老虎證券 (TIGR) 2019 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the UP Fintech Holding Limited first quarter 2019 earnings conference call. (Operator Instructions). I must advise you that this conference is being recorded today, Friday, 17th of May, 2019. I would now like to hand the conference over to your first speaker today, Mr. Clark S. Soucy. Thank you. Please go ahead.

女士們，先生們，感謝您的支持，歡迎來到 UP Fintech Holding Limited 2019 年第一季度財報電話會議。（操作員說明）。我必須通知您，今天，即 2019 年 5 月 17 日，星期五，正在錄製這次會議。我現在想把會議交給您今天的第一位發言人，Clark S. Soucy 先生。謝謝。請繼續。

Thank you, Albert. Hello, everyone, and thank you for joining us for the call today. UP Fintech Holding Limited's earnings release was distributed earlier today and is available on our IR website at IR.itiger.com, as well as Globe Newswire Services. On the call today from UP Fintech are Mr. Wu Tianhua, Chairman and Chief Executive Officer; Mr. John Zeng, Chief Financial Officer; Mr. Huang Lei, the Chief Executive Officer of US Tiger Securities; Ms. [Huang Iran], Legal Manager; and Mr. [Kenny Xiao], our Financial Controller. Mr. Wu will give an overview of our business operations and discuss corporate highlights. Mr. Zeng will then discuss our financial results. They will both be available to answer your questions during the Q&A session that follows their remarks.

謝謝你，艾伯特。大家好，感謝您今天加入我們的電話會議。UP Fintech Holding Limited 的收益發佈於今天早些時候發布，可在我們的 IR 網站 IR.itiger.com 以及 Globe Newswire Services 上查閱。今天來自 UP Fintech 的電話會議是董事長兼首席執行官吳天華先生；首席財務官 John Zeng 先生；美國老虎證券首席執行官黃磊先生； [黃伊蘭]女士，法務經理；以及我們的財務總監 [Kenny Xiao] 先生。吳先生將概述我們的業務運營並討論公司亮點。曾先生隨後將討論我們的財務業績。在他們發言後的問答環節中，他們都可以回答您的問題。

Now let me cover the Safe Harbor. Today's discussion will contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today and we do not take any obligation to update these statements except as required under applicable law.

現在讓我介紹安全港。今天的討論將包含前瞻性陳述。這些前瞻性陳述涉及固有的風險和不確定性，可能導致實際結果與我們當前的預期存在重大差異。潛在風險和不確定性包括但不限於我們向美國證券交易委員會提交的公開文件中概述的風險和不確定性。我們在此次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，除適用法律要求外，我們不承擔任何更新這些陳述的義務。

It is my pleasure to now introduce our Chairman and Chief Executive Officer, Mr. Wu. Mr. Wu, please go ahead with your remarks.

我很高興現在介紹我們的董事長兼首席執行官吳先生。吳總，請繼續您的發言。

Thank you, everyone, for joining us for our first earnings call as a public company. I am pleased to announce that we (inaudible) encouraging growth for the first quarter. Total revenue was $9.6 million despite Chinese New Year holiday. I would like to highlight three new developments in our business. First, our IPO subscription business enjoyed record growth in Q1. We [pioneered] US IPO subscription service for retail investors. Our users are enjoying the growth benefits of emerging companies. Since we announced this service, we have participated in more than 30 US IPOs, the most among Chinese online brokers.

感謝大家參加我們作為上市公司的第一次財報電話會議。我很高興地宣布，我們（聽不清）鼓勵第一季度的增長。儘管農曆新年假期，總收入仍為 960 萬美元。我想強調我們業務的三個新發展。首先，我們的 IPO 認購業務在第一季度取得了創紀錄的增長。我們 [率先] 為散戶投資者提供美國 IPO 認購服務。我們的用戶正在享受新興公司的成長收益。自推出這項服務以來，我們參與了30多起美國IPO，在中國在線券商中最多。

Secondly, our installed business is growing rapidly as their system issuer mentions their employee benefits and locking future high content users. Last but not least, we have obtained broker/dealer AIP from the Monetary Authority of Singapore. As you know, our goal is to serve global Chinese and obtaining AIP in Singapore is an important milestone for our international growth strategy. We will keep getting more licenses across major regions. Once these licenses are in place, with our advanced trading platform and focus on user experience, we will be able to rapidly expand our user base and generate more revenue. Overall, these developments will help us expand into international markets.

