富途控股 (FUTU) 2020 Q4 法說會逐字稿

Hello, ladies and gentlemen. Welcome to Futu Holdings Fourth Quarter and Full Year 2020 Conference Call. (Operator Instructions) Today's conference call is being recorded. (Operator Instructions)

女士們、先生們，大家好。歡迎參加富途控股2020年第四季及全年電話會議。（操作員指示）今天的電話會議正在錄音。（操作員說明）

I would now like to turn the conference over to host for today's conference call, Mr. Daniel Yuan, Chief of Staff and Head of IR at Futu. Please go ahead, sir.

現在我想把今天的電話會議交給富途辦公室主任兼 IR 主管 Daniel Yuan 先生主持。請繼續，先生。

Thanks, operator, and thank you for joining us today to discuss our fourth quarter and full year 2020 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.

感謝營運商，感謝您今天加入我們討論我們的 2020 年第四季和全年獲利結果。今天與我一起參加電話會議的還有董事長兼執行長李葉先生；陳亞瑟，財務長；徐彥，資深副總裁。

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. 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 registration statement.

提醒一下，今天的電話會議可能包括前瞻性陳述，這些陳述代表了公司對未來事件的信念，這些事件本質上是不確定的，並且不在公司的控制範圍內。前瞻性陳述涉及固有風險和不確定性。我們提醒您，許多重要因素可能導致實際結果與任何前瞻性陳述中包含的結果有重大差異。有關潛在風險和不確定性的更多信息，請參閱該公司向 SEC 提交的文件，包括其註冊聲明。

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

這樣，我現在就把電話轉給 Leaf。Leaf會用中文發表評論，我會翻譯。

(foreign language)

（外語）

[Interpreted] Hello, everyone. Thank you for joining the earnings call today. We are excited to announce that the robust growth momentum of our operating and financial matrices continued into the fourth quarter of 2020, and we ended the year on a high note.

【解讀】大家好。感謝您參加今天的財報電話會議。我們很高興地宣布，我們的營運和財務矩陣的強勁成長勢頭持續到 2020 年第四季度，並以高調結束了這一年。

(foreign language)

（外語）

[Interpreted] We added over 98,000 paying clients on a net basis, over half of whom were from Hong Kong and overseas. We are pleased to see that our relentless commitment to user experience continued to pay off, as we again brought in over 50% of our new paying clients in the quarter through organic growth. As of year-end, paying clients reached over 516,000, representing 160.5% year-over-year growth. We exceeded our full year paying client guidance by adding approximately 320,000 paying clients in 2020. At the same time, we continued to deliver a high paying client quarterly retention rate of 97.9% in the quarter. Looking into 2021, we are guiding for 700,000 net new paying clients, translating to 135% year-over-year growth in total paying clients.

[解讀]我們淨新增付費客戶超過98,000名，其中超過一半來自香港及海外。我們很高興看到我們對用戶體驗的不懈承諾繼續得到回報，本季我們再次透過自然成長吸引了超過 50% 的新付費客戶。截至去年底，付費客戶數超過51.6萬戶，年增160.5%。2020 年，我們增加了約 32 萬名付費客戶，超越了全年付費客戶指導。同時，本季我們持續實現 97.9% 的高付費客戶季度保留率。展望 2021 年，我們預期淨新增付費客戶將達到 70 萬，這意味著付費客戶總數較去年同期成長 135%。

(foreign language)

（外語）

[Interpreted] By the end of fourth quarter, average client asset balance was 552,000, a record high since our IPO, bringing our total client assets to HKD 285.2 billion, representing 227.3% growth on a year-over-year basis and 41.9% growth on a quarter-over-quarter basis.

