富途控股 (FUTU) 2020 Q2 法說會逐字稿

Hello, ladies and gentlemen. Welcome to Futu Holdings Second Quarter 2020 Conference Call. (Operator Instructions) Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the call over to your host for today's conference call, Mr. Daniel Yuan, Chief of Staff and Head of IR at Futu. Please go ahead, sir. Thank you.

女士們，先生們，您好。歡迎來到富途控股 2020 年第二季度電話會議。（操作員說明）正在錄製今天的電話會議。如果您有異議，此時您可以斷開連接。我現在想把電話轉給今天電話會議的主持人，富途參謀長兼 IR 負責人 Daniel Yuan 先生。請繼續，先生。謝謝。

Thanks, operator, and thank you for joining us today to discuss our results for the second quarter of 2020. 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.

謝謝運營商，感謝您今天加入我們討論我們 2020 年第二季度的業績。今天和我一起參加電話會議的有董事長兼首席執行官 Leaf Li 先生；陳亞瑟，首席財務官；高級副總裁 Robin Xu。

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含前瞻性陳述，這些陳述代表了公司對未來事件的看法，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的風險和不確定性。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大不相同。有關潛在風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的文件，包括其註冊聲明。

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

因此，我現在將把電話轉給 Leaf。Leaf 將用中文發表評論，我將進行翻譯。

(foreign language)

（外語）

[Interpreted] Hello, everyone. Thank you for joining us today. We are pleased to announce that we continue to achieve exponential growth across our operating and financial metrics in the second quarter of 2020, following a very successful first quarter.

[解釋]大家好。感謝您今天加入我們。我們很高興地宣布，繼第一季度非常成功之後，我們在 2020 年第二季度的運營和財務指標繼續實現指數級增長。

(foreign language)

（外語）

[Interpreted] We achieved the highest paying client growth rate since our IPO in the first quarter of 2019. We added 64,566 paying clients on a net basis in the second quarter, bringing our total number of paying clients to 303,102, up 84% year-on-year. Both our China Mainland and Hong Kong paying clients recorded stellar growth.

[解讀]我們實現了自 2019 年第一季度首次公開募股以來最高的付費客戶增長率。二季度淨增付費客戶64,566戶，付費客戶總數達到303,102戶，同比增長84%。我們的中國大陸和香港付費客戶均錄得顯著增長。

Our China Mainland paying clients hit a record high growth rate since the fourth quarter of 2018, while the number of Hong Kong paying clients jumped to 125% year-on-year. Notably, organic growth continued to contribute over half of our new paying clients.

我們的中國大陸付費客戶自 2018 年第四季度以來創下歷史新高，而香港付費客戶的數量同比躍升至 125%。值得注意的是，有機增長繼續貢獻了我們一半以上的新付費客戶。

(foreign language)

（外語）

[Interpreted] During our fourth quarter 2019 earnings call, we guided for 90,000 paying clients addition in 2020. 6 months into 2020, we have already exceeded our full year growth target. We are now lifting our guidance to 280,000 net new paying clients this year, which translates to 141% year-on-year growth in our total number of paying clients.

[解讀] 在我們 2019 年第四季度的財報電話會議上，我們預計 2020 年將增加 90,000 名付費客戶。進入 2020 年的 6 個月，我們已經超過了全年增長目標。我們現在將今年的淨新付費客戶數提高到 280,000 名，這意味著我們的付費客戶總數同比增長 141%。

(foreign language)

（外語）

[Interpreted] Besides total paying clients, we also witnessed robust growth momentum in total client assets and stable client retention. With growth in both paying clients and average assets per client, our total client assets reached HKD 142.4 billion, representing 108% growth on a year-on-year basis and 44% growth on a quarter-over-quarter basis. The past quarter was our sixth consecutive quarter with a churn rate of below or equal to 2%.

[解讀] 除了總付費客戶，我們還見證了總客戶資產的強勁增長勢頭和穩定的客戶保留率。隨著付費客戶和每位客戶平均資產的增長，我們的客戶總資產達到1,424億港元，同比增長108%，環比增長44%。上個季度是我們連續第六個季度的流失率低於或等於 2%。

(foreign language)

（外語）

[Interpreted] As for trading volume, our total trading volume reached a historic high of HKD 643.9 billion, up 202% year-on-year. U.S. stock trading volume was HKD 429.3 billion, which accounted for 66.7% of our total trading volume. In July, we launched Hong Kong stock futures and MSCI index futures trading. Going forward, we will continue to enrich our derivatives trading offerings.

[解讀]成交量方面，總成交額創歷史新高6439億港元，同比增長202%。美股成交4,293億港元，佔總成交量的66.7%。7月，我們推出了港股期貨和MSCI指數期貨交易。展望未來，我們將繼續豐富我們的衍生品交易產品。

(foreign language)

（外語）

[Interpreted] The increase in U.S.-listed Chinese companies seeking secondary listing in Hong Kong and the surge of high-profile Hong Kong IPOs act as major tailwinds for us to further grow and engage our paying clients. Our clients' total subscription for JD.com and NetEase's Hong Kong IPOs, both exceeded HKD 15 billion. We have also seen our clients develop growing appetite for biotech IPOs with a total subscription for Peijia Medical and Akeso's IPOs exceeding HKD 19 billion and HKD 14 billion, respectively.

[解讀] 在美國上市的中國公司尋求在香港二次上市的增加以及備受矚目的香港 IPO 激增是我們進一步發展和吸引付費客戶的主要推動力。我們的客戶對京東和網易香港IPO的認購總額均超過150億港元。我們還看到我們的客戶對生物科技 IPO 的興趣越來越大，沛嘉醫療和康方生物 IPO 的認購總額分別超過 190 億港元和 140 億港元。

(foreign language)

（外語）

[Interpreted] Money Plus maintained strong growth in the second quarter and remains our strategic focus. We established new partnerships with 8 reputable mutual fund managers, including T. Rowe Price, Franklin Templeton and Amundi. We also started offering our professional investors private equity funds in June, including a real estate fund from Oaktree. Besides expanding fund offerings, we continue to add on new features including an automatic investment scheme that allows for automatic investments into the same fund at predefined time intervals. As of June 30, total client assets in wealth management reached HKD 8.6 billion, representing 37% sequential growth.

