Operator
Hello, ladies and gentlemen. Welcome to Futu Holdings Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions]. Today's conference call is being recorded. If you have any objections, you may disconnect at this time.
大家好。欢迎参加富途控股2023年第四季度和全年盈利电话会议。【操作员指示】。今天的电话会议正在录制。如果您有任何异议，可以在此时断开连接。
I would now like to turn the conference over to your host for today's conference call, Daniel Yuan, Chief of Staff to CEO and Head of IR at Futu. Please go ahead, sir.
我现在想把会议主持权交给今天的电话会议主持人，Futu的首席幕僚和投资关系总监丹尼尔先生。请开始吧。
Daniel Yuan
Daniel Yuan
Thanks, operator, and thank you all for joining us today to discuss our fourth-quarter and full-year 2023 earnings results. Joining me on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer; Arthur Chen, Chief Financial Officer; and Robin Xu, Senior Vice President.
谢谢，操作员，感谢大家今天加入我们讨论2023年第四季度和全年收益成果的电话会议。今天和我一起参与通话的有李叶先生，董事长兼首席执行官；陈艺浩，首席财务官；以及徐露燕，高级副总裁。
As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events, which by their nature are not certain and are outside of the company's control. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report.
作为提醒，今天的电话可能包含前瞻性声明，这代表公司对未来事件的信仰，其本质是不确定的，并且在公司的控制范围之外。前瞻性声明涉及固有的风险和不确定性。我们提醒您，一些重要因素可能导致实际结果与任何前瞻性声明中包含的结果有实质差异。有关潜在风险和不确定性的更多信息，请参阅公司向证券交易委员会提交的文件，包括其年度报告。
With that I will now turn the call over to Leaf. Leaf will make his comments in Chinese, and I will translate.
我现在将通话交给叶。叶会用中文发表他的评论，然后我会翻译。
Leaf Hua Li
Leaf Hua Li
Thank you all for joining our earnings call today. In the fourth quarter, we added over 59,000 paying clients. Our total paying clients as of year-end reached over $1.7 million, representing 15% growth year over year and exceeding our guidance. This was due to level four for tissue valves goes up by volume versus on total volume of business.
感谢大家今天参加我们的盈利电话会议。在第四季度，我们新增了超过59,000名付费客户。截至年底，我们的付费客户总数超过170万，同比增长15%，超过了我们的指导预期。这是由于组织瓣膜的四级水平按照业务总量增加而不是按总业务量增加。
Client acquisition in Singapore has sustained high growth into the fourth quarter. Money market funds continue to garner significant client interest amid high interest rate and market volatility. In December, we became the first and only distributor of Fullerton Fund Management Singapore-dollar-denominated money market funds, the only T+0 Singapore dollar money market funds for retail investors in Singapore.
在新加坡，客户获取一直在四分之一维持高增长。货币市场基金继续在高利率和市场波动中引起客户浓厚兴趣。在十二月，我们成为了 Fullerton Fund Management 新加坡元货币市场基金的首家并唯一一家经销商，也是新加坡唯一的针对零售投资者的 T+0 新加坡元货币市场基金。
We continue to gain user mindshare in Japan with our rich market information, comprehensive market data, and interactive social community. In the fourth quarter, the average daily downloads of moomoo app in Japan ranked top three among all brokers and surpassed those of Nomura and Matsui Securities according to data.ai. With the recording remarkable gains and hitting new highs, client acquisition in Japan also showed a notable sequential increase in the first quarter.
我们在日本持续获得用户关注，凭借我们丰富的市场信息、全面的市场数据和互动社交社区。根据data.ai的数据，在第四季度，moomoo应用在日本的平均每日下载量在所有券商中排名前三，并超过野村证券和松井证券。随着录得显著收益并创下新高，我们在日本的客户获取量在第一季度也显示出显著的连续增长。
We continue to streamline the account opening process to reduce leakage in the conversion funnel and focused on R&D for key investment products. We launched an growth account in December that will soon roll out Japan equities trading. Our clients in Hong Kong and Singapore will also have access to Japan stock trading in the second quarter.
我们继续优化开户流程以减少转化漏斗中的流失并专注于关键投资产品的研发。我们于12月推出了一个增长账户，即将推出日本股票交易。我们在香港和新加坡的客户也将在第二季度获得日本股票交易的机会。
Client acquisition in Hong Kong slowed down due to sluggish market sentiments. We have rebounded in the first quarter along with the recovery of the Hong Kong stock market. In the US, we continue to prioritize client quality over quantity with the average asset balance of new paying clients in their first quarter of onboarding, increasing by over 30% compared to the last quarter. In Australia, we focused on cultivating brand equity and adding new products, including cash management.
在香港，由于市场信心疲软，客户获取放缓了。随着香港股市的复苏，我们在第一季度有所反弹。在美国，我们继续优先考虑客户质量，而非数量，新付费客户在他们入职的第一个季度的平均资产余额，与上个季度相比增长了超过30%。在澳大利亚，我们着重培育品牌资产，增加新产品，包括现金管理。
On February 26, we launched brokerage business in Malaysia and gained significant traction. Over 30,000 clients flocked to our platform within one week of the official launch, representing the fastest growth in any of our international markets. We managed to generate high brand awareness in Malaysia from the outset thanks to our rapid share gain in Singapore over the past three years.
在2月26日，我们在马来西亚推出了经纪业务，并取得了显著的进展。在正式推出的一个星期内，超过30,000名客户涌入我们的平台，这是我们在所有国际市场中增长最快的地区。由于在过去三年中在新加坡迅速增长的市场份额，我们在马来西亚很快就建立了强大的品牌知名度。
We observed robust paying client growth across all markets this year. In fact, we attracted more paying clients and net asset inflows in the first two months this year than the entire fourth quarter. Given the strong momentum year to date, we are guiding for a 350,000 net new paying clients in 2024.
