Overview
Moomoo Technologies Inc. (“MTI” or “Organizer”) invites eligible high school students in New York, New Jersey, and Connecticut to participate in the Student Stock Showdown (the “Competition”), a free, educational paper-trading competition using virtual funds within the moomoo application. The Competition is designed to introduce students to financial markets in a simulated environment. No real money is invested or at risk.
All applicable federal, state, and local laws and regulations govern this Competition. Void where prohibited or restricted by law. These Terms and Conditions (“Agreement”) constitute a legally binding agreement between each Participant and the Organizer.
Section 1. Definitions
As used in this Agreement, the following terms shall have the meanings set forth below:
1.1 Account. The moomoo application paper-trading account provided by MTI and approved for use in the Competition. Accounts are virtual and contain no real funds.
1.2 Competition. The Student Stock Showdown, as described herein.
1.3 Competition Period. From September 28, 2026 at 12:01 a.m. Eastern Time (“ET”) through January 16, 2027 at 11:59 p.m. ET.
1.4 Educator. Any teacher, coach, or guidance counselor employed by an Eligible School who registers students for the Competition.
1.5 Eligible School. Any accredited high school located in the States of New York, New Jersey, or Connecticut.
1.6 MFI. Moomoo Financial Inc., an SEC-registered broker-dealer, FINRA member, and SIPC member, and an indirect wholly-owned subsidiary of Futu Holdings Limited.
1.7 MTI. Moomoo Technologies Inc., the Organizer of the Competition, and an indirect wholly-owned subsidiary of Futu Holdings Limited.
1.8 Organizer. MTI, as defined above.
1.9 Participant. Any student currently enrolled in an Eligible School during the Competition Period who satisfies all eligibility requirements set forth in Section 3.
1.10 Rewards. Prizes, Cash Coupon, and fractional shares awarded to Participants and Educators pursuant to Section 2.
Section 2. Competition Rewards
2.1 Student Prizes
Participants shall be ranked based on their total dollar profit and loss (“P&L”) at the close of the Competition Period, as calculated pursuant to Section 7. The following prizes shall be awarded to the highest-ranked Participants:
(a) First Place: A cash prize in the amount of $2,500, to be delivered via prepaid debit card; one (1) trophy; and one (1) certificate of excellence.
(b) Second Place: A cash prize in the amount of $1,000, to be delivered via prepaid debit card; one (1) trophy; and one (1) certificate of excellence.
(c) Third Place: A cash prize in the amount of $250, to be delivered via prepaid debit card; one (1) trophy; and one (1) certificate of excellence.
2.2 School Prizes
Schools shall be ranked based on the aggregate yield of all trading Participants enrolled at that school, as calculated pursuant to Section 7.1. The following grants shall be awarded to support financial education programs at winning schools:
(a) First Place School: A grant in the amount of $10,000.
(b) Second Place School: A grant in the amount of $2,000.
(c) Third Place School: A grant in the amount of $2,000.
In addition, all Eligible Schools with at least one Participant who completes a trade shall receive complimentary enrollment in the Financial Literacy Certification Program administered by Working in Support of Education, a New York City-based nonprofit organization, at no cost to the school.
2.3 Educator Prizes
Educators shall be ranked based on the P&L of their highest-performing Participant. To be eligible for any Educator prize, an Educator must have a minimum of five (5) registered Participants, as required by Section 3.3. The following prizes shall be awarded:
(a) If an Educator’s student places First: A cash voucher in their Moomoo account of $1,000 Cash Coupon
(b) If an Educator’s student places Second: A cash voucher in their Moomoo account of $700 Cash Coupon
(c) If an Educator’s student places Third: A cash voucher in their Moomoo account of $300 Cash Coupon
Section 3. Eligibility and Participation Requirements
3.1 Participant Eligibility
To be eligible to participate in the Competition, an individual must: (a) be enrolled as a student at an Eligible School during the entirety of the Competition Period; (b) agree to and comply with this Agreement in its entirety; and (c) satisfy all applicable age and consent requirements set forth in Section 3.2. Upon the Organizer’s request, each Participant must promptly provide documentation sufficient to verify eligibility. The Organizer reserves the right, in its sole discretion, to reject any applicant for any reason without obligation to provide an explanation.
3.2 Age and Consent Requirements
Participation is subject to the following consent requirements, which are conditions precedent to eligibility:
(a) Participants Under 18. Any participant under the age of eighteen (18) must submit a fully executed parental or legal guardian consent form prior to registration. Such consent form shall expressly bind the parent or guardian, on behalf of the minor Participant, to all provisions of this Agreement, including without limitation the mandatory arbitration clause and class action waiver set forth in Section 14. Minors will not be permitted to participate absent timely receipt of a valid, executed consent form.
