Group 1 - The core point of the announcement is that Chuangjin Hexin Fund Management Co., Ltd. has collaborated with China Merchants Securities Co., Ltd. to offer a fee rate discount for the Chuangjin Hexin Dividend Selection Quantitative Stock Mixed Securities Investment Fund starting from June 25, 2025 [1][2] - The applicable fund for the fee rate discount is the Chuangjin Hexin Dividend Selection Quantitative Stock Mixed Securities Investment Fund [1] - The fee rate discount will be available from the date of the announcement until the end date specified by China Merchants Securities [1] Group 2 - Investors can enjoy a front-end subscription fee rate discount when purchasing or making regular investment in the fund through China Merchants Securities, with specific details to be determined by China Merchants Securities [1] - The interpretation rights of the fee rate discount activity belong to China Merchants Securities, which also reserves the right to change the content of the discount activity without further announcement [1] - Investors are encouraged to consult the customer service hotline or official website of China Merchants Securities for more details regarding the fee rate discount activity [1]

Group 1 - The company,招商基金管理有限公司, has signed a fund sales agreement with 长江证券股份有限公司 to allow for the trading of the 招商中证半导体产业ETF starting from June 13, 2025 [1] - The fund will enable investors to engage in secondary market subscriptions and redemptions through 长江证券, expanding its operational capabilities [1] - Investors are encouraged to read the fund's contract and prospectus to understand the risk and return characteristics before making investment decisions [2][1] Group 2 - The 招商招鸿 6-month regular open bond fund will distribute its first dividend for the year 2025 on June 13, 2025, with a minimum distribution ratio of 20% of the fund's distributable profits [4] - The dividend payment methods include cash distribution and reinvestment options, with specific dates for processing these transactions [6] - Investors must ensure to modify their dividend preferences before the cut-off time to be eligible for the distribution [6]

Group 1 - The company has entered into an agreement with Emperor Securities Investment Holdings Limited to sell all issued shares and loans of Crosby Asia for an estimated price of approximately HKD 11.2 million [1] - Following the completion of the sale, Crosby Asia and its subsidiaries will no longer be part of the company's consolidated financial statements, which will help streamline operations and reduce financial burdens [1][2] - The decision to sell Crosby Asia is driven by its continuous losses and the need for significant capital injection to restore profitability, particularly in light of increased operational costs and regulatory capital requirements [2] Group 2 - The estimated net proceeds from the sale are expected to be around HKD 10.9 million, which will provide additional working capital to strengthen the company's financial position [2] - The sale is seen as a strategic move to alleviate high operational costs associated with Crosby Asia, allowing the company to reallocate financial resources more effectively [2] - The company aims to enhance its financial resilience, especially considering challenges posed by the US-China trade war, which has impacted the toy division [2]

Core Viewpoint - The chairman of Interactive Brokers suggests that Trump will not take the deficit as seriously as many conservatives do [1] Group 1 - The statement reflects a broader perspective on fiscal policy under Trump's potential leadership, indicating a divergence from traditional conservative views on budget deficits [1]

Group 1 - The core point of the announcement is that Manulife Investment Management Co., Ltd. has decided to participate in a fee discount activity for certain funds through Cinda Securities starting from June 6, 2025 [1][2]. - The fee discount applies to the purchase (including regular investment purchases) of designated funds sold by Manulife through Cinda Securities [2][3]. - The specific fee discount details will be based on information provided by Cinda Securities, and the original purchase fee will apply if it is a fixed fee [2][3]. Group 2 - The fee discount is only applicable to the handling fees for purchase transactions through Cinda Securities, excluding fees for subscription, redemption, and conversion of funds [3]. - During the fee discount period, if new funds are added for sale through Cinda Securities, the discount will also apply to those funds from the date of their sale [2][3]. - Investors can obtain further information or inquiries through Cinda Securities or Manulife Investment Management's customer service [4].

