Futu is the first big Chinese IPO of 2019: 5 things to know about the online brokerage

Futu Holdings Ltd., a Hong Kong–based online brokerage that is backed by Chinese internet giant Tencent Holdings Ltd., is expected to be one of the first big Asian initial public offerings of 2019.

The company filed for an IPO in late December with the stated aim listing on the Nasdaq exchange under the ticker symbol “FHL.” On Tuesday, the company said it will offer 7.5 million American Depositary Shares in the deal, priced at $10 to $12 each.

Goldman Sachs, UBS and Credit Suisse are underwriters on the deal. Proceeds will be used for general corporate purposes, including research and development, to fund working capital and to cover increased regulatory capital requirements in Hong Kong and other jurisdictions, according to the preliminary prospectus.

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