老虎證券 (TIGR) 2019 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the UP Fintech Holding Limited Third Quarter 2019 Earnings Conference Call. (Operator Instructions) I must advise you that this conference call is being recorded today, Monday, November 25, 2019.

女士們、先生們，感謝大家的支持，歡迎參加UP Fintech Holding Limited 2019年第三季業績電話會議。（操作員說明）我必須通知您，本次電話會議將於今天（2019 年 11 月 25 日星期一）進行錄製。

I would now like to hand the conference over to our first speaker today, Mr. Clark S. Soucy. Please go ahead, sir. Thank you.

現在我想將會議交給今天的第一位發言者克拉克·S·蘇西先生。請繼續，先生。謝謝。

Thank you, Rohit. Hello, everyone, and thank you for joining us for the call today.

謝謝你，羅希特。大家好，感謝您今天加入我們的電話會議。

UP Fintech Holding Limited Q3 2019 earnings release was distributed earlier today and is available on our IR website at ir.itiger.com as well as GlobeNewswire services.

UP Fintech Holding Limited 2019 年第三季財報於今天稍早發布，可在我們的投資者關係網站 ir.itiger.com 以及 GlobeNewswire 服務上取得。

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, CEO of U.S. Tiger Securities; and Mr. [Kenny Zhao], our Financial Controller.

今天，UP Fintech 董事長兼首席執行官吳天華先生參加了電話會議；曾約翰先生，財務長；美國老虎證券執行長黃磊先生；以及我們的財務總監[Kenny Zhu]先生。

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 follow their remarks.

吳先生將概述我們的業務運營並討論公司亮點。然後曾先生將討論我們的財務表現。他們將在發言後的問答環節回答您的問題。

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 undertake any obligation to update these statements except as required under applicable law.

現在讓我來報道安全港。今天的討論將包含前瞻性陳述。這些前瞻性陳述涉及固有風險和不確定性，可能導致實際結果與我們目前的預期有重大差異。潛在風險和不確定性包括但不限於我們向 SEC 公開提交的文件中概述的風險和不確定性。我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，除非適用法律要求，否則我們不承擔更新這些陳述的任何義務。

It is my pleasure to now introduce our Chairman and Chief Executive Officer, Mr. Wu. Mr. Wu will make remarks in Chinese, which will we followed by an English translation. Mr. Wu, please go ahead with your remarks.

我很高興現在介紹我們的董事長兼執行長吳先生。吳先生將用中文發言，隨後我們將進行英文翻譯。請吳先生發言。

(foreign language)

（外語）

[Interpreted] Good evening, everyone, and thank you of attending the Tiger Brokers Q3 2019 Earnings Conference Call.

【解讀】大家晚上好，感謝大家參加老虎證券2019年第三季財報電話會議。

(foreign language)

（外語）

[Interpreted] In the past quarter, Tiger's business achieved several milestones, despite the uncertain macro environment of the past few months. In Q3, our revenue was USD 15.3 million, a new all-time high and an increase of 67% on the same period last year. Our revenue streams also became more diverse as net interest income accounted for 40% of net revenue, up from just 20% in the same period last year. The net loss was USD 1.28 million, a 60% decline from the same period last year. On a non-GAAP basis, for the first time ever, we reported a profit of USD 660,000. Total client assets increased 47% year-on-year to USD 3.8 billion.

【解讀】儘管過去幾個月宏觀環境充滿不確定性，但在過去的一個季度，老虎的業務還是實現了多個里程碑。第三季度，我們的營收為1,530萬美元，再創歷史新高，較去年同期成長67%。我們的收入來源也變得更加多元化，淨利息收入佔淨收入的40%，而去年同期僅為20%。淨虧損128萬美元，較去年同期下降60%。在非 GAAP 基礎上，我們首次報告利潤 660,000 美元。客戶總資產年增47%至38億美元。

(foreign language)

（外語）

[Interpreted] I would now like to take this opportunity to reiterate Tiger's growth strategy, expanding our user base and increasing revenue per user.

[解讀]我現在想藉此機會重申Tiger的成長策略，擴大我們的用戶群並增加每個用戶的收入。

We plan to stimulate customer acquisition through geographic expansion and differentiated product offering. We recently opened our New York office, and in Q1 of next year, we will formally commence providing securities trading to clients in Singapore. We are confident that integrating different countries to our award-winning platform will help us attract more users.

