(Yicai Global) Dec. 22 -- Futu Holdings’ shares moved up in after-hours trading in New York after the Chinese online brokerage announced a proposed dual primary listing in Hong Kong next week by way of introduction, meaning it will not sell any new shares nor raise any new funds.

Futu [NASDAQ: FUTU] was up almost 3.6 percent at USD64.24 a share as of 6.24 a.m. local time today, after gaining 1.7 percent yesterday, taking this year’s gain to 48 percent.

The Hong Kong-based broker’s Class A ordinary shares will start trading in Hong Kong on Dec. 30 under the stock ticker [HKG: 3588], it said in a stock exchange filing today, with the aim of reaching a wider investor base and mitigating any risk of delisting in the Unites States.

The US Securities and Exchange Commission included Futu in its provisional delisting list in March. Futu said on March 31 that it has been keeping a close eye on the requirements of the Holding Foreign Companies Accountable Act, assessing its potential impact, and actively exploring ways to keep its Nasdaq listing. 

The company runs the wealth management platform Futubull, which is mainly used by Hong Kong and mainland-based traders. It was the biggest brokerage for retail investors based on turnover on the Hong Kong Stock Exchange as of Dec. 31, 2021, with a market share of 10.7 percent, the company said, citing China Insights Consultancy. Its clients can also trade shares listed in the US, Singapore, and Australia.

In the first half of this year, Futu's revenue fell by 10 percent from a year ago, mostly due to reduced commissions and service fees, and other factors. Last year, revenue surged to HKD7.1 billion (USD911.2 million) from HKD1.1 billion in 2019, driven by a rapid growth in its client base.

Editor: Emmi Laine, Xiao Yi