富途控股 (FUTU) 2026 Q2 法說會逐字稿

Ladies and gentlemen, welcome to Futu Holdings second-quarter 2026 earnings conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

各位女士、先生，歡迎參加富途控股 2026 年第二季度業績電話會議。(接線員指示) 今天的會議將被錄音。如有任何異議，您可於此時中斷連線。

I would now like to turn the conference over to your host for today's conference call, Michelle Li, Investor Relations Manager at Futu. Ma'am, please go ahead.

現在我想把會議交給今天電話會議的主持人——富途投資者關係經理 Michelle Li。女士，請開始。

Thanks, operator. Thank you for joining us today to discuss our second quarter 2026 earnings results. Joining me on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer; Arthur Chen, Chief Financial Officer; and Robin Xu, Senior Vice President. As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events, which, by their nature, are not certain and are outside of the company's control.

謝謝，接線員。感謝各位今天加入我們，一同討論 2026 年第二季度業績結果。今天與我一同出席電話會議的有：董事長兼首席執行官李華先生（Leaf Li）、首席財務官 Arthur Chen，以及高級副總裁 Robin Xu。提醒各位，今天的電話會議可能包含前瞻性陳述，代表公司對未來事件的看法；此類事件本質上具有不確定性，且不在公司控制範圍內。

Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report.

前瞻性陳述涉及固有風險與不確定性。我們提醒您，多項重要因素可能導致實際結果與任何前瞻性陳述所載內容存在重大差異。有關潛在風險與不確定性的更多資訊，請參閱公司向美國證券交易委員會（SEC）提交的文件，包括年度報告。

And with that, I will now turn the call over to Leaf. Leaf will make his comments in Chinese, and I will translate.

接下來，我把電話會議交給 Leaf。Leaf 將以中文發言，我將進行翻譯。

(interpreted) Thank you, all for joining our earnings call today. In the second quarter, we acquired 252,000 net new funded accounts, up 23.7% year-over-year and 12.2% quarter-over-quarter. Total funded accounts reached approximately 3.84 million, representing an increase of 33.6% year-over-year and 7% quarter-over-quarter.

(傳譯) 感謝各位今天參加我們的業績電話會議。第二季度，我們新增 252,000 個淨新增入金帳戶，同比增長 23.7%，環比增長 12.2%。入金帳戶總數達到約 384 萬個，同比增長 33.6%，環比增長 7%。

Client acquisition in Hong Kong accelerated sequentially during the quarter, supported by a robust local IPO pipeline and strong performance in US equities. In Singapore, registered users surpassed the 2 million milestone, further solidifying our leadership among local retail investors. The average revenue per new client in both markets improved sequentially, underpinned by our ongoing investor education initiatives across multiple asset classes, reinforced by our sustained investment in brand equity.

本季度香港市場的客戶獲取環比加速，得益於強勁的本地 IPO 儲備項目以及美股的良好表現。在新加坡，註冊用戶突破 200 萬里程碑，進一步鞏固我們在本地零售投資者中的領先地位。兩個市場的新客戶平均收入環比提升，主要受益於我們在多個資產類別持續推進的投資者教育舉措，以及對品牌資產的持續投入所帶來的強化效果。

In Malaysia, our targeted marketing campaign centered around local IPOs and the AI-driven rally catalyzed a record quarter of client acquisitions, leading all markets in net new funded accounts for the third consecutive quarter. In the US, Moomoo's prediction markets garnered significant traction, driving incremental new client acquisition and helping improve overall client engagement on our platform.

在馬來西亞，我們以本地 IPO 與 AI 驅動行情為核心的精準行銷活動，帶動客戶獲取創下單季新高，並連續第三個季度在各市場中淨新增入金帳戶數排名第一。在美國，Moomoo 的預測市場獲得顯著關注，帶來額外的新客戶獲取，並有助於提升平台整體客戶參與度。

As of quarter end, total client assets stood at HKD1.4 trillion, up 43.6% year-over-year and 14.5% quarter-over-quarter. The growth was mainly attributable to higher market valuation of client stock holdings and to a lesser extent, net asset inflow. Period-end margin financing and securities lending balance rose 31% quarter-over-quarter to HKD95.1 billion, supported by an active Hong Kong IPO market, along with broader positive market sentiment that encouraged clients to take on more leverage.