我們計劃透過地理擴張和差異化產品供應來刺激客戶獲取。我們最近開設了紐約辦事處，明年第一季度，我們將正式開始向新加坡客戶提供證券交易。我們相信，將不同國家整合到我們屢獲殊榮的平台將有助於我們吸引更多用戶。

We will also continue to invest in ESOP, wealth management and IPO underwriting.

我們也將持續投資員工持股計畫、財富管理和IPO承銷。

The ESOP business maintains a high growth rate. In Q3, we added 15 new corporate customers. In the future, the employees of our ESOP clients will gradually become Tiger customers.

ESOP業務保持較高成長速度。第三季度，我們新增了 15 家企業客戶。未來，我們ESOP客戶的員工將逐漸成為老虎客戶。

For wealth management, we recently launched [Cash Plus], a cash management product actively managed by Tiger. Though the assets under management is a still growing, our goal is to accumulate fund management experience so we may provide greater customization to the future needs of our customers.

在財富管理方面，我們最近推出了老虎主動管理的現金管理產品【現金Plus】。儘管管理的資產仍在成長，但我們的目標是累積資金管理經驗，以便我們可以根據客戶的未來需求提供更大的客製化服務。

With regards to our underwriting business, in the third quarter, we participated in 4 U.S. IPOs. Since we began our IPO distribution business, we have participated in 32 USA IPOs. We also recently obtained an underwriting license in the United States, which is a great advantage as we may serve U.S.-based institutional and individual investors.

承銷業務方面，第三季我們參與了4宗美國IPO。自我們開展 IPO 分銷業務以來，我們已參與了 32 起美國 IPO。我們最近也獲得了美國的承銷牌照，這是一個很大的優勢，因為我們可以為美國的機構和個人投資者提供服務。

So far, our IPO pipeline looks robust. We are confident we will further solidify our #1 position among other online brokers.

到目前為止，我們的 IPO 頻道看起來很強勁。我們有信心進一步鞏固我們在其他線上經紀商中的第一名地位。

(foreign language)

（外語）

[Interpreted] To increase revenue per user, our top priority is to become self-clearing so we may lower clearing cost and increase revenues from margin financing and stock lending. This was our strategic rationale for acquiring Marsco. We are currently in the process of integrating Marsco into our system, and aim to become self-clearing in U.S. cash equities by Q2 of next year.

【解讀】為了增加每位用戶的收入，我們的首要任務是實現自我清算，這樣我們就可以降低清算成本並增加融資融券的收入。這就是我們收購 Marsco 的策略理由。我們目前正在將 Marsco 整合到我們的系統中，目標是到明年第二季實現美國現金股票的自我清算。

Going forward, we plan to introduce more trading products for our customers to increase user stickiness.

未來，我們計劃為客戶推出更多的交易產品，以增加用戶黏性。

Finally, we view the development of our retail brokerage, underwriting business, ESOP and corporate services as a comprehensive ecosystem that benefits from increasing synergies. We will continue to invest in developing these respective businesses to enrich the value we provide to our customers.

最後，我們將零售經紀、承銷業務、員工持股計畫和企業服務的發展視為一個綜合生態系統，受益於不斷增強的綜效。我們將繼續投資發展這些業務，以豐富我們為客戶提供的價值。

Now I will hand the call over to our CFO, John, to discuss financials.

現在我將把電話轉交給我們的財務長約翰，討論財務問題。

Thanks, Tianhua and Clark. Let me go over Tiger third quarter performance. All numbers are in U.S. dollar.

謝謝天華和克拉克。讓我回顧一下老虎第三季的表現。所有數字均以美元為單位。

Total revenue reached an all-time high at $15.3 million, an increase of 67% year-over-year and an increase of 13% quarter-over-quarter.

總營收創歷史新高，達 1,530 萬美元，年增 67%，季增 13%。

Our commission revenue was down 13% year-over-year correlated with lower trading volume versus the same quarter last year. This shortfall was more than compensated by increase in interest-related income and 2B revenue.

