Alibaba Leads Hong Kong Tech Rally: What's Going On With Futu Holdings Stock Wednesday?

by Anusuya Lahiri, Benzinga Editor
July 3, 2024 10:55 AM | 1 min read |
Zinger Key Points
  • Futu Holdings shares rise 3.23% to $68.21, driven by Alibaba-led tech rally in Hong Kong.
  • Futu's wealth management business surpasses $10 billion in AUM, offering diverse investment products in Hong Kong and Singapore.

Futu Holdings Limited FUTU stock is trading higher on Wednesday, thanks to Alibaba Group Holding Limited BABA leading a tech rally in Hong Kong.

The online brokerage and wealth management platform also announced Wednesday that its wealth management business has surpassed $10 billion in assets under management.

Futu’s wealth management platform offers mutual funds, private funds, bonds, and structured notes to Hong Kong and Singapore clients.

Futu Holdings stock gained 66% in the last 12 months. Investors can gain exposure to the Chinese equity market via iShares China Large-Cap ETF FXI and KraneShares Trust KraneShares CSI China Internet ETF KWEB.

Price Action: FUTU shares traded higher by 3.23% at $68.21 at the last check Wednesday.

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