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Chinese online brokerage Futu Holdings prices IPO for Nasdaq listing

(Xinhua)    10:51, March 09, 2019

NEW YORK, March 8 (Xinhua) -- Futu Holdings, a Hong Kong-based online brokerage, prices its Initial Public Offering (IPO) at 12 U.S. dollars per share and it is scheduled to list on Nasdaq under the ticker symbol FHL on Friday.

The fast-growing online firm has offered 7.5 million shares to raise 90 million dollars. The set stock price is at the high end of its target range of 10 to 12 dollars per share, which was announced on Feb. 26.

Goldman Sachs (Asia), UBS Investment Bank and Credit Suisse acted as lead managers on the deal.

Founded in 2011, the company provides a set of investing services, including trade execution, margin financing, market data and social networking through its digital platform for three major markets -- Hong Kong, the Chinese mainland and the United States.

Futu filed for an IPO with the U.S. Securities and Exchange Commission on Dec. 28, 2018.

The company previously announced terms for its IPO on the U.S. stock market on Feb. 26. It originally planned to raise 120 million dollars by offering 10.9 million American depositary shares (ADSs) at a price range of 10 to 12 dollars.

An ADS is a U.S. dollar-denominated equity share of a foreign-based company for purchase on a U.S. stock exchange.

For the 12 months ended Dec. 31, 2018, the company booked 103 million dollars in sales.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Wen Ying, Bianji)

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