On November 17, the list of virtual asset trading platform applicants published by Hong Kong’s Securities and Futures Commission (SFC) revealed that six companies are currently seeking virtual asset trading licenses. The most recent application was submitted by PantherTrade (Hong Kong) Limited, a wholly-owned subsidiary of Futu Holdings (NASDAQ: FUTU).
Key Executives Behind PantherTrade
PantherTrade had already queued for Hong Kong’s Virtual Asset Service Provider (VASP) license in October. What stands out, however, is the background of its senior management.
Public records show that PantherTrade appointed Chen Zhihu as a director on September 14. Chen previously served as the Investment Director at Huobi Asset Management (Hong Kong) Limited.
Another director of PantherTrade is Hong Yimin. The company was incorporated on March 7 of this year, with Fang Xingzhi listed as the first director. Available information indicates that Fang previously worked at Jingdong Securities Limited from September 2019 to July 2020.
The Backing of Futu Securities
Beyond its executives, PantherTrade’s parent company—Futu Securities—has drawn significant attention from the crypto industry. The applicant, PantherTrade (Hong Kong) Limited, is fully owned by Futu Holdings.
According to business data, Futu Securities primarily offers “stock account opening and trading services for Hong Kong, U.S., and A-shares to investment users.” As of the end of 2022, Futu’s self-developed digital finance platform, Futu Niuniu, and its moomoo app had reached 19.58 million registered users. The number of accounts opened stood at 3.23 million, with total assets under management from 1.487 million funded accounts, solidifying its leading position in the industry.
In comparison, Tiger Brokers (NASDAQ: TIGR), another major stock trading platform, reported over 2 million global account openings by the end of 2022, with 782,000 funded accounts.
Business data also shows that Tencent (Tecent Mobility Limited) holds a 0.44% stake in Futu Securities. Earlier reports from Sina Finance indicated that Tencent held as much as 30.3% of Futu in 2020.
Futu’s Earlier Crypto Forays
Futu Securities had already begun expanding into the crypto space as early as 2021. In April of that year, a user asked Futu CEO Li Hua on the Futu Niuniu platform whether Bitcoin trading would be supported in the future. Li replied, “There’s a high probability for Hong Kong and overseas clients, but most likely not for mainland customers.”
However, by June, both Futu Securities and Tiger Brokers confirmed through customer service that their latest app versions had suspended CME Bitcoin futures quotes and trading. Then, in September, the Futu Niuniu app announced that, in compliance with SFC requirements, it would prohibit new positions in GBTC and ETHE stocks starting October 1, 2021.
Tiger Brokers Also Eyes Crypto Sector
Tiger Brokers has similarly turned its attention to the crypto industry.
On April 25, Tiger Brokers (Hong Kong) announced the launch of a cash management service and disclosed its intention to apply for a virtual asset trading platform license in Hong Kong, adding that it was in discussions with relevant companies.
By October 17, reports from Nikkei Asia indicated that two crypto platforms—Yax and PantherTrade—were in line to apply for VASP permits in Hong Kong, which would allow them to operate retail-facing crypto exchanges.
Yax is a platform incubated by employees of Tiger Brokers, which is backed by smartphone maker Xiaomi. Insiders also noted that Tiger might offer crypto services to clients through its Hong Kong brokerage business.
Both PantherTrade and Yax are currently undergoing third-party assessments, a necessary step before the SFC can formally accept their applications.
Frequently Asked Questions
What is PantherTrade?
PantherTrade (Hong Kong) Limited is a wholly-owned subsidiary of Futu Holdings. It has applied for a virtual asset trading license in Hong Kong, aiming to offer cryptocurrency trading services.
Who are the key people behind PantherTrade?
The company’s directors include Chen Zhihu, former Investment Director at Huobi Asset Management, and Hong Yimin. Another early director, Fang Xingzhi, previously worked at Jingdong Securities.
How is Futu Securities connected to PantherTrade?
Futu Securities is the parent company of PantherTrade. It is a major digital brokerage platform with millions of users and partial investment from Tencent.
Is Tiger Brokers also entering the crypto market?
Yes. Tiger Brokers has expressed intent to apply for a virtual asset license in Hong Kong. Its incubated platform, Yax, is also seeking regulatory approval for crypto trading services.
What regulatory step must PantherTrade and Yax complete?
Both companies are undergoing third-party assessments, which are required before the SFC can formally review their license applications.
Will users in mainland China have access to these services?
Based on previous statements from Futu’s CEO, services may be limited to Hong Kong and overseas users due to regulatory restrictions in mainland China.
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