Put the cart before the horse? Futu Securities R&D expenses actually become the largest expenditure


The broker is a red-sea market that is widely believed to be mature and competitive, and the height of the business is so high that the securities traders spend a lot of marketing expenses for market share. In 2018, the brokerages set the worst net profit level in recent years, although the gross profit rate is high, But the traditional extensive mode of operation and the profit model that fully relies on the market to eat in the sky, the survival path of most securities traders has been maintained on the systemic risk of the stock market, resulting in a weak overall risk of anti-risk.

Internet brokerage platform Fulu Securities, according to its listed parent company Fulu Holdings IPO and 2019 Q1 financial report, the highest proportion of the overall cost is technology research and development costs, and rising year by year, the latest quarter as high as $6.8 million, accounting for 23% of the total revenue, about 5 times the average share of the industry. And Fuyu's attitude to the outside world is still constantly emphasizing that the cost of R & D will continue to increase. As a brokerage, R & D costs actually far exceed the marketing costs. How does Fulu want to play this chess game?


Futu R&D investment trend chart

Before studying rich technology, let's take a look at the background of Chen Weihua, its chief technology officer. Before joining Fulu, Chen Weihua was the first senior technical expert (T4.3) in Tencent's history. He served as general manager of Tencent instant messaging platform department and had rich experience and mature technical management ability in building 100 million online platforms. It is worth mentioning that even in today's Tencent 54600 employees, T4.3 experts are less than 50, reflecting Chen Weihua's technology and R & D management strength.

In the research and development technology of the rich road, Chen Weihua said: "We do as the industry leader of the Internet brokerages, and the most important is to solve the problem of how to combine the financial and the science and technology perfectly," The leading and innovative technology of technology enables us to move steadily and create a solid competitive barrier for us. Over the past few years, we have maintained high R & D inputs, with R & D employees accounting for more than 60%, well above the industry's 1% to 10%. On the basis of the full license plate of Hong Kong and the United States, the rich road has developed a complete set of systems from the client to the background, including account opening, transaction, wind control, settlement, quotation, and information, with reference to the development experience of the Tencent-level user service. During the research and development of the system, a lot of experience in the research and development of the securities industry has been accumulated, and the research system has a great advantage in the aspects of high expansibility, low operation cost, high reliability and information security. The future will further strengthen the R & D force, and R & D staff will break through 500 people this year.

Both breadth and depth, how can Futu hold up such a big appetite?

The first is the breadth of terminal coverage. At present, Futu Niu Niu, a stock trading software of Futu trader level, has achieved full terminal coverage and supports multiple platforms such as Mac, iOS, Android, and Windows. Personal data is synchronized in real time to meet the needs of different scenarios.


Full terminal page display.

Secondly, for the account opening problem that investors are more concerned about, Futu's independent online research and development process supports the fastest 3 minutes registration and 1 hour account opening. From the operation point of view, Futu Niu Niu interface is simple and intelligent, supports a variety of intelligent order models such as limit orders, condition orders, etc., through the Hong Kong and US stocks LV2 deep real-time market, information, live broadcast, courses, research all open, truly achieve one-stop investment Experience.

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rich-in-one-cattle-part product interface

In terms of trading varieties, Fudu currently supports the main shares and derivatives trading of the three major stock markets. On the basis of obtaining the license for Hong Kong shares and US shares, Fudu further expands the trading varieties, which are expected to be launched this year.


An overview of the varieties and services of rich trade

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