我們的佣金收入年減 13%，這與去年同期交易量下降有關。利息相關收入和 2B 收入的增加足以彌補這一缺口。

Interest-related income, which combines financing service fees and interest income, stood at $6.95 million, an increase of 270% from the same quarter last year. The increase was due to increase in margin and the securities lending as well as more consolidated account customers versus the same quarter last year.

利息相關收入（包括融資服務費和利息收入）為695萬美元，比去年同期成長270%。這一增長是由於保證金和證券借貸的增加以及與去年同期相比更多的綜合帳戶客戶。

Other revenues, which includes our 2B services, were $2.1 million, an increase of 13-fold from third quarter of 2018. The increase was primarily due to higher revenue from IPO distribution, advertising, [bank] deposit interest and ESOP administration fee.

其他收入（包括我們的 2B 服務）為 210 萬美元，比 2018 年第三季成長了 13 倍。這一成長主要是由於首次公開發行、廣告、[銀行]存款利息和員工持股計畫管理費的收入增加。

Interest expense was $1.4 million, an increase from $0 in the third quarter of 2018 as we have more consolidated accounts.

由於我們擁有更多綜合帳戶，利息支出為 140 萬美元，較 2018 年第三季的 0 美元增加。

Talking over interest expense, net of revenue were $14 million this quarter, a 52% increase year-over-year and 11% increase quarter-over-quarter.

談到利息支出，本季淨收入為 1,400 萬美元，年增 52%，季增 11%。

Net interest accounted for about 40% of the net revenue, up from 20% in the same period last year. Commissions accounted for 45% of the net revenue, down from 79% same quarter last year.

淨利息佔淨收入約40%，高於去年同期的20%。佣金佔淨收入的 45%，低於去年同期的 79%。

Overall, we think this is solid quarter as we further diversify our revenue mix, while improving the top line.

總體而言，我們認為這是一個穩健的季度，因為我們進一步實現收入組合多元化，同時提高了營收。

Now on the cost. Total operating costs and expenses were $16.5 million, an increase of 26% year-over-year and the [9%] quarter-over-quarter. The cost increase is in line with our revenue growth and business development.

現在談成本。總營運成本和費用為 1,650 萬美元，年增 26%，季增 [9%]。成本增加與我們的收入成長和業務發展相符。

Execution and clearing expenses were $0.7 million, an increase of six folds year-over-year primarily due to the increase in consolidated accounts.

執行和清算費用為 70 萬美元，年增六倍，主要是由於合併帳戶的增加。

Employee compensation and benefits expenses were $9.3 million, an increase of 56% from the third quarter of 2018. Taking out our share base compensation, the increase was 46%. This was primarily due to headcount increase from 421 employees in the same quarter of last year to 575 employees this quarter, as we keep investing in R&D and recruiting talents for business expansion.

員工薪資和福利費用為 930 萬美元，較 2018 年第三季成長 56%。扣除我們的股權基礎薪酬後，增幅為 46%。這主要是由於我們持續投資研發和招募人才以擴大業務，因此員工人數從去年同期的 421 名員工增加到本季的 575 名員工。

Occupancy, depreciation and amortization expenses were $1.1 million, an increase of 34% year-over-year due to an increase in office space and relevant leasehold improvement.

由於辦公空間的增加和相關租賃的改善，佔用、折舊和攤提費用為 110 萬美元，年增 34%。

Communication and market data expenses were $1.6 million, an increase of 50% year-over-year. This increase was due to rapid user growth and expanded market data usage by our users.

通訊和市場數據費用為160萬美元，年增50%。這一增長是由於用戶的快速成長和用戶的市場數據使用量的擴大。

Marketing and branding expenses were $1.5 million, a decrease of 52% from the third quarter of 2018. We optimized our cooperation with business partners, which led to lower costs. We might incur higher marketing expense in the quarters as we begin to offer services in the U.S. and soon in Singapore.

行銷和品牌費用為 150 萬美元，較 2018 年第三季下降 52%。我們優化了與商業夥伴的合作，從而降低了成本。隨著我們開始在美國提供服務，並很快在新加坡提供服務，我們可能會在這些季度產生更高的行銷費用。

SG&A were $2.3 million, an increase of 15% year-over-year primarily due to professional fees resulting from the acquisition of Marsco and general expense due to business expansion.

