老虎證券 (TIGR) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to UP Fintech Holding Limited Second Quarter 2022 Earnings Conference Call. (Operator Instructions). I must advise you that this conference is being recorded today, September 7, 2022.

女士們、先生們，感謝大家的支持，歡迎參加 UP Fintech Holding Limited 2022 年第二季財報電話會議。 （操作員說明）。我必須告知您，本次會議將於今天（2022 年 9 月 7 日）進行錄製。

I'd now like to hand the conference over to your first speaker today, Mr. [Aaron Lee], Investor Relations Director. Thank you. Please go ahead.

現在我想將會議交給今天的第一位發言者，投資者關係總監 [Aaron Lee] 先生。謝謝。請繼續。

Thank you, Operator.

謝謝你，接線生。

Hello, everyone, and thank you for joining us for the call today. UP Fintech Holding Limited second quarter 2022 earnings release was distributed earlier today, and is available on our IR website at ir.itiger.com, as well as Globe Newswire services.

大家好，感謝您今天加入我們的電話會議。 UP Fintech Holding Limited 2022 年第二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 以及環球通訊社服務上取得。

On the call today from UP Fintech are Mr. Wu Tianhua, Chairman and Chief Executive Officer; Mr. John Zeng, Chief Financial Officer; and Mr. [Kenny Ja], our Financial Controller. Mr. Wu will give an overview of our business operations and discuss project 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.

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；以及我們的財務總監 [Kenny Ja] 先生。吳先生將概述我們的業務運作並討論專案亮點。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. The statements we are about to make contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements. For more information about factors that could cause actual results to materially differ from those in the forward-looking statements, please refer to our Form 6-K furnished today, September 7, 2022, and our Annual Report on Form 20-F filed on April 28, 2022. We undertake no obligation to update any forward-looking statement, except as required under the applicable law.

現在，讓我介紹一下安全港。我們即將做出的聲明包含 1995 年美國私人證券訴訟改革法案含義內的前瞻性聲明。許多因素可能導致實際結果與任何前瞻性聲明中包含的結果有重大差異。有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的更多信息，請參閱我們今天（2022 年9 月7 日）提供的表格6-K 以及我們於4 月份提交的表格20- F 年度報告2022 年 2 月 28 日。我們不承擔更新任何前瞻性聲明的義務，除非適用法律要求。

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

我很高興現在介紹我們的董事長兼執行長吳先生。吳先生將以中文致辭，隨後將有英文翻譯。吳先生，請說結果。

(foreign language)

（外語）

[Interpreted] Hello, everyone. Thank you for joining the Tiger Brokers [Inc] Second Quarter 2022 Earnings Conference Call.

【解讀】大家好。感謝您參加老虎證券 [Inc] 2022 年第二季財報電話會議。

(foreign language)

（外語）

[Interpreted] Market backdrop remained challenging in the second quarter, particularly in the U.S. capital markets. The weak U.S. market performance somewhat slowed down the trading activities and asset growth, given that our clients have more exposure in the U.S. market compared to Hong Kong. [This] growth in the [2B] business and prudent capital deployment, the total revenue of the second quarter increased by 2% from the fourth quarter to USD 53.5 million. Non-GAAP net income also turned profitable to 3 million -- USD 3.5 million, demonstrates the resilience of our business model during market turbulence.

【解讀】第二季市場環境仍充滿挑戰，尤其是美國資本市場。鑑於我們的客戶在美國市場的風險敞口高於香港市場，美國市場表現疲軟在一定程度上減緩了交易活動和資產成長。 [this][2B]業務的成長和審慎的資本部署，第二季總營收較第四季成長2%，達到5,350萬美元。非 GAAP 淨利潤也實現盈利，達到 300 萬美元（350 萬美元），證明了我們的業務模式在市場動盪期間的彈性。

(foreign language)

（外語）

[Interpreted] We added 27,900 funded accounts this quarter, with over 70% coming from outside of China. Our total number of funded accounts also exceeded 730,000 by the end of the second quarter, an increase of 38.2% from the same quarter last year. And we are confident to deliver our annual guidance of acquiring at least 100,000 new funded accounts this year.