其次，我們的安裝業務正在快速增長，因為他們的系統發行商提到了他們的員工福利並鎖定了未來的高內容用戶。最後但同樣重要的是，我們已從新加坡金融管理局獲得經紀商/交易商 AIP。如您所知，我們的目標是服務全球華人，在新加坡獲得AIP是我們國際化發展戰略的重要里程碑。我們將繼續在主要地區獲得更多許可證。一旦這些許可證到位，憑藉我們先進的交易平台和對用戶體驗的關注，我們將能夠迅速擴大我們的用戶群並產生更多收入。總的來說，這些發展將幫助我們拓展國際市場。

Since this is our first earnings call, I would like to take this opportunity to reiterate our vision and strategy. Moving now to Tiger Trade four years ago, we start to use cutting-edge technologies to enable our users to trade all over the world. We are more responsive to the needs of our customers than traditional brokers and are investing heavily to continue developing our proprietary infrastructure. We now offer trading across markets in the USA, Hong Kong, UK and Asia through (inaudible) programs, and also a truly diverse range of securities to our customers.

由於這是我們的第一次財報電話會議，我想藉此機會重申我們的願景和戰略。現在轉到四年前的 Tiger Trade，我們開始使用尖端技術使我們的用戶能夠在世界各地進行交易。我們比傳統經紀商更能響應客戶的需求，並且正在大力投資以繼續開發我們的專有基礎設施。現在，我們通過（聽不清）程序在美國、香港、英國和亞洲的市場提供交易，並為我們的客戶提供真正多樣化的證券。

Our IPO in this March of this year was a great milestone for the Company. We move forward to leveraging our increased brand recognition and are committed to investing in technology and talent. We aim to create a comprehensive financial services ecosystem for both individual and institutional investors as well as our corporate partners. We are confident we can give you a long-term value to our shareholders. I will now conclude my remarks and hand the call over to Mr. John Zeng, our CFO. Thank you.

今年 3 月的 IPO 對公司來說是一個重要的里程碑。我們繼續利用我們不斷提高的品牌知名度，並致力於投資技術和人才。我們的目標是為個人和機構投資者以及我們的企業合作夥伴創建一個全面的金融服務生態系統。我們相信我們可以為您的股東帶來長期價值。我現在將結束我的發言，並將電話轉交給我們的首席財務官 John Zeng 先生。謝謝。

All right, thanks, Tianhua. All right, let me just quickly go through the financials. Our total revenue in the first quarter were $9.6 million, while roughly $6.4 million came from trading commissions. Net revenue were $9.4 million after interest expense. Financing service fee in the first quarter were $2.1 million or 22% of the revenue. This increase was attributed to the increase in the margin trading balance. Interest income was $0.5 million or 5% of the revenue. The interest income represents the interest fee we derive from the margin on balance of the consolidated account, as well as a portion of the interest from their cash balance. Other revenue were $0.6 million, up 6.8% from the same quarter last year, primarily derived from the fees we gather from IPO subscription service and the ESOP promotional services we provide to corporate clients.

