Futu Holdings Ltd (FUTU) stock started the new week with a 16.28% gain in the normal trading session and closed at $177.92 per share but it lost 5.24% in the after-hours session.
FUTU shares have soared1562.80% over the last 12 months, and they have moved up by 19.76% in the past week. Over the past three months, the stock has gained 156.44%, while over the past six months, it has added 474.49%.
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Let’s try to find out the reason behind its flip on Monday.
Proposed Offering of American Depositary Shares
On April 20, 2021, Futu Holdings Limited started offering 9,500,000 American depositary shares. Each ADS share represents eight Class A ordinary shares of the Company.
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additional 1,425,000 ADS shares might be offered to purchase in a 30-day option to underwriters.
Recent Financial Results
On March 16, 2021, Futu Holdings announced its unaudited financial results for the fourth quarter and the full-year ended December 31, 2020.
On March 26, 2021, it filed its annual report on Form 20-F for the fiscal year ended December 31, 2020, with the Securities and Exchange Commission.
Fourth Quarter 2020 financial highlights
- Total revenues were $153.0 million, an increase of 281.6% from the fourth quarter of 2019.
- For Q4 2020, total expenses were HK$242.2 million (US$31.2 million), compared to HK$86.8 million in the fourth quarter of 2019.
- For the reported quarter, the total gross profit was HK$944.3 million (US$121.8 million) compared to HK$224.1 million in the fourth quarter of 2019.
- The gross profit margin for Q4 2020 was 79.6% compared to 72.1% in Q4 2019.
- It spent HK$363.5 million (US$46.9 million) in operating expenses in Q4 2020 compared to HK$181.4 million in the fourth quarter of 2019.
- Research and development expenses were HK$162.1 million (US$20.9 million compared to HK$74.3 million in the fourth quarter of 2019.
- Selling and marketing expenses were HK$112.5 million (US$14.5 million in Q4 2020.
- For Q4 2020, general and administrative expenses were HK$88.9 million (US$11.5 million) compared to HK$55.7 million in the fourth quarter of 2019.
- Q4 2020, Net income was HK$532.5 million (US$68.7 million) compared to HK$43.9 million in the fourth quarter of 2019.
- Non-GAAP adjusted net was HK$552.9 million (US$71.3 million) in Q4 2020 compared to HK$49.3 million in Q4 2019.
The full Year 2020 Financial Results
- FUTU Total revenues were HK$3,310.8 million (US$427.0 million) in FY 2020compared to HK$1,061.6 million in 2019.
- For FY 2020, Total expenses were HK$696.0 million (US$89.8 million), compared to HK$281.7 million in 2019.
- FY 2020 total gross profit was HK$2,614.9 million (US$337.3 million), compared to HK$779.9 million in 2019.
- The gross profit margin was 79.0% in 2020 compared to 73.5% in 2019
- Total operating expenses were HK$1,147.0 million (US$147.9 million) in 2020compared to HK$591.9 million in 2019.
- Research and development expenses were HK$513.3 million (US$66.2 million in 2020 compared toHK$262.3 million in 2019.
- For FY 2020, selling and marketing expenses were HK$385.3 million (US$49.7 million), compared to HK$164.7 million in 2019.
- General and administrative expenses were HK$248.4 million (US$32.0 million), compared to HK$164.9 million in 2019.
- FY 2020 net income was HK$1,325.5 million (US$171.0 million) compared to HK$165.7 million in 2019.
- Non-GAAP adjusted net income was HK$1,364.0 million (US$175.9 million) in FY 2020compared to HK$181.6 million in FY 2019.
Conclusion
There is recent news but it is for today which can not be the reason behind its evening loss on Monday. FUTU stock can go either side today when the market opens.