[解讀]本季我們新增了 27,900 個資金帳戶，其中超過 70% 來自中國境外。截至第二季末，我們的資金帳戶總數也超過73萬個，較去年同季成長38.2%。我們有信心實現今年收購至少 10 萬個新資金帳戶的年度指引。

In the second quarter, mark-to-market loss too had an adverse impact on the total current assets, which slightly decreased by 2.3% to USD 14.9 billion compared to the end of the fourth quarter. But the trend of healthy asset inflow continues. Net asset inflows exceeded USD 1.5 billion this quarter, funded account retention rate exceeded 99% this quarter, demonstrating user confidence and trust in our platform.

第二季度，以市價計算的虧損也對流動資產總額產生了不利影響，流動資產總額較第四季末小幅下降2.3%，至149億美元。但資產健康流入的趨勢仍在持續。本季淨資產流入超過15億美元，資金帳戶保留率超過99%，反映了用戶對我們平台的信心和信任。

(foreign language)

（外語）

[Interpreted] We pay very close attention to client quality and payback period. In the second quarter, average [days pay] for funded account was about USD 300, a 10% decrease from the fourth quarter, while we keep acquiring high-quality clients.

【解讀】我們非常關注客戶品質和投資回收期。第二季資金帳戶平均[天數]約300美元，較第四季下降10%，同時我們持續獲得優質客戶。

Taking Singapore as an example, [that's been] Singapore for 2 years, and now Singapore already becomes our company's largest market, in terms of both incremental and existing clients. More than 60% of our new funded accounts in the second quarter coming from Singapore, a testament to our industry-leading user acquisition in the region. The average net asset inflows of our newly-acquired clients in Singapore exceeded USD 9,000 in the second quarter, further decreased (sic) [increased] from around USD 8,000 in the second quarter -- sorry, in the fourth quarter, solidifying our leading position in both market share and client quality in Singapore.

以新加坡為例，新加坡已經兩年了，現在新加坡已經成為我們公司最大的市場，無論是增量客戶或現有客戶。第二季我們超過 60% 的新增帳戶來自新加坡，證明了我們在該地區領先業界的用戶獲取能力。我們新加坡新客戶的平均淨資產流入第二季度超過了9000美元，從第二季度的8000美元左右進一步下降（原文如此）[增加]——對不起，第四季度，鞏固了我們的領先地位新加坡的市場佔有率和客戶品質。

(foreign language)

（外語）

[Interpreted] We continue to invest in research and development to improve operational efficiency and to enhance user experience. The self-clearing, the execution and clearing costs as a percentage of the trading commission, further decreased compared with the previous quarter. To better help our users to navigate the market turmoil, we have launched the 8.0 version of our app with both lite and pro models, which provides a more simplified interface and diversified product offering.

【解讀】我們持續投入研發，以提高營運效率並增強使用者體驗。自行清算、執行和清算成本佔交易佣金的比例較上季進一步下降。為了更好地幫助我們的用戶應對市場動盪，我們推出了 8.0 版本的應用程序，包括精簡版和專業版，它提供了更簡化的介面和多樣化的產品供應。

(foreign language)

（外語）

[Interpreted] Our 2B business continues to grow. In the second quarter, we added 26 new companies to a total of 364 ESOP clients, a year-to-year growth rate of 68%. We provide a comprehensive [ease] of services, from client design to digital management, and have become the go-to choice for many startups and public companies listed in PRC, Hong Kong and U.S.

【解讀】我們的2B業務持續成長。第二季度，新增26家公司，員工持股計畫客戶總數達到364家，較去年同期成長68%。我們提供從客戶設計到數位管理的全面[便利]服務，並已成為許多在中國、香港和美國上市的新創公司和上市公司的首選。

In terms of the investment banking business, we underwrote 11 U.S. and Hong Kong IPOs in the second quarter, in which we were the lead bank in 3 U.S. IPOs. According to [Onebridge] Data Consulting, we ranked #3 in number of deals underwrote for the first half of this year, and #1 globally for the second quarter.

投行業務方面，第二季承銷了11宗美國及香港IPO，其中主導3宗美國IPO。根據 [Onebridge] 數據諮詢公司的數據，我們今年上半年的承銷交易數量排名第三，第二季的全球排名第一。

(foreign language)

（外語）

[Interpreted] Now, I would like to invite our CFO, John, to go over our financials.

