Dialogue with Futu Li Hua: Tencent's No. 18 employee left his job to start a business from the red ocean of 400 brokerages

Tencent Finance

2024-05-24 06:30Posted on the official account of Beijing Tencent Finance

Tencent Finance Xu Tan

Highlight the point

• 1

  When the company was the most difficult, there were two groups, one group was 11 people, and the whole company was in it, and the other group was 10 people, only Li Hua was not there. Everyone discusses every day when to leave the company.

• 2

  After experiencing Tencent's process from 0.1 to 1 to 10, I have seen how Pony and Tony, as the founders, think, arrange, and operate. And used in Futu.

• 3

  Change what you can, accept what you can't, and have the wisdom to discern the difference.

In 2019, when Futu was listed on the NASDAQ in the United States, a reporter asked the founder Li Hua, if you called you ten years ago, what would you want to say to him?

At that moment, Li Hua's tears, which were considered to be extremely stable in the core, fell completely uncontrollably. He wanted to tell himself ten years ago not to come out and start a business. Why do you want to leave Tencent, you have to face so much uncertainty and unimaginable pressure. The human instinct is to do certain things.

As Tencent's No. 18 employee, Li Hua accompanied Pony and other early veterans through the process of Tencent from 0 to 1 and from 1 to 10. In 2008, Li Hua, who wanted to do something bigger, left Tencent and founded Futu Securities in 2012. Some people also joked that he was not imaginative enough about Tencent's future.

Tencent's veteran has a summary of Li Hua, Li Hua didn't seem to be so dazzling when he was in Tencent, but when he did Futu, it was really surprising.

A person who was born as an Internet product manager, but crossed over to become a securities company. When Futu was founded, there were already more than 400 brokerages in Hong Kong. A few years later, Futu became the largest retail brokerage in Hong Kong. Li Hua found a blue ocean in a red sea.

Li Hua is perhaps the person who is most proficient in the "Tencent methodology", identifying user needs, running in small steps, and iterating quickly. Different from traditional brokerages, Li Hua insisted on calling the name of the app Futubull (the overseas version is called moomoo), because a personified cartoon image will have a more warm feeling. The community function in the app is equivalent to embedding a circle of friends (Niuniuquan) into Futubull, and the fundamental thing is that the product is efficient and easy to use, which solves the long-term pain points of users.

When I started a new business and influenced many people, I felt a great sense of achievement. At this time, Li Hua felt that these could not be given by staying at Tencent.

As early as 2015, Futu began to apply for licenses in the United States, which is a very early enterprise to go overseas, and in 2021, Futu has entered Singapore, Australia, Canada, Japan, Malaysia and other countries, accelerating the process of internationalization. Internationalization can be regarded as Li Hua's second venture. In the face of more fierce competition in an unfamiliar environment, can Li Hua find the blue ocean in a red ocean again?

Recently, Tencent Finance and Tencent Consulting jointly launched the "Altitude 7950" column, where they talked to Li Hua (Leaf), the founder, chairman, CEO and chairman of the technical committee of Futu Holdings, and talked about the difficult moments in the entrepreneurial process, the exploration of going overseas, management methodology, etc.

The following is the conversation between Tencent Finance and Li Hua: (The content author has deleted and optimized)

What did you learn from Tencent University?

Tencent Finance: You are Tencent's No. 18 employee, Tencent's early employees are regarded as "rich", if you stay at Tencent, there is a lot of room for career development and wealth appreciation. If you had to choose again now, would you still choose to come out and start a business?

Li Hua: If you had asked me this question five years ago, I would have said that I would not have come out. Five years ago, it happened to be when Futu first went public. Futu was listed in the United States on March 8, 2019, and on the day of the listing, after the bell ringing ceremony, a media reporter asked me a question, saying that Leaf, you are a very rare founder I have ever seen on the day of listing, there was no generous statement, no emotion, recalling your entrepreneurial history with tears in your eyes, you behaved unusually calm and quiet, can you tell me why?

