Futu Holdings Limited (FUTU) Q3 2022 Earnings Call Transcript

Futu Holdings Limited (NASDAQ:FUTU) Q3 2022 Results Conference Call November 21, 2022 7:30 AM ET

Company Participants

Daniel Yuan - Chief of Staff and Head, IR

Leaf Li - Chairman and CEO

Arthur Chen - CFO

Robin Xu - Senior Vice President

Conference Call Participants

Cindy Wang - China Renaissance

Zoey Zong - Jefferies

Leon Qi - Daiwa

Frank Zheng - Credit Suisse

Emma Xu - Bank of America

Peter Zhang - JP Morgan

Operator

Hello, ladies and gentlemen. Welcome to Futu Holdings Third Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a Q&A session. Today's conference call is being recorded. If you have any objections, you may disconnect at this time.

I would now like to turn the conference over to your host for today's conference call, Daniel Yuan, Chief of Staff and Head of IR at Futu. Please go ahead, sir.

Daniel Yuan

Thanks, operator, and thank you for joining us today to discuss our third quarter 2022 earnings results.

Joining me on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer; Arthur Chen, Chief Financial Officer; and Robin Xu, Senior Vice President.

As a reminder, today's call may include forward-looking statements, which represent the Company's belief regarding future events, which by their nature are not certain and are outside of the Company's control. Forward-looking statements involve inherent risk and uncertainty. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. For more information about the potential risks and uncertainties, please refer to the Company's filings with the SEC, including its registration statement.

So, with that, I will now turn the call over to Leaf. Leaf will make his comments in Chinese and I will translate.

Leaf Li

[Foreign Language]

Daniel Yuan

Thank you all for joining us today. As of quarter end, we had 1.44 million paying clients, representing a 24% year-over-year growth. In the third quarter, we added 58,000 paying clients, a 5% sequential decline due to stock market tumble. Despite the market downturn, we achieved over 98% quarterly paying client retention rate for each of the five countries and regions for the first time. Our industry-leading retention metric speaks to the stickiness of our product and the resilience of our premier client base.