In brief: Tencent-backed stock brokerage platform targets $130m in New York IPO

• Futu Holdings, an online stock brokerage based in Hong Kong and backed by Tencent Holdings, has set terms to raise up to US$130 million in its Nasdaq initial public offering.
• The startup previously planned to raise as much as US$300 million when it filed for a US listing in December, but it lowered its target.
• Chinese tech titan Tencent, which holds a 38.2 percent stake in the startup, has indicated interest in purchasing up to 25 percent of the new shares issued, according to reports.
• Founded in 2011 by one of Tencent’s first employees, Futu caters to an emerging affluent population in China, offering trading services for stocks listed in Hong Kong and the US.

Source: Nikkei Asian Review