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CONSOLIDATED BALANCE SHEETS
$ in Thousands, $ in Thousands
Dec. 31, 2025
HKD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
HKD ($)
ASSETS      
Cash and cash equivalents $ 10,465,888 $ 1,344,659 $ 11,688,383
Cash held on behalf of clients 113,398,356 14,569,444 68,639,816
Restricted cash 2,510 322 1,121
Term deposit     4,990
Short-term investments 6,688,871 859,388 2,411,074
Securities purchased under agreements to resell 507,767 65,238 316,301
Loans and advances - current (net of allowance of HK$85,252 thousand and HK$374,604 thousand as of December 31, 2024 and 2025, respectively) 64,607,370 8,300,768 49,695,691
Receivables:      
Clients 838,521 107,733 534,077
Brokers 18,459,373 2,371,664 17,224,387
Clearing organizations 5,522,472 709,529 3,277,063
Fund management companies and fund distributors 1,997,086 256,586 1,210,472
Interest 852,186 109,489 597,483
Amounts due from related parties $ 6,780 $ 871 $ 61,200
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration] Related Party [Member] Related Party [Member] Related Party [Member]
Prepaid assets $ 77,960 $ 10,016 $ 63,497
Other current assets 225,478 28,969 160,330
Total current assets 223,650,618 28,734,676 155,885,885
Operating lease right-of-use assets 569,939 73,226 253,212
Long-term investments 615,220 79,044 573,190
Loans and advances - non-current 139,668 17,945 18,805
Other non-current assets 3,461,431 444,726 2,025,841
Total non-current assets 4,786,258 614,941 2,871,048
Total assets 228,436,876 29,349,617 158,756,933
LIABILITIES      
Amounts due to related parties $ 67,143 $ 8,627 $ 79,090
Other Liability, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member] Related Party [Member]
Payables:      
Clients $ 125,249,957 $ 16,092,141 $ 72,379,135
Brokers 38,678,396 4,969,408 43,697,746
Clearing organizations 750,964 96,484 503,396
Fund management companies and fund distributors 1,277,467 164,129 507,076
Interest 62,527 8,033 86,964
Borrowings 12,143,237 1,560,166 5,702,259
Securities sold under agreements to repurchase 4,743,096 609,394 2,574,659
Lease liabilities - current 200,089 25,707 144,357
Accrued expenses and other current liabilities 4,527,129 581,646 4,936,805
Total current liabilities 187,700,005 24,115,735 130,611,487
Lease liabilities - non-current 393,843 50,603 132,924
Other non-current liabilities 21,906 2,816 8,061
Total non-current liabilities 415,749 53,419 140,985
Total liabilities 188,115,754 24,169,154 130,752,472
Commitments and Contingencies (Note 26)
SHAREHOLDERS' EQUITY      
Additional paid-in capital 19,158,175 2,461,446 18,807,369
Treasury stock (144,498,392 and 144,498,392 shares as of December 31, 2024 and 2025, respectively) (5,199,257) (668,002) (5,199,257)
Accumulated other comprehensive (loss)/income 51,503 6,617 (249,916)
Retained earnings 25,990,667 3,339,285 14,652,946
Total shareholders' equity 40,001,188 5,139,358 28,011,241
Non-controlling interests 319,934 41,105 (6,780)
Total equity 40,321,122 5,180,463 28,004,461
Total liabilities and equity 228,436,876 29,349,617 158,756,933
Class A ordinary shares      
SHAREHOLDERS' EQUITY      
Ordinary shares 73 9 72
Class B ordinary shares      
SHAREHOLDERS' EQUITY      
Ordinary shares $ 27 $ 3 $ 27