Aug 20, 2026 earnings call — Record trading volume and overseas expansion
Total revenue was HKD 7.2 billion, up 36% year-over-year.
Revenue $0.9B (est $0.8B) · EPS $3.33 (est $2.98)
Key quotes
"In the second quarter, we acquired 252,000 net new funded accounts, up 23.7% year-over-year and 12.2% quarter-over-quarter."
"Thanks to favorable market conditions, total trading volume rose 78.8% year-over-year and 54.6% quarter-over-quarter to HKD 6.42 trillion, setting a new record high."
"The number of the event contracts, as Leaf mentioned in the opening remarks, trade exceed $200 million within 1 month of the launch, reflecting a very strong demand from the U.S. retail investors for prediction markets products."
Analyst Q&A 4
Client outflows and overseas growth
Q (Emma Xu · BofA): Did the May 22 rules cause material changes in Mainland funded accounts, AUM, or revenue, and were there meaningful outflows of accounts or assets? Also, update on overseas market development and contribution.
A: Management said they implemented compliance measures and have ongoing regulator communication. They said outflows were about mid-single-digit percentage of total client assets and were largely absorbed in Q2, coming from both Mainland and Hong Kong; Mainland outflows mainly in June and July after app restrictions and attrition moderated in August. They added Hong Kong retention stayed above 98% in Q2, overseas new client additions and revenue per new funded account improved (double-digit in U.S., Singapore, Hong Kong), overseas fund accounts and average client assets grew sequentially, and Singapore and Malaysia have reached breakeven.
"As for the cumulative asset outflows since the new regulations, the outflows were about mid-single-digit percentage of our total client assets." — Leaf Li (CEO·CHAIR)
Thailand launch and commission drop
Q (Chiyao Huang · Morgan Stanley): Why enter Thailand and when will moomoo launch there? Also, why did commission rate fall slightly quarter-on-quarter?
A: They said Thailand is a natural next step in Southeast Asia because it is a large, digitally savvy market and lets moomoo use existing regional infrastructure. They have obtained the Type A securities license from Thai SEC but need regulator readiness and inspection before an official launch, so no timeline was given. On commissions, there was no price change in Q2; the take rate fell mainly because of customer behavior: slightly lower derivative contribution and more clients trading high-value U.S. tech names, which lowered the implied commission rate.
"moomoo has already obtained the Type A securities license from Thai SEC." — Arthur Chen (CFO)
Customer acquisition cost and new accounts by market
Q (Cheng Zhou · UBS): How did blended CAC move in Q2 and what drove it? Also, breakdown of new funded accounts and period-end funded accounts by market, especially overseas contribution.
A: They said blended CAC rose sequentially to around HKD 2,600, still within the full-year guidance of HKD 2,500 to HKD 3,000, driven mainly by lower net new funded accounts after regulatory developments while maintaining brand investment; CAC trended higher in July. For new accounts, Malaysia led new funded account growth for three consecutive quarters, followed by Hong Kong; those two made up more than 50% of net new funded accounts, with Singapore next. By end of Q2, moomoo's share of total fund accounts rose to nearly 60%, led by Singapore, Malaysia and the U.S.
"So in the second quarter, the blended CAC rose sequentially to around HKD 2,600, which is still within our full year guidance range of HKD 2,500 to HKD 3,000." — Leaf Li (CEO·CHAIR)
Q3 trends and U.S. prediction market
Q (You Fan · CICC): How are Q3 trends so far for new funded accounts, trade flow and client AUM? And how is the U.S. prediction market performing and what is its monetization potential?
A: They said Q3 quarter-to-date metrics are modestly softer due to market volatility: net funded account additions moderated, net asset inflows in Hong Kong and overseas returned to normalized levels, and total trading volume was down modestly sequentially. On the U.S. prediction market, moomoo got the FCM license in May and launched in early June; event contracts traded exceeded $200 million within one month, showing strong demand, helping acquire new clients, boost engagement, and cross-sell to securities trading. They also said the rollout builds product design, operations and risk-management expertise for bringing prediction markets to other regions.
"The number of the event contracts, as Leaf mentioned in the opening remarks, trade exceed $200 million within 1 month of the launch, reflecting a very strong demand from the U.S. retail investors for prediction markets products." — Arthur Chen (CFO)