SG&A 為 230 萬美元，年增 15%，主要是因為收購 Marsco 產生的專業費用以及業務擴張產生的一般費用。

Net loss narrowed 60% year-over-year to $1.3 million this quarter. Non-GAAP income turned positive for the first time at USD 660,000 versus net loss of $2.8 million in the same quarter last year.

本季淨虧損年減 60% 至 130 萬美元。非 GAAP 收入首次轉正，達到 66 萬美元，去年同期淨虧損為 280 萬美元。

At the end of third quarter, we have $137 million cash on hand. Liquidity-wise, company is fully capitalized.

截至第三季末，我們手頭上有 1.37 億美元現金。從流動性來看，公司資本充足。

Now we've finished our presentation. It's now open to questions.

現在我們已經完成了我們的演示。現在可以接受提問。

(Operator Instructions) So we have our first question from the line of Lesley Liu from HSBC.

（操作員說明） 我們的第一個問題來自匯豐銀行的 Lesley Liu。

I have 2 questions here. The first one is about the margin balance. Do we have a number? Because we see from the result disclosure that the receivable from customers is actually going down. So do we have a breakdown of on balance sheet and off balance sheet margin balance? And do we have the target for this balance? And what's the cap of the margin balance backed by our own capital? And the second question is because we can see from the results that the difference between GAAP and non-GAAP is mainly from the employee compensation as well as the equity investment loss. So could you explain what is the equity investment for this item?

我這裡有兩個問題。第一個是關於保證金餘額。我們有電話號碼嗎？因為我們從業績揭露中看到，應收客戶帳款其實是在下降的。那我們有資產負債表內和表外保證金餘額的明細嗎？我們有實現這種平衡的目標嗎？我們自有資金支持的保證金餘額上限是多少？第二個問題是因為我們從結果可以看到，GAAP和非GAAP的差異主要來自於員工薪酬以及股權投資損失。那您能解釋一下這個專案的股權投資是多少嗎？

Sure. Lesley, thanks for the questions. Let me just take a stab on the first one, the margin. So the margin loan balance and the securities lending balance, as we discussed, is $967 million as of this quarter, so increase of 17% from last quarter and a slight decrease of 5% from the previous quarter. So overall, the marginal balance on our book are pretty stable. It's probably USD 120 million.

當然。萊斯利，謝謝你的提問。讓我先談談第一個，即邊緣。正如我們所討論的，截至本季度，保證金貸款餘額和證券借貸餘額為 9.67 億美元，比上季度增長 17%，比上季度略有下降 5%。因此，整體而言，我們帳簿上的邊際餘額相當穩定。大概是1.2億美元。

So the increase in our margin revenue primarily due to -- there are several securities lending process we're doing, which drive the margin interest income, and also like we expense some margin onto selective clients, which yields higher interest income. As you know, Lesley, so the margin in our book so far is still relative compared to the total margin balance we have because most of the margin balance is still at our clearing brokers. But I think once we gradually becoming self-clearing, hopefully in the second quarter of next year, the margin balance will be gradually moving on to our book. So for the second question on the equity impairment, I will let Tianhua Wu to answer this question.

因此，我們的保證金收入的增加主要是由於我們正在進行一些證券借貸流程，這推動了保證金利息收入，而且我們向選擇性客戶支付了一些保證金，從而產生了更高的利息收入。如你所知，萊斯利，到目前為止，我們帳簿中的保證金與我們的總保證金餘額相比仍然是相對的，因為大部分保證金餘額仍在我們的清算經紀人處。但我認為，一旦我們逐漸實現自我清算，希望在明年第二季度，保證金餘額將逐漸轉移到我們的帳上。那麼第二個問題關於股權減值，我就請吳天華來回答這個問題。

Foreign language)

外語）

[Interpreted] So the equity impairment was from early investment we did in (inaudible) back in 2018. So the company will own a minority stake in this company and this company didn't work out so well. So that's why we incurred a loss on our balance sheet as an impairment.

[解釋] 因此，股權減損來自於我們 2018 年（聽不清楚）的早期投資。因此，該公司將擁有這家公司的少數股權，而這家公司的業績卻不太好。這就是為什麼我們的資產負債表上出現減損損失。

And I also have a question about the $0 commission campaign in U.S. Does it have any impact to our business or our business in the future?