[解讀] Money Plus 在第二季度保持強勁增長，仍然是我們的戰略重點。我們與 T. Rowe Price、Franklin Templeton 和 Amundi 等 8 家知名共同基金管理公司建立了新的合作夥伴關係。我們還在 6 月開始向我們的專業投資者提供私募股權基金，包括來自橡樹資本的房地產基金。除了擴大基金產品之外，我們還繼續添加新功能，包括自動投資計劃，允許在預定義的時間間隔內自動投資於同一基金。截至6月30日，財富管理客戶總資產達到86億港元，環比增長37%。

Over 25,000 clients, or over 8% of our total paying clients held mutual fund positions as of quarter end. And we see significant room for further penetration into our client base.

截至本季度末，超過 25,000 名客戶（占我們付費客戶總數的 8% 以上）持有共同基金頭寸。我們看到進一步滲透到我們的客戶群的巨大空間。

(foreign language)

（外語）

[Interpreted] Our enterprise service continued to scale. We had 104 ESOP clients and 64 IPO and IR clients as of the end of 2Q. Our ESOP service is gaining increasing traction among industry leaders in TMT, automobile and biotech sectors. Companies like [BECCA], [Xiaopeng Motors], InnoCare Pharma and Peijia Medical have all retained us as their ESOP provider.

[解釋] 我們的企業服務繼續擴展。截至第二季度末，我們擁有 104 個 ESOP 客戶和 64 個 IPO 和 IR 客戶。我們的 ESOP 服務在 TMT、汽車和生物技術領域的行業領導者中越來越受歡迎。[BECCA]、[小鵬汽車]、InnoCare Pharma 和沛嘉醫療等公司都聘請我們作為他們的 ESOP 提供商。

(foreign language)

（外語）

[Interpreted] As a leading online brokerage and wealth management platform, Futu offers superior technology infrastructure that allows for stable trade execution. Despite a highly volatile stock market due to COVID-19, our service availability rate in the first half of 2020 reached 99.98%. In April, we doubled our throttle rate in Hong Kong from 100 to 200 to process a higher number of concurrent trades.

[解讀] 作為領先的在線經紀和財富管理平台，富途提供卓越的技術基礎設施，可實現穩定的交易執行。儘管 COVID-19 導致股市高度波動，但我們在 2020 年上半年的服務可用率達到了 99.98%。4 月，我們將香港的限制率從 100 提高了一倍至 200，以處理更多的並發交易。

(foreign language)

（外語）

[Interpreted]  I am pleased to share that on August 12, Futu Singapore Limited was granted in-principle approval from the Monetary Authority of Singapore for the capital markets services license application. This marks a milestone of our internationalization, and we will continue to look for new markets to extend the footprint of our business.

[解讀]我很高興地與大家分享，8 月 12 日，富途新加坡有限公司原則上批准了新加坡金融管理局的資本市場服務牌照申請。這標誌著我們國際化的一個里程碑，我們將繼續尋找新市場以擴大我們的業務足跡。

(foreign language)

（外語）

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

[解釋] 接下來，我想邀請我們的首席財務官亞瑟討論我們的財務業績。

Thanks, Leaf and Daniel. In the second quarter, we continued to deliver outstanding financial results. We recorded total revenue of HKD 688 million, up 165% year-over-year and 40% Q-on-Q. Our net income was HKD 236 million, up 329% year-over-year and 52% Q-on-Q. Our total revenue structure and the key revenue lines have been largely consistent with prior quarters. Let me walk you through some key of our financial details for the second quarter.

謝謝，利夫和丹尼爾。第二季度，我們繼續提供出色的財務業績。我們錄得總收入 6.88 億港元，同比增長 165%，環比增長 40%。我們的淨收入為 2.36 億港元，同比增長 329%，環比增長 52%。我們的總收入結構和主要收入線與前幾個季度基本一致。讓我向您介紹一下我們第二季度的一些關鍵財務細節。

Brokerage commission and handling charge income was HKD 410 million, an increase of 236% from the same period in 2019 and up 37% from Q1. The growth was primarily due to 202% year-over-year growth in our total trading volume. Our blended commission rate went up to 6.4 basis points on the back of increasing penetration of [derivative] trading in the U.S. market. Also, more clients trade low-value stock during the quarter in the U.S. market, which led implied take rate higher. Brokerage income contributed 60% of our total revenue in the quarter. Interest income was HKD 208 million, an increase of 82% year-over-year and 44% Q-on-Q.

經紀佣金及手續費收入為4.1億港元，較2019年同期增長236%，較Q1增長37%。增長主要是由於我們的總交易量同比增長 202%。由於[衍生品]交易在美國市場的滲透率不斷提高，我們的混合佣金率上升至 6.4 個基點。此外，更多客戶在本季度在美國市場交易低價值股票，這導致隱含收益率走高。經紀業務收入佔本季度總收入的 60%。利息收入為 2.08 億港元，同比增長 82%，環比增長 44%。

Margin financing interest income increased on the backhaul 49% year-over-year growth in daily average margin financing balance. IPO financing interest income increased significantly, thanks to an active Hong Kong IPO market and our clients' increasing appetite to subscribe high-quality IPOs on margin. Bank interest income increased due to clients' higher idle cash balance. Interest income as a total contribute about 30% of our total revenue. Other income was HKD 70 million. The 192% year-over-year growth was primarily due to an increase in IPO financing service charge income and the fund distribution service income from our wealth management business. Other income contributed about 10% of our total revenue.

回程保證金融資利息收入增加，日均保證金融資餘額同比增長49%。受惠於活躍的香港首次公開招股市場及客戶對以保證金認購優質首次公開招股的興趣增加，首次公開招股融資利息收入大幅增加。由於客戶的閒置現金結餘增加，銀行利息收入增加。利息收入佔總收入的 30% 左右。其他收入為7,000萬港元。同比增長 192%，主要是由於 IPO 融資服務費收入和我們財富管理業務的基金分銷服務收入增加。其他收入占我們總收入的10%左右。

On the cost side, total cost was HKD 154 million, an increase of 141% year-over-year and 31% Q-on-Q.

成本方面，總成本為1.54億港元，同比增長141%，環比增長31%。

Brokerage commission and handling charge expenses grew 221% year-over-year to HKD 77 million, which was mostly in line with our trading volume growth. Interest expenses increased by 111% year-over-year to HKD 40 million, mostly in line with our margin financing business and IPO activities in Hong Kong.