【解讀】截至第四季末，平均客戶資產餘額為55.2萬，創IPO以來新高，客戶總資產達2,852億港元，年增227.3%，季增41.9%按季計算。

(foreign language)

（外語）

[Interpreted] Total trading volume was HKD 1.2 trillion in the quarter, up 438.1% year-over-year and 19.2% quarter-over-quarter. U.S. stock trading was HKD 783.6 billion or 65% of our total trading volume, underpinned by the robust U.S. equities market performance. In Hong Kong, we continue to aggressively take market share in terms of both paying clients and trading volume. The market share of our Hong Kong trading volume was over 2.6% in the quarter, which more than doubled from the year ago quarter. In the fourth quarter, we further expanded our trading product offerings by launching CME futures and A50 futures.

【解讀】季度總交易額為1.2兆港元，年增438.1%，季增19.2%。在美國股市強勁表現的推動下，美國股票交易額為 7,836 億港元，佔總交易量的 65%。在香港，我們繼續在付費客戶和交易量方面積極佔據市場份額。本季我們香港交易量的市佔率超過 2.6%，比去年同期成長了一倍多。第四季度，我們進一步擴大了交易產品範圍，推出了CME期貨和A50期貨。

(foreign language)

（外語）

[Interpreted] By year-end, total client assets in Money Plus surpassed the HKD 10 billion milestone, up 68.5% year-over-year. We have established partnerships with 39 asset managers around the world, which altogether hosted 39 live streaming on our platform in 2020 to conduct fund publicity and investor education.

【解讀】截至年底，盛寶理財客戶總資產突破百億港元大關，較去年同期成長68.5%。我們與全球39家資產管理公司建立了合作關係，2020年在我們的平台上共舉辦了39場直播，進行基金宣傳和投資者教育。

In the fourth quarter, we saw a growing number of clients capture the market by investing in equity funds, among which funds with a focus on the technology sector and the greater China region gained the most traction. Over 42,000 clients or 8.1% of our total paying client base, held net wealth management positions as of year-end, offering significant room for further penetration.

第四季度，越來越多的客戶透過投資股票基金來佔領市場，其中以科技業和大中華地區的基金最為受關注。截至年底，超過 42,000 名客戶（占我們付費客戶總數的 8.1%）持有淨財富管理職位，為進一步滲透提供了巨大空間。

(foreign language)

（外語）

[Interpreted] Futu I&E continues to be the go-to-enterprise service partner. We had 105 IPO and IR clients as of year-end. In the fourth quarter, 10 IPOs recorded over HKD 10 billion in subscription, respectively, on our platforms, including the U.S. IPOs of Miniso and Lufax, and the Hong Kong IPOs of Pop Mart and JD Health. We also added 33 ESOP clients in the quarter, bringing our total ESOP client number to 159.

【解讀】富途進出口持續成為企業首選服務合作夥伴。截至年底，我們擁有 105 家 IPO 和 IR 客戶。第四季度，我們平台上的IPO認購額超過100億港元的IPO分別有10起，其中包括名創優品和陸金所的美國IPO，以及泡泡瑪特和京東健康的香港IPO。本季我們也增加了 33 位 ESOP 客戶，使我們的 ESOP 客戶總數達到 159 位。

(foreign language)

（外語）

[Interpreted] We continued to invest in our technology infrastructure. Despite heightened market volatilities in 2020, we still achieved a full year service availability rate of 99.96%. In January 2021, we further expanded our (inaudible) rate for Hong Kong stock trading from 200 to 500, thereby allowing us to execute 1,000 concurrent Hong Kong stock orders per second. Technological excellence is deeply entrenched in every aspect of our business, and we will continue to invest in technology to widen our competitive moat.

[解讀]我們繼續投資於我們的技術基礎設施。儘管2020年市場波動加劇，我們仍實現了全年服務可用性99.96%。2021 年 1 月，我們進一步將港股交易的（聽不清楚）速率從 200 個擴大到 500 個，從而使我們能夠每秒執行 1,000 個並發港股訂單。卓越技術深深植根於我們業務的各個方面，我們將繼續投資技術以拓寬我們的競爭護城河。

(foreign language)

（外語）

[Interpreted] For Futu, 2021 is the year of internationalization. We officially launched our MooMoo app in Singapore on March 8, and have since then seen strong growth momentum and received encouraging feedback. We believe that our product and service deliver differentiated value proposition in many more markets outside of Mainland China and Hong Kong, and we wanted to take advantage of the elevated retail stock market participation around the world.

