,540	709	5,860
Short-term investments	3,114,613	398,752	675,064
Securities purchased under agreements to resell	133,039	17,032	32,000
Loans and advances - current (net of allowance of HK$27,840 thousand and HK$45,949 thousand as of December 31, 2022 and 2023, respectively)	32,528,421	4,164,491	26,676,358
Receivables:
Clients	293,505	37,576	513,358
Brokers	5,189,155	664,348	5,914,963
Clearing organizations	4,244,793	543,445	3,066,953
Fund management companies and fund distributors	151,691	19,420	79,086
Interest	268,504	34,376	254,310
Prepaid assets	54,691	7,002	28,507
Other current assets	135,479	17,345	102,258
Total current assets	95,427,511	12,217,223	93,064,302
Operating lease right-of-use assets	224,092	28,690	196,864
Long-term investments	238,556	30,541	239,694
Loans and advances - non-current	18,934	2,424	36,765
Other non-current assets	1,226,754	157,055	965,205
Total non-current assets	1,708,336	218,710	1,438,528
Total assets	97,135,847	12,435,933	94,502,830
LIABILITIES
Amounts due to related parties	69,018	8,836	52,725
Payables:
Clients	48,762,263	6,242,848	57,209,066
Brokers	15,648,286	2,003,391	11,815,274
Clearing organizations	24,096	3,085	51,867
Fund management companies and fund distributors	175,575	22,478	90,801
Interest	44,109	5,647	9,864
Borrowings	5,651,565	723,549	2,480,532
Lease liabilities - current	114,682	14,682	109,416
Accrued expenses and other current liabilities	1,939,004	248,243	1,706,159
Total current liabilities	72,428,598	9,272,759	73,525,704
Lease liabilities - non-current	123,335	15,789	101,727
Other non-current liabilities	12,183	1,560	13,620
Total non-current liabilities	135,518	17,349	115,347
Total liabilities	72,564,116	9,290,108	73,641,051
Commitments and Contingencies (Note 28)
SHAREHOLDERS' EQUITY
Additional paid-in capital	18,456,438	2,362,908	18,154,442
Treasury stock (121,363,408 and 144,498,392 shares as of December 31, 2022 and 2023, respectively)	(5,199,257)	(665,641)	(4,324,565)
Accumulated other comprehensive loss	(49,433)	(6,329)	(47,846)
Retained earnings	11,360,890	1,454,492	7,079,416
Total shareholders' equity	24,568,736	3,145,442	20,861,544
Non-controlling interest	2,995	383	235
Total equity	24,571,731	3,145,825	20,861,779
Total liabilities and equity	97,135,847	12,435,933	94,502,830
Class A ordinary shares
SHAREHOLDERS' EQUITY
Ordinary shares	71	9	68
Class B ordinary shares
SHAREHOLDERS' EQUITY
Ordinary shares	$ 27	$ 3	$ 29

BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 HKD ($)
BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES
Total	$ 249,567	$ 31,951	$ 329,789	$ 572,159
Commission, handling and settlement expenses
BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES
Total	249,172		329,225	524,470
IPO subscription service charge expenses
BROKERAGE COMMISSION AND HANDLING CHARGE EXPENSES
Total	$ 395		$ 564	$ 47,689

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details