截至季度末，客戶資產總額為 1.4 兆港元，同比增長 43.6%，環比增長 14.5%。增長主要歸因於客戶股票持倉市值上升，淨資產流入的貢獻相對較小。期末融資融券及證券借貸餘額環比增長 31% 至 951 億港元，受活躍的香港 IPO 市場支持，同時更廣泛的正面市場情緒也促使客戶提高槓桿使用。

Thanks to favorable market conditions, total trading volume rose 78.8% year-over-year and 54.6% quarter-over-quarter to HKD6.42 trillion, setting a new record high. US stock trading volume grew 67.2% sequentially to HKD5.02 trillion, driven by client interest in AI-related names. Hong Kong stock trading volume increased by 15.9% quarter-over-quarter to HKD1.17 trillion, largely attributable to heightened trading activity in semiconductor, China Internet and newly listed companies.

受惠於有利的市場環境，總交易額同比增長 78.8%，環比增長 54.6% 至 6.42 兆港元，創下歷史新高。美股交易額環比增長 67.2% 至 5.02 兆港元，主要由客戶對 AI 相關標的的興趣所帶動。港股交易額環比增長 15.9% 至 1.17 兆港元，主要歸因於半導體、中國互聯網及新上市公司交易活躍度提升。

In June, Futu Securities became the first and today only broker in Hong Kong to launch securities-backed margin financing for virtual assets under an upgraded Type 1 license approval from the SFC. We are also exploring extending our unified buying power framework to cover virtual asset holdings, further enhancing capital efficiency across traditional and digital asset markets.

6 月，富途證券在獲得證監會（SFC）升級後的第 1 類牌照批准下，成為香港首家且截至目前唯一一家推出以證券作抵押、用於虛擬資產的保證金融資服務的券商。我們亦在探索將統一購買力（unified buying power）框架延伸至涵蓋虛擬資產持倉，進一步提升傳統與數位資產市場之間的資本效率。

Wealth Management and client assets were HKD18.2 billion, up 10% year-over-year and 1% quarter-over-quarter. During the quarter, we observed a shift in client preference from money market funds towards equity funds on the back of strong equity market performance. In Hong Kong, we held our first off-line fund road show for retail investors, centered on the commercial spacing, amid heightened investor interest event due for on-site audience and several hundred live stream participants, translating into meaningful follow-on subscriptions.

財富管理資產及客戶資產為 182 億港元，同比增長 10%，環比增長 1%。本季度，受股市強勁表現帶動，我們觀察到客戶偏好從貨幣市場基金轉向股票型基金。在香港，我們首次面向零售投資者舉辦線下基金路演，主題聚焦商業航太；在投資者興趣升溫的背景下，活動吸引現場觀眾及數百名直播參與者，並轉化為可觀的後續認購。

We concluded the quarter with 683 IPO distribution and IR clients, up 32% year-over-year. The Hong Kong IPO market sustained strong momentum in the second quarter, with nearly 60% of newly listed companies choosing to partner with Futu. We served as joint book runners for multiple high-profile listings, including those of Star Sports Medicine, Lightelligence and METiS TechBio.

本季度末，我們的 IPO 分銷及投資者關係（IR）客戶數為 683 家，同比增長 32%。香港 IPO 市場在第二季度保持強勁動能，近 60% 的新上市公司選擇與富途合作。我們擔任多個重磅上市項目的聯席賬簿管理人（joint book runners），包括 Star Sports Medicine、Lightelligence 及 METiS TechBio。

Next, I'd like to invite our CFO, Arthur, to discuss our financial performance.

接下來，我想請我們的首席財務官 Arthur 介紹財務表現。

Thank you, Leaf and Michelle. Please allow me to walk you through our financial performance in the second quarter. All the numbers are in Hong Kong dollars unless otherwise noted. Total revenue was HKD7.2 billion, up 36% from HKD5.3 billion in the second quarter of 2025. Brokerage commission and handling charge income was HKD3.4 billion, up 30% year-over-year and 27% Q-o-Q.