好的，謝謝天華。好吧，讓我快速瀏覽一下財務狀況。我們第一季度的總收入為 960 萬美元，而大約 640 萬美元來自交易佣金。扣除利息後的淨收入為 940 萬美元。第一季度的融資服務費為 210 萬美元，佔收入的 22%。這一增長歸因於保證金交易餘額的增加。利息收入為 50 萬美元，佔收入的 5%。利息收入代表我們從合併賬戶餘額的保證金中獲得的利息費用，以及來自其現金餘額的部分利息。其他收入為 60 萬美元，比去年同期增長 6.8%，主要來自我們從 IPO 認購服務和我們向企業客戶提供的 ESOP 促銷服務收取的費用。

Now on the costs. Total costs were $14 million, up 36.4% over the same quarter last year. The increase was due to the much larger size of our operation, mostly came from our headcount increase compared to one year ago. Employee compensation and benefits were $7.8 million for this quarter, up 61% from first quarter last year. This is due to the rapid growth of our headcount in 2018 which almost doubled from last year. Much of the increase came from our investment in R&D, finance, and compliance personnel as well as share-based compensation. Occupancy, depreciation and amortization was $0.6 million, up 14.5% from the same quarter last year as well expanding onshore and offshore which result in office space. Communication and market data costs was $1.2 million, up 87% from the same quarter last year. The increase is due to we offer more market data to our customers on our platform. Marketing and branding cost was $1.9 million down 28% from the same quarter last year as we are optimizing our operation to decrease referral payments to third-party platform and marketing partners.

現在談成本。總成本為 1400 萬美元，比去年同期增長 36.4%。增長是由於我們的業務規模大得多，主要是因為我們的員工人數比一年前有所增加。本季度員工薪酬和福利為 780 萬美元，比去年第一季度增長 61%。這是由於我們的員工人數在 2018 年快速增長，幾乎比去年翻了一番。大部分增長來自我們對研發、財務和合規人員的投資以及基於股份的薪酬。佔用、折舊和攤銷為 60 萬美元，比去年同期增長 14.5%，同時在岸和離岸擴張導致辦公空間。通信和市場數據成本為 120 萬美元，比去年同期增長 87%。增加的原因是我們在平台上向客戶提供了更多的市場數據。營銷和品牌成本為 190 萬美元，比去年同期下降 28%，因為我們正在優化運營以減少向第三方平台和營銷合作夥伴的推薦付款。

SG&A was $2.2 million, up 39% from the same quarter last year mostly due to increased consulting expense and professional fees we paid out in listed company. [Executing] and recurring costs were $0.3 million. This increase was reflecting the increased number of consolidated accounts.

SG&A 為 220 萬美元，比去年同期增長 39%，這主要是由於我們在上市公司支付的諮詢費用和專業費用增加。[執行] 和經常性成本為 30 萬美元。這一增長反映了合併賬戶數量的增加。

Net loss attributed to ordinary shareholder in the quarter was $2.9 million compared to a loss of $2 million the same quarter of last year. Net loss per ADS was $0.06 compared to a loss of $0.07 per ADS during the same quarter last year. As of March 31, our Company had a very strong balance sheet with a cash and cash equivalent balance of $144 million. Our IPO was closed on March 20 so we are confident in our ability to continue investing in our business.

本季度歸屬於普通股股東的淨虧損為 290 萬美元，而去年同期為虧損 200 萬美元。每份 ADS 淨虧損為 0.06 美元，而去年同期每份 ADS 虧損 0.07 美元。截至 3 月 31 日，我們公司的資產負債表非常強勁，現金和現金等價物餘額為 1.44 億美元。我們的首次公開募股於 3 月 20 日結束，因此我們對繼續投資業務的能力充滿信心。

This concludes our prepared remarks. Operator, we are now ready to begin the Q&A session. Thank you.

我們準備好的發言到此結束。接線員，我們現在準備開始問答環節。謝謝。

(Operator Instructions). Edward Du, Deutsche Bank.

（操作員說明）。Edward Du，德意志銀行。

(spoken in Chinese) Let me just transfer to English. I have two questions. My first question is that -- can you share some color on your overseas license application progress? And what is your expectation on the contribution to your business once you successfully acquire those licenses? And my second question is about that -- can you share the impact -- what's your expectation on the impact from the Xiaomi's acquisition of a digital banking license, especially in the cost saving angle and any potential contribution to your revenue? Thank you.