【解讀】對富途來說，2021年是國際化元年。我們於 3 月 8 日在新加坡正式推出 MooMoo 應用程序，此後就看到了強勁的增長勢頭並收到了令人鼓舞的反饋。我們相信，我們的產品和服務可以在中國大陸和香港以外的更多市場提供差異化的價值主張，並且我們希望利用全球零售股票市場參與度的提高。

(foreign language)

（外語）

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

[解讀]接下來我想邀請我們的財務長Arthur來討論一下我們的財務表現。

Thanks, Leaf and Daniel. Let me walk you through our financial performance. All the numbers are in Hong Kong dollars unless otherwise noted. In the fourth quarter, our total revenue was HKD 1.2 billion, an increase of 282% from HKD 311 million in the fourth quarter of 2019. To break it down, brokerage commission and handling charge income was HKD 718 million, an increase of 374% from the HKD 152 million in the fourth quarter of 2019. The rise was mainly due to the 438% year-over-year growth of our total trading volume. Interest income was HKD 337 million, an increase of 163% year-over-year. We generate higher margin financing interest income due to the sharp increase in daily average margin financing balance and higher IPO financing interest income due to a very active Hong Kong IPO market.

謝謝，葉和丹尼爾。讓我向您介紹我們的財務表現。除非另有說明，所有數字均以港幣計算。第四季度，我們的總營收為12億港元，較2019年第四季的3.11億港元成長282%。細分來看，經紀佣金及手續費收入為7.18億港元，較2019年第四季的1.52億港元成長374%。這一增長主要是由於我們的總交易量同比增長 438%。利息收入為3.37億港元，年增163%。由於每日平均保證金融資餘額大幅增加，我們產生較高的保證金融資利息收入；由於香港IPO市場非常活躍，IPO融資利息收入較高。

Other income was HKD 131 million, an increase of 318% from HKD 31 million in the fourth quarter of 2019. The jump was primarily due to increase in our IPO subscription service charge income and the currency exchange service income.

其他收入為1.31億港元，較2019年第四季的3,100萬港元成長318%。成長主要是由於我們的IPO認購服務費收入和貨幣兌換服務收入的增加。

On the cost side, total costs were HKD 242 million, an increase of 179% from HKD 87 million in the fourth quarter of 2019. Brokerage commission and handling charge expenses were HKD 133 million, an increase of 323% year-over-year. This growth was largely in line with our brokerage commission and handling charge income growth. Interest expenses were HKD 64 million, an increase of 160% (sic) [106%] year-over-year. The increase was primarily due to higher IPO financing interest expenses.

成本方面，總成本為2.42億港元，較2019年第四季的8,700萬港元增加179%。經紀佣金及手續費支出為1.33億港元，年增323%。這一增長很大程度上與我們的經紀佣金和手續費收入增長一致。利息支出為6,400萬港元，較去年成長160%（原文如此）[106%]。增加的主要原因是首次公開發行融資利息支出增加。

Processing and service costs were HKD 44 million, an increase of 79% year-over-year. The growth was primarily due to an increase in cloud service fees. As a result, total gross profit was HKD 944 million, an increase of 321% from HKD 224 million in the fourth quarter of 2019. GP margin increased from 72% in the fourth quarter of 2019 to close to 80% in the fourth quarter of 2020 due to higher operating leverage as a result of our larger business scale.

處理及服務成本為4,400萬港元，較去年成長79%。這一增長主要是由於雲端服務費用的增加。由此，毛利總額為9.44億港元，較2019年第四季的2.24億港元成長321%。由於業務規模擴大導致營運槓桿率上升，毛利率從 2019 年第四季的 72% 增至 2020 年第四季的接近 80%。

Total operating expenses were HKD 364 million, an increase of 100% year-over-year. To break it down, R&D expenses was HKD 162 million, an increase of 118% from HKD 74 million in the fourth quarter of 2019. The increase was primarily due to an increase in R&D headcount to further expand our product offerings.