(b) Participants 18 and Older. Participants who are eighteen (18) years of age or older must execute the participation waiver prior to registration. Execution of the waiver constitutes acceptance of this Agreement in its entirety.
(c) COPPA Compliance. The Organizer shall not knowingly collect personal information from any Participant under the age of thirteen (13) without verified parental consent in compliance with the Children’s Online Privacy Protection Act, 15 U.S.C. §§6501–6506 (“COPPA”). Parents or guardians of Participants under 13 must complete all registration steps on behalf of such minor.
3.3 Educator and School Eligibility Thresholds
To be eligible to receive any Rewards, the following minimum registration thresholds must be satisfied:
(a) School Threshold: An Eligible School must have a minimum of fifteen (15) Participants register for the Competition.
The foregoing thresholds apply to all Rewards, including the Educator participation award described in Section 2.3. Failure to meet the applicable threshold shall render the Educator or school ineligible for any Reward.
3.4 Ineligible Persons
The following individuals are not eligible to participate in the Competition: (a) employees, independent contractors, officers, directors, or agents of MTI, MFI, or any of their respective affiliates, subsidiaries, or parent entities; (b) members of the immediate household or family of any such ineligible individual; and (c) employees of any securities regulatory organization, self-regulatory organization, or national securities exchange.
3.5 Educator Role
Educators may assist Participants in understanding the moomoo platform and developing general investment strategies. Educators are strictly prohibited from placing trades, modifying orders, or otherwise executing transactions on behalf of any Participant. Violation of this provision shall result in disqualification of the relevant Participant and may result in forfeiture of all associated Educator Rewards.
Section 4. Trading Rules and Restrictions
4.1 Permitted Instruments
The Competition is limited to trading in U.S.-listed equity securities (stocks) and exchange-traded funds (ETFs) with a per-share trading price greater than $1.00 and a market capitalization greater than $500,000,000 as of the prior trading day. No other instruments are permitted.
4.2 Prohibited Trading Strategies
The following trading strategies are strictly prohibited and will result in immediate disqualification and forfeiture of all Rewards upon discovery:
(a) Margin Trading. Participants may not borrow funds to purchase securities.
(b) Short Selling. Participants may not sell securities they do not hold.
(c) Options Trading. Participants may not purchase or sell options contracts of any kind.
Although the moomoo platform may display these features, their use is strictly prohibited. The Organizer reserves the right to disqualify a Participant upon discovery of any prohibited trade at any time during or after the Competition Period, without waiting for the Competition’s conclusion. Any Rewards provisionally credited to a disqualified Participant shall be forfeited.
4.3 Order and Position Limits
(a) Maximum daily orders: 200 orders per trading day (excluding cancellations and modifications).
(b) Maximum open positions: 200 positions at any time, including pending orders.
(c) Single-security concentration: No more than forty percent (40%) of total Account value may be held in any single security at the time of purchase. Passive appreciation above the 40% threshold due to market price movement does not constitute a violation.
4.4 Day Trading Policy
The Competition does not encourage day trading. Once a Participant establishes or liquidates a position in a given security, the Participant may not execute the opposite transaction in that same security for a period of twenty-four (24) hours. This restriction applies on a rolling basis and is designed to promote sound, long-term investment thinking.
4.5 Starting Capital
Each Participant’s Account shall be funded with $100,000 in virtual currency for purposes of the Competition. This amount represents simulated funds only and has no monetary value outside the Competition.
4.6 Trading Hours
Trading is available during U.S. pre-market, regular market, and after-hours sessions, Monday through Friday, from 4:00 a.m. to 8:00 p.m. ET, excluding federal holidays on which U.S. markets are closed.
4.7 Trade Execution
Simulated orders are matched to real-market trades where practicable. Simulated executions occur after corresponding real-market trades are confirmed. Partial fills may occur where real-market volume is insufficient to satisfy a simulated order; unfilled portions will remain in queue. The Organizer makes no representation or warranty regarding execution speed, fill rate, or price accuracy in the simulated environment.
4.8 Corporate Actions
The Competition platform supports the following corporate actions: cash dividends, stock splits, reverse stock splits, mergers, and ticker symbol changes. All other corporate actions are unsupported. Data delays from third-party providers may affect the timing of corporate action processing. In the event a delay materially affects rankings, the Organizer will use commercially reasonable efforts to correct any resulting discrepancies.