謝謝 Leaf 和 Michelle。請允許我為各位介紹我們第二季度的財務表現。除非另有說明，所有數字均以港元計。總收入為 72 億港元，較 2025 年第二季度的 53 億港元增長 36%。經紀佣金及手續費收入為 34 億港元，同比增長 30%，環比增長 27%。

Total trading volume grew on both year-over-year and Q-over-Q basis, while blended commission rate declined due to stronger trading activities in higher-priced US stocks and options during the quarter. Interest income was HKD3.1 billion, up 37% year-over-year and 18% Q-o-Q. Both the year-over-year and Q-over-Q increase was mainly driven by higher interest income from margin financing, bank deposits and security lending. Other income was HKD718 million, up 61% year-over-year and 27% Q-over-Q.

總交易額在同比與環比口徑均實現增長，但由於本季度高價位美股及期權交易活動更為強勁，綜合佣金率有所下降。利息收入為 31 億港元，同比增長 37%，環比增長 18%。同比與環比增長主要由融資融券、銀行存款及證券借貸帶來的利息收入增加所驅動。其他收入為 7.18 億港元，同比增長 61%，環比增長 27%。

Both year-over-year and Q-over-Q increase was primarily driven by higher currency exchange income and IPO financing service income. Our total costs were HKD985 million, up 47% compared to the second quarter of 2025. Brokerage commission and handling charge expenses were HKD248 million, up 54% year-over-year and 50% Q-over-Q. Both the year-over-year and Q-over-Q increase was mainly due to high trading volume. Interest expenses were HKD513 million, up 36% year-over-year and 24% Q-over-Q.

同比與環比增長主要由更高的外匯兌換收入及 IPO 融資服務收入所帶動。總成本為 9.85 億港元，較 2025 年第二季度增長 47%。經紀佣金及手續費支出為 2.48 億港元，同比增長 54%，環比增長 50%。同比與環比增長主要由交易量高企所致。利息支出為 5.13 億港元，同比增長 36%，環比增長 24%。

Both the year-over-year and Q-over-Q increase was mainly driven by higher interest expenses associated with our margin financing business. Processing and servicing costs were HKD225 million, up 17% year-over-year and 32% Q-over-Q. Both the year-over-year and Q-over-Q increase were primarily driven by higher product service fees. As a result, total gross profit was HKD6.2 billion, an increase of 34% from HKD4.6 billion in the second quarter 2025. Gross margin was 86.3% as compared to 87.4% in the same quarter of 2025.

無論是同比或環比的增長，主要由於與我們融資融券業務相關的利息支出上升所帶動。處理及服務成本為2.25億港元，同比上升17%，環比上升32%。無論是同比或環比的增長，主要由於產品服務費上升所致。因此，總毛利為62億港元，較2025年第二季度的46億港元增加34%。毛利率為86.3%，相比2025年同季度的87.4%。

Operating expenses were HKD1.8 billion, up 35% year-over-year and 11% Q-over-Q. To break it down, R&D expenses were HKD501 million, up 13% year-over-year and 5% Q-over-Q. The year-over-year and Q-over-Q increase was primarily driven by the increased investment in strategic initiatives like AI and Web3. Selling and marketing expenses were HKD657 million, up 53% year-over-year and 18% Q-over-Q. The year-over-year and Q-over-Q increase was mainly driven by the increase of new fund accounts.

經營開支為18億港元，同比上升35%，環比上升11%。拆分來看，研發開支為5.01億港元，同比上升13%，環比上升5%。同比及環比的增長主要由於在AI及Web3等戰略舉措上的投資增加所致。銷售及市場推廣開支為6.57億港元，同比上升53%，環比上升18%。同比及環比的增長主要由於新增入金賬戶增加所帶動。

G&A expenses was HKD593 million, up 40% year-over-year and 10% Q-over-Q. The year-over-year increase was primarily due to an increase in G&A personnel and professional fees. As a result, income from operations was HKD4.5 billion, up 34% year-over-year and 26% Q-over-Q. Operating margin of 62% is largely flat compared to the second quarter of 2025. Our net income increased by 42% year-over-year to HKD3.6 billion. Net income margin expands to 50.6% in the second quarter compared to 48.4% in the same quarter last year. Our effective tax rate for this quarter was 16.1%. That concludes our prepared remarks.