我们今年在所有市场都观察到了强劲的付费客户增长。事实上，我们在今年的前两个月吸引了比整个去年第四季度更多的付费客户和资产净流入。鉴于年初的强劲势头，我们预计到2024年将新增35万个付费客户。
Total client assets increased by 16% year over year and 4% quarter over quarter to HKD486 billion. The sequential increase was largely due to robust net asset inflow across all regions and the market appreciation of our clients' US stockholding. In Singapore, total client assets and average client assets posted sequential increase of 25% and 17%, respectively. Average client assets was over SGD17,000 due to strong inflows across cohorts. As we continue to build brand equity, moomoo gained traction among high-net-worth clients in Singapore.
客户总资产年同比增长16%，季度同比增长4%，至4860亿港币。总体增长主要是由于所有地区都有强劲的净资产流入，以及客户美国股票持仓的市场升值。在新加坡，总客户资产和平均客户资产分别同比增长25%和17%。由于各团队的强劲流入，平均客户资产超过了新加坡$17,000。随着我们不断建设品牌资产，moomoo在新加坡的高净值客户中开始受到关注。
As of quarter end, margin financing and securities lending balance increased marginally by 2% quarter over quarter. While we saw an uptick in security funding balance for US stocks margin financing balance declined as clients unwound their positions.
截至季末，保证金融资和证券借出余额环比略有增长 2%。虽然美国股票的证券融资余额有所增加，但由于客户解除头寸，保证金融资余额下降。
Total trading volume was HKD957 billion, down 12% year over year and quarter over quarter. In the fourth quarter, Hong Kong and US stock trading volume were down 13% and 12% sequentially. Weak sentiments around Hong Kong equities and lower turnover in US tech stocks dragged total trading volume. Our share gains in the derivatives market and Hong Kong was a bright spot. Hong Kong futures and options trading at 8.5% and 14.7% market share in the fourth quarter respectively.
总成交量为9570亿港币，同比和环比均下降了12%。第四季度，香港和美国股票交易量分别环比下降了13%和12%。围绕香港股票的疲弱情绪以及美国科技股交易量的下降拖累了总体交易量。我们在衍生品市场和香港的份额增长是一个亮点。第四季度香港期货和期权交易分别占据了8.5%和14.7%的市场份额。
Total client assets in wealth management increased by 82% year over year and 11% quarter over quarter to HKD58 billion, accounting for 12% of total client assets. Clients increased their allocation in money market funds and US treasury bills to harvest high yields. Total bond holdings as a result increased by over 60% quarter over quarter. We continue to enrich our structured products by onboarding the accumulator nodes, a product that allow clients to sell their stock positions out of premium.
财富管理领域的总客户资产同比增长82%，环比增长11%至580亿港币，占总客户资产的12%。客户增加了在货币市场基金和美国国债上的配置，以获取高收益。因此，债券总持有量环比增长超过60%。我们继续丰富我们的结构化产品，引入累积器节点，这种产品允许客户以溢价卖出股票头寸。
Our enterprise business had 414 IPO distribution and IR clients, up 24% year over year. In the fourth quarter, we acted as joint book runners for several high-profile Hong Kong IPOs, including those of J&T Express and UBTech. We underwrote 37 Hong Kong IPOs in 2023 and ranked first among all brokers according to Wind.
我们的企业业务拥有414家IPO发行和IR客户，同比增长24%。在第四季度，我们担任了多个备受关注的香港IPO的联席主承销商，包括顺丰控股和优必选科技。2023年我们为37只香港IPO提供承销，并根据Wind的数据排名所有券商第一。
Next, I'd like to invite our CFO, Arthur to discuss our financial performance.
接下来，我想邀请我们的首席财务官，Arthur，来讨论我们的财务表现。
Arthur Chen
Arthur Chen
Thank you, Leaf and Daniel. Before going through our financial performance, I'd like to give you an update on our latest share repurchase program announced on March 11, 2022. As of December 31, 2023, the expiration date of the program, we have repurchased an aggregate of $11 billion ADS with approximately USD365 million total repurchase amount in open market transactions. We have put in place a new share repurchase program, which approved and authorized us to repurchase up to USD500 million of ADS before December 31, 2025.
Leaf和Daniel，非常感谢。在开始讨论我们的财务表现之前，我想给您更新一下我们于2022年3月11日宣布的最新股份回购计划。截至2023年12月31日，该计划的到期日，我们已经通过公开市场交易回购了总计110亿美元的ADS，回购总金额约为3.65亿美元。我们已经制定了一个新的股份回购计划，该计划获得批准并授权我们在2025年12月31日之前回购多达5亿美元的ADS。
Now please allow me to walk you through our financial performance. All numbers Hong Kong dollars unless otherwise noted. Total revenue was $2.4 billion, up 4% from $2.3 billion in the fourth quarter of 2022. We ended 2023 with full-year revenue growing 31% to $10 billion. Brokerage commission and handling charge income were $904 million, a decrease of 14% year over year and 10% QoQ. The decrease was mainly driven by lower trading volumes.
现在请允许我向您介绍我们的财务表现。除非另有说明，所有数字均为港元。总收入为24亿港元，较2022年第四季度的23亿港元增长4%。我们于2023年全年收入增长了31%，达到100亿港元。经纪佣金和手续费收入为9.04亿港元，同比减少14%，环比减少10%。这一减少主要是由交易量降低所致。