經紀佣金和手續費支出同比增長 221% 至 7,700 萬港元，這與我們的交易量增長基本一致。利息支出同比增長 111% 至 4000 萬港元，主要與我們在香港的保證金融資業務和 IPO 活動一致。

Processing and service costs increased by 76% year-over-year to HKD 37 million. The rise was primarily due to an increase in the market information and the data fee as well as increase in the total rate. As a result, gross profit increased 172% year-over-year to HKD 534 million. Gross margin was 78% versus 75% in the same period last year.

加工和服務成本同比增長 76% 至 3,700 萬港元。上漲的主要原因是市場信息和數據費用的增加以及總費率的增加。因此，毛利同比增長 172% 至 5.34 億港元。毛利率為 78%，而去年同期為 75%。

Total operating expenses were HKD 264 million, an increase of 82% year-over-year and 35% Q-on-Q. Among the R&D expenses was HKD 117 million, an increase of 83% from the same period last year and 39% from last quarter. The increase was primarily due to the continuous increase in the R&D headcount as we continue to invest in our technology platform to sustain long-term growth.

總營運開支為港幣 2.64 億元，按年增加 82%，按季增加 35%。其中研發費用為1.17億港元，同比增長83%，環比增長39%。這一增長主要是由於研發人員不斷增加，因為我們繼續投資於我們的技術平台以維持長期增長。

Selling and marketing expenses was HKD 96 million, up 129% year-over-year and 48% Q-on-Q, as we continue to roll out our marketing and branding activities to attract new paying clients. Our acquisition costs per each new paying client was around HKD 1,500, down 8% Q-on-Q.

銷售和營銷費用為 9600 萬港元，同比增長 129%，環比增長 48%，因為我們繼續開展營銷和品牌推廣活動以吸引新的付費客戶。我們每位新付費客戶的獲取成本約為 1,500 港元，環比下降 8%。

G&A expenses were HKD 51 million, an increase of 31% year-over-year and 9% Q-on-Q, which is largely in line with our overall growth -- business growth. As a result, our non-GAAP adjusted net income increased by 312% to HKD 243 million. The strong bottom line growth was primarily due to significant top line improvement and proven operating leverage. That concludes our prepared remarks, and we now like to open the call to questions. Operator, please go ahead.

G&A 費用為 5100 萬港元，同比增長 31%，環比增長 9%，這與我們的整體增長——業務增長基本一致。因此，我們的非美國通用會計準則調整後淨收入增長 312% 至 2.43 億港元。強勁的底線增長主要是由於顯著的頂線改善和可靠的運營槓桿。我們準備好的發言到此結束，現在我們要開始提問了。接線員，請繼續。

(Operator Instructions) We have the first question from the line of Weicheng Tang.

（操作員說明）我們有來自 Weicheng Tang 的第一個問題。

Firstly, congratulate on the very robust earnings in the second quarter. So I have 2 questions. One is about the paying clients. We see accelerated client acquisition in the second quarter, even better than the historical high in the first quarter, like 40,000, now we have like 65,000 new paying clients. So can you elaborate more on the drivers of the paying client growth? And how do you see the momentum will continue in the second half of this year? The second question is more like a broader question. So basically, we see the retail activity, particularly the online retail trading activity has picked up quite a lot across the region like Hong Kong, China and U.S. and it's a very good like operating environment for Futu, but also we see competition is also rising. We saw Huatai is introducing 0 commission package in Hong Kong few months ago, and maybe there are more competitors entering the market. So I would like to ask, like, if you're looking at 1 to 3 years horizon, what is your -- what are you seeing is the biggest opportunity as well as the biggest challenge for Futu?

首先，祝賀第二季度非常強勁的收益。所以我有兩個問題。一是關於付費客戶。我們看到第二季度客戶獲取加速，甚至比第一季度的歷史高點更好，比如 40,000，現在我們有大約 65,000 個新的付費客戶。那麼您能否詳細說明付費客戶增長的驅動因素？您如何看待今年下半年的勢頭？第二個問題更像是一個更廣泛的問題。所以基本上，我們看到零售活動，特別是在線零售交易活動在香港、中國大陸和美國等地區出現了相當大的回升，這對富途來說是一個非常好的經營環境，但我們也看到競爭也在加劇.幾個月前我們看到華泰在香港推出0佣金套餐，可能會有更多的競爭者進入市場。所以我想問，如果你著眼於 1 到 3 年的前景，你認為 Futu 最大的機遇和最大的挑戰是什麼？

Okay. Thank you, Weicheng. I think -- I suggest my colleague, Robin, answer your first question, and Leaf will answer your second question.

好的。謝謝你，偉成。我想——我建議我的同事 Robin 回答你的第一個問題，Leaf 會回答你的第二個問題。

(foreign language)

（外語）

[Interpreted] So there are -- I think there are 3 major reasons behind our robust paying client growth. The first one being the COVID-19 pandemic has expedited the change of the behavioral patterns of the retail clients, aka, migrating from offline financial institutions to online trading platforms. And besides the increased volatility in the market has attracted a lot of new investors and new capital. And the second reason being that Futu has long been devoted to optimizing our user experience and have created a very strong network effect and very -- and established raising brand awareness. And in the first 2 quarters of this year, you can see that organic growth continued to contribute over 50% of our new paying client growth. And the third reason is that our operating efficiency also continued to improve. The conversion rate from our leads to paying clients also continues to improve. And those are the 3 main reasons behind our paying client growth. And I think going forward, we think we have very optimistic view towards our paying client growth. We see very strong paying client contribution from various channels. As of the end of 2019, I think about 70% of our paying clients were from Mainland and 30% from Hong Kong. And by the end of this year, we expect Hong Kong paying clients to contribute to over 40% of our total paying client base. And also, we just got the in-principle approval for our license application in Singapore. So we think that the U.S. local market and the Singapore market could be our next step for our paying client growth.