4.9 Trading Fees
No commissions or platform usage fees apply to trades executed within the Competition Account.
4.10 System Integrity
Any attempt to exploit bugs, vulnerabilities, or errors in the moomoo platform to generate artificial profits constitutes fraud. Accounts found to have benefited from such exploitation will be disqualified, all Rewards forfeited, and the matter may be referred to appropriate authorities.
Section 5. Account Terms and Restrictions
5.1 One Account Per Participant
Each Participant is limited to one (1) Accountni. The use of multiple Accounts by a single Participant constitutes fraud and will result in disqualification and forfeiture of all Rewards. Solely data attributable to Competitor Accounts shall constitute eligible data for the purposes of this Competition.
5.2 Feature Restrictions
Because many Participants are minors, the following moomoo application features will be disabled for Competition Accounts: Community, Promotions, Redeem Points, Customer Service, paid Market Data services, and any other features restricted for minors under applicable law. Participants agree not to attempt to access any restricted feature. Any attempt to circumvent these restrictions will result in immediate disqualification and forfeiture of all Rewards.
5.3 Account Cancellation and Data Deletion
The Organizer reserves the right to cancel any Account and delete its associated data at any time, with or without notice. All Competition Accounts, and all data associated therewith, will be permanently deleted thirty (30) days following the conclusion of the Competition Period. Participants who are awarded fractional shares pursuant to Section 2 are solely responsible for taking all steps necessary to retain access to such shares prior to Account deletion. The Organizer shall have no liability for fractional shares or other assets lost or rendered inaccessible due to Account deletion.
5.4 Prohibited Deposits
Participants may not open new accounts or make any deposit into a Competition Account. Any such action will result in immediate disqualification.
Section 6. Competition Settlement and Calculation
6.1 Final Settlement
Final Competition results will be calculated using official closing prices from regular U.S. market hours on the final day of the Competition Period. Positions valued at after-hours prices on the final day will not be included in final rankings. Open positions at the end of the Competition Period will be valued at the official closing price.
6.2 Calculation Formulas
(a) Student P&L. Total profit or loss (in USD) = Final Net Asset Value − Initial Net Asset Value. Net Asset Value equals the aggregate value of all cash and securities holdings in the Account.
(b) School Yield. Aggregate school profit across all trading Participants divided by the sum of initial Account balances of all trading Participants at that school, multiplied by 100. Only Participants who have executed at least one (1) simulated trade shall be included in this calculation.
(c) Weekly P&L (%). ((Net Asset Value at Friday’s close ÷ Net Asset Value at prior Friday’s close) − 1) × 100.
(d) Total P&L (%). ((Final Net Asset Value ÷ Initial Net Asset Value) − 1) × 100.
6.3 Rankings
Rankings shall be determined as follows:
(a) Students are ranked by total dollar P&L in descending order.
(b) Schools are ranked by yield percentage in descending order.
(c) Educators are ranked based on the P&L of their highest-performing Participant.
All rankings and valuations shall be determined by the Organizer in its sole and absolute discretion. In the event of a tie in student rankings, the Organizer shall resolve such tie by reference to the earliest timestamp of the relevant Participants’ most recent trade, with priority given to the Participant who established their final position earlier.
Section 7. Award Delivery
Competition results will be publicly announced on the Website following the conclusion of the Competition Period. Awards shall be delivered as follows:
(a) Cash Prizes. Cash prizes for student Participants (Section 2.1) shall be delivered via prepaid debit card. Cash Coupon for Educators (Section 2.3) shall be delivered via the method designated by the Organizer at the time of award notification.
(b) Cash Coupon. Cash Coupon (Section 2.3) shall be credited to the recipient’s MFI brokerage account, subject to Section 10. Recipients must open an MFI brokerage account to receive a Cash Coupon. Cash Coupon has no cash equivalent and may only be redeemed through the moomoo application.
(c) Fractional Shares. Fractional shares shall be credited to the recipient’s MFI brokerage account. Fractional shares are non-transferable, illiquid outside of MFI’s platform, and not all securities are eligible for fractional share awards. Recipients must open an MFI brokerage account to receive fractional shares.
Section 8. Forfeiture and Alternate Winners
A Participant or Educator who is otherwise eligible for a Reward shall forfeit all entitlement to such Reward upon the occurrence of any of the following: (a) failure to respond to the Organizer’s communications within ten (10) business days; (b) inability of the Organizer to contact the individual using the information provided at registration; (c) refusal or inability to accept delivery of the Reward; (d) disqualification for any reason set forth in this Agreement, including but not limited to fraud, misrepresentation, or rule violation; or (e) failure to provide any documentation requested by the Organizer to verify identity or eligibility.
