Tencent-backed brokerage Futu targets $130m in US listing – Nikkei Asian Review

What happened: Tencent-backed online brokerage firm Futu Securities has set the terms for its US initial public offering (IPO) to raise up to $130 million, which will value the company at more than $1 billion. The company previously set its target at as high as $300 million when it filed for the US listing in December.

Why it’s important: Futu Securities offers trading services for stocks listed in Hong Kong and the US. Such online financial companies have flourished as the government looks to breathe new life into the financial sector. However, as regulators tighten the reins on risky financial practices, pressure has been ratcheting on the financial sector for companies spanning online brokerage firms to peer-to-peer lending platforms. Increased regulator scrutiny has damped the appetite for risk, tempering investor confidence and market demand.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.