(Yicai) Nov. 22 -- Futu Holdings has rebutted online rumors about mass layoffs while confirming that the Chinese online broker adjusted its organizational structure to improve operational efficiency and further expand its overseas business.

Rumors that Futu is letting go of a big chunk of workers are false, the Hong Kong-based company told Yicai yesterday. The staff changes involved about 5 percent of the firm's total headcount, it added.

According to rumors circulating online yesterday, Futu will cut 40 percent to 60 percent of its employees by the end of the year. Shares of the company [NASDAQ: FUTU] closed down 4.8 percent at USD84.69 each in New York on the same day.

New jobs are created while some existing roles are optimized in the adjustment, a normal business iteration for the company, Futu pointed out. The firm will continue to focus on its core business, innovate, and enhance its market competitiveness to ensure its long-term steady development in the changing environment, it added.

Futu's net profit rose 21 percent to USD170 million in the three months ended Sept. 30 from a year ago, according to its financial report released on Nov. 19. Revenue jumped 30 percent to USD442 million, beating market expectations.

Established in 2012, Futu provides digital financial services covering multiple fields, including stock trading, margin trading, and market data and information.

Editor: Martin Kadiev