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FINANCIAL ASSETS AND FINANCIAL LIABILITIES | 12 Months Ended
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Dec. 31, 2025
FINANCIAL ASSETS AND FINANCIAL LIABILITIES |
FINANCIAL ASSETS AND FINANCIAL LIABILITIES | 3.FINANCIAL ASSETS AND FINANCIAL LIABILITIES Financial Assets and Liabilities Measured at Fair Value The following tables set forth, by level within the fair value hierarchy financial assets and financial liabilities measured at fair value as of December 31, 2024 and 2025. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Financial Assets at Fair Value as of
​ | ​ | December 31, 2024
​ | ​ ​ ​ | Level 1 | ​ ​ ​ | Level 2 | ​ ​ ​ | Level 3 | ​ ​ ​ | Total
​ | ​ | (HK$ in thousands)
Short-term investments (1) | ​ | 164,187 | ​ | — | ​ | — | ​ | 164,187
Other financial assets | ​ | 51,606 | ​ | — | ​ | — | ​ | 51,606
Total financial assets, measured at fair value |  | 215,793 |  | — |  | — |  | 215,793
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Financial Liabilities at Fair Value as of
​ | ​ | December 31, 2024
​ | ​ ​ ​ | Level 1 | ​ ​ ​ | Level 2 | ​ ​ ​ | Level 3 | ​ ​ ​ | Total
​ | ​ | (HK$ in thousands)
Other financial liabilities (2) | ​ | — | ​ | (5,827) | ​ | — | ​ | (5,827)
Total financial liabilities, measured at fair value |  | — |  | (5,827) |  | — |  | (5,827)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Financial Assets at Fair Value as of
​ | ​ | December 31, 2025
​ | ​ ​ ​ | Level 1 | ​ ​ ​ | Level 2 | ​ ​ ​ | Level 3 | ​ ​ ​ | Total
​ |  | (HK$ in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term investments (1) | ​ | 1,149,028 | ​ | 1,115,407 | ​ | — | ​ | 2,264,435
Other equity investments (3) |  | 5,514 | ​ | — | ​ | — |  | 5,514
Total financial assets, measured at fair value |  | 1,154,542 | ​ | 1,115,407 | ​ | — |  | 2,269,949
(1) | The amounts of short-term investments exclude investments in funds measured based on NAV per share, which are not classified in the fair value hierarchy. As of December 31, 2024 and 2025, the fair values of these investments in funds were HK$739,136 thousand and HK$1,459,862 thousand, respectively. The investments in funds include open-ended fixed income fund, which mainly invests in debt securities, and hybrid funds that invest in a variety of debt and equity securities. There were no unfunded commitments related to these investments in funds as of December 31, 2025, and certain investments in funds are subject to initial lock-up period of no more than 12 months. The Group invests in certain debt securities classified as available-for-sale debt securities under short-term investments. The non-listed debt securities are classified as Level 2 of the fair value hierarchy, and valued with quoted prices for identical debt securities from inactive markets.
(2) | The Group enters into currency futures contracts to manage currency exposure associated with anticipated receipts and disbursements occurring in a currency other than the functional currency of the entity. The currency futures contracts are valued using broadly distributed bank and broker prices, and are classified as Level 2 of the fair value hierarchy since inputs to their valuation can be generally corroborated by market data.
(3) | The amounts of other equity investments are adjusted for observable price changes based on the public trading price. Refer to Note 7 for details.
3.FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Continued) Transfers Between Level 1 and Level 2 Transfers of financial assets and financial liabilities at fair value to or from Levels 1 and 2 arise where the market for a specific financial instrument has become active or inactive during the period. The fair values transferred are ascribed as if the financial assets or financial liabilities had been transferred as of the end of the period. During the years ended December 31, 2024 and 2025, there were no transfers between levels for financial assets and liabilities, at fair value. Financial Assets and Liabilities Not Measured at Fair Value The following financial instruments are not measured at fair value in the Group’s consolidated balance sheets as of December 31, 2024 and 2025, but require disclosure of their fair values: cash and cash equivalents, cash held on behalf of clients, term deposit, restricted cash, held-to-maturity debt securities, securities purchased under agreements to resell, loans and advances, receivables, other financial assets, amounts due to related parties, payables, securities sold under agreements to repurchase, borrowings and other financial liabilities. The estimated fair value of such instruments at December 31, 2024 and 2025 approximates their carrying value due to their generally short maturities. If measured at fair value in the financial statements, cash and cash equivalents, cash held on behalf of clients and term deposit would be classified as level 1, while other financial instruments would be classified as level 2. ​ Netting of Financial Assets and Financial Liabilities The Group’s policy is to net the receivables from and payables to clearing organizations that meet the offsetting requirements prescribed in ASC Topic 210-20. The following tables represents the amounts of financial instruments that are offset in the consolidated balance sheets as of December 31, 2024 and 2025. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Effects of offsetting on the balance sheet | ​ ​ ​ | Related amounts not offset
​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | Amounts | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | amounts | ​ | Net amounts | ​ | subject to | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | set off in the | ​ | presented in | ​ | master | ​ | Financial | ​ | ​
​ | ​ | Gross | ​ | balance | ​ | the balance | ​ | netting | ​ | instrument | ​ | Net
As of December 31, 2024 | ​ ​ ​ | amount | ​ ​ ​ | sheet | ​ ​ ​ | sheet | ​ ​ ​ | arrangements | ​ ​ ​ | collateral | ​ ​ ​ | amount
​ | ​ | HK$ in thousands
Financial Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts due from clearing organizations |  | 12,038,178 | ​ | (8,761,115) | ​ | 3,277,063 | ​ | — | ​ | — | ​ | 3,277,063
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts due to clearing organizations |  | 9,549,039 | ​ | (9,045,643) | ​ | 503,396 | ​ | — | ​ | — | ​ | 503,396
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Effects of offsetting on the balance sheet | ​ ​ ​ | Related amounts not offset
​ | ​ ​ ​ | ​ | ​ ​ ​ | Gross | ​ ​ ​ | ​ | ​ ​ ​ | Amounts | ​ ​ ​ | ​ | ​ ​ ​ | ​
​ | ​ | ​ | ​ | amounts | ​ | Net amounts | ​ | subject to | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | set off in the | ​ | presented in | ​ | master | ​ | Financial | ​ | ​
​ | ​ | Gross | ​ | balance | ​ | the balance | ​ | netting | ​ | instrument | ​ | Net
As of December 31, 2025 | ​ | amount | ​ | sheet | ​ | sheet | ​ | arrangements | ​ | collateral | ​ | amount
​ | ​ | HK$ in thousands
Financial Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts due from clearing organizations | ​ | 20,396,274 |  | (14,873,802) |  | 5,522,472 |  | — |  | — |  | 5,522,472
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts due to clearing organizations | ​ | 15,624,766 |  | (14,873,802) |  | 750,964 |  | — |  | — |  | 750,964
​

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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