QFIN - Why did Futu Holdings stock surge today? Q1 earnings beat Chinese fintechs climb

Shares of Futu Holdings (NASDAQ:FUTU), a Chinese-based online brokerage and wealth management platform, are jumping around 18% in Monday afternoon trading after it posted stronger-than-expected Q1 earnings. Futu's (FUTU) upbeat earnings reflected a Y/Y boost of 67.9% in the number of paying clients. "This was also the ninth consecutive quarter to which organic growth contributed over 50% of new paying clients," CEO and Chairman Leaf Li said during his company's conference call. The upswing in FUTU stock comes as other Chinese fintechs catch a bid during power hour, including FinVolution Group (FINV +8.0%), LexinFintech (LX +3.8%), 360 DigiTech (QFIN +9.7%), KE Holdings (BEKE +2.3%) and UP Fintech (TIGR +11.3%). Meanwhile, SA's Quant Rating in March had warned investors that Futu (FUTU) shares are at high risk of performing badly given decelerating momentum and negative EPS revisions. Take a look at SA contributor Chris Lau's analysis on why Futu (FUTU) started off the

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Why did Futu Holdings stock surge today? Q1 earnings beat, Chinese fintechs climb