Summary of Freedom Holdings Investor Day Company Overview - **Company Name**: Freedom Holding Corporation - **Founded**: 2008 during the financial crisis - **Core Business**: Digital brokerage providing access to global markets, particularly U.S. markets, for retail investors in Kazakhstan and beyond [4][72] - **Market Position**: Top stockbroker by trading volume in Kazakhstan since 2014, with millions of accounts on the Kazakhstan Stock Exchange [5][6] Industry Insights - **Kazakhstan as a Testing Ground**: The country is viewed as a key market for technology-enabled services, serving as a testing ground for new technologies before rolling them out in Europe [3][4] - **Digital Ecosystem Development**: The company recognizes the need to build a digital ecosystem that includes banking and insurance services to remain competitive against global players [7][9] Financial Performance - **Market Capitalization**: Recently surpassed USD 10 billion, marking a significant milestone for the company [17] - **Focus on Future Growth**: Emphasis on reinvesting profits for future growth rather than focusing solely on current financial performance [12][16] - **Profitability**: The company remains profitable but acknowledges the potential volatility in financial conditions due to changing interest rates [14][15] Product Offerings - **Super App Development**: The company is focused on integrating various services into a super app, which is expected to enhance customer retention and reduce acquisition costs [20][24] - **Brokerage Technology**: Freedom Broker app (TraderNet) is a key product, with licenses in multiple countries including Kazakhstan, Uzbekistan, and the U.S. [21][22] Technological Advancements - **AI Utilization**: The company employs predictive AI for risk management, customer insights, and fraud detection, enhancing its competitive edge in consumer lending and insurance [28][29][30] - **Data Infrastructure Investment**: Significant investments in data centers in Kazakhstan to support growth and ensure data security [49][50][54] Market Opportunities - **Central Asia and Caucasus**: Kazakhstan is positioned as a financial hub for Central Asia, with plans to enhance connectivity and financial services across the region [42][43][44] - **Global Expansion**: The company aims to replicate its successful digital ecosystem in Europe and the U.S., competing with established fintech firms [65][66][78] Regulatory Environment - **Regulatory Stability**: The company emphasizes the importance of consistent regulations for long-term planning and investment [96][97] - **Astana International Financial Centre**: The establishment of this center aims to create a favorable regulatory environment for financial services in Kazakhstan [90][91] Strategic Vision - **Long-term Goals**: Freedom Holding aims to become a leading global digital ecosystem provider, leveraging its experience and technology to compete on a global scale [66][67] Conclusion - **Future Outlook**: The company is optimistic about its growth potential in Kazakhstan and beyond, focusing on technology integration, market expansion, and building a robust digital ecosystem to meet evolving consumer needs [65][66][68]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $159.87 per ADS [8][9]. Core Insights - The company reported a significant increase in Q1 2025 performance, with revenue of HKD 4.7 billion, up 81% year-over-year, and net profit of HKD 2.1 billion, up 107% year-over-year, driven by accelerated overseas customer acquisition and increased trading volumes in the Hong Kong and US stock markets [1][5]. - The company has achieved one-third of its annual customer acquisition target in Q1 2025, adding 260,000 new funded accounts, a 48% increase year-over-year [2]. - The trading activity in the Hong Kong and US markets remains robust, with total trading volume reaching HKD 3.22 trillion, a 140% increase year-over-year [3]. - Continuous innovation in products and services, including AI-driven investment assistants and new trading options, is strengthening the company's brand and product capabilities [4]. Summary by Sections Financial Performance - For 2025, the company expects to achieve net profits of HKD 7.45 billion, with an EPS of HKD 6.52, reflecting a 20% to 26% upward revision in profit forecasts for 2025-2027 [5][7]. - The projected revenue for 2025 is HKD 18.02 billion, with a year-over-year growth rate of 32.62% [7]. Customer Acquisition - The company has successfully expanded its customer base, with Hong Kong remaining the primary source of new customers, supported by a rebound in the stock market and IPO activities [2]. Trading Activity - The trading environment is favorable, with a significant increase in trading volumes and customer asset turnover rates, indicating strong market engagement [3]. Innovation and Product Development - The company is focused on enhancing its service offerings, including the introduction of new trading products in various markets, which is crucial for attracting overseas customers [4].