[解釋] 所以有 - 我認為我們強勁的付費客戶增長背後有 3 個主要原因。第一個是 COVID-19 大流行加速了零售客戶行為模式的變化，也就是從線下金融機構遷移到在線交易平台。除了市場波動加劇外，還吸引了大量新投資者和新資本。第二個原因是 Futu 長期以來一直致力於優化我們的用戶體驗，並創造了非常強大的網絡效應，並且非常 - 並提高了品牌知名度。在今年前兩個季度，您可以看到有機增長繼續貢獻了我們新付費客戶增長的 50% 以上。第三個原因是我們的運營效率也在不斷提高。從我們的潛在客戶到付費客戶的轉化率也在不斷提高。這些是我們付費客戶增長背後的 3 個主要原因。而且我認為展望未來，我們認為我們對付費客戶的增長持非常樂觀的看法。我們看到來自各種渠道的非常強大的付費客戶貢獻。截至 2019 年底，我認為我們大約 70% 的付費客戶來自大陸，30% 來自香港。到今年年底，我們預計香港付費客戶將占我們總付費客戶群的 40% 以上。而且，我們剛剛在新加坡獲得了原則上的許可申請批准。因此，我們認為美國本地市場和新加坡市場可能是我們付費客戶增長的下一步。

(foreign language)

（外語）

[Interpreted] All right. So there have been a lot of brokers in Hong Kong that offer 0 commissions. Huatai is now the first one and it will certainly not be the last one. And to be honest, we haven't felt much pressure from these players. And you can see that our paying client growth has demonstrated stronger growth momentum than ever. So if you look at the Hong Kong market, there is a 10 bps stamp duty. So Futu is now charging 3 bps for Hong Kong stock trading, and we think a further decrease in our trading commission actually brings little incremental value to the reduction of overall trading costs. And for the long time, Futu has not been the broker that offers the lowest commission rate in the market, but we believe that we are the one that has the strongest overall user experience. So besides charging a commission rate that's significantly lower than industry average, we have the most in-depth market data. We have a very stable trading system that allows for high-quality trade execution. We have very high-quality market use and a very active social community platform. And these are all very important reasons to attract new customers, and then these all require a long time to establish.

[解釋] 好的。所以香港出現了很多提供0佣金的券商。華泰現在是第一個，肯定不會是最後一個。老實說，我們並沒有感受到來自這些球員的太大壓力。你可以看到我們的付費客戶增長表現出比以往任何時候都強勁的增長勢頭。所以如果你看看香港市場，有 10 個基點的印花稅。所以富途現在對港股交易收取3個基點，我們認為進一步降低我們的交易佣金實際上對整體交易成本的降低帶來的增量價值不大。而且一直以來，富途都不是市場上佣金率最低的經紀商，但我們相信我們是整體用戶體驗最強的經紀商。因此，除了收取遠低於行業平均水平的佣金率外，我們還擁有最深入的市場數據。我們有一個非常穩定的交易系統，可以實現高質量的交易執行。我們有非常高質量的市場使用和非常活躍的社交社區平台。而這些都是吸引新客戶的非常重要的原因，然後這些都需要很長時間才能建立起來。

(foreign language)

（外語）

[Interpreted] In terms of our market opportunities, we believe that our target markets still offers tremendous opportunities for growth. And in terms of the trade markets, I believe that the Hong Kong and U.S. stock markets are still the 2 most attractive equity markets in the world. And the Hong Kong stock market ranked #1 in 2018 and 2019 in terms of the equity amount raised through IPOs. And we believe that as more high-quality new economy companies come to list in Hong Kong, and as more China ADRs due their secondary listing in Hong Kong, this will further contribute to the prosperity to the Hong Kong stock market. And at the same time, the U.S. stock market still has some of the most attractive investment targets in the world, and we believe these 2 markets will continue to attract new capital and Futu will be able to continue to increase our market share in these 2 markets. And in terms of our client base, we believe that the online brokerage business has a very strong network effect, and we're very confident to sustain rapid growth in our total number of clients. And there are over 20 million Chinese nationals with overseas assets, and there are about 2 million retail stock traders in Hong Kong. So considering Futu only has about 300,000 paying clients, we still think there's a long runway for growth. And the policies in the Greater Bay Area will further open up our TAM. And besides our 2 main target markets right now, which is China Mainland and Hong Kong, I think we'll continue to expand globally. And our MooMoo app that's targeting -- mostly targeting the domestic U.S. market has already attracted a large fan base, and we'll continue to optimize our products and increase our influence. And yesterday, our Singapore entity also got the in-principle approval for a license application from the Monetary Authority of Singapore, and we'll continue to look out for opportunities in Southeast Asia as well. And out of the wealth management business, there's certainly a very important strategic focus, and we've launched our business for less than a year, and our total client assets is now over HKD 8.6 billion. And from the current statistics, we can see that wealth management continues to attract additional assets. And we want to build Futu into a one-stop wealth management platform to attract clients, to put more assets to Futu to manage.

[解讀] 就我們的市場機會而言，我們相信我們的目標市場仍然提供巨大的增長機會。而在貿易市場方面，我認為港股和美股仍然是全球最具吸引力的兩個股票市場。港股市場在2018年和2019年的首次公開招股集資額排名第一。而我們相信，隨著更多優質新經濟企業來港上市，以及更多中國ADR在港二次上市，將進一步促進香港股市的繁榮。同時，美國股市仍然擁有一些全球最具吸引力的投資標的，我們相信這兩個市場將繼續吸引新的資金，富途將能夠繼續增加我們在這兩個市場的份額市場。就我們的客戶群而言，我們認為在線經紀業務具有非常強大的網絡效應，我們非常有信心保持客戶總數的快速增長。而擁有海外資產的中國公民超過2000萬，香港散戶股票交易員約有200萬。因此，考慮到富途只有大約 30 萬付費客戶，我們仍然認為增長還有很長的路要走。而大灣區的政策將進一步開放我們的TAM。除了我們目前的兩個主要目標市場，即中國大陸和香港，我認為我們將繼續在全球擴張。我們的 MooMoo 應用程序主要針對美國國內市場，已經吸引了大量粉絲，我們將繼續優化我們的產品並增加我們的影響力。昨天，我們的新加坡實體也獲得了新加坡金融管理局原則上批准的牌照申請，我們也將繼續在東南亞尋找機會。在財富管理業務中，當然有一個非常重要的戰略重點，我們開展業務不到一年，我們的客戶資產總額現已超過 86 億港元。而從目前的統計數據來看，我們可以看到財富管理持續吸引著額外的資產。並且我們要把富途打造成一個一站式的財富管理平台來吸引客戶，把更多的資產交給富途來管理。

And lastly, about our challenges, as our paying clients grows, as trading volumes skyrocketed, and as there is increasing volatility in the market, that poses a lot of pressure on our trading system and also our risk management system. And we'll continue to ramp up our R&D investment to ensure the stability of our trading system and to increase our risk management capabilities. And as our business continues to grow, we'll continue to hire more people. And how to optimize our talent structure, how we continue to increase talent with finance background and with international backgrounds and how to retain and incentivize our current talent pool, that's also a very important task for us. Weicheng, does that answer your question?