另外我還有一個關於美國0佣金活動的問題，這對我們的業務或我們未來的業務有什麼影響嗎？

(foreign language)

（外語）

[Interpreted] Okay, let me just do a quick translation on what Tianhua Wu just said. So we observe the trend in the U.S. not all our brokers are starting to offer 0 commission, but they're actually -- some of them just only offer $0 commission for cash equities because there are other commission you can share with option features those kind of stuff. And also like -- even though some of those broker offer $0 commissions, you still can make some of the money back by selling the order for like some other online brokers is doing in the U.S.

[翻譯]好的，我簡單翻譯一下吳天華剛才說的話。因此，我們觀察到美國的趨勢，並非所有經紀商都開始提供 0 佣金，但實際上，其中一些經紀商只為現金股票提供 0 美元佣金，因為您還可以與此類期權功能分享其他佣金的東西。而且，即使其中一些經紀商提供 0 美元的佣金，您仍然可以透過出售訂單來賺回一些錢，就像美國其他一些線上經紀商所做的那樣。

From Tiger's perspective, we don't think first of all it's going to impact our user base because most of the $0 commission strategy are offered to the U.S. investors -- U.S. domestic investors. And we think Tiger's product already pretty value-added, and also it's already like a very competitive pricing. So I don't think in the near term, there will be $0 pricing commission pressure on us. But we are closely monitoring the situation, and we will make our adjustment when necessary.

從 Tiger 的角度來看，我們首先認為這不會影響我們的用戶群，因為大多數 0 美元佣金策略都是向美國投資者提供的——美國國內投資者。我們認為 Tiger 的產品已經有相當的附加價值，而且價格也已經非常有競爭力。因此，我認為短期內我們不會面臨 0 美元定價佣金的壓力。但我們正在密切關注事態發展，必要時我們會做出調整。

We have the next question from the line of Daphne Poon from Citibank.

我們有來自花旗銀行的 Daphne Poon 的下一個問題。

So 2 questions from my side. So first one is regarding the commission income. So we noticed that the commission rate on a net basis is down slightly on a quarter-over-quarter basis, so can you explain on the reasons behind that, whether it's driven by maybe different mix in terms of securities in this quarter? And second question is about the OpEx. So first is, we noticed the marketing expense stands a bit this quarter. So wondering what would be -- what's the drivers behind? In terms of the OpEx outlook, so I guess you also mentioned that you spend more on the marketing side because of your multiple overseas business initiatives. And I will be -- also want to like to chat on the other OpEx such as the headcount or the R&D expense, whether you will also spend on that front associated with the overseas business? And if possible, can you give us maybe an operating margin outlook for this year?

我這邊有兩個問題。第一個是關於佣金收入。我們注意到淨佣金率較上季略有下降，您能否解釋一下背後的原因，是否是本季證券組合不同所致？第二個問題是關於營運支出的。首先，我們注意到本季的行銷費用有所增加。所以想知道背後的驅動因素是什麼？就營運支出前景而言，我猜您也提到，由於您的多個海外業務計劃，您在行銷方面的支出更多。我也想談談其他營運支出，例如人員數量或研發費用，您是否也會在與海外業務相關的方面進行支出？如果可以的話，您能給我們今年的營業利潤率展望嗎？

Daphne, let me answer your first question, okay? So the commission rate, actually, it's pretty stable. I think you look at the financial statements, there are some like -- actually the reported fund are fully disclosed on a net basis. But if we just look at the gross basis, the -- overall, the gross commission rate has been pretty stable. If you take everything opening together, it's about 3 basis points, okay? So it's on par with the last quarter. So the commission came down primarily due to the trading volume came down. I think that's the major reason behind the 10% drop in commission revenue.

