Futu Holdings Ltd
Q1 2022 Earnings Call
Jun 06, 2022, 7:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Hello, ladies and gentlemen. Welcome to Futu Holdings first quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session.
Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I'd 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 -- Chief of Staff, Head of Investor Relations
Thanks, operator, and thank you for joining us today to discuss our first 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 risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those containing 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. With that, I will now turn the call over to Leaf.
Leaf will make his comments in Chinese, and I will translate.
Leaf Li -- Chairman and Chief Executive Officer
[Foreign language]
Daniel Yuan -- Chief of Staff, Head of Investor Relations
Thank you all for joining us today. As of quarter end, we had 1.3 million paying clients, representing a 68% growth year over year. In the first quarter, we added approximately 82,000 paying clients, and we are well on track to deliver on our prior guidance of adding 200,000 paying clients in 2022. This was also the ninth consecutive quarter to which organic growth contributed over 50% as new paying clients.
In Hong Kong, client acquisition picked up as we leveraged our strong brand positioning leading product offering, and sound financial standing to attract clients and assets from smaller-sized brokers suffering from plummeting client engagement amid a weak equities and IPO market. Our quarterly paying client retention rate returned to the pre-headline news level of over 98%. Client retention in Singapore improved for every quarter since we launched the business as we optimize client acquisition channels and incentives through rapid iteration.