總營運開支為3.64億港元，年增100%。依細分來看，研發費用為1.62億港元，較2019年第四季的7,400萬港元增加118%。這一增長主要是由於研發人員數量的增加，以進一步擴大我們的產品範圍。

Selling and marketing expenses was HKD 113 million, an increase of 119% from HKD 51 million in the fourth quarter of 2019. The increase was primarily due to higher branding and marketing spending. G&A expenses was HKD 89 million, an increase of 60% from HKD 56 million in the fourth quarter of 2019. The increase was primarily due to the increase in headcount for G&A personnel.

銷售及行銷費用為1.13億港元，較2019年第四季的5,100萬港元增加119%。這一增長主要是由於品牌和行銷支出增加。一般及行政費用為 8,900 萬港元，較 2019 年第四季的 5,600 萬港元成長 60%。這一增長主要是由於 G&A 人員人數的增加。

As a result, our net income increased by 11x to HKD 533 million year-over-year. The increase was primarily due to robust revenue growth and significant operating leverage. At the same quarter, we completed our USD 260 million PIPE offering with our leading global investment firm. The offering was in the form of prepaid warrants that has been reflected in our equity items in our balance sheet.

因此，我們的淨利潤年增 11 倍，達到 5.33 億港元。這一成長主要是由於強勁的收入成長和巨大的營運槓桿。同季度，我們與全球領先的投資公司完成了 2.6 億美元的 PIPE 發行。此次發行以預付認股權證的形式進行，該認股權證已反映在我們資產負債表中的權益項目中。

After we further enhance our capital base, we are able to support a larger margin financing balance, ramp up our marketing efforts in international markets and further invest into our technology infrastructure.

在我們進一步增強資本基礎後，我們能夠支持更大的保證金融資餘額，加強在國際市場的營銷力度，並進一步投資於我們的技術基礎設施。

That concludes our prepared remarks. We now like to open the call to questions. Operator, please go ahead.

我們準備好的演講到此結束。我們現在開始提問。接線員，請繼續。

(Operator Instructions) We have the first question from the line of Xinhe Liu from Morgan Stanley.

（操作員說明） 第一個問題來自摩根士丹利的 Xinhe Liu。

(foreign language) I will translate for myself. First, the question is for Chairman, Li. Just wondering, in the future, 3 to 5 years, how do you see Futu different from now? And second question is about just another guidance given on the paying clients. Just now the guidance for paying clients is around 700,000 addition for 2021. Just wondering, does 700,000 include the clients of Futu MooMoo or it's just Futu NiuNiu?

（外語）我自己翻譯。首先，這個問題是問李主席的。只是想知道，未來3到5年，你覺得富途和現在有什麼不同？第二個問題是關於向付費客戶提供的另一項指導。目前付費客戶的指導是 2021 年新增 70 萬左右。只是想知道，這70萬是包括富途MooMoo的客戶還是只是富途牛牛的客戶？

(foreign language)

（外語）

[Interpreted] In 3 to 5 years, a little long in comparison to how we plan our business. And I think our business will evolve in 3 aspects. And number 1, you'll see Futu as a more international platform. And as we mentioned just now, internationalization is a key priority for us this year and in the years to come. And number 2, I think we'll further go down our path of constructing a self reinforcing ecosystem in our platform that provides connectivity to users, investors, KOLs, media, et cetera. And number 3, I think our Futu Money Plus, which is our wealth management business, will contribute a larger asset balance and also revenue to our total business.

