Futu Holdings Takes Second Largest Stake in Airstar Bank with HK$440 Million Investment

Futu Holdings Takes Second Largest Stake in Airstar Bank with HK$440 Million Investment

by June 10, 2024

Futu Holdings Limited has completed an investment of HK$440 million in Gravitation Fintech HK Limited, the parent company of Airstar Bank, a licensed virtual bank in Hong Kong.

This investment makes Futu the second largest beneficial owner, with an indirect 44.11 percent stake in Airstar Bank. Xiaomi holds a 50.3 percent stake, and AMTD remains a shareholder, though its holding is undisclosed.

Futu Holdings Limited provides digitalised financial services through its platforms, Futubull, and moomoo. These platforms offer investment services, including trade execution, clearing, margin financing, securities lending, and wealth management.

Additionally, Futu offers corporate services such as IPO distribution, investor relations, and Employee Stock Ownership Plan (ESOP) solutions.

Airstar Bank is one of the eight virtual banks licensed in Hong Kong by the Hong Kong Monetary Authority (HKMA). The bank has been operational since 9 May 2019,

The bank, with key shareholders including Xiaomi Group and Futu Group, is known for its digital banking services in Hong Kong.

In 2022, Hong Kong billionaire Li Ka-shing’s CK Hutchison disavowed links to AMTD Digital after the stock’s value surged 14,000 percent to over US$200 billion on the New York Stock Exchange.

According to the Financial Times, Hutchison stated it “does not hold any AMTD Digital shares” and is discussing selling the “less than 4 percent” shares it holds in AMTD Group.

Additionally, AMTD Chairman Calvin Choi Chi Kin lost his appeal and was banned by the Securities and Futures Commission (SFC) for two years due to conflicts of interest during his tenure as a UBS banker in 2014 and 2015, following the rejection of his application for anonymity in the appeal.

Featured image credit: Edited from Freepik