（用中文說）讓我轉成英文。我有兩個問題。我的第一個問題是——你能分享一下你的海外執照申請進度嗎？一旦您成功獲得這些許可證，您對您的業務貢獻有何期望？我的第二個問題是——你能分享一下影響嗎——你對小米獲得數字銀行牌照的影響有何期望，尤其是在成本節約角度和對你收入的任何潛在貢獻方面？謝謝。

(spoken in Chinese)

（用中文講）

So let me just quickly translate Tianhua's answer to your first question, Eddie. So in terms of licensing, our goal is to be able to serve the global Chinese population. So having more license enable us to conduct more business in the other region outside China. So like the AIP we got in Singapore is a good example of how we are executing our global expansion strategy. So a lot of type of licenses which will enable us to increase our revenue and decrease our cost when we reach certain scales, but this is something we are working on based on our current operation and hopefully one day we will be able to extract more revenue out of our operations.

所以讓我快速翻譯天華對你第一個問題的回答，Eddie。所以在授權方面，我們的目標是能夠服務全球華人。因此，擁有更多許可使我們能夠在中國以外的其他地區開展更多業務。因此，就像我們在新加坡獲得的 AIP 一樣，它是我們如何執行全球擴張戰略的一個很好的例子。因此，當我們達到一定規模時，很多類型的許可證將使我們能夠增加收入並降低成本，但這是我們根據目前的運營正在努力的事情，希望有一天我們能夠獲得更多收入在我們的操作之外。

(spoken in Chinese)

（用中文講）

All right, just a quick summary. So we do, now we know Xiaomi got the digital banking license. As you know, Xiaomi is our long-term shareholder; they invest in us in the first round, so we have already good relationship with Xiaomi. To be candid, in the short term, we don't think this will have a meaningful difference to our business based on what the digital banking license can operate under the current Hong Kong regulation but we do think going forward if you look at longer this is definitely help us with our conversions, especially with the transformation in technology in the banking system. We do hope, like, one or two years down the road this kind of digital license will help our operation.

好吧，只是一個快速的總結。所以我們這樣做了，現在我們知道小米獲得了數字銀行牌照。大家知道，小米是我們的長期股東；他們在第一輪就投資了我們，所以我們和小米的關係已經很好了。坦率地說，在短期內，我們認為這不會對我們的業務產生有意義的影響，因為數字銀行牌照在當前的香港法規下可以運作，但我們確實認為，如果你看得更久肯定會幫助我們進行轉換，尤其是在銀行系統的技術轉換方面。我們確實希望，在未來一兩年內，這種數字許可證將有助於我們的運營。

(Operator Instructions). Zeyu Yao, CICC.

（操作員說明）。姚澤宇，中金公司。

(spoken in Chinese). Thank you, management. Congratulations again on our successful listing. I have two questions. First, we observed Tiger has already participated in many eye-catching IPO subscription in the US stock market, such as TME and Zoom, which is a really popular and value-added service for our clients. So we should expect Tiger will continue expanding US IPO subscription service in the next few years? And how can we get more proportions or market shares in those IPOs? And secondly, our compensation and benefits increased significantly in this quarter, and so what is the outlook for our recruitment plan? And how should we project this expense in our forecast? Thank you.

（用中文說）。謝謝你，管理。再次祝賀我們成功上市。我有兩個問題。首先，我們觀察到Tiger已經參與了很多美股的IPO認購，比如TME和Zoom，這對我們的客戶來說是非常受歡迎和增值的服務。那麼我們是否應該預期老虎會在未來幾年繼續擴大美國IPO認購服務？我們如何才能在這些IPO中獲得更多的比例或市場份額？其次，這個季度我們的薪酬和福利有明顯的增長，那麼我們的招聘計劃前景如何？我們應該如何在我們的預測中預測這筆費用？謝謝。

(spoken in Chinese)

（用中文講）

Right. So, a quick summary. [I offer you] or not all of you know, right, the US IPO process is different from Hong Kong and Asia. So in the US now typically there is no retail tranche. Most retail came from DSP, which means now you have to load the management or part of the employee program to be able to participate. So Tiger Broker way pioneered this kind of IPO subscription service for the retail investors a year ago. And we want to just now pass the benefits of -- to buying the high-growth US companies, such kind of benefits to the retail investors.