[解讀]3到5年，與我們的業務規劃相比，有點長。我認為我們的業務將在三個方面發展。第一，你會發現富途是一個更國際化的平台。正如我們剛才提到的，國際化是我們今年和未來幾年的首要任務。第二，我認為我們將進一步在我們的平台中建立一個自我強化的生態系統，為使用者、投資者、KOL、媒體等提供連結。第三，我認為我們的財富管理業務Futu Money Plus將為我們的總業務貢獻更大的資產餘額和收入。

(foreign language)

（外語）

(foreign language) And to your second question, the 700,000 net new paying client addition this year includes our MooMoo paying clients. So we expect that among these 700,000 new paying clients, about 80% of them will come from Mainland China and Hong Kong, and the rest will come from Singapore and the U.S.

（外語）第二個問題，今年淨新增的70萬付費客戶中就包含我們的MooMoo付費客戶。因此我們預期這70萬新付費客戶中，約有80%將來自中國大陸和香港，其餘將來自新加坡和美國。

The next question comes from the line of (inaudible) from CICC.

下一個問題來自中金公司（聽不清楚）。

(foreign language) I'm (inaudible) from CICC. Congratulations on the exciting results. I have 2 questions here. And the first one is about the revenue breakdown. We see the other income has experienced strong growth. And I wonder, would you please give us more information on the breakdown? And the second question is about the client assets. I noticed that the average client asset balance has increased significantly on a quarterly basis. I remember that the average asset balance of our overseas clients is much lower than that of our mainland customers. So would you please give me more information about the difference between different regions?

（外語）我（聽不清楚）來自中金公司。祝賀取得了令人興奮的結果。我這裡有兩個問題。第一個是關於收入細分。我們看到其他收入經歷了強勁成長。我想知道您能否向我們提供有關故障的更多資訊？第二個問題是關於客戶資產的。我注意到平均客戶資產餘額按季度顯著增加。我記得我們海外客戶的平均資產餘額遠低於內地客戶。那麼您能告訴我更多有關不同地區之間差異的資訊嗎？

Thank you, (inaudible) I will answer your 2 questions. I think, number 1, in terms of breakdown income, the most part of our other income still come from our IPO subscription service charge and also the currency exchange service charge. The things you mentioned such as the ESOP business revenue and also the wealth management revenue is still not very, very meaningful. We will give you the detailed breakdown in our forthcoming annual report, which may be due in the later days of this month.

謝謝，（聽不清楚）我會回答你的兩個問題。我認為，第一，就細目收入而言，我們其他收入的大部分仍然來自我們的IPO認購服務費和貨幣兌換服務費。你提到的ESOP業務收入、財富管理收入等，還不是非常非常有意義。我們將在即將發布的年度報告中向您提供詳細的分類，該報告可能會在本月稍後到期。

And secondly, for the average client assets, you are right. If we compare our mainland client assets and also the Hong Kong client assets, roughly on average, our average client assets for Hong Kong market will be around the 20% to 25% lower than the average numbers of the mainland numbers. We have not conduct our client acquisition in Singapore in the last Q4. So actually, we do not have such data on hand yet. And also, we have not included our U.S. clients numbers in fourth quarter as well. We will give you more information in the forth coming Q1 earnings call.

其次，對於平均客戶資產來說，你是對的。如果我們比較我們的內地客戶資產和香港客戶資產，大致平均下來，我們香港市場的平均客戶資產會比內地的平均數字低20%到25%左右。上個第四季我們沒有在新加坡進行客戶獲取。所以實際上，我們手頭上還沒有這樣的數據。此外，我們也沒有包括第四季度的美國客戶數量。我們將在即將舉行的第一季財報電話會議中向您提供更多資訊。

The next question comes from the line of Jacky Zuo from China Renaissance.

下一個問題來自華興資本的左宗棠。

(foreign language) Two questions. Number 1 is about our guidance. So I think the 700,000 new paying clients guidance exceeded most market expectations. So just want to check what is the current run rate of our paying -- new paying clients as in the first quarter? And what do you -- what is our expectation for the speed of customer acquisition in different regions over the year? And second question is about our U.S. self-clearing programs. So what will be the launch time for the U.S. self-clearing? And according to our last earnings call, we mentioned there's probably a USD 50 million pretax benefit from U.S. self-clearing. So when will we see the impact on the financial results?