最後，關於我們的挑戰，隨著付費客戶的增長、交易量的飆升以及市場波動的加劇，這對我們的交易系統和風險管理系統造成了很大壓力。我們將繼續加大研發投入，以確保我們交易系統的穩定性並提高我們的風險管理能力。隨著我們業務的持續增長，我們將繼續僱傭更多的人。而如何優化我們的人才結構，我們如何繼續增加具有金融背景和國際背景的人才以及如何保留和激勵我們現有的人才庫，這對我們來說也是一個非常重要的任務。偉成，這回答你的問題了嗎？

Can we move to the next question, sir?

先生，我們可以轉到下一個問題嗎？

Yes, please.

是的，請。

The next question comes from the line of Daphne Poon from Citi.

下一個問題來自花旗的Daphne Poon。

First, congratulate on the very strong quarter. So I have a couple of questions here. First is regarding your client base or the new paying clients. So first, would like to ask on the mix between Hong Kong and Mainland China clients in terms of the new paying clients in the second quarter. And also, like, looking at your full year guidance on the new paying clients, we see it's 280,000, which is a very strong number. So just wondering if you can share some color on the recent 2 months, like July and August client growth so far, like, which -- like, how you can support this confidence for the full year or second half continued strength?

首先，祝賀這個非常強勁的季度。所以我有幾個問題。首先是關於您的客戶群或新的付費客戶。所以首先，想問一下香港和中國大陸客戶在第二季度新付費客戶方面的組合。而且，看看你對新付費客戶的全年指導，我們看到它是 280,000，這是一個非常強勁的數字。所以只是想知道你是否可以分享最近 2 個月的一些顏色，比如到目前為止 7 月和 8 月的客戶增長，比如，你如何支持這種對全年或下半年持續強勁的信心？

And also, one more on the client side is that we see that the conversion rate has been improving. I think you also mentioned earlier like conversion rate from the registered client to paying client. I'm just wondering whether this is also because of the higher conversion rate you have with the Hong Kong clients versus Mainland China, I guess, there's still some capital control, which may have lower conversion rate. So -- yes, just wondering if you can break down the conversion rate for the 2 markets.

而且，在客戶端，我們看到轉化率一直在提高。我想你之前也提到過從註冊客戶到付費客戶的轉化率。我只是想知道這是否也是因為你與香港客戶的轉化率高於中國大陸，我猜，還有一些資本管制，可能轉化率較低。所以 - 是的，只是想知道您是否可以分解這兩個市場的轉化率。

And then next, will also like to ask about your trading volume that you reported this -- your U.S. market trading volume this quarter, which we have seen a very strong growth and, like, much stronger than the Hong Kong market. So wondering if you can share like what you see as the reason behind driving this strong growth? And also whether this is like more skewed towards the U.S. companies or the Chinese ADRs and whether you think this strength is, I guess, sustainable going forward?

接下來，還要問一下你報告的交易量——你本季度美國市場的交易量，我們看到了非常強勁的增長，而且比香港市場強得多。所以想知道您是否可以分享您認為推動這種強勁增長背後的原因？還有，這是否更傾向於美國公司或中國 ADR，我猜你是否認為這種優勢在未來可持續發展？

And lastly -- sorry, quite a lot of questions. Lastly, just want to check on your thoughts about the international expansion. We understand you've got -- you mentioned you're expanding into the U.S. and Southeast Asia market, but also want to get your thoughts on the Asia market license. I understand that it's not fully opened up yet, right, in terms of the license approval, but I guess, like, thinking longer term, maybe 2, 3 years or even longer down the road, what's your thought about the trends of getting Asia license as well?

最後-- 抱歉，有很多問題。最後，只想了解一下您對國際擴張的看法。我們知道你已經 - 你提到你正在擴展到美國和東南亞市場，但也想獲得你對亞洲市場許可的想法。我知道它還沒有完全開放，對吧，就許可批准而言，但我想，像，從長遠來看，也許 2 年、3 年甚至更長的時間，你對獲得亞洲的趨勢有什麼看法執照也一樣？

Okay. Thank you, Daphne. Let me just answer your first, second and also the fourth question. I will leave the third question to Robin. And the final question regarding the Asia market access to my colleague, Leaf. In terms of the breakdown of new client acquisition for this quarter, China roughly accounts for 53% of the total, and the remaining 47% came from the China. And also in terms of the trading volumes, as you mentioned before, the U.S. trading volume roughly accounts for 2/3 of our total trading volumes achieved in this quarters. In terms of the stock trading by our clients, actually, I think will be more skewed to these purely U.S. stocks, such as Tesla, Facebook and even GE, et cetera. The overall Chinese ADRs trading volume on our U.S. trading volume side is roughly about 15%. And in terms of the trading volume sustainability, I think it is more -- it's because of the high volatilities in the U.S. markets, particularly in the first half of this year. Going forward, I think the proportion of the Hong Kong trading volumes will continue to go up because we continue to gain the market shares in the Hong Kong markets. Compared with the first quarter, which we achieved 1.4% cash and warrants strong market shares in Hong Kong, our market share actually continued to increase to 1.6% in the second quarter, and such momentum actually will continue -- has continued into July and August.