正確的。所以，快速總結一下。[I offer you] 或許你們都不知道，對吧，美國的IPO流程跟香港和亞洲是不一樣的。所以在美國現在通常沒有零售部分。大多數零售來自 DSP，這意味著現在您必須加載管理或部分員工計劃才能參與。所以Tiger Broker way在一年前率先為散戶投資者提供了這種新股認購服務。我們現在想將購買高增長美國公司的好處傳遞給散戶投資者。

And also, now this kind of service is actually a good way for us to also get closer with corporate issuers. We can supply with retail demands, also institutional demands. We can also provide IR, PR services to those corporate issuers, which is a good way for us to help them to build their public image. I think a lot of -- as Mr. Wu just mentioned, I think a lot of retail investors, they do see the value that Tiger Broker provides, to see it's differentiated from other brokers in this kind of industry. So that's why they do want to join us, use our platform to be able to subscribe for US IPOs.

而且，現在這種服務實際上也是我們與企業發行人拉近距離的好方法。我們可以滿足零售需求，也可以滿足機構需求。我們還可以為這些企業發行人提供IR、PR服務，這是我們幫助他們樹立公眾形象的好方法。我認為很多——正如吳先生剛才提到的，我認為很多散戶投資者，他們確實看到了 Tiger Broker 提供的價值，看到它與此類行業的其他經紀人不同。所以這就是為什麼他們確實想加入我們，使用我們的平台能夠認購美國 IPO。

(spoken in Chinese)

（用中文講）

Yes. In terms of employee compensation and headcount, so as you can see from 2018 or late 2017, we have been increasing a lot in terms of to attract talent. Most of the increase came from R&D. We think this is something sets us apart from other traditional brokers, is we do see technology can transform a brokerage business. So we will keep investing but the headcount increase won't be as dramatic as last year given that now our headcount has almost doubled from last year. But we will selectively keep recruiting key talent to make sure we stay on top of this kind of industry. Thank you.

是的。在員工薪酬和員工人數方面，正如你所看到的，從 2018 年或 2017 年底開始，我們在吸引人才方面一直在增加很多。大部分增長來自研發。我們認為這是我們與其他傳統經紀人的區別，我們確實看到技術可以改變經紀業務。因此，我們將繼續投資，但考慮到現在我們的員工人數幾乎比去年翻了一番，因此員工人數的增加不會像去年那樣劇烈。但我們會選擇性地繼續招募關鍵人才，以確保我們在此類行業中處於領先地位。謝謝。

(Operator Instructions). Daphne Poon, Citibank.

（操作員說明）。花旗銀行 Daphne Poon。

Hi, good evening, management. Thanks for taking my question. So my first question is about the ESOP management's [inked], that we understand that you launched that quite recently in late 2018. So I would like to understand more, like, how is your progress here? For example, in terms of the number of corporates that you have signed up so far. And also how is that expected to contribute in terms of your longer-term, like current growth, and also drive your revenue growth? And secondly, I would like to check on your progress in terms of the migration of current accounts on the fully disclosed account model to the consolidated account model. Like so far, what percentage of the current account has been migrated? And how is the clients' acceptance level to that change? And do you see any major pushback from your clients? And lastly, the first question is regarding the outlook on your commission income or maybe your trading volume over the rest of the year. So we see Q1, it's a little bit slow. As you explained, it's due to the weaker current sentiment, but actually in Q1 we see the US and Hong Kong market both performed quite well. While going into Q2 now we have this trade war concern and market become more volatile. So how do you see that, this trading volume or clients' activity trending into Q2 or into the rest of the year? Thank you.