In the event of any forfeiture, an alternate winner shall be selected from the remaining eligible Participants or Educators in descending rank order.
Section 9. Publicity and Intellectual Property
9.1 Publicity Rights
Subject to applicable law, each Participant and Educator, by entering the Competition, irrevocably grants to MTI and its affiliates the perpetual, worldwide, royalty-free right to use their moomoo application nickname, school affiliation, Competition performance data, and other information related to their participation for marketing, advertising, and promotional purposes in any medium now known or hereafter developed, without further consent, compensation, or notification. Participants and Educators agree to execute any additional documentation reasonably requested by the Organizer to effectuate these rights. Failure to execute such documentation shall authorize the Organizer to execute such documents on the individual’s behalf to the extent permitted by law.
For Participants under the age of 18, the parent or guardian’s execution of the consent form described in Section 3.2(a) shall constitute consent to the foregoing publicity rights on behalf of the minor.
9.2 Submitted Content
Any content, data, commentary, or materials submitted by Participants or Educators in connection with the Competition shall become the exclusive property of MTI upon submission. Each Participant and Educator hereby assigns to MTI all right, title, and interest in and to such submitted content, including all intellectual property rights therein.
Section 10. General Terms
10.1. Organizer’s Reserved Rights. The Organizer reserves the right, in its sole discretion, to: (a) cancel, suspend, or modify the Competition or any of its terms at any time and without prior notice; (b) disqualify any Participant for any reason; (c) select alternate winners in the event of any forfeiture or disqualification; (d) resolve any ambiguity, dispute, or question of interpretation arising under this Agreement; and (e) extend or shorten the Competition Period. Any decision by the Organizer shall be final, binding, and non-appealable.
10.2. Limitation of Liability. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE ORGANIZER, MFI, AND THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS SHALL NOT BE LIABLE FOR: (A) ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES ARISING FROM PARTICIPATION IN THE COMPETITION; (B) TECHNICAL MALFUNCTIONS, DELAYS, OR ERRORS IN THE MOOMOO PLATFORM; (C) LOST, STOLEN, OR MISDIRECTED REWARDS; OR (D) ANY INJURY OR DAMAGE RESULTING FROM PARTICIPATION IN THE COMPETITION. THE ORGANIZER’S TOTAL LIABILITY TO ANY PARTICIPANT OR EDUCATOR SHALL NOT EXCEED THE FAIR MARKET VALUE OF THE REWARD SUCH INDIVIDUAL WAS ELIGIBLE TO RECEIVE.
10.3. Taxes. All Rewards are subject to applicable federal, state, and local taxes. Winners are solely responsible for all tax obligations arising from receipt of any Reward. Prizes, Cash Coupon, and the fair market value of fractional shares may constitute taxable income. Where required by law, MTI or MFI will issue an IRS Form 1099-MISC to winners whose aggregate Reward value exceeds applicable reporting thresholds. MTI and MFI expressly disclaim any responsibility for any tax liability incurred by Participants or Educators. Participants are strongly encouraged to consult a qualified tax advisor prior to entering the Competition.
10.4. No Investment Advice. Neither participation in the Competition, nor receipt of any securities-related Reward, nor any communication from MTI or MFI in connection with this Competition constitutes investment advice, a recommendation to buy or sell any security, or a solicitation of any investment. MTI and MFI do not provide investment advice.
10.5. Severability. If any provision of this Agreement is found to be invalid, illegal, or unenforceable under applicable law, such provision shall be modified to the minimum extent necessary to make it enforceable, and the remaining provisions shall continue in full force and effect.
10.6. Entire Agreement. This Agreement constitutes the entire agreement between the Organizer and each Participant and Educator with respect to the Competition and supersedes all prior representations, understandings, and agreements relating thereto. The Organizer’s
terms of service and all agreements of MFI and MTI are hereby incorporated by reference. These terms contain a pre-dispute arbitration clause and class action waiver. This provision is intended to be interpreted broadly. It affects your legal rights. It provides for resolution of most disputes through individual arbitration instead of court trials and class actions. Arbitration is more informal than a lawsuit in court, uses a neutral arbitrator instead of a judge or jury, and discovery is more limited. Arbitration is final and binding and subject to only very limited review by a court. This section also contains a jury trial waiver and a waiver of any and all rights to proceed in a class, collective, consolidated, private attorney general or representative action in arbitration, or litigation to the fullest extent allowable by applicable law. This section also contains provisions governing multiple case filings including mass arbitrations. You and we agree that the Agreement evidences a transaction in interstate commerce and that this arbitration agreement will be interpreted and enforced in accordance with the Federal Arbitration Act and federal arbitration law. The terms of this Agreement are governed by the laws of the United States (including the Federal Arbitration Act) and the State of New Jersey, U.S.A., without regard to its principles of conflicts of law, and regardless of your location.
