Asia Tech Wire (June 7) -- Chinese online broker Futu Holdings Ltd (FUTU.US) has spent HK$440 million (US$56 million) to take an indirect stake in Hong Kong-based virtual bank Airstar Bank.

Futu announced Friday that it has completed a HK$440 million investment in Gravitation Fintech HK Limited, the parent company of Airstar Bank, and indirectly owns 44.11% of the bank, making it the second largest shareholder.

According to Airstar Bank's 2023 annual report, the two major shareholders of its parent company were Xiaomi Finance H.K. Limited, a subsidiary of Xiaomi Group (1810.HK), and AMTD Group, holding 90% and 10% of the shares, respectively.

Xiaomi's stake in Airstar Bank's parent company has fallen to 50.3% after the introduction of new capital, but it remains a major shareholder.

As for AMTD, which founded Airstar Bank together with Xiaomi, it is still a shareholder in Airstar Bank's parent company.

Depending on the amount Futu put into Airstar Bank's parent company and its shareholding, the bank has a valuation of around HK$1 billion.

Airstar Bank received a banking license from the Hong Kong Monetary Authority on May 9, 2019 and officially launched its trial operation on March 31, 2020, making it the second virtual bank officially operating in Hong Kong.

The bank primarily conducts banking and related financial services in Hong Kong in the form of a virtual bank.