好的。謝謝你，達芙妮。我只回答你的第一個、第二個和第四個問題。我將第三個問題留給羅賓。關於亞洲市場准入的最後一個問題是我的同事 Leaf。從本季度的新客戶獲取細分來看，中國大約佔總數的53%，其餘47%來自中國。而且在交易量方面，正如你之前提到的，美國的交易量大約占我們本季度實現的總交易量的 2/3。就我們客戶的股票交易而言，實際上，我認為會更偏向於這些純粹的美國股票，例如特斯拉，Facebook甚至通用電氣等。中國ADRs整體交易量在我們美國交易量這邊大概是15%左右。就交易量的可持續性而言，我認為更多的是——這是因為美國市場的高波動性，尤其是在今年上半年。展望未來，我認為香港交易量的比例將繼續上升，因為我們將繼續獲得香港市場的市場份額。與第一季度我們在香港取得 1.4% 的現金和認股權證強勁市場份額相比，我們的市場份額實際上在第二季度繼續增加到 1.6%，而且這種勢頭實際上會持續——一直持續到 7 月和 8 月.

Roughly speaking, in July, our market shares in Hong Kong already achieved 2.5%, which I think is -- which will underpin our growth strategies in the Hong Kong market trading volumes. So I will let Robin answer your second question about the conversion rate going forward and also our Asian market access by Leaf.

粗略地說，7 月份，我們在香港的市場份額已經達到 2.5%，我認為這將鞏固我們在香港市場交易量方面的增長戰略。因此，我將讓 Robin 回答你關於未來轉化率以及 Leaf 亞洲市場准入的第二個問題。

(foreign language)

（外語）

(foreign language)

（外語）

[Interpreted] So there are 3 main reasons between -- behind the higher conversion rate from total clients to total paying clients. And the first reason is, as I just said, Daphne, there is a higher percentage and contribution from our Hong Kong paying clients and Hong Kong paying clients typically demonstrate higher conversion rates. And the second reason, as Robin just mentioned answering Weicheng's question. So we see an increasing conversion rate between our leads to our paying clients. So we have increased our operating efficiency. We have optimized the account opening and the cash deposit processes, so -- which made easier for our clients to become our paying clients. And the third reason is because of the general market volatility and the increase of high-quality China ADRs coming back to Hong Kong. So a lot of our clients want to take advantage of this opportunity to make money, and that also resulted in the higher conversion rate. (foreign language)

[解釋] 因此，從總客戶到總付費客戶的較高轉化率背後有 3 個主要原因。第一個原因是，正如我剛才所說，達芙妮，我們的香港付費客戶的百分比和貢獻更高，而香港付費客戶通常表現出更高的轉化率。而第二個原因，就像羅賓剛才提到的回答偉程的問題。因此，我們看到我們的潛在客戶與付費客戶之間的轉化率不斷提高。因此，我們提高了運營效率。我們優化了開戶和現金存款流程，因此——這讓我們的客戶更容易成為我們的付費客戶。第三個原因是由於市場普遍波動和優質中國ADR回港的增加。所以我們的很多客戶都想利用這個機會賺錢，這也帶來了更高的轉化率。（外語）

(foreign language)

（外語）

[Interpreted] So we have continued to look out for opportunities in the Asia market. And 5 years ago, we became the level 2 market data provider in collaboration with Shanghai Stock Exchange, and we continue to optimize our market data, our new -- our trading offerings for Asia stocks through Stock Connect. And we've also noticed the relative policy updates with regards to the Greater Bay Area. And at the right time, I think we will consider getting the issuer license, but it's not on our immediate agenda right now. And there are still a lot of other things that we could do, and we should focus on right now. Thank you.

[解讀]因此我們繼續在亞洲市場尋找機會。5 年前，我們與上海證券交易所合作成為二級市場數據提供商，我們繼續優化我們的市場數據，我們新的——我們通過滬港通為亞洲股票提供的交易產品。我們也注意到大灣區的相關政策更新。在適當的時候，我認為我們會考慮獲得發行人許可證，但現在不在我們的近期議程上。還有很多其他事情我們可以做，我們現在應該集中精力。謝謝。

This is very helpful. Just want to follow-up on the conversion rate. Wondering if you can share what is the conversion rate for Hong Kong clients versus that of the Mainland Chinese clients? And actually, just one more quick question, if I may, is regarding your -- any potential capital raising ways as you have been, like, undergoing this very fast business expansion and having into, like, new markets. Yes, so wondering if you can comment on that.

這非常有幫助。只想跟進轉化率。想知道您是否可以分享香港客戶與中國大陸客戶的轉化率是多少？實際上，如果可以的話，還有一個更快速的問題是關於你的 - 任何潛在的融資方式，就像你經歷過這種非常快速的業務擴張並進入新市場一樣。是的，想知道您是否可以對此發表評論。

Daphne, can you repeat your second question? I think -- let me just answer your first question first. In terms of conversion rate -- conversion rate for the Hong Kong people because now the SFC ask local people to open accounts through the online model. Actually, they need to remit at least HKD 10,000 to activate the account. So essentially, the conversion rate of Hong Kong paying clients is almost close to 100%. Then the remaining part in the Mainland people, the conversion rate between registered account -- clients and paying clients is around close to 30%.

達芙妮，你能重複你的第二個問題嗎？我想——讓我先回答你的第一個問題。在轉換率方面——香港人的轉換率，因為現在證監會要求本地人通過在線模式開戶。實際上，他們至少需要匯款 HKD 10,000 才能啟動帳戶。所以本質上，香港付費客戶的轉化率幾乎接近100%。那麼剩下的一部分在內地人，註冊賬戶——客戶和付費客戶之間的轉化率接近30%左右。

Okay. Got it. Yes, the second question is just about any potential capital raising as you continue to expand your business, including the margin financing business?

好的。知道了。是的，第二個問題是關於您繼續擴大業務（包括保證金融資業務）時是否有任何潛在的融資？

I think at the end of the second quarter, if you look at our margin balance, which is around HKD 7.5 billion, this amount actually includes around 20% of -- 20% of this amount is actually belong to the stock lending, which has no limitations of equity base. If we take out this part out, our margin balance is around HKD 6 billion versus our total equities close to HKD 3 billion. So I think the leverage ratio is still well manageable.

我認為在第二季度末，如果你看一下我們的保證金餘額，大約是 75 億港元，這個數額實際上包括大約 20%——這個數額的 20% 實際上屬於股票借貸，它已經沒有股權基礎的限制。如果除去這部分，我們的保證金餘額約為 60 億港元，而我們的總權益接近 30 億港元。所以我認為槓桿率還是可以很好控制的。

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

下一個問題來自瑞士信貸的鐘宜然。

Congratulations on the very strong quarter. Just a follow-up question the cost side, on the strong paying client guidance. Would you provide any outlook on the customer acquisition costs in terms of trends for the second half of this year and the implication for sales and marketing expenses? And also related question, which I think Leaf touched upon earlier. With the strong growth and better market conditions, are you looking to revise your plan to add new staff? If I'm not mistaken, you've previously guided for a 20% year-on-year growth in new staff -- in total number of staff this year. Are there any new thoughts on this plan?