一般及行政（G&A）開支為5.93億港元，同比上升40%，環比上升10%。同比增長主要由於一般及行政人員增加以及專業服務費用上升所致。因此，經營利潤為45億港元，同比上升34%，環比上升26%。經營利潤率為62%，與2025年第二季度相比基本持平。我們的淨利潤同比增長42%至36億港元。第二季度淨利潤率擴大至50.6%，相比去年同季度的48.4%。本季度的實際稅率為16.1%。以上為我們的預先準備發言。

We'd now like to open the call to questions. Operator, please go ahead.

接下來我們將開放電話會議進入問答環節。接線員，請開始。

(Operator Instructions)

(接線員指示)

Emma Xu, BofA Securities.

Emma Xu，美國銀行證券（BofA Securities）。

(interpreted) Thank you for giving me the opportunity to ask the first questions. Congratulations on the strong second quarter results. Since the release of the new regulations on May 22, have you seen material changes in Mainland client share account, AUM and revenue contribution? Have you observed meaningful outflow of accounts or client assets?

(口譯) 感謝給我機會提第一個問題。祝賀第二季度業績強勁。自5月22日新規發布以來，你們是否看到內地客戶股票賬戶、資產管理規模（AUM）及收入貢獻出現實質性變化？是否觀察到賬戶或客戶資產出現明顯流出？

The second question is, against the regulatory backdrop, the group delivered resilient revenue and profit in the second quarter. So could management please share an update of the overseas market development and their contribution to the group? Thank you.

第二個問題是，在監管背景下，集團第二季度仍實現了具韌性的收入與利潤。管理層能否分享一下海外市場拓展的最新進展，以及其對集團的貢獻？謝謝。

(interpreted) So Futu places very strong emphasis on compliance, and we are committed to meeting all of the applicable regulatory requirements. So following the release of the new rules, we promptly implemented the relevant compliance measures, and we have maintained ongoing communication with the regulators. As for the cumulative asset outflows since the new regulations, the outflows were about mid-single-digit percentage of our total client assets. And we believe the bulk of the impact has already been absorbed in Q2.

(口譯) 富途非常重視合規，並致力於滿足所有適用的監管要求。因此，在新規發布後，我們迅速落實了相關合規措施，並與監管機構保持持續溝通。就新規以來的累計資產流出而言，流出約為我們客戶總資產的中個位數百分比。我們認為其影響的大部分已在第二季度被消化。

And the outflows came from both our Mainland and Hong Kong client base, and the two are roughly about the same. The Mainland outflows were primarily compliance-driven adjustments under the new rules, while the Hong Kong outflows were more concentrated in the early period right after the announcement, which reflects some risk of sentiment as the market digested the news.

這些流出同時來自我們的內地及香港客戶群，兩者大致相當。內地的流出主要是新規下出於合規需要的調整；而香港的流出則更集中在公告後的早期階段，反映市場在消化消息時出現一定的風險情緒。

And most of the Mainland client outflows happened in June, July, after we implemented the restrictions on our app, and the pace of client attrition started to moderate in August. And for Q2, our Hong Kong client retention rate stayed above 98%, and the retention across our overseas market remained stable quarter-over-quarter, and we continue to see steady growth in overseas new client additions. And going forward, we'll keep directing our resources and the growth focus towards advancing our international business.

大部分內地客戶流出發生在6月、7月，在我們對App實施限制之後；而客戶流失的速度在8月開始放緩。第二季度，我們香港客戶留存率保持在98%以上；海外市場的留存率環比保持穩定，我們也持續看到海外新增客戶穩步增長。展望未來，我們將繼續把資源與增長重點投向推進國際業務。

(interpreted) On the quality of newly funded accounts, the average revenue per newly funded accounts improved sequentially across multiple markets in the overseas, in particular, like US, Singapore and Hong Kong, all posted double-digit growth. We think this both reflects a structural upshift in fund account quality in growing markets like US and also continued acquisitions of higher-value clients in mature markets like Hong Kong and Singapore, together supporting overall revenue growth.