（外語）兩個問題。第一是關於我們的指導。因此，我認為 70 萬新付費客戶的指導超出了大多數市場預期。所以只想檢查一下第一季我們的付費新付費客戶的目前運作率是多少？您對我們一年中不同地區的客戶獲取速度有何期望？第二個問題是關於我們美國的自我清理計畫。那麼美國自我清算的啟動時間是什麼時候呢？根據我們上次的財報電話會議，我們提到美國的自我清算可能會帶來 5000 萬美元的稅前收益。那我們什麼時候才能看到對財務表現的影響呢？

Okay. Thank you, Jacky. I will lead to answer your first question in terms of give you some quantitative updates about year-to-date situations. Frankly speaking, we cannot share any quantitive numbers about year-to-date run rate, which I think we will give you more color during our first quarter earnings call.

好的。謝謝你，傑基。我將首先回答你的第一個問題，為你提供一些有關今年迄今為止情況的定量更新。坦白說，我們無法分享有關今年迄今運行率的任何量化數據，我認為我們將在第一季財報電話會議上為您提供更多資訊。

For your second question, I will answer it first. In terms of self-clearing, actually, we just started our initial migrations recently just to overcome the (inaudible) But we do think this migration will take time. You will see meaningful progress in terms of operation numbers, i.e., the clients' assets and the number of the clients from our counterparty in the U.S. to our self own clearing house this year. But I think that -- in terms of financial savings, it will not be too meaningful in terms of 2020 contributions. But definitely, you will see the benefit from the second half of next year.

對於你的第二個問題，我先回答一下。就自我清理而言，實際上，我們最近才剛開始最初的遷移，只是為了克服（聽不清楚）但我們確實認為這種遷移需要時間。今年，您將看到在營運數量方面取得了有意義的進展，即客戶資產以及我們在美國的交易對手到我們自己的清算所的客戶數量。但我認為，就財務節省而言，就 2020 年的捐款而言，意義不大。但毫無疑問，你會在明年下半年看到好處。

(foreign language)

（外語）

[Interpreted] So first of all, I think Leaf supplemented on to your second question on self-clearing. He mentioned that 2 weeks ago he used his own personal account to execute 5 trades which are processed through our own clearance system. And the trades were processed very successfully. And as Arthur mentioned, we'll start this migration process starting in the second quarter.

[解讀]首先，我認為Leaf補充了你關於自我清理的第二個問題。他提到，兩週前，他使用自己的個人帳戶執行了 5 筆交易，這些交易是透過我們自己的清算系統處理的。而且交易處理得非常成功。正如亞瑟所提到的，我們將從第二季開始啟動此遷移過程。

And I will take your first question on our guidance and our run rate. So year-to-date, the numbers have been really strong. The paying client growth has been strong, and it gave us ample confidence to give out this guidance of 300,000 net new paying client addition this year. I think we are well on track. And as we mentioned earlier, a number of 700,000 new paying clients, about 80% of that number will come from Mainland China and Hong Kong and 20% will come from the U.S. and Singapore. I think it's a little too early to give out a more detailed breakdown further down what I just mentioned. But I think in terms of run rate, maybe I can talk a little bit about our business updates year-to-date. As we mentioned in Singapore, we've self launched in February, and we officially launched our business on March 8. And if you look at some of the rankings on the iOS app stores in Singapore, you will see that we have really strong downloads and our business has been growing really strong and kind of exceeding our expectations. So we are very confident about our growth prospects in Singapore. And also the strong growth momentum is also observed in the U.S. market as well.