嗨，晚上好，管理層。感謝您提出我的問題。所以我的第一個問題是關於 ESOP 管理層的 [著墨]，我們了解到您最近在 2018 年底推出了它。所以我想了解更多，比如，你在這裡的進展如何？例如，就目前為止您註冊的公司數量而言。還有，這對您的長期增長（如當前增長）有何貢獻，並推動您的收入增長？其次，我想檢查一下您在將完全披露賬戶模型的經常賬戶遷移到合併賬戶模型方面的進展。到目前為止，當前帳戶的遷移百分比是多少？客戶對這種變化的接受程度如何？您是否看到客戶有任何重大阻力？最後，第一個問題是關於您的佣金收入前景或今年剩餘時間的交易量。所以我們看到 Q1，它有點慢。正如您所解釋的，這是由於當前情緒較弱，但實際上在第一季度我們看到美國和香港市場都表現不錯。現在進入第二季度，我們對貿易戰感到擔憂，市場變得更加動盪。那麼，您如何看待這種交易量或客戶活動趨勢進入第二季度或今年剩餘時間的趨勢？謝謝。

(spoken in Chinese)

（用中文講）

Let me translate the ESOP question. So ESOP, just like you say, we started relatively late but we have been making really good progress. So right now those ESOP clients haven't really been reflecting to our revenue but we believe in the next six months to 12 months when their IPO is completed they will be able to be our high-caliber customers for the next several quarters. So also how we are approaching ESOP service is now, we don't just treat it as a single product. We do think it is a complete package we offer to corporate issuers, like we mentioned earlier, no matter it's an IPO subscription or PR/IR services. So we do think by mixing with a complete package, especially like in our reputation in the US market, we do think it offers us a competitive edge over our competitors in this kind of US IPO and ESOP services.

讓我翻譯一下 ESOP 問題。所以 ESOP，就像你說的，我們起步相對較晚，但我們一直在取得很好的進展。所以現在這些 ESOP 客戶並沒有真正反映到我們的收入中，但我們相信在未來 6 個月到 12 個月內，當他們的 IPO 完成時，他們將能夠在接下來的幾個季度成為我們的高素質客戶。因此，我們現在處理 ESOP 服務的方式也是如此，我們不只是將其視為單一產品。我們確實認為這是我們為企業發行人提供的完整套餐，就像我們之前提到的，無論是 IPO 認購還是 PR/IR 服務。所以我們確實認為通過與一個完整的包混合，特別是像我們在美國市場的聲譽，我們確實認為它為我們提供了在這種美國 IPO 和 ESOP 服務中優於我們的競爭對手的競爭優勢。

Daphne, to answer your second question, I would just answer your second for now. So we did one migration back in February (inaudible) to consolidate accounts. So far the transaction has been pretty smooth. We don't see much pushback from the investors and we think this consolidated account do give us more flexibility to better serve our customers in terms of some other value-added services. For example, like IPO subscription services.

達芙妮，為了回答你的第二個問題，我現在只回答你的第二個問題。因此，我們在 2 月份（聽不清）進行了一次遷移以合併帳戶。到目前為止，交易還算順利。我們沒有看到投資者的太多阻力，我們認為這個合併賬戶確實給了我們更大的靈活性，可以在其他一些增值服務方面更好地為我們的客戶服務。例如，像 IPO 認購服務。

For your third question on the outlook of the transaction volume, so you are right, the transaction value if you just look at the market -- January, especially the second half of January, the market in Hong Kong and the US and US do pick up. For our transaction volumes it's a little bit slower to pick up. I think there is a lagging effect plus there is a Chinese holiday in February, so that is why our commission revenue was a little bit decreased or slow versus the last quarter. But looking forward to trade wars, so far we think, that just by looking at the management accounts or some numbers, we think it's going okay. The transaction volume and also in terms of trading commissions. But we don't like -- of course, if there is a huge swing in the market volatility, it will definitely impact our business. But so far I think we are on the right track.