[翻譯]現在，我想邀請我們的財務長約翰來檢查我們的財務狀況。

Thanks, Tianhua and [Aaron].

謝謝天華和【阿龍】。

Let me go through our financial performance for the second quarter. All numbers are in U.S. dollar.

讓我回顧一下我們第二季的財務表現。所有數字均以美元為單位。

Total revenue were USD 53.5 million this quarter, a decrease of 11% year-over-year, as market backdrop, particularly the U.S. market, was still choppy, which has slowed down trading and margin activities. On a sequential basis, we managed to offset the slowdown in commission with more corporate service revenues, such as underwriting and IR/PR services. So total revenue grew 2% on a quarter-over-quarter basis.

本季總收入為 5,350 萬美元，年減 11%，原因是市場背景，尤其是美國市場仍波動，導致交易和保證金活動放緩。從環比來看，我們成功地透過承銷和投資者關係/公關服務等更多的企業服務收入來抵消佣金的放緩。因此，總收入環比增長 2%。

Cash equity take rate was 6.5 bps this quarter, slightly better than 6.3 bps of last quarter and a 6 bps in the same quarter last year. Our pricing strategy has been consistent. The difference in take rate are primarily due to change in share price. As for U.S. equities, we charged by number of shares, not trading volume.

本季現金股權佔用率為 6.5 個基點，略高於上季的 6.3 個基點和去年同期的 6 個基點。我們的定價策略是一致的。採納率的差異主要是因為股價的變動所造成的。至於美國股票，我們是按股數收費，而不是交易量。

Now, on the cost. Interest expense was USD 3.5 million, a decrease of 27% from the same quarter of last year, primarily due to more interest expense savings from U.S. self-clearing. Execution and clearing expense were USD 3.9 million, decreased 41% from same period last year. Since we started self-clearing, clearing expense as a percentage of commission have come down from over 20% a year ago to under 5% this quarter for both U.S. cash equities and options. We expect further reduction in clearing expense when we start self-clear Hong Kong equities. As of right now, we are paying about 50% of our Hong Kong commission as clearing expense.

現在，關於成本。利息支出為350萬美元，較去年同季下降27%，主要是由於美國自行清算節省了更多利息支出。執行及清算費用為390萬美元，較去年同期下降41%。自從我們開始自我清算以來，美國現金股票和選擇權的清算費用佔佣金的比例已從一年前的 20% 以上下降到本季的 5% 以下。我們預計，當我們開始香港股票自我清算時，清算費用將進一步減少。截至目前，我們支付約50%的香港佣金作為清算費用。

Employee compensation increased 25% year-over-year to USD 25.6 million this quarter, as we added headcount during last year to support our global expansion. In line with the headcount increase, occupancy expense increased 69% to USD 2.5 million, but general and administrative expense decreased 15% year-over-year to USD 4.3 million, due to one-off professional service fee occurred in last year.

由於我們去年增加了員工人數以支持我們的全球擴張，本季員工薪酬年增 25% 至 2,560 萬美元。隨著員工人數的增加，入住費用增加了 69% 至 250 萬美元，但由於去年發生了一次性專業服務費，一般及行政費用年減 15% 至 430 萬美元。

Marketing expense were USD 8.4 million this quarter, decreased 65% year-over-year. We focus on quality of new users [but] don't see current market condition is suitable for major marketing campaign as we keep a close eye on CAC and payback. We will dynamically adjust our marketing strategy based on market environment.

本季行銷費用為 840 萬美元，年減 65%。我們專注於新用戶的質量，但認為當前的市場狀況不適合進行大型行銷活動，因為我們密切關注 CAC 和回報。我們將根據市場環境動態調整行銷策略。

Communication and market data expense were USD 7.2 million, an increase of 40% from a year ago, due to rapid user growth and expanded market data coverage. Total operating costs were USD 51. million (sic) [51.9 million], decrease of 17% from the same quarter of last year. As a result, we narrowed our GAAP loss to USD 0.9 million from a loss of USD 21.5 million in the same quarter last year. Non-GAAP net income turned positive to USD 3.5 million versus a non-GAAP net loss of USD 4.4 million last year.