我將回答你關於我們的指導和運行率的第一個問題。今年迄今為止，這些數字非常強勁。付費客戶成長強勁，這給了我們充足的信心來給予今年淨新增付費客戶 30 萬的指導。我認為我們已經步入正軌。正如我們之前提到的，70萬新付費客戶中，約80%將來自中國大陸和香港，20%將來自美國和新加坡。我認為現在給出我剛才提到的更詳細的細分還為時過早。但我認為就運行率而言，也許我可以談談我們今年迄今為止的業務更新。正如我們在新加坡提到的，我們在 2 月份就已經自我啟動，並在 3 月 8 日正式推出業務。如果你看一下新加坡 iOS 應用商店的一些排名，你會發現我們的下載量非常強勁我們的業務一直成長得非常強勁，並且有點超出了我們的預期。因此，我們對新加坡的成長前景充滿信心。美國市場也呈現強勁的成長動能。

And in Mainland China and Hong Kong, I think the growth momentum is strong as always, and we see that there is a very strong IPO pipeline this year. And if I remember correctly, in the first 2 months of this year, the total proceeds raised through Hong Kong IPOs totaled a little over HKD 70 billion. And in the first quarter of last year, in total, the IPO proceeds was a little over HKD 10 billion. So the IPO market is very active. The market sentiment is very positive. And we are continuously expanding our Hong Kong stock trading market share. And in February this year, I think our DAU surpassed 1 million for the first time, and that's also one of our major accomplishments in establishing our social community and just creating this ecosystem.

在中國大陸和香港，我認為成長勢頭一如既往地強勁，我們看到今年的IPO管道非常強勁。如果我沒記錯的話，今年首兩個月，香港IPO籌集的資金總額略高於700億港元。去年第一季度，IPO募集資金總額略高於100億港元。因此IPO市場非常活躍。市場情緒非常正面。我們正在不斷擴大香港股票交易市場份額。今年 2 月，我認為我們的 DAU 首次超過 100 萬，這也是我們建立社交社群和創建這個生態系統的主要成就之一。

We have next question from the line of Zoey Zong from Jefferies.

我們有來自 Jefferies 的 Zoey Zong 的下一個問題。

(foreign language) This is Zoey from Jefferies. I have 2 questions. First, could you please provide some color about the brokerage commission and handling charge income from U.S. stock, Hong Kong stock and Stock Connect, respectively? And how should we think about the trend in the commission fee rate in different markets? My second question is, how should we think about the commission and handling income contribution from the Singapore market and our strategy in other overseas countries?

（外語）我是來自 Jefferies 的佐伊。我有 2 個問題。首先，您能否分別介紹美股、港股和滬港通的經紀佣金和手續費收入？而我們又該如何看待不同市場的佣金費率走勢呢？我的第二個問題是，我們應該如何看待新加坡市場的佣金和手續費收入貢獻以及我們在其他海外國家的策略？

Okay. Thank you, Zoey. Let me answer your 2 questions. I think number 1, in terms of the trading volume, just to give you some breakdown in terms of our fourth quarter trading volume. U.S. markets roughly account for 65% of our total trading volume. The remaining 34% came from the Hong Kong local market, and we have a very tiny portion from the Hong Kong China Stock Connect as well. If you look at our blended commission rate, Q-on-Q wise, it keeps very, very stable. If we take out some fluctuation due to the IPO and also the U.S. trading because our U.S. stock commissions -- actually some of our U.S. trading commissions based on the number of the shares rather than a blended percentage calculations. So on a like-for-like basis, our commission rates keep very stable. And I do think such stability will continue towards this year.

好的。謝謝你，佐伊。讓我回答你的2個問題。我認為第一，就交易量而言，只是為了向您提供我們第四季度交易量的一些細分。美國市場約佔我們總交易量的 65%。剩下的34%來自香港本地市場，我們也有很小一部分來自中港通。如果你看看我們的混合佣金率，按季度計算，它保持非常非常穩定。如果我們剔除 IPO 和美國交易造成的一些波動，因為我們的美國股票佣金——實際上我們的一些美國交易佣金是基於股票數量而不是混合百分比計算。因此，在同類基礎上，我們的佣金率保持非常穩定。我確實認為這種穩定性將持續到今年。

And also in terms of commission contribution from the Singapore market this year, I think the -- proportion wise, it will not be very meaningful because there is still a growth learning curve in the Singapore market. And also, in order to penetrate the market more quickly and more aggressively, actually, we adopt a lot of commission-free strategies because we think in the current stage market share is far more important than monetizations from the trading commission.