10.7. Language. This Agreement is written in English. Any translation provided is for convenience only. In the event of a conflict between the English version and any translation, the English version shall control.
10.8. Waiver. The Organizer’s failure to enforce any right or provision of this Agreement shall not constitute a waiver of such right or provision.
10.9. One Entry Per Participant. Each Participant may submit only one (1) entry. The use of multiple Accounts or entries by a single Participant constitutes fraud.
Section 11. Cash Coupon Terms
Cash Coupon issued under this Agreement is subject to the following additional terms:
(a) Cash Coupon is valid for three (3) months from the date of issuance.
(b) Cash Coupon has no cash equivalent and may only be redeemed through the moomoo application toward eligible equity purchases in an MFI brokerage account.
(c) Cash Coupon does not confer buying power until the face value is credited to the recipient’s brokerage account following settlement of the recipient’s first eligible buy-to-open order, which credit shall occur within three (3) trading days of such settlement.
(d) Cash Coupon is non-transferable, non-refundable, and irrecoverable if lost.
(e) Cash Coupon with the earliest expiration date will be applied first. Where expiration dates are equal, the higher-denomination reward will be applied first.
(f) MTI reserves the right to amend, suspend, or terminate the Cash Coupon program at any time and without notice. MTI also reserves the right to revoke any Cash Coupon obtained through fraudulent means, including exploitation of system vulnerabilities.
Section 12. Fraud and Disqualification
The following conduct shall result in immediate disqualification and forfeiture of all Rewards, and may be referred to appropriate regulatory or law enforcement authorities:
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Use of more than one Account or entry by a single Participant;
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Exploitation of platform bugs, vulnerabilities, or errors to generate artificial profits;
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Placement of trades by any person other than the registered Participant;
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Execution of any prohibited trading strategy described in Section 4.2;
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Providing false or misleading information in connection with registration or verification;
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Any other conduct constituting fraud or misrepresentation; and
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Accessing restricted features of the moomoo application as described in Section 5.2.
Signs of fraud, suspicious activity, or abuse detected in any moomoo account (including but not limited to use of multiple accounts) shall result in forfeiture of all Rewards associated with such account.
Section 13. Regulatory and Risk Disclosures
13.1 Broker-Dealer Information
Securities products available through the moomoo application are offered by Moomoo Financial Inc. (“MFI”), an SEC-registered broker-dealer. MFI is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). For information about MFI, visit FINRA BrokerCheck at
https://brokercheck.finra.org/. For information about SIPC coverage, visit
www.sipc.org.
13.2 No Solicitation
Nothing in this Agreement or any Competition-related communication constitutes a solicitation of any security or a recommendation to buy, sell, or hold any security. MTI and MFI do not provide investment advice in connection with this Competition.
13.3 Competition Does Not Guarantee Live Trading Approval
Participation in the Competition does not guarantee, imply, or constitute approval for live options trading or any particular level of account approval with MFI. Any application for a live brokerage account with MFI will be evaluated independently in accordance with MFI’s standard account-opening procedures.
13.4 Options Risk Disclosure (Platform General Notice)
The following disclosure relates to the moomoo platform generally and does not apply to this Competition, in which options trading is strictly prohibited (see Section 4.2(c)). Options trading entails significant risk and is not appropriate for all investors. Options transactions can be complex and may result in the total loss of invested capital. Certain options strategies carry additional risk, including the potential for losses exceeding the original investment. Investors should carefully read the Characteristics and Risks of Standardized Options disclosure, available at
https://j.us.moomoo.com/017y9J, before engaging in any options activity on the moomoo platform outside of this Competition.
13.5 No Guarantee of Returns
Moomoo does not guarantee favorable investment outcomes. Past performance of any security or financial product does not guarantee future results. This Competition is conducted entirely with virtual funds and does not reflect the risks and mechanics of real-money investing.
13.6 Corporate Ownership
MTI and MFI are indirect, wholly-owned subsidiaries of Futu Holdings Limited. All Rewards are offered by MTI and/or MFI.