由於用戶快速成長和市場數據覆蓋範圍擴大，通訊和市場數據費用為720萬美元，較去年同期成長40%。總營運成本為 5,100 萬美元（原文如此）[5,190 萬]，比去年同期下降 17%。因此，我們將 GAAP 虧損從去年同期的虧損 2,150 萬美元縮小至 90 萬美元。非 GAAP 淨利潤轉正至 350 萬美元，而去年非 GAAP 淨虧損為 440 萬美元。

Now I have concluded our presentation. Operator, please open the line for Q&A. Thanks.

現在我的演講結束了。接線員，請開通問答線。謝謝。

(Operator Instructions)

（操作員說明）

Our first question comes from Han Pu from CICC.

我們的第一個問題來自中金公司的韓璞。

(foreign language)

（外語）

This is Han from CICC. I have 2 questions related to the Singapore market.

我是來自中金公司的韓。我有兩個有關新加坡市場的問題。

Firstly, how do we maintain and penetrate Singapore market with increasingly competitive environment? Secondly, what is the customer acquisition cost in Singapore this quarter? And how do we see the trend continue?

首先，我們如何在競爭日益激烈的環境下維持和滲透新加坡市場？其次，本季新加坡的獲客成本是多少？我們如何看待這趨勢的持續？

(foreign language)

（外語）

Okay. I will translate.

好的。我會翻譯。

[Interpreted] Well, yes, the landscape is getting more competitive in Singapore because in addition to traditional brokers, there are also some online brokers, more online brokers coming to Singapore. We do embrace the healthy competition as long as it could bring better products and service to the local clients.

[解讀]嗯，是的，新加坡的競爭越來越激烈，因為除了傳統經紀商之外，還有一些線上經紀商，更多的線上經紀商來到新加坡。只要能為當地顧客帶來更好的產品和服務，我們就會擁抱良性競爭。

Well, for broker, customer acquisition cost control and acquiring clients with high quality are the imperative tasks to cope with during the competition. And our purpose is to be the largest and the most trustworthy broker in Singapore. Our strategy is shooting for the long-term development, so we will not sacrifice the quality of clients or incur high CAC just for short-term growth.

那麼對券商來說，控制獲客成本、取得優質客戶是競爭中必須應付的任務。我們的目標是成為新加坡最大、最值得信賴的經紀商。我們的策略是著眼於長期發展，因此我們不會為了短期的成長而犧牲客戶的品質或承擔高CAC。

We believe the research and development is the core competitiveness of Tiger, so we do attach great importance to product quality. We continue to optimize our products and develop more functions to meet the investment needs of different types of investors, thus to improve client engagement, the user stickiness as well as the ARPU.

我們相信研發是泰格的核心競爭力，所以我們非常重視產品品質。我們不斷優化產品並開發更多功能，以滿足不同類型投資者的投資需求，從而提高客戶參與度、用戶黏性以及ARPU。

As we can see from our financials in the second quarter, we keep staying ahead in the Singapore market under the weak market backdrop and intensive competitive landscape. More than 60% of our total newly-acquired clients in the second quarter coming from Singapore, and the average net asset inflows of our new funded clients in Singapore exceeded USD 9,000, while the average [CAC] decreased sequentially, so it solidifies our leading position in both market share and client quality.

從第二季的財務數據可以看出，在疲軟的市場背景和激烈的競爭格局下，我們在新加坡市場繼續保持領先。第二季新增客戶中超過60%來自新加坡，新加坡新增客戶平均淨資產流入超過9,000美元，而平均[CAC]環比下降，鞏固了我們的領先優勢在市場份額和客戶品質方面均處於領先地位。

(foreign language)

（外語）

[Interpreted] Okay. So in the second quarter, the average CAC in Singapore was around USD 215. And if we [left] the broker operating expense, the average CAC will just go down to USD 156.

[解釋]好的。因此，在第二季度，新加坡的平均 CAC 約為 215 美元。如果我們[保留]經紀商營運費用，平均 CAC 將降至 156 美元。

Meanwhile, we launched our services in Australia in the fourth quarter, right? So when we enter a new market, similar to what we've done in Singapore, we will spend more branding to -- branding costs to promote our company. Therefore, the average CAC in Australia and New Zealand is still relatively high, which brings the total average CAC to about USD 300 in the second quarter, decreased about 10% on a quarter-over-quarter basis.