祝賀這個非常強勁的季度。只是關於成本方面的後續問題，關於強大的付費客戶指導。您能否就今年下半年的趨勢以及對銷售和營銷費用的影響提供有關客戶獲取成本的展望？還有相關的問題，我認為 Leaf 之前提到過。隨著強勁的增長和更好的市場條件，您是否打算修改增加新員工的計劃？如果我沒記錯的話，你之前的指導是今年新員工總數同比增長 20%。這個方案有什麼新的想法嗎？

Okay. Thank you. Let me answer your second question first. In terms of headcount, you are right. We plan to increase more headcount in the second half of the year in line of very strong operating growth in the first half year. As you mentioned before, we guided around 20% year-over-year headcount growth in the first half. In light of the recent development of our business, we now consider the full year headcount increase compared with last year May in the range of 35% to 40%. And in terms of the acquisition cost per each client in the second half year. In the first half year, our blended acquisition cost for each new paying client is around -- in the range of HKD 1,500 to HKD 1,600, we hope such range will remain largely same in the second half for our new client acquisitions.

好的。謝謝。我先回答你的第二個問題。就員工人數而言，你是對的。我們計劃在下半年增加更多員工，以配合上半年非常強勁的經營增長。正如您之前提到的，我們指導上半年的員工人數同比增長 20% 左右。鑑於我們業務的近期發展，我們現在認為全年員工人數與去年 5 月相比增幅在 35% 至 40% 之間。以及下半年每個客戶的收購成本。上半年，我們每個新付費客戶的混合獲取成本約為 - 在 1,500 港元至 1,600 港元之間，我們希望下半年新客戶獲取的這一範圍基本保持不變。

The next question comes from the line of Lily Liu from HSBC.

下一個問題來自匯豐Lily Liu 的專線。

2 questions. The first one is about Hong Kong IPO. So do we have the statistics that how much of our brokerage income and interest income in the second quarter is generated from the Hong Kong IPO? And could you share about the fee mechanism of the IPO? For example, the 15 billion subscription from JD and NetEase, how much do you charge them? And what is the interest charging duration and also the rate difference between normal transactions? And my second question is about the new function of the PI. So professional investor services is usually the battlefield of resources and the sales personnels, whom providing their high net worth clients with face-to-face or off-site services or customized services. So what is our strategy to develop the PI business? And how is our business different from the traditional private banks in Hong Kong in terms of the target customer group and fee ratio and also the product offering?

2 個問題。第一個是關於香港IPO。那麼我們有沒有統計我們第二季度的經紀收入和利息收入有多少是來自香港IPO的呢？您能否分享一下 IPO 的費用機制？比如京東、網易的150億訂閱，你收他們多少錢？什麼是利息收取期限以及正常交易之間的利率差異？我的第二個問題是關於 PI 的新功能。因此，專業的投資者服務通常是資源和銷售人員的戰場，他們為高淨值客戶提供面對面或異地服務或定制服務。那麼我們發展PI業務的策略是什麼？我們的業務與香港傳統私人銀行在目標客戶群、收費比例以及產品供應方面有何不同？

Okay. Thank you. Let me answer the first question. I'll leave the second question to my colleague, Daniel. Just some quick numbers. In terms of the Hong Kong IPOs, in the second half, for the brokerage income, roughly 3% of those come from the Hong Kong IPO subscription and the tradings. And within the interest income, roughly 20% contribute from the Hong Kong IPOs. We charge several different dollars from the Hong Kong IPOs, including the handling fees, which is normally HKD 50 to HKD 100 per person per subscriptions, and also many investors will pay -- we use the leverage to make the subscription. The relatively interest income will be included in our interest income items. And the first handling charges, which I mentioned before, will be included in our other income. Then there will be some rebate, roughly 1% rebate if their subscription was successful and got the shares from the company's allocations. This rebate will be included in our trading commission item as well.

好的。謝謝。我來回答第一個問題。我將把第二個問題留給我的同事 Daniel。只是一些快速的數字。港股方面，下半年的經紀收入中，約有3%來自港股認購及買賣。在利息收入中，約有 20% 來自香港 IPO。我們跟香港的新股收取幾塊不同的錢，包括手續費，一般是每人每次認購港幣50到100港元，而且很多投資者都會付——我們是用槓桿來認購的。相對的利息收入將計入我們的利息收入項目。我之前提到的第一筆手續費將包含在我們的其他收入中。然後會有一些回扣，如果他們認購成功並從公司分配的股票中獲得大約1％的回扣。此回扣也將包含在我們的交易佣金項目中。

Lily, to your second question on our private equity fund offerings, you are definitely right, the most of the private banks in Hong Kong, they very much rely on face-to-face interactions with the professional investors when selling the alternative investment fund. But for Futu, we'll be still relying 100% on our online platform. We'll not have client service representatives to reach out to these professional investors and market our products. And the whole tenet of Futu is to equip our investors with information and tools to make well-informed investment decisions, and that philosophy continues to our private equity fund offerings. Well, offering our platform rich and adequate information about the different private equity funds, and hopefully, that's enough information for them to make up their investment decisions. And so far, it's only been a little over a month since we started offering private equity funds, and we have seen a pretty nice AUM ramp-up in this area. So in terms of our fee and product strategy, so I think our fee will still be lower than most of the -- than what most of the private banks charge. So on average, we plan to charge about 1% subscription fee through our private equity funds. And for our product selections, since most of our clients are still stock trading clients, so we'll focus more on the fixed income fund offerings. And for the equity offerings, we'll focus more on the tech-related hedge funds. Thank you.

