Tiger and Futu were founded just 2 years apart, both going public in 2019. Starting from similar points, Futu's market cap is now 13 times that of Tiger. How did the gap widen so much? I asked the founder of another platform in the U.S. stock market circle, and his answer was: Li Hua was Tencent's 18th employee and secured Tencent's strategic investment. Over the past decade, Tencent has invested in half of China's internet industry. When these Tencent-backed companies went public, many chose to partner with Futu, giving Futu users more opportunities to participate in IPOs and creating a growth flywheel. Hearing this was an "aha" moment—simplicity at its finest. It's the same logic as Binance's IEOs/airdrops, giving platform users the chance to access high-success-rate primary market opportunities.