Getting hit with a $273 million fine from your home country’s securities regulator is, by most measures, a bad day at the office. For Futu Holdings founder Leaf Hua Li, it appears to be fuel for a strategy he was already executing: getting out of China’s regulatory crosshairs by building a global brokerage empire.
The China Securities Regulatory Commission and its Shenzhen bureau proposed the administrative penalty on May 22, alleging that Futu operated unlicensed securities and futures business activities targeting mainland Chinese clients. The proposed fine totals approximately RMB 1.85 billion, roughly $271-$273 million, and includes confiscation of illegal gains. Li himself faces a separate personal fine of RMB 1.25 million.
The numbers tell a different story than you’d expect
Mainland Chinese clients now represent just 13% of Futu’s total funded accounts. Overseas clients, largely served through the company’s Moomoo brand, account for more than 55%.
The Q1 2026 financial results paint a picture of a company that’s thriving despite, or perhaps because of, its international pivot. Revenue hit $746.9 million, a 25% jump year-over-year. Funded accounts reached 3.59 million, up 34.3% from the prior year. Total client assets climbed to $155.8 billion, representing a 47.2% annual increase. Trading volume for the quarter came in at $529.4 billion.