(口譯) 就新增入金賬戶的質量而言，海外多個市場的新入金賬戶平均收入環比提升，尤其是美國、新加坡及香港均錄得雙位數增長。我們認為，這既反映了美國等成長型市場入金賬戶質量的結構性上移，也反映了在香港、新加坡等成熟市場持續獲取更高價值客戶，從而共同支撐整體收入增長。

Then on the client asset perspective, all fund accounts in overseas markets, including Malaysia, Australia, New Zealand and Canada grew double digits sequentially in second quarter. And actually, the average client assets rose Q-over-Q across every overseas markets we have the operation, showing that we are growing not just in the number of clients, but also the wallet share.

從客戶資產角度看，海外市場的所有入金賬戶（包括馬來西亞、澳洲、紐西蘭及加拿大）在第二季度均環比實現雙位數增長。實際上，我們在所有已運營的海外市場中，平均客戶資產均環比上升，顯示我們不僅在客戶數量上增長，也在提升錢包份額。

Our recent securitizations of the Thailand license also give us a very additional important anchor for our ASEAN footprint down the road. In terms of profitability, our overseas markets are at different stage of maturities. For instance, Singapore has already passed breakeven a couple of years ago. And the absolute level and also the net profit margin continue to expand, thanks to the operating leverage benefit kicking. And I'm also very happy to share Malaysia has recently achieved a breakeven in the operation levels as well.

我們近期完成泰國牌照的證券化安排，也為未來在東盟的布局提供了一個非常重要的錨點。在盈利能力方面，我們的海外市場處於不同的成熟階段。例如，新加坡在幾年前已經實現盈虧平衡。隨著經營槓桿效應顯現，其利潤絕對額及淨利潤率仍在持續擴大。我也很高興分享，馬來西亞近期在運營層面也已實現盈虧平衡。

While our other overseas markets are still building out their client and asset base, rising average client assets and the client retentions, we think the groundwork for our long-term abilities for the overseas market will be very likely. Thank you.

儘管我們其他海外市場仍在擴充客戶與資產基礎，但平均客戶資產上升以及客戶留存改善，我們認為這為海外市場的長期能力奠定了基礎，並很可能帶來長期成效。謝謝。

Thank you.

謝謝。

Chiyao Huang, Morgan Stanley.

Chiyao Huang，摩根士丹利。

(interpreted) Let me briefly translate. The first question is regarding Thailand. What's the strategic thinking about choosing this market? And when do we expect Futu to officially launch the business here? And do we see any synergy amount in the ASEAN market we are already in?

(口譯) 我簡要翻譯一下。第一個問題關於泰國。選擇這個市場的戰略考量是什麼？預計富途何時會在當地正式開展業務？在我們已進入的東盟市場中，是否看到協同效應？

And second question is about the commission rate, which is dropping a little bit Q-on-Q. So what kind of structural changes we're seeing behind this drop?

第二個問題關於佣金率，環比略有下降。這一下降背後反映了哪些結構性變化？

(interpreted) So Thailand is the third largest economy in Southeast Asia, and the local investors there are quite digitally savvy with growing demand for global asset allocation as well as digital investing tools. And according to the Stock Exchange of Thailand as of the first half of 2026, over 4.5 million investors have opened accounts online, so entering Thailand is really a natural next step in the Southeast Asia market after Singapore and Malaysia, and it allows us to leverage the infrastructure and the operations that we have already built in that region.

(口譯) 泰國是東南亞第三大經濟體，當地投資者的數位化程度較高，對全球資產配置以及數位投資工具的需求也在增長。根據泰國證券交易所的數據，截至2026年上半年，已有超過450萬名投資者在線開立賬戶。因此，在新加坡與馬來西亞之後進入泰國，是我們在東南亞市場的自然下一步，也使我們能夠利用我們在該地區已建立的基礎設施與運營能力。

So Moomoo has already obtained the Type A securities license from the SEC, and combined with our licensed operations in other overseas markets, this reflects the ongoing recognition from regulators of our ability to operate compliantly across multiple jurisdictions, and the overall pace of our overseas expansion remains steady. And as for the timing of the official launch, we still need to go through the regulators' readiness and inspection to receive final approval. So we don't really have a specific timeline to share at this point. We'll continue to work closely with the local regulator and make sure all the prelaunch preparations are thoroughly in place.

