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Tencent-backed brokerage Futu targets $130m in US listing

Xiaomi-linked rival also headed for Nasdaq debut

Two Chinese fintech startups are preparing for an IPO on Nasdaq.   © Reuters

NEW YORK -- Futu Holdings, an online stock brokerage based in Hong Kong and backed by Tencent Holdings, has set terms to raise up to $130 million in its Nasdaq initial public offering, which will value the company at over $1 billion.

Catering to an emerging affluent population in China, Futu offers trading services for stocks listed in Hong Kong and the U.S. Tencent, which already holds 38.2% of the startup, has indicated interest in purchasing up to 25% of the new shares issued, according to Futu's prospectus.

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