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.