而且就今年新加坡市場的佣金貢獻而言，我認為從比例來看，這不會非常有意義，因為新加坡市場仍然存在成長學習曲線。而且，為了更快、更積極地滲透市場，實際上，我們採用了許多免佣金策略，因為我們認為現階段市佔率遠比交易佣金的貨幣化更重要。

We have our next question from the line of Yiran Zhong from Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的鐘怡然。

(foreign language) The first is following up on your paying client guidance of 700,000 net new paying clients for 2021. Of those 80% of -- from Hong Kong and Mainland, what's the expected contribution from Mainland China versus Hong Kong local? On Singapore, specifically, what's the marketing strategy for that market? And how should we think about the customer acquisition cost going forward?

（外語）首先是跟進 2021 年淨新增付費客戶 70 萬的付費客戶指導。在這 80% 的人中，來自香港和內地的人中，中國內地與香港本地人的預期貢獻是多少？具體來說，在新加坡，該市場的營銷策略是什麼？我們該如何考慮未來的客戶獲取成本？

(foreign language)

（外語）

[Interpreted] To your first question on breakdown, as we mentioned, 80% of our new clients will be from Mainland China and Hong Kong. And among those 80%, we think that about 60% will be from Hong Kong and the rest from Mainland China. And to your second question on the Singapore market, based on our own observations, competitive landscape in Singapore is very similar to that in Hong Kong. There is a relatively large retail investor base that is relatively wealthy. And the market is also dominated by the incumbent players that have lackluster trading technology capabilities and have less than an optimal user experience. And for Q2, I think our client acquisition channels will be very similar to the channels in Hong Kong, including online and offline marketing, working with third-party channel partners, working with KOLs and also organic growth.

[解讀]關於你的第一個問題，正如我們所提到的，我們80%的新客戶將來自中國大陸和香港。在這80%中，我們認為大約60%將來自香港，其餘則來自中國大陸。關於你關於新加坡市場的第二個問題，根據我們自己的觀察，新加坡的競爭格局與香港非常相似。有一個相對龐大且相對富裕的散戶投資者基礎。而且市場也由交易技術能力不佳且用戶體驗不佳的現有參與者主導。對於第二季度，我認為我們的客戶獲取管道將與香港的管道非常相似，包括線上和線下行銷、與第三方通路合作夥伴合作、與KOL合作以及有機成長。

(foreign language)

（外語）

[Interpreted] We expect our per paying client acquisition cost in Singapore to be around HKD 2,000. So that's our estimate based on 1 month of experience of actually launching in the Singapore market. And we believe that as our user growth picks up, this per paying client acquisition costs have ample room to go down. Thank you.

[解讀]我們預期新加坡每位付費客戶的取得成本約為 2,000 港元。這是我們根據在新加坡市場實際推出 1 個月的經驗所得出的估計。我們相信，隨著用戶成長的加快，每個付費客戶的獲取成本有足夠的下降空間。謝謝。

(Operator Instructions) If there are no further questions, I would like to hand the call back to Daniel. Over to you, sir.

（接線員指示）如果沒有其他問題，我想將電話轉給丹尼爾。交給你了，先生。

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

謝謝。我們今天的電話會議到此結束。我謹代表富途管理團隊感謝您今天加入我們。如果您有任何其他問題，請隨時與我或我們的任何投資者關係代表聯繫。謝謝，再見。

Ladies and gentlemen, that does conclude your conference for today. Thank you for participating. You may all disconnect now.

女士們、先生們，今天的會議到此結束。感謝您的參與。你們現在可以斷開連結了。