第三個問題，成交量的前景，所以你是對的，成交額如果單看市場——1月份，特別是1月下半月，香港和美國的市場做pick向上。對於我們的交易量，回升速度要慢一些。我認為這是一個滯後效應，加上 2 月份是中國假期，所以這就是為什麼我們的佣金收入與上一季度相比略有下降或放緩。但展望貿易戰，到目前為止，我們認為，僅通過查看管理賬戶或一些數字，我們認為一切順利。交易量以及交易佣金。但我們不喜歡——當然，如果市場波動出現巨大波動，那肯定會影響我們的業務。但到目前為止，我認為我們走在正確的軌道上。

(Operator Instructions). Edward Du, Deutsche Bank.

（操作員說明）。Edward Du，德意志銀行。

Hi, thanks, management. I just have some follow-up questions for the financial data for your first quarter. May I have the color or the gross rate or a specific number above your, like, margin finance and trading amounts? And my second question is about that -- can I have the gross commission breakdown first quarter separated into like Hong Kong stock, US stock, US futures, US options and other products? And in the meanwhile, can I have also the share trading volume? For example, the share units in the above-mentioned products and the total trading amount by dollar, US dollar or Hong Kong dollar, by above-mentioned products? And that's all my questions. Thank you.

嗨，謝謝，管理。關於第一季度的財務數據，我還有一些後續問題。我可以提供顏色或毛利率或高於您的保證金融資和交易金額的特定數字嗎？我的第二個問題是——我能否將第一季度的總佣金細目分為香港股票、美國股票、美國期貨、美國期權和其他產品？同時，我也可以擁有股票交易量嗎？例如，上述產品中的份額單位及按美元、美元或港元計算的總交易金額，按上述產品？這就是我所有的問題。謝謝。

Okay, Eddie. I will answer your questions. So in terms of trading volumes, I think it is on par with our numbers last year, okay? The same quarter last year. The trading mix, in terms of the mix of the different products, is like US equities is about like -- sorry, in terms of the revenue mix, the US equities is close to 50% of our revenue. The Hong Kong equities now in terms of revenue is probably close to 20%. Then we also have -- option product is about like 20% of our revenue and the futures accounts for high single digits of our revenue.

好的，艾迪。我會回答你的問題。所以就交易量而言，我認為它與我們去年的數字相當，好嗎？去年同一季度。就不同產品的組合而言，交易組合就像美國股票一樣——抱歉，就收入組合而言，美國股票接近我們收入的 50%。而港股現在以收益計算大概接近20%。然後我們還有——期權產品大約占我們收入的 20%，而期貨占我們收入的高個位數。

In terms of transaction volume mix, it's about like -- US accounts for close to 30%. The Hong Kong about like -- slightly over 10%. Futures about 40s and options about like high single digits. That is the mix of the transaction volume and the revenue. In terms of the margin on balance, also it's on par, slightly above our first quarter last year. So that is why you see our financing service fee increase from last year. We do see more people adding on margins starting from late first quarter. And we think so far the trend, like I mentioned earlier, so far is still on the right track. So hopefully for this next quarter we can report more financing income from margin balance.

就交易量組合而言，大約是——美國占接近 30%。香港差不多——略高於 10%。大約 40 多歲的期貨和大約高個位數的期權。這是交易量和收入的組合。就平衡利潤率而言，它也持平，略高於去年第一季度。這就是為什麼你看到我們的融資服務費比去年有所增加。我們確實看到更多人從第一季度末開始增加利潤。我們認為到目前為止，就像我之前提到的那樣，趨勢仍然在正確的軌道上。因此，希望在下個季度，我們可以報告更多來自保證金餘額的融資收入。

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

女士們，先生們，我們今天的會議到此結束。感謝您的參與。你們都可以斷開連接。