If I hadn't left Tencent, from the perspective of wealth, I would have found that my gains were almost the same, but the process from founding Futu to listing on NASDAQ was full of all kinds of uncertainties. You know, a lot of the colleagues in Futu's team are from Tencent, and for them, if they don't succeed, then I may fail them, so I actually have a sense of relief.

Tencent Finance: If you were looking at each other in time and space, what would you say to you in 2008 (when you left Tencent)?

Li Hua: In 2019, I remember that there was an interview at that time, but that part may not have been broadcast, which caught me off guard. The reporter said that if you called you ten years ago, what would you say to him? At that moment, my tears suddenly fell completely uncontrollably, in fact, at that time, I was going to tell me 11 years ago, cherish the environment at that time, and never come out to start a business.

Because that journey was long and hard, why would you allow yourself to face such a big uncertainty? But after we went on the market, and after the next five years of development, my feeling is different, you really built a thing, and in the process, you really influenced a lot of people. Our clients have gained a better investment tool and a better investment platform. Our colleague has gained a career, including financial growth, which still gives me a great sense of accomplishment, which may not be given by my stay at Tencent.

Tencent Finance: So I regret not being able to say that I started my business.

Li Hua: That's right.

Tencent Finance: Is there a joke that your partner asks you why Harvard University and Stanford University want to serve Hunan University, and you give an answer because you went to the "best business school"?

Li Hua: That's right, when we went public, Goldman Sachs was our leading bank, the lead bank, and the MD (managing director) in charge of this project was a fellow of mine from Hunan. He suddenly asked, have you ever wondered why our group of Harvard University and Cambridge University want to serve your Hunan University? I was stunned and didn't know how to answer. He continued to ask, and I suddenly had the answer, I actually went to the best business school in the world, called Tencent University.

When you enter Harbin University of Jianda, you first learn theory, and then you go to practice. I said that I started to practice from the first day I joined Tencent. In this process, Tencent itself is still developing, and I am directly involved in it, so what I have learned is different from what you have learned.

Tencent Finance: What do you think is the most valuable thing you learned from Tencent Business School?

Li Hua: First, I have experienced the process of Tencent going from 0.1 to 1, then to 10, and then to 100. One of the most important things that taught me was the ability to trust, or the belief in what is done, which is very important. For example, in 2004, when Tencent was first listed, its stock price should have been 4 yuan 1, if I told you that you only need to spend 10,000 yuan to buy it at the moment, maybe one day it will exceed 10 million or even more, I believe that no one will believe it, in fact, Tencent's stock price rose tens of thousands of times at its peak. It's that you lack this imagination of trust, or the firm ability to believe in something.

Second, because I have experienced the process of Tencent from 0.1 to 1 to 10 and then to 100, I have seen how people like Pony and Tony as the founders think in this process, how to arrange troops, how to operate, and how to make choices, which actually gives me some direct cognitive inspiration, even if I do things today, I can still draw a lot of strength and methods from it.

Entrepreneurship: How to find a blue ocean in the red ocean

Tencent Finance: Futu's success lies in the fact that you have found a blue ocean where the Internet and finance are cross-border, but now that there is a red ocean everywhere, can you still find another blue ocean?

Li Hua: Why did I choose to do Futu back then? You know, when we decided to go to a brokerage firm in Hong Kong, there were only two or three million investors in Hong Kong, but there were already more than 400 brokers.

At that time, investors also asked me this question, and I said that in fact, in the red ocean, you can actually find the blue ocean. You have to use different methods to build something that is unique to you.

I have opened an account with many brokerages in Hong Kong, and I have experienced what kind of problems I have encountered, isn't the system unstable, the user experience is not smooth, and I can't find customer service. Aren't these things that I experienced at Tencent back then, and they are all related to the so-called technology and service concept, which happens to be what the Internet team is best at? We have a chance to get it right.

Tencent Finance: In other words, you brought Internet thinking into the financial industry, found some pain points of the product, and then you solved these problems?

