Yunqi Capital Sells 130,000 Futu Holdings (FUTU) Shares Worth $16.1 Million

Yunqi Capital Ltd reported a complete exit from Futu Holdings Limited (NASDAQ:FUTU), selling 130,000 shares, for approximately $16.07 million net position change as of Sept. 30, 2025.

• Sold out entire position: (130,000) shares, approximately $16.07 million change in value as of Sept. 30, 2025
• The transaction represented approximately 9.4% of Yunqi Capital’s 13F reportable assets under management
• Post-trade stake: zero shares, zero dollar value
• The stake previously accounted for approximately 11.5% of Yunqi Capital’s AUM as of the prior quarter

What happened

According to a filing with the Securities and Exchange Commission dated Nov. 20, 2025, Yunqi Capital Ltd sold all 130,000 shares of Futu Holdings Limited during the third quarter of 2025, eliminating its prior position. The sale resulted in a net position change of approximately $16.07 million, based on quarterly average pricing. Futu shares closed at $153.79 on Nov. 20, 2025.

What else to know

• Yunqi Capital Ltd fully exited its Futu Holdings Limited stake, with the position now representing 0% of reportable assets under management.
• Top holdings after the filing:
  • NASDAQ: STAA: $67.18 million (39.3% of AUM)
  • NYSE: LU: $44.46 million (26.0% of AUM)
  • NASDAQ: QFIN: $30.84 million (18.0% of AUM)
  • NASDAQ: PDD: $19.14 million (11.2% of AUM)
  • NASDAQ: API: $5.75 million (3.4% of AUM)
• As of Nov. 20, 2025, shares were priced at $153.79, up 76.79% over the past year, outperforming the S&P 500 by 70.95 percentage points.
• Futu Holdings Limited reported trailing twelve months revenue of approximately $2.68 billion and net income of approximately $1.26 billion as of Sept. 30, 2025.
• The company’s forward price-to-earnings ratio stands at 15.3.

Company Overview

Company Snapshot

• Futu Holdings offers digitalized securities brokerage, margin financing, and wealth management product distribution through the Futubull and Moomoo platforms, with additional financial information and online community services.
• Generates revenue primarily from brokerage commissions, margin lending, and distribution fees from wealth management products, leveraging a digital-first business model to scale across international markets.
• Targets retail and institutional investors in Hong Kong and internationally, focusing on digitally engaged customers seeking comprehensive online investment solutions.

Futu Holdings Limited is a leading digital financial services platform with a strong presence in Hong Kong and a growing international reach. The company leverages proprietary technology to deliver a seamless investment experience, differentiating itself through integrated trading, wealth management, and financial community features. Its scalable digital model and focus on user engagement position it competitively in the evolving capital markets sector.

Foolish take

Futu Holdings operates a tech-driven online brokerage and wealth management platform for Chinese investors. By providing access to U.S. and Chinese markets, it was able to raise the number of funded accounts it manages by 42% year over year to 3.1 million at the end of September.

Futu Holdings was Yunqi Capital's fourth-largest holding at the end of June. That said, it was only holding five stocks at that time.

Futu Holdings was the only stock that Yunqi Capital sold during the third quarter. It added shares of two stocks during the period, which lengthened its portfolio holdings list to six stocks.

It's hard to see why Yunqi is no longer bullish on Futu Holdings. Its brokerage operation is growing by leaps and bounds. At the end of September, total client assets were up by 78.9% year over year. Third-quarter revenue jumped by 86.3% year over year, and its bottom line is rising even faster. Net income surged by 143.9% to $413 million.

Glossary

Complete exit: When an investor sells all holdings in a particular investment, reducing their position to zero.
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC if they exceed certain thresholds.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Net position change: The difference in the value of an investment position after buying or selling securities.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Forward price-to-earnings ratio: A valuation measure comparing a company's current share price to its expected future earnings per share.
Dividend yield: A financial ratio showing how much a company pays in dividends each year relative to its share price.
Brokerage commissions: Fees charged by brokers for executing trades or transactions on behalf of clients.
Margin financing: Borrowing funds from a broker to purchase securities, using existing holdings as collateral.
Wealth management product distribution: The process of offering and selling investment products to clients as part of financial planning services.
Digital-first business model: A strategy where a company prioritizes digital channels and technology for delivering products and services.
Institutional investors: Organizations such as funds, banks, or insurance companies that invest large amounts of money, often on behalf of others.

Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.