因此，Moomoo 已經取得美國證券交易委員會（SEC）的 A 類證券牌照，並結合我們在其他海外市場的持牌營運，這反映監管機構持續認可我們在多個司法管轄區合規營運的能力，而我們海外擴張的整體步伐仍保持穩健。至於正式上線的時間點，我們仍需通過監管機構的就緒度評估與檢查，才能取得最終批准。因此，目前我們沒有具體時間表可以分享。我們將持續與當地監管機構緊密合作，並確保所有上線前準備工作都充分到位。

(interpreted) First, there was no any price menu change in the second quarter across all of our markets. So the take rate change Q-on-Q was mainly driven by our customers' behavior. Number one is the contribution from the derivative in the second quarter compared with the first quarter, slightly down Q-o-Q. But on the absolute levels, the contribution is still very healthy. Secondly, as more clients are trading the US stocks in the second quarter with a very high concentration on some high-value AI themes and tech leading names, which led our implied commission rate down a little bit. Thank you.

（口譯）首先，第二季我們在所有市場都沒有任何價格表調整。因此，抽成率（take rate）環比變動主要由客戶行為所驅動。第一，第二季相較第一季，衍生品的貢獻環比略有下降。但從絕對水準來看，該貢獻仍然非常健康。第二，由於第二季更多客戶交易美股，且高度集中在一些高價值的 AI 主題與科技龍頭標的，導致我們的隱含佣金率略有下降。謝謝。

Charles Zhou, UBS.

Charles Zhou，瑞銀（UBS）。

(interpreted) So first of all, congrats to the management on the very excellent results and also, I think, also a strong beat to the market consensus. This is Charles Zhou from UBS. And I have two questions. First, can we maybe get some color on the trajectory of your CAC in the second quarter? And what the key drivers were should we think about the CAC in the coming quarters?

（口譯）首先，恭喜管理層取得非常出色的業績，我認為也大幅超出市場一致預期。我是瑞銀（UBS）的 Charles Zhou。我有兩個問題。第一，能否請您分享一下第二季獲客成本（CAC）的走勢情況？以及影響因素為何、我們應如何看待未來幾季的 CAC？

My second question is also could you maybe provide some breakdown on added funded accounts and the period-end funded accounts by market, in particular, the contribution mix from your overseas markets? Thank you.

第二個問題是，能否按市場提供新增入金帳戶與期末入金帳戶的拆分，特別是海外市場的貢獻占比？謝謝。

(interpreted) So in the second quarter, the blended CAC rose sequentially to around HKD2,600, which is still within our full year guidance range of HKD2,500 to HKD3,000. And the quarter-on-quarter increase in CAC for Q2 was mainly driven by the relatively lower net new funded accounts as a result of the regulatory development. And at the same time, we maintain a certain level of brand investment to support the long-term growth and the higher client lifetime value across our markets. Additionally, the CAC trended higher in July relative to Q2.

（口譯）第二季，綜合 CAC 環比上升至約 2,600 港元，仍在我們全年指引區間 2,500 至 3,000 港元之內。第二季 CAC 的環比上升，主要是由於監管進展導致淨新增入金帳戶相對較少。同時，我們維持一定水準的品牌投入，以支持長期成長，並提升各市場客戶的終身價值。此外，7 月的 CAC 相較第二季呈現更高的趨勢。

(interpreted) Malaysia has led all markets in terms of new fund account growth for three consecutive quarters, followed by Hong Kong. Together, these two markets make up for more than 50% of net new funded accounts acquired in this quarter, with Singapore being the next largest source among the remaining markets. By the end of the second quarter, Moomoo's share of total fund accounts has increased to nearly 60%, led by Singapore, Malaysia and the US. Thank you.

（口譯）馬來西亞已連續三個季度在新增入金帳戶成長方面領先所有市場，其次是香港。這兩個市場合計占本季度取得的淨新增入金帳戶超過 50%，其餘市場中，新加坡是下一個最大的來源。截至第二季末，Moomoo 在總入金帳戶中的占比已提升至接近 60%，主要由新加坡、馬來西亞與美國帶動。謝謝。

You Fan, CICC.

You Fan，中金公司（CICC）。

(interpreted) Thanks for taking my questions and congratulations on the outstanding results. This is You Fan from CICC, and I have two questions here. Firstly, would you please show more color on our Q3 trend such as the run rate of the new funded accounts, the trading flow and also the client AUM?