Li Hua: Yes, and then you will find that for a long time, Futu was the only existence in the market, so that I was differentiated from all the others, and I found my own blue ocean, instead of competing in a red ocean.

Tencent Finance: I found that you spend many hours a day on Futubull more than 30 times?

Li Hua: Yes, I will open the bullpen dozens of times.

Tencent Finance: Will you answer different questions from various users?

Li Hua: That's right.

Tencent Finance: I want to know how you understand user thinking? How to achieve the ultimate user experience?

Li Hua: Actually, there are two parts, one is in Tencent, including Pony, Tony has a lot of words and deeds, for example, Pony even played two roles in the chat room, playing a woman to answer questions and communicate with customers. Pony often goes to the forums in the evening to read some feedback from users, and then pulls everyone to solve the problem. At the beginning of Futu, we were positioned to serve everyone, so we aimed at a group of traders, a group of real Traders, and some of our previous word-of-mouth gains came from our frequent in-depth communication with such a niche group, and soon knew what they wanted, made a product that met their expectations, and continued to iterate, and finally we solidified it as a method. I've made it a habit to talk to our customers almost every day, all the time. I once joked that I should be the founder or CEO of a securities company that users on this planet could find in five minutes. When I'm free, I'll open the bullpen to see who @ me, or I'll see what kind of complaints and feedback users have.

Our cognition is always limited, what users need, in fact, at that time is not our own thinking, including some of our later varieties, such as options, futures, etc., that are all users told us, saying why you have not yet been on this variety, you have to do it quickly, otherwise we will choose someone else's house.

"Altitude 7950" moment

Tencent Finance: Our column is called "Altitude 7950", 8000 meters up is the death zone, you may also cross the death zone to the top, I don't know if you have experienced the stage of 7950 altitude in the process of leading the company?

Li Hua: There must be, there must be, it's just that you may not think that it was a completely insurmountable hurdle when you look back, but at that point in time, you will still have the feeling of crossing the death zone.

Including in 2011, when we developed the system, the little money we invested as an angel investment at the beginning was no longer enough, and we continued to be unable to raise funds. A few of us together pooled the first part of the money, which is called gambling on net worth. Indeed, for a long time, you will find that no one agrees, no one understands, and even at that time, there were two groups in the company, one group was 11 people, and the whole company was in it, and the other group was 10 people.

Tencent Finance: Why is there a difference between one person?

Li Hua: The difference is that there is no me in the group of 10 people, and they discuss every day when we will leave the company and where we are going, and all they talk about is negative things. It should be said that people often say that the air you breathe is wrong, and then it should be said that what I breathe out may be all wrong. For example, at that time, we only had Hong Kong stocks at the beginning, and I asked if we could consider increasing U.S. stocks, and the reaction in that group was that Hong Kong stocks were not doing well, and Leaf was going to think about doing U.S. stocks, so ambitious.

In fact, it was also because I started this thing relatively early, so when Ali went public in the United States in 2014, we didn't miss that wave, and our trading volume got a big boost that day, which was a peak at that time. If you don't think about it, if you don't do it, you won't be able to seize this kind of opportunity.

Tencent Finance: How did you solve this problem at that time? Or how do you give everyone hope?

Li Hua: It's true that I can't find an investment, so I go up by myself, and everyone sees your responsibility. At that time, I was eating, drinking, chatting with my colleagues every day, and repeatedly talking about why I was doing this.

In fact, one of the benefits of drinking is that when everyone is very happy, you can actually tell everyone what you are thinking in a way that is almost like talking to yourself. So they will also ask, usually there are some things that he hides in his heart and dare not ask, or he doesn't want to say, at this time will say it, so that it is easier to align.

Tencent Finance: Will there be a state of controversy?

Li Hua: Now it's an argument, when the company was small, it was a quarrel, because at that time the boss was not so authoritative, and everyone thought that we were a bunch of entrepreneurial brothers. There are even business partners who directly slap your table.

