Futu Holdings Limited (NASDAQ:FUTU) Q2 2024 Results Conference Call August 20, 2024 7:30 AM ET

Company Participants

Daniel Yuan - Investor Relations
Leaf Li - Chairman and Chief Executive Officer
Arthur Chen - Chief Financial Officer
Robin Xu - Senior Vice President

Conference Call Participants

Cindy Wang - China Renaissance
Chiyao Huang - MS
You Fan - CICC
Zoey Zong - Jefferies
Emma Xu - Bank of America Securities
Charles Zhou - UBS
Peter Zhang - JPMorgan
Hu Shen - CLSA

Operator

Hello, ladies and gentlemen, welcome to Futu Holdings Second Quarter 2024 Earnings Conference Call. [Operator Instructions].

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

Daniel Yuan

Thanks, operator. And thank you for joining us today to discuss our second quarter 2024 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 uncertainties. 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 annual report.

With that, I'll now turn the call over to Leaf. Leaf will make his comments in Chinese and I will translate.

Leaf Li

[Foreign Language]

Thank you all for joining our earnings call today. In the second quarter, we acquired 155,000 paying clients, representing 168% year-over-year growth. By the end of the quarter, we crossed the 2 million paying client milestone translating into a 29% growth year-over-year, and 8% growth quarter-over-quarter. Six months into 2024, we have achieved over 80% of our full year new paying client guidance. Given the strong and year today momentum, we would like to raise our guidance again to 550,000 new pain clients in 2024.

New paying clients in Hong Kong and Singapore, both recorded double-digit sequential growth, a mid-market rebound collectively contributing to over one third of paying client growth in the second quarter. In Japan, new paying clients grew by double-digit quarter-over-quarter as we continue to strengthen product offerings, iterate our marketing initiatives and increase our brand awareness. Meanwhile, Malaysia maintained strong momentum and contributed the highest number of new paying clients among all markets to quarters in the role despite sequential deceleration.