莉莉，關於我們私募股權基金產品的第二個問題，你肯定是對的，香港大多數私人銀行，他們在銷售另類投資基金時非常依賴與專業投資者面對面的互動。但對於富途，我們仍將 100% 依賴我們的在線平台。我們不會安排客戶服務代表聯繫這些專業投資者並推銷我們的產品。富途的整個宗旨是為我們的投資者提供信息和工具，以做出明智的投資決策，這一理念一直延續到我們的私募股權基金產品中。好吧，為我們的平台提供有關不同私募股權基金的豐富而充分的信息，希望這些信息足以讓他們做出投資決策。到目前為止，距離我們開始提供私募股權基金只有一個多月的時間，我們已經看到這一領域的資產管理規模有了相當不錯的增長。因此，就我們的費用和產品策略而言，我認為我們的費用仍將低於大多數 - 低於大多數私人銀行收取的費用。因此，平均而言，我們計劃通過我們的私募股權基金收取約 1% 的認購費。而對於我們的產品選擇，由於我們的大多數客戶仍然是股票交易客戶，因此我們將更多地關注固定收益基金產品。對於股票發行，我們將更多地關注與科技相關的對沖基金。謝謝。

We have our next question from the line of [Vincent Gu] from Point72.

我們的下一個問題來自 Point72 的 [Vincent Gu]。

I have several questions. The first is follow-on question on your new paying customer target. You just revised up your full year target to 218,000. So that means you expect to grow new paying customers by another 170,000 in the second half. Can I get some colors about the run rate in July and August, namely how many new paying customers you already achieved in these 2 months? And where -- what's the strategy to attract that big number of new customers, means what type of customers, mainly from Mainland China or from Hong Kong local retailer investors? And will this big number of -- big increase in new customers dilutes the average asset for clients? This is the first question. And the second question I want to ask is about the ADR. The current, like, U.S. and China tensions and U.S. also trying to, like, ask ADR companies to obey their rules to submit audit filings which can cause some disruption on listing and operations. So were you thinking about also conduct secondary listing in Hong Kong in the near future? Yes, that's my 2 questions.

我有幾個問題。第一個是關於您的新付費客戶目標的後續問題。您剛剛將全年目標上調至 218,000。因此，這意味著您預計下半年將再增加 170,000 名新付費客戶。我能否了解一下 7 月和 8 月的運行率，即您在這 2 個月內已經獲得了多少新付費客戶？在哪裡 - 吸引大量新客戶的策略是什麼，意味著什麼類型的客戶，主要來自中國大陸或香港本地零售商投資者？新客戶的大量增加會稀釋客戶的平均資產嗎？這是第一個問題。我想問的第二個問題是關於 ADR。目前，美國和中國的緊張局勢以及美國也試圖要求 ADR 公司遵守其規則提交審計文件，這可能會對上市和運營造成一些干擾。那麼您是否考慮在不久的將來在香港進行二次上市？是的，這是我的 2 個問題。

Okay. Thank you for your question. Let me answer your first question first. In terms of the full year guidance, you are right, our full year guidance implies around 180,000 paying clients in the second half of this year, which means on average, each month, we should achieve 30,000 new paying clients. We do not disclose monthly paying client numbers. I do think, based on the current situations, we observed in July and early August, the run rate is well on track. And the second question is regarding the secondary listing in Hong Kong for the ADR back home. Because we were listed in the U.S. in the first quarter of last year, so theoretically speaking, we cannot apply a secondary listing in Hong Kong until the early days of 2022. So it is still too early for us to make our final assessment. We are still closely monitoring the politics landscape and also the new policies advocate by the Hong Kong Stock Exchange. So currently, we have no confirmed timetable and no confirmed ideas about secondary listing.

好的。謝謝你的問題。我先回答你的第一個問題。就全年指導而言，你是對的，我們的全年指導意味著今年下半年大約有 180,000 名付費客戶，這意味著平均每個月，我們應該實現 30,000 名新付費客戶。我們不會透露每月付費的客戶數量。我確實認為，根據我們在 7 月和 8 月初觀察到的當前情況，運行率很好。第二個問題是關於美國存託憑證在香港二次上市的問題。因為我們去年第一季度在美國上市，所以理論上說，我們要到2022年初才能在香港申請二次上市。因此，我們現在做出最終評估還為時過早。我們仍在密切關注政治格局以及香港證券交易所倡導的新政策。所以目前，我們還沒有確定的時間表，也沒有確定二次上市的想法。

Okay. Can I just quickly follow-up on the new paying customers. Where do you think you can -- what will be the mix of this new paying customers? I mean, how much percentage will come from Hong Kong? And how much comes from Mainland China? And what you think expected impact on the asset client -- average client asset per new client? Will this cause, like, dilution -- yes, dilution of your second quarter numbers?

好的。我可以快速跟進新的付費客戶嗎？你認為你可以在哪裡 - 這些新付費客戶的組合是什麼？我的意思是，有多少百分比將來自香港？有多少來自中國大陸？您認為對資產客戶的預期影響是什麼——每個新客戶的平均客戶資產？這會導致稀釋嗎——是的，你第二季度的數字會被稀釋嗎？

Understood. Understood. I think, roughly speaking, we still target 50% from the Hong Kong. The remaining 50% from the Mainlands. And your concerns about dilution, I think will -- it mainly depends on the market as well. If the volatility continues, it will further increase the intentions for people to jump in more monies into our platform. That's why we strive to provide a more service offering and also product offering to accelerate more monies from clients' banking account. On a static basis, the balance of the Hong Kong based accounts will be slightly lower, roughly 20% to 25% lower compared with the balance -- average account balance from the Mainland accounts.

明白了。明白了。我認為，粗略地說，我們的目標仍然是 50% 來自香港。其餘50%來自內地。我認為你對稀釋的擔憂——這也主要取決於市場。如果波動持續下去，將進一步增加人們向我們的平台投入更多資金的意願。這就是為什麼我們努力提供更多的服務和產品，以加速從客戶的銀行賬戶中提取更多資金。在靜態基礎上，香港賬戶的餘額會略低，比大陸賬戶的平均賬戶餘額低約 20% 至 25%。

Thank you. I would now like to hand the call back to Mr. Daniel Yuan for any closing remarks. Thank you.

謝謝。我現在想把電話轉回 Daniel Yuan 先生，請他作任何結束語。謝謝。

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 representatives. Thank you, and goodbye.

我們今天的電話會議到此結束。我代表富途管理團隊，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。

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

謝謝。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接了。謝謝。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[此記錄中標記為 [已翻譯] 的部分由現場通話中的口譯員說出。]