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QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
Huatai eyes rich retail investors
    2020-07-23  08:53    Shenzhen Daily

HUATAI Financial Holdings has big plans for a billion-dollar overseas push, said chief executive Levin Wang — it aims to overtake top players like Futu Holdings in the fast-growing market for Chinese retail investors trading offshore.

“We target to be the No.1 player in this market [offshore],” Wang said. “Overseas Chinese investors, no matter where they are, will be able to use our platform to easily buy stocks without any geographical restrictions.”

Traditionally focused on institutional business, Hong Kong-based Huatai Financial last week formally launched retail stock trading app “Zhangle Global,” aimed squarely at attracting the millions of Chinese investors living outside the mainland.

The number of rich Chinese, those with investable assets of more than 10 million yuan (US$1.43 million), was expected to reach 2.2 million by the end of 2019, according to a report by Bain Consulting and China Merchants Bank last September.

Huatai Financial’s push comes after parent Huatai Securities, China’s third-largest securities house, last year became the first Chinese firm to use the London-Shanghai stock connect mechanism, raising US$1.7 billion. At least 60 percent of that will be used to develop international business and overseas expansion.

“With the support from the group, we can make [investment] plans in a sluggish market where good assets have become less expensive,” he said.

“Zhangle Global” is Huatai Financial’s bet on attracting the mainland’s growing affluent class to invest overseas, starting with trading stocks in Hong Kong and the United States. It aims to offer trading services for Singapore and British stocks early next year.

To be sure, the competition would present a formidable challenge to Huatai Financial’s goal: Backed by tech giant Tencent, Futu went public on Nasdaq last March and had over 800,000 registered clients as of the first quarter of 2020, up nearly 50 percent year on year. Its first-quarter trading volume hit nearly HK$600 billion (US$77 billion), rocketing 166 percent year on year, according to filings.

The retail push is also part of a larger international effort, with Huatai Financial planning to build a footprint in Singapore in the next two years and aiming to double the share of its business to 20 percent of the group’s overall revenue by 2022, according to Wang. (SD-Agencies)

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