The Tencent Holdings Ltd.-backed company opened an office in Singapore last week, a market seen as a key driver of its international expansion alongside the U.S., Gavin Chia, director for Futu Singapore Pte. said in a recent interview. It’s currently looking at Malaysia and Thailand to expand, he said.
“More people are working from home and they are trading. In Singapore, all the brokerages are doing well with revenues rising three to five times year-on-year,” Chia said. “That’s where there’s strong demand and not many competitors.”
Online brokers like Futu, China’s version of the U.S. favorite Robinhood, have profited from the retail mania that grew from the pandemic. Bored, stuck-at-home individuals found solace in low-commission trading apps, even using them to challenge institutional investors. Futu shares have more than tripled this year after soaring 343% in 2020, amplifying founder Leaf Hua Li’s fortunes.
(FUTU), TENCENT HOLDINGS ADR (TCEHY) - Tencent-Backed Futu Taps Singapore s Retail Trading Boom: Bloomberg
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Joe Saluzzi
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Gamestop (GME) Stock Price and News: Shares collapse from $95 to $60 as volume remains highNEWS |
2/5/2021 6:40:00 PM GMT | By Ivan Brian
GME shares collapse again from earlier highs on Friday morning.
Robinhood had earlier on Friday boosted GME by removing any restrictions.
GME quickly gives up gains, falling over $30.
Update 2, Friday, February 5: Gamestop shares fell all the way back to below $60 late on Friday as the early rally fizzled out. Robinhood caused a surge of interest shortly after Fridays open, with GME surging from $54 to $95. Robinhood announced it had removed all restrictions on Gamestop shares sparking the rally.
Update Friday, February 5 post-market open: GameStop Corp (NYSE: GME) has been surging on Friday by over 55% to above $82 after short-sellers seemed to have cashed in and new money is coming in. Another factor boosting shares is RobinHood´s removal of trading restrictions from shares of the vide