Tencent Finance: How are you arguing?

Li Hua: All kinds, you don't agree, right? I said there's no way, if you don't agree, then I'll just let you out of this matter.

Tencent Finance: What does it mean to go out? Is it to be expelled?

Li Hua: No, you just do other things, and don't get involved in this matter. It's not expulsion, people are precious at that time, and no one can be missing.

Tencent Finance: For example, do you remember a quarrel over a trivial matter?

Li Hua: Once, there was a very classic thing that we set for the signature of an account opening form. I think it's still cumbersome to let customers fill in, and some places can be optimized and adjusted. For example, there are places where you have to make the word spacing more or make it clearer. But the student in charge of the design didn't think it made much sense, so he had to fill it in manually anyway. He doesn't think it's necessary, collecting the form and then entering it into the system, which is a week, or at least three to five days, is there any value in you optimizing it for three to five minutes?

Then I was very insistent, and he just slapped me on the table and said I wouldn't do it.

Tencent Finance: What about your reaction?

Li Hua: My reaction said, you better know what you're talking about. If you say you won't do it, then you probably won't be able to do it.

The next day, he came to me and apologized to me, saying that he was too impulsive at that time

Tencent Finance: I found that in fact, many companies are rarely like Futu, where the CEO is the same, that is, when to be democratic, and when is it you who have the final say?

Li Hua: Actually, at a very early age, I made a rule with my friends at the beginning, that is, first, I definitely did not accept coercion. This is something that I made very clear from the beginning, you can't blackmail me because of your importance, this is very important. Including me in Qingteng's class, there were also classmates, and the founder asked me similar questions, and I felt that he was coerced. I said that you must dare to face this thing, otherwise you will have a hard time in the future, you must remember that you are the founder, and your task is to take everyone to the place you want to go, not to encounter some problems in the process that cause you to compromise and change, so this is the first one.

Second, I think from the perspective of the efficiency and results of decision-making, as long as I am the CEO and I am responsible for the overall final outcome of the company, then the final decision should be made by me. It cannot be said that when a matter is discussed and not decided, the decision-making committee is composed of five people and votes. If we don't get along, I'll have to take my opinion. Of course, when I went to do this kind of equity setting earlier, one of my requirements was that I had to be able to have complete decision-making power for a long period of time, and most importantly, in substance.

Tencent Finance: Regarding corporate governance, when I visited the company, I saw a wall on the wall that you often say, do the right thing, not the easy thing. How to understand this sentence?

Li Hua: First of all, I didn't make this original, but I must have said it earlier than many people who wrote it in his circle of friends as a signature. Taking Futu as an example, in fact, we had several options at that time, one option was that you did not go to the license, you could choose to make a front-end APP, to cooperate with a brokerage, to do easier things; The second is to slow down the whole pace of yourself, first to understand the industry, you go to get a license; The other is a more extreme approach, you may not hold a license, and what you do is a sideline. At the beginning, we chose to carry out our research and development on the basis of the license, based on the understanding of the regulator and the interaction with the regulator.

Looking at the long term, what is the big difference between us and several major competitors? That is, after you do it, you can do some business that is closer to financial attributes.

Tencent Finance: You call Ye Zige in Futubull's bullpen, and Ye Zige's signature is actually a sentence from Sun Tzu's Art of War - "First be invincible, so that the enemy can be defeated, and you cannot be defeated by yourself, and you can win against the enemy." How do you understand this sentence and why did it become your signature?

Li Hua: You will find that there are some commonalities with the ones I talked about earlier, including changing what you can change, accepting what you can't change, and then having the wisdom to distinguish the difference between the two. In fact, you will find that it has some internal common logic, that is, why do you think you can, to win your competitors, to defeat your enemies, in fact, you find that if you go towards this goal, it is very difficult for you, you don't know how strong the other party is, even if there is a lot of information revealed. But what can you do well? I can do everything I can to be the best I can be, and that's within your control, right?