同時，我們在第四季度在澳洲推出了服務，對嗎？因此，當我們進入一個新市場時，類似於我們在新加坡所做的那樣，我們將花費更多的品牌成本來推廣我們的公司。因此，澳洲和紐西蘭的平均CAC仍然較高，這使得第二季總平均CAC約為300美元，季減約10%。

While the market sentiment was weak during the first half year and investors preferred to stay on the sideline, under this kind of circumstance, we are very prudent with the marketing spending. We keep a very close eye on CAC and payback period to make sure we can have a very healthy business model, and we will just be very dynamic to address our marketing strategy.

雖然上半年市場情緒疲軟，投資人傾向觀望，但在這種情況下，我們對行銷支出非常謹慎。我們密切關注 CAC 和投資回收期，以確保我們能夠擁有一個非常健康的商業模式，並且我們將非常積極地制定我們的行銷策略。

Our next question comes from the line of Cindy Wang from China Renaissance. Cindy's line has disconnected. (Operator Instructions)

我們的下一個問題來自華興資本的Cindy Wang。辛蒂的線路已斷開。 （操作員說明）

Our next question comes from the line of Judy Zhang from Citi.

我們的下一個問題來自花旗銀行的 Judy 張。

(foreign language)

（外語）

(foreign language)

（外語）

(foreign language)

（外語）

This is Judy Zhang from Citi. I have 2 questions. The first question is, we saw Tiger has acquired a Hong Kong brokerage license for almost a year. What is the [reason for that is],and the development plan for, like, to develop business in Hong Kong? And second question is in light of the Fed accelerating rate hike cycle, what is the impact to the company's business, and what is the potential response from the company?

我是花旗銀行的張朱迪。我有 2 個問題。第一個問題是，我們看到老虎拿到香港券商牌照已經快一年了。 [原因]是什麼，以及在香港發展業務等發展計劃？第二個問題是，聯準會加快升息週期，對公司業務有何影響，公司可能有何反應？

(foreign language)

（外語）

Okay, so in regards to our progress in Hong Kong. So we have some delays earlier this year due to COVID. Now, I think everything is progressing on the track. So, so far, we are upgrading the trading infrastructures, for example getting more direct lines, expand our server, doing testing with the Exchange and back test order book and records using our own system. So, so far, I think everything is on the right track, and hopefully we can have a soft launch in the near future.

好的，關於我們在香港的進展。今年早些時候，由於新冠疫情，我們的計劃出現了一些延誤。現在，我認為一切都在軌道上進展。所以，到目前為止，我們正在升級交易基礎設施，例如獲得更多的直接線路，擴展我們的伺服器，使用交易所進行測試並使用我們自己的系統回測訂單簿和記錄。所以，到目前為止，我認為一切都在正確的軌道上，希望我們能夠在不久的將來進行軟啟動。

And also, recently we have obtained the Type 4 and 5 license from SFC, which allows us to create more content for users in our online communities. So we will apply for more license down the road, so we can provide more value-added service to our Hong Kong users. Tianhua?

此外，最近我們還獲得了 SFC 的 4 類和 5 類許可證，這使我們能夠為線上社群的用戶創建更多內容。因此，我們將在未來申請更多牌照，以便為香港用戶提供更多加值服務。天華？

(foreign language)

（外語）

[Interpreted] Okay, so a second question about the rate hike.

[解讀]好的，第二個問題是關於升息的。

You see the broker-dealer industry has very strong, big impact. We think the price hike [mean] will have mixed impact on our business and the whole industry. So on the bright side, we can, of course, generate more interest income from the increased risk cycle, especially with our increased client base and self-clearing efficiency. While on the other side, to a certain extent, the liquidity tightening will have negative impacts on the capital market activity and the transaction volume as well as the IPO issuance.

你看，經紀交易商產業具有非常強大、巨大的影響力。我們認為價格上漲將對我們的業務和整個產業產生複雜的影響。因此，從好的方面來說，我們當然可以從增加的風險週期中產生更多的利息收入，特別是隨著我們增加的客戶群和自我清算效率。另一方面，流動性收緊在一定程度上也會對資本市場活躍度、交易量以及IPO發行產生負面影響。

So to neutralize the downside of -- strategic speaking, we will keep concentrating on investor education and product optimization, and consequently, to have our clients to better