Li Hua, the founder of Chinese online brokerage Futu Holdings, has more than tripled his net worth to an estimated $9.6 billion, a testament to the company’s successful pivot following a sweeping government crackdown. According to Forbes, the surge in wealth for Futu’s chairman and CEO comes as the company’s Nasdaq-listed shares have climbed over 200% in the past year, buoyed by a strategy that focused on global expansion and aggressive user acquisition.

The turnaround marks a sharp reversal of fortunes for Futu, which was put into survival mode after Chinese regulators began tightening their grip on the sector in 2022. Citing concerns over data security and capital outflow, authorities in mainland China ordered Futu to stop onboarding new users. The company’s Futubull trading app was subsequently pulled from mainland app stores in 2023.

In response, Li steered the company toward international markets, including Singapore, Malaysia, and the U.S. Futu launched aggressive marketing campaigns, like offering free Apple shares to users in Malaysia and sponsoring the New York Mets baseball team, to attract new clients to its Moomoo international platform.

According to Wang Hanyang, an analyst at 86Research, this international push has been remarkably effective. “They have made eye-catching progress in user acquisition, profit and sales,” Wang said. “I think the company is still at an early stage of its development.”

The company’s second-quarter results underscored its rapid growth, with sales jumping nearly 70% year-over-year to $676.6 million and net income more than doubling to $331.6 million. An estimated 70% of new app users are now coming from international markets, a clear sign that the global strategy is paying off.

While the booming global stock market has been a tailwind, Futu is also exploring new growth avenues. The company has begun offering cryptocurrency trading in markets like Hong Kong and the U.S., a move that Wang believes could be a significant future revenue stream.

Despite its recent success, Futu faces potential headwinds. A slowdown in the global stock market or increased competition from players like Robinhood, which is actively expanding in Asia, could temper future growth.

For now, however, the momentum remains on Futu’s side. As Deutsche Bank analyst Johnny Xie noted, “We expect sustained net asset inflow to be supported by the strong market momentum across markets.” Futu CFO Arthur Yu Chen reiterated this commitment to expansion, telling Forbes the company is focused on “capturing a broader global client base” through partnerships and new product offerings.