達芙妮，讓我回答你的第一個問題，好嗎？所以佣金率其實是相當穩定的。我想你看看財務報表，有一些類似的——實際上報告的基金是在淨額基礎上完全披露的。但如果我們只看總基數，整體而言，總佣金率相當穩定。如果將所有開盤資料加在一起，大約是 3 個基點，好嗎？因此，與上季持平。因此，佣金下降主要是由於交易量下降。我認為這是佣金收入下降 10% 的主要原因。

In terms of the marketing expense, so the reason we spend less this quarter is first of all, we think the market backdrop is not that favorable. So we rather keep the cash on hand to spend when we think there is a better chance we can acquire a user. And also given Tiger is already listed, we got a chance to optimize a lot of existing relationship with our business partners, so we can spend less on those business collaborations. And going forward, for this quarter, we are trying to spend a little bit more in the U.S., but the number will be relatively small. I think it'll be about $0.5 million because we want to try it out based on the current strategy we have. And for the next quarter, I have to say starting in 2020, we will be able to spend more money on marketing based on the results we generate from this quarter.

就行銷費用而言，我們本季支出減少的原因首先是，我們認為市場背景不太有利。因此，當我們認為有更好的機會獲得用戶時，我們寧願保留手頭上的現金來消費。而且鑑於 Tiger 已經上市，我們有機會優化與業務合作夥伴的許多現有關係，因此我們可以減少在這些業務合作上的支出。展望未來，本季我們將嘗試在美國增加一點支出，但數量將相對較少。我認為大約是 50 萬美元，因為我們想根據我們目前的策略進行嘗試。對於下個季度，我不得不說，從 2020 年開始，根據本季度產生的結果，我們將能夠在行銷上投入更多資金。

So I didn't get your last question, Daphne. What was your question in the end?

所以我沒聽清楚你的最後一個問題，達芙妮。你最後問的問題是什麼？

Yes. So other than the marketing expense, how about the other OpEx, like the headcount or other G&A cost, would that also increase in association with the overseas business?

是的。那麼，除了行銷費用之外，其他營運支出（例如員工人數或其他一般管理費用）是否也會隨著海外業務的增加而增加？

Right. I think first of all for office those like occupancy, I think, should be relatively stable because our office in New York is already open and Singapore we already identified the office. So I think for that it should be relatively stable. Headcount-wise, I think for Singapore and the U.S., we pretty much should have majority of people in place now. I think the only people we're going to increase will the R&D people. Those are our core group of competencies so we'll keep adding those people. But the growth rate I don't think will be -- starting from next year, will be as high as this year. You can see, year-over-year, our headcount cost increased about 50%. I think in next year, I think quarter -- year-over-year, it should be around 30% to -- 30%, something around there. But that being said, if we identify better strategy or better location to get into, we will try to spend more to build our business right there. But so far, I think the headcount cost should be moderated starting in 2020.

正確的。我認為首先對於辦公室來說，入住率應該相對穩定，因為我們在紐約的辦公室已經開放，新加坡的辦公室我們已經確定了。所以我認為它應該是相對穩定的。就員工人數而言，我認為對於新加坡和美國來說，我們現在應該已經擁有大多數人了。我認為我們唯一要增加的人員是研發人員。這些是我們的核心能力，因此我們將持續增加這些人員。但我認為從明年開始，成長率不會像今年那麼高。您可以看到，我們的員工成本比去年同期增加了約 50%。我認為明年，我認為季度同比增長應該在 30% 到 30% 左右，大約在這個水平。但話雖這麼說，如果我們找到更好的策略或更好的位置，我們將嘗試花更多的錢在那裡建立我們的業務。但到目前為止，我認為從 2020 年開始，員工成本應該會有所下降。

(Operator Instructions) Ladies and gentlemen, I would now like to hand the conference back to our speakers for any ending remarks. Please go ahead, sir.

（操作員指示）女士們、先生們，我現在想將會議交還給我們的發言人，讓他們發表結束語。請繼續，先生。

I would like to thank everyone for joining our call today. I'm now closing the call on behalf of the management team here at UP Fintech. We do appreciate your participation in today's call. If you have any further questions or concerns, please reach out to our Investor Relations team. This concludes the call, and thank you very much for your time.

我要感謝大家今天加入我們的電話會議。現在我代表 UP Fintech 的管理團隊結束這通通話。我們非常感謝您參加今天的電話會議。如果您有任何其他問題或疑慮，請聯絡我們的投資者關係團隊。通話到此結束，非常感謝您抽出寶貴的時間。

Thank you.

謝謝。

Thank you.

謝謝。

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

謝謝你，先生。女士們、先生們，今天的會議到此結束。感謝大家今天的參與。您現在可以斷開連線。

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

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]