Core Insights - Futu Holdings reported a total revenue of HK$46.95 billion (approximately US$6.03 billion) for Q1 2025, representing a year-on-year growth of 81.1% [1][7] - Net profit increased by 97.7% year-on-year to HK$22.17 billion [1][7] - The platform's total trading volume reached a record high of HK$3.22 trillion, with Hong Kong stock trading volume surging by 227% to HK$916 billion [1][5][8] Financial Performance - Revenue breakdown: - Trading commissions and fees amounted to HK$23.1 billion (approximately US$2.97 billion), up 113.5% year-on-year - Interest income was HK$20.71 billion (approximately US$2.66 billion), a 52.9% increase - Other income, including wealth management and corporate services, reached HK$3.14 billion (approximately US$40.3 million), growing by 101% [4][7] - Gross margin improved from 81.9% to 84.0%, and operating profit margin rose from 46.0% to 57.2% [7] User and Asset Growth - Registered users of Futu's platforms, Futu NiuNiu and moomoo, reached 26.25 million, with account numbers increasing to 4.96 million, reflecting year-on-year growth of 17% and 30% respectively [4][8] - The number of asset-holding clients rose by 42% year-on-year to 2.67 million, with total client assets surpassing HK$829.8 billion (approximately US$106.7 billion), a 60% year-on-year increase [4][8] - Wealth management total assets reached HK$1.392 trillion, doubling year-on-year [6] Trading Activity - The trading volume for U.S. stocks increased by 116% year-on-year, exceeding HK$2.25 trillion, while Hong Kong stock trading volume saw a 227% increase [5][8] - The cryptocurrency market, despite volatility, maintained double-digit growth in both trading participants and asset scale [5]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was HKD 4.7 billion, an increase of 81% from HKD 2.6 billion in Q1 2024 [15] - Net income increased by 107% year over year and 15% quarter over quarter to HKD 2.1 billion, with a net income margin of 45.6% [23] - Total client assets reached HKD 830 billion, marking a 60% increase year over year and a 12% increase quarter over quarter [10] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income was HKD 2.3 billion, up 113% year over year and 12% quarter over quarter [16] - Interest income was HKD 2.1 billion, a 53% year over year increase and a 2% quarter over quarter increase [17] - Wealth management client assets reached HKD 139.2 billion, up 18% year over year and 26% quarter over quarter [12] Market Data and Key Metrics Changes - Approximately 262,000 new funded accounts were added in Q1 2025, up 48% year over year and 22% quarter over quarter [5] - The US market saw a pickup in funded account growth, while Malaysia delivered the fastest sequential growth in new funded accounts [6] - Total trading volume reached HKD 3.22 trillion in Q1 2025, up 40% year over year and 11% quarter over quarter [11] Company Strategy and Development Direction - The company aims to expand market share through product localization and brand investment, with a focus on enhancing user experience and execution capabilities [6] - The launch of AI-powered tools, such as Futu BOL AI, is part of the strategy to improve client engagement and satisfaction [9] - The company is committed to building brand equity and maintaining a competitive edge in the market despite increasing competition [68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the target of 800,000 new funded accounts for 2025, despite expected sequential decreases in new funded accounts in Q2 [28] - The company noted that client trading activity remains high amid market volatility, with expectations for continued strong net asset inflows [29] - Management remains optimistic about the potential of the crypto trading business and plans to enhance product capabilities in this area [36] Other Important Information - The effective tax rate for Q1 2025 was 18.6%, influenced by the profitability of overseas markets and changes in international tax regulations [58] - The company has launched membership programs aimed at wealth management clients, although the current penetration is still low [30] - The company is actively pursuing a VATP license, with ongoing validations required for final approval [74] Q&A Session Summary Question: Trading velocity and margin financing balance in Q2 - Management expects a double-digit sequential decrease in new funded accounts but maintains strong client acquisition momentum and high trading activity [28] Question: Business model for membership programs - The membership program targets wealth management clients with higher assets and trading velocity, with current penetration being small [30] Question: Timeline for crypto trading business and implications of stablecoin regulations - Management noted a rebound in crypto trading interest and plans to enhance product offerings, including crypto deposit and withdrawal functionalities [34][36] Question: Impact of HIBOR on net interest income and client behavior - The company has seen continued growth in interest income despite HIBOR declines, with increased trading activity benefiting commission revenues [42] Question: Client asset inflows by region and engagement metrics for AI tools - Strong inflow momentum was observed across markets, with Hong Kong and Singapore being major contributors [46] - Preliminary feedback on AI tools indicates increased engagement and activity on the platform [48] Question: Customer acquisition cost and New Zealand market entry - The average customer acquisition cost decreased due to strong market conditions, and the New Zealand expansion is expected to have favorable ROI [51][54] Question: Effective tax rate and blended commission fee rate trends - The effective tax rate is expected to remain between 17% and 18%, while the blended commission rate has stabilized due to changes in product mix [58][59]

Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 was HKD 4.7 billion, an increase of 81% from HKD 2.6 billion in the same quarter of 2024 [14] - Net income increased by 107% year over year to HKD 2.1 billion, with a net income margin expanding to 45.6% from 39.9% [22] - Total client assets reached HKD 830 billion, marking a 60% increase year over year and a 12% increase quarter over quarter [9] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income was HKD 2.3 billion, up 113% year over year [15] - Interest income was HKD 2.1 billion, a 53% year over year increase [15] - Wealth management client assets reached HKD 139.2 billion, up 18% year over year and 26% quarter over quarter [11] Market Data and Key Metrics Changes - Approximately 262,000 new funded accounts were added in Q1 2025, a 48% year over year increase [5] - Total trading volume reached HKD 3.22 trillion, up 40% year over year [10] - In Singapore, total client assets rose 11% sequentially, marking the eleventh consecutive quarter of double-digit growth [9] Company Strategy and Development Direction - The company aims to achieve 800,000 net new funded accounts in 2025, with a strong focus on product localization and brand investment [5] - The launch of Futu BOL AI, a smart investment assistant, is part of the strategy to enhance user experience and engagement [7] - The company plans to expand its structured product lineup and enhance its wealth management offerings across various markets [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong client acquisition momentum despite expected sequential decreases in new funded accounts due to a high base [27] - The company anticipates further sequential increases in total trading volume and net asset inflow, driven by market volatility and client engagement [28] - Management remains optimistic about the long-term potential of the crypto trading business and plans to enhance product capabilities in this area [35] Other Important Information - The effective tax rate for the quarter was 18.6%, influenced by the profitability of overseas markets and changes in international tax regulations [57] - The company has entered the New Zealand market, leveraging existing brand equity and product capabilities from Australia [53] Q&A Session Summary Question: Trading velocity and margin financing balance in Q2 - Management expects a double-digit sequential decrease in new funded accounts but maintains strong client acquisition momentum and anticipates a further increase in trading volume [27] Question: Business model for membership programs - The membership programs cater to wealth management clients with higher assets and trading velocity, with a small current penetration rate [30] Question: Timeline for crypto trading business and implications of stablecoin regulations - Monthly trading volume and number of crypto traders remain high, with plans to launch crypto withdrawal functions soon [34] Question: Impact of HIBOR on net interest income and client behavior - The company has seen overall interest income grow despite HIBOR declines, benefiting from increased trading activities [42] Question: Client asset inflows by region and engagement metrics for AI tools - Strong inflow momentum was observed across all markets, with Hong Kong and Singapore being the major contributors [46] - Initial feedback on AI tools has been positive, leading to increased engagement and activity on the platform [49] Question: Customer acquisition cost and New Zealand market entry - The decline in customer acquisition cost was attributed to strong market conditions and brand equity, with expectations to maintain guidance unchanged [51] Question: Effective tax rate and blended commission fee rate - The effective tax rate is expected to remain between 17% and 18%, while the blended commission rate is anticipated to stabilize [58]