Surpassed 2025 funded account guidance by 19%, driven by high double-digit growth in Hong Kong and significant market share gains in Malaysia.

Record trading volumes of HKD 3.98 trillion were fueled by clients diversifying into the broader U.S. AI value chain, offsetting a 31% sequential decline in Hong Kong stock turnover.

U.S. stock trading dynamics shifted away from Chinese ADRs, which now represent less than 10% of total U.S. trading volume on the platform.

Client asset levels remained flat at HKD 1.23 trillion as strong net inflows from high-net-worth individuals were offset by mark-to-market losses in Hong Kong equity holdings.

Strategic expansion into crypto and wealth management products, such as Shariah-compliant funds in Malaysia, addressed growing retail demand for portfolio diversification.

Operational leverage and top-line growth expanded net income margins to 52.3%, despite increased R&D headcount for crypto and AI initiatives.

Management targets 800,000 net new funded accounts in 2026, supported by robust run rates and planned entry into a new Asian market.

Anticipates record quarterly net asset inflows in Q1 2026, despite expectations for flattish trading volumes and commission rates quarter-over-quarter.

The 2026 Customer Acquisition Cost (CAC) is projected between HKD 2,500 and HKD 3,000 to allow for flexibility during new market launches and potential volatility.

Strategic focus for Airstar Bank involves exploring synergies with the core brokerage business, shifting toward a fee-income model through wealth management integration.

AI development remains a top priority, with plans to further integrate natural language processing for quantitative trading and automated market insights.

The company is awaiting VAT license approvals in Hong Kong to officially launch crypto trading and staking services for retail and institutional clients.

A USD 800 million share repurchase program is authorized through 2027, though no buybacks were conducted in Q4 as management monitors market conditions.

R&D expenses rose 27% year-over-year, reflecting a structural shift toward supporting complex crypto infrastructure and AI-powered fraud detection.

Geopolitical tensions and macro headwinds are noted as ongoing risks that could impact client acquisition and market volatility in the coming year.

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Management clarified that Chinese ADRs now contribute less than 10% of U.S. trading volume, down from previous years.

The shift indicates successful global expansion and a client base increasingly focused on broader U.S. sectors and the AI value chain.

Futu is awaiting VAT license approval in Hong Kong and expressed confidence in securing it in the near future.

Post-approval plans include allowing clients to use stock holdings as margin for crypto trading and offering staking services.

AI is being used to lower the barrier for professional trading via natural language quantitative strategy generation.

Management views AI as a strategic priority, integrating it into product experience and internal operations to enhance client efficiency in discovering investment opportunities and gathering information.

Management confirmed plans to enter a new market within the Asian region during 2026.

Specific details are withheld pending license applications, but the 800,000 new account guidance accounts for this expansion.

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