Futu Holdings (FUTU.US) rose more than 5% to $137.32. On the news, Morgan Stanley raised its target price of Futu to $160. The bank said that Futu completed the upgrade of the No. 1 license in Hong Kong in July 2024, which can provide crypto asset trading services to Hong Kong retail investors. The Cheetah of Futu officially obtained the VATP license issued by the Hong Kong Securities Supervision Commission in January 2025. It is expected that by 2027, spot trading will generate incremental revenue of 3.40 billion Hong Kong dollars, and if stablecoins/derivatives are approved, it can be increased by another 1.60 billion Hong Kong dollars.