（口譯）謝謝讓我提問，也恭喜取得亮眼的業績。我是中金公司（CICC）的 You Fan，我有兩個問題。第一，能否請您多分享一下我們第三季的趨勢，例如新增入金帳戶的運行速率（run rate）、交易流量，以及客戶資產管理規模（AUM）？

Secondly, since Moomoo has launched the prediction market in the US, can you show more on this business trend? And how to view the future monetization and growth opportunities of prediction markets? These are two questions. Thank you.

第二，既然 Moomoo 已在美國推出預測市場，能否多談談這項業務的趨勢？以及如何看待預測市場未來的變現與成長機會？以上兩個問題。謝謝。

(interpreted) So on the Q3 quarter-to-date run rate basis, our key metrics are trending modestly softer against the backdrop of market volatility. So the net addition of funded accounts moderated compared with Q2. And as for net asset inflow. So in Hong Kong and our overseas markets, net asset inflows have returned to a more normalized level. And as for the trading volume, so total trading volume was down modestly sequentially. So this is primarily reflecting a cooling of the retail sentiment in the Q3 quarter to date relative to the previous quarter.

（口譯）以第三季截至目前（quarter-to-date）的運行速率來看，在市場波動的背景下，我們的關鍵指標走勢略偏疲弱。因此，淨新增入金帳戶較第二季有所放緩。至於淨資產流入。在香港及我們的海外市場，淨資產流入已回到較為正常化的水準。至於交易量，總交易量環比小幅下降。這主要反映第三季截至目前相較上一季，散戶情緒有所降溫。

(interpreted) We got the license in May from CM license from CFTC and Moomoo US officially launched the prediction market trading service for our retail clients in the US in early June. The number of the event contracts, as Leaf mentioned in the opening remarks, trade exceed 200 million within one month of the launch, reflecting a very strong demand from US retail investors for prediction markets products.

（口譯）我們於 5 月從美國商品期貨交易委員會（CFTC）取得 CM 牌照，Moomoo US 並於 6 月初正式為美國零售客戶推出預測市場交易服務。如 Leaf 在開場致詞中提到，上線後一個月內，事件合約（event contracts）的交易量已超過 2 億份，反映美國零售投資者對預測市場產品有非常強勁的需求。

And the event contracts has delivered great results in our observation in both acquiring new clients and driving engagement with clear cross-sell synergy with our core brokerage business. For instance, user who trade event contracts are more active in security training, showing that event contracts are not substitute for security trading, but rather a driver of it.

我們觀察到，事件合約在獲取新客戶與提升互動方面都帶來了很好的成果，並且與我們核心券商業務具有明確的交叉銷售協同效應。例如，交易事件合約的用戶在證券交易方面更為活躍，顯示事件合約並非證券交易的替代品，而是其驅動因素。

The purpose for our US prediction market rollout, I think, served two purposes. Number one is definitely to capture the near-term opportunity as prediction markets took off locally. But more importantly, let us build up the product design, operational and risk management expertise that will support our ability to bring prediction markets to other regions we have operation down the road. Thank you.

我認為我們在美國推廣預測市場，主要有兩個目的。第一，當然是把握預測市場在當地快速起飛的短期機會。但更重要的是，讓我們建立產品設計、營運與風險管理方面的專業能力，以支持我們未來將預測市場帶到其他我們有營運的地區。謝謝。

Thank you.

謝謝。

Thank you. And I would now like to hand the conference back over to Michelle Li for closing remarks.

謝謝。接下來我想把電話會議交回給 Michelle Li 作結語。

So that concludes our call today. And on behalf of the Futu management team, I would like to thank you all for joining us today. If you have any further questions, please do not hesitate to contact me or any of our Investor Relations representatives. Thank you, and goodbye.

以上就是我們今天的電話會議內容。我謹代表富途管理團隊，感謝各位今天的參與。如有任何進一步問題，請隨時聯絡我或我們任何一位投資者關係代表。謝謝，再見。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與，您現在可以掛線。祝各位有美好的一天。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本逐字稿中標註（口譯）的部分，為現場電話會議中由口譯員所說的內容。口譯員由主辦本活動的公司提供。