So you should call it doing everything possible, that is, when someone else comes to beat me, can I do it so that I don't want to be defeated, I don't want to defeat him, I don't want to be destroyed by others, so I think this can give me a lot of long-term inspiration, or some reminders.

Tencent Finance: After more than ten years of entrepreneurship, have you ever summarized which ones can ensure that you can withstand some pressure and survive some difficult years?

Li Hua: Actually, I also learned this at Tencent, the first is called pragmatic focus, which is to make big things small, that is, when resources are limited, your heart is big, you want to do everything, you want to do everything, in fact, at this time, it is easy to spread the limited resources too much. The inspiration I got from Tencent's experience is that when we don't have enough resources, we should gather all our strength to get one or two points thoroughly. So you see what we did in the first place, we didn't say. Now you see that we have the so-called market trading, information and social networking, wealth management, if ordinary people want a good valuation in order to talk to investors, they must do all these things.

The second one, which I later summarized myself, is what kind of things are worth investing in resources, and I summarized nine words, which are called precipitable, developable, and sustainable. Because time is fair to everyone, what can you leave behind when time passes, and what is meaningful is the most important thing.

Tencent Finance: What are the major incidents you mentioned?

Li Hua: A lot. For example, in 2015, Hong Kong stocks and A-shares had a big market. After the Qingming Festival, the trading volume of Hong Kong stocks has risen many times, in fact, we have encountered a problem, after the trading volume rises, the exchange in order to allow you to settle in time, every day will be based on your trading volume has a withholding value, we did not have money at that time, the result of the trading volume is so large that we have no money to pay the withheld fee, that is to say, can not complete the normal settlement, what problems will be encountered? From a regulatory point of view, he will think that you don't have the financial resources to do this, and in the most extreme case, you will be suspended, then you will not be able to do this.

Tencent Finance: Existential moments.

Li Hua: I can only tell you that I am trying to find a way to solve it. First, immediately see how much money can be put into the company; The second is to go to the circle of friends for help; The third is to raise funds quickly. Of course, we were fortunate that Tencent gave us direct support at that point.

Tencent Finance: The company will panic when it goes through some bumps, how do you deal with it?

Li Hua: Let me tell you a story, on October 27, 2021, I happened to be in Shanghai that day, and I was about to have dinner with a group of media friends, and then Futu's stock price fell by more than 40% before the market that day, and everyone panicked. Including those friends from the media, they said, or don't eat today's meal, you go and solve the problem first. I said, didn't that turn into secondary injury? While the stock price is beating and falling, I should still talk to everyone, eat and eat, and people say Leaf, how big your heart is. I said otherwise. It's better for us to eat well, talk about the day, and wait until we understand the reason, and how to face it.

Internationalization: Second Venture

Tencent Finance: In 2018, Futu took the initiative to internationalize, but after 2021, you will inevitably embark on the road of internationalization?

Li Hua: In 2020, we are actually already thinking, because we will always have a market ceiling and a big bottleneck.

So Hong Kong also achieved a relatively large market share at that time, so in addition to the United States, where is our next market, so we chose Singapore.

Tencent Finance: Now that Futu's internationalization has actually entered several countries, such as Singapore, the United States, Japan, Canada, and Malaysia, which countries do you think are doing better, and which countries still have great challenges?

Li Hua: Singapore is definitely doing well, and from the perspective of scale, we are already the largest retail brokerage in Singapore. The timing of our entry was particularly good, and 2021 happened to catch up with a big wave of U.S. stock market, so we didn't spend a lot of effort and quickly occupied a suitable position in Singapore.

I think Australia is not doing very well, because we have done good market research and market analysis, but we have overlooked a very important thing, and this thing was discovered after more than a year of operation. I found out when I was on a business trip to Australia with my colleague.

You have to know that we are in China, maybe 9 or 10 o'clock in the evening to trade US stocks, you have a period before the break. But in Australia, it's already early in the morning, unless he is really a very professional investor, or he makes a living by trading U.S. stocks, he won't set an alarm clock and get up at two or three o'clock in the morning to trade. This was the only category we had at the time, and it was a mistake in judgment on the tradable time of the category.

Tencent Finance: Previously, most of China's fintech companies went overseas in consumer finance, payment and other fields, while there were very few companies in the securities trading track with higher thresholds. In summary, what is the biggest pain point for Chinese securities trading companies to go overseas?

Li Hua: I think it's still an international talent. This is what hurts us the most.

Tencent Finance: Is Webull your biggest competitor? In fact, when Webull entered the U.S. market, one of his successful experiences was to use local talent to localize.

Li Hua: Actually, strictly speaking, Webull is not our competitor because its successful market is in the United States, and our more successful market is in Hong Kong.

Tencent Finance: What do you think is the biggest difficulty in the U.S. market?

Li Hua: The United States is a cross-time zone for us, and although speaking English is not as difficult for us as other languages, it is still cross-language after all. Another very important thing is to understand the local area, we first belonged to air operations, and we were in charge of the United States that I sent from Hong Kong.

The people who develop our products are squatting in Shenzhen, how can you do it well? If you do it well, it's really intolerable. It can only be said that the market may still belong to a chaotic and hazy stage, so from this point of view, I think Webull is particularly respectable, it can be in such a highly developed, fully competitive market, and a strong Internet as a background of a brokerage, Webull can still stand out in it, in fact, it is not easy.

Tencent Finance: Who have you studied as the benchmark of the U.S. market? Is it Schwab or Robinhood.

Li Hua: Actually, earlier on, I was inspired by Charles Schwab. You will find that Schwab has several characteristics of its growth process, first, it has a lot of application of technology; Second, he caught a window in the market. It turned out that in the United States, for a long time, there was a minimum price protection for securities companies to provide brokerage business, and later, the United States suddenly removed the minimum price protection, so Charles Schwab seized this opportunity, he took the initiative to choose to seize the market at a low price, so he used one is technology, one is a low price, and quickly accumulate users, and finally when the number of user assets reaches a certain scale, he begins to stratify users to provide a variety of different services. One of Futu's development paths can be regarded as a relatively in-depth reference to some of his growth methods.

Tencent Finance: Do you feel confident to become Charles Schwab's No. 2?

Li Hua: This is our vision, or a further goal for me.

Tencent Finance: How big do you think the gap with Charles Schwab will be now?

Li Hua: It's too big, just by looking at the market capitalization, you can know that it may be tens or hundreds of times worse. There's so much we need to make up.

Tencent Finance: There are many established brokerages in the United States, such as Charles Schwab, TD Ameritrade, Firstrade, etc. Futu has only been in business for 12 years, which means facing strong competitors. How do you find a differentiated way to survive in a country with a developed financial industry?

Li Hua: I think as long as we go back to our original style of play, I think we will have a chance. Because the U.S. market is very large and there are many competitors, if you want to say whether you have made a mistake in the U.S. market, I think you have made a mistake, you are a long-range operation, you are not so localized, and you don't invest so many resources, and as a result, you ask for the strongest one in the benchmark market at the beginning, for example, he has this trading variety, I also want to have it, he has that kind of account structure, I also have it, in fact, I can't do it. Why do we make such mistakes? It's because we have more resources than we had in the earliest days. If you go back to the earliest days of entrepreneurship, you will focus on one or two points of resources that you are willing to invest to penetrate it. Can I provide the best quote for one or two symbols in the market, or the best deal for one or two symbols, or even the best price.

In 2024, we will actually make a big adjustment, not as before, all-round attack, even if there are only five, ten, twenty customers, these people should be very identified with our products and services, so that we can do the nine words I said earlier, which is precipitable, developable, and sustainable. We just do it and don't set too many goals.

Tencent Finance: That is to say, focus.

Li Hua: Focus.

Tencent Finance: Then focus on breakthroughs.

Li Hua: That's right.

Tencent Finance: After Futu's internationalization, is it a challenge to your personal ability? Because when you manage a Chinese company and a global company, the roles you need to play are different, what do you think is the biggest difference? Li Hua: I think there must be a very, very big challenge, and I think the biggest difference is that you see the whole thing in a different breadth. On the other hand, it can be challenging to put a lot of effort into participating in a market that you are completely unfamiliar with.

Even if I am still insisting on learning English, the best communication is to communicate by yourself, not with a translator.

Tencent Finance: As the CEO of a global company, what are the core values or ways of doing things that you want to convey to employees around the world? What made you choose these words?

Li Hua: I think there is still a very important one, I think it is serious and conscientious, I think these two words may have some similarities, but they are not exactly the same, this is something I can feel in the internationalization.

At an altitude of 7,950 meters, there are no people who are high in anti

Tencent Finance: I have a curiosity, when you reach the altitude of Mount Everest at 7950, many people will have high reaction, you seem to be the kind of person who has fewer "high reactions", that is, the core is very stable. Why? Entrepreneurship requires a particularly high level of mental energy, which is a problem faced by a large number of entrepreneurs.

Li Hua: I think it's hard for me to classify it as my family of origin, or Nature, but I think it's actually some of the skills that I have learned.

I say it from two perspectives. When you're faced with some of these great difficulties, you do your best, you go to the pain, you go to the pain, there's no need, because you can't change anything.

I think there's another one that I wasn't born with these things, and probably no one is born with these things. I think it's still some of the acquired training, and I think there are some tricks, which is that when I encounter a huge difficulty, or a huge uncertainty, I actually quickly grasp what I can deal with and solve immediately, rather than imposing it on your emotions, which affect a lot of people around you.

I think you'll know a few more times like this, and you'll even get some positive feedback, maybe your partners, your teammates, will praise you - thanks to your composure, or some of the ways you deal with it, we gain confidence.

To use a pretending to be a coercive word to go from one victory to another, in fact, your heart will be strong together.

Tencent Finance: You said before that you are the only CEO of a Hong Kong securities company that can be found within five minutes, so how can you also achieve this in the process of internationalization?

Li Hua: So we have a reference to one of Amazon's practices, which is to add a light system, and I will break down my decision-making to the product managers in charge of each market, although I am not there myself, at least so that the opinions of these product managers in charge can be quickly feedback. We have a group called "Press the Light Group", I am in that group, I can see the feedback of some high-frequency problems, which problems will be mentioned continuously, and then there will be a responsible product manager for everything, and the message of pressing the light will be @ that person, and I will continue to get close to the user through this method, but I don't think it's good enough, after all, they can't replace me.

(Author's note: "Andon" originated from Toyota Motor in Japan, and Bezos, the founder of Amazon, introduced the lighting mechanism into the company to authorize front-line customer service to directly remove the product from the shelves when it is clearly detected that it will definitely harm the user experience, so as to drive the relevant internal departments to dig out the root cause and improve the process, and the product will be restored to the shelves until the problem is solved.) It is a mechanism for collecting user feedback and quickly following up and dealing with it. ）

Tencent Finance: Yes, because in the early days, you were the one who answered the questions yourself.

Li Hua: Yes, so this is what I'm still thinking about how to make it more in place, more extreme.

Tencent Finance: When Futu reached its current scale, I don't know how you understand finance and what is the essence of finance? Is it arbitrage?

Li Hua: No, the essence of finance is risk.

I think this is one of the most important things, and it doesn't mean that you are going to arbitrage in the middle, to make money, which is not right. Because we are managing customer assets, if from the perspective of responsibility, you correspond to a fiduciary role, I think the understanding here is still more correct.

Tencent Finance: But finance itself is about pricing risk.

Li Hua: That's right.

Tencent Finance: Then I can understand why you chose the words "serious" and "conscientious".

Li Hua: That's right.

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