Futu announces US $ 300 million share buyback program
HONG KONG, November 03, 2021 (GLOBE NEWSWIRE) – Futu Holdings Limited (âFutuâ or the âCompanyâ) (Nasdaq: FUTU), a technology-driven, online brokerage and wealth management platform focused on global investors, today announced that its board of directors has approved a share repurchase program to repurchase up to US $ 300 million of its own US Custodian (âADSâ) shares, representing its common stock category A, until December 31, 2022.
As part of the share buyback program, Futu may purchase its ADSs through a variety of means including open market transactions, privately traded transactions, any combination of these, or other legally permitted means. The Company may conduct repurchase transactions in accordance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The number of ADSs redeemed and the timing of redemptions will depend on a number of factors including, but not limited to, price, transaction volume and general market conditions, as well as fund requirements. working life of Futu, general business conditions and other factors. Futu’s board of directors will periodically review the share buyback program and may modify, suspend or terminate the share buyback program at any time. The Company plans to fund the buybacks from its existing cash balance.
About Futu Holdings Limited
Futu Holdings Limited (Nasdaq: FUTU) is a leading technology company transforming the investing experience by delivering a fully digital brokerage and wealth management platform. The company primarily serves the emerging affluent population, seeking a massive opportunity to facilitate a unique change in the wealth management industry and create a digital gateway to broader financial services. The Company provides investment services through its exclusive digital platform, Futubull and moumou, each a highly integrated application accessible via any mobile device, tablet or desktop computer. The Company’s main fee-generating services include trade execution and margin financing which allow its clients to trade securities, such as stocks, warrants, options, futures and funds. traded on stock exchanges, or ETFs, on different markets. Futu has also integrated social media tools to build a user-centric network and provide connectivity to users, investors, companies, analysts, media and key thought leaders.
Safe Harbor Declaration
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” “,” The future, “” intends “,” foresees “,” believes “,” believes “and similar statements. Among other things, quotes from the Company’s management team contain forward-looking statements. Futu may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. . Statements that are not historical facts, including statements about Futu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including, but not limited to, the following: the objective and strategies of Futu; Futu’s expansion plans; Futu’s future business development, financial condition and results of operations; Futu’s expectations regarding demand and market acceptance of its credit products; Futu’s expectations regarding maintaining and strengthening its relationships with borrowers, institutional funding partners, commodity suppliers and other parties with which it collaborates; general economic and commercial conditions; and the assumptions underlying or related to all of the above. Further information regarding these and other risks is included in documents filed by Futu with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Futu assumes no obligation to update any forward-looking statement, except as required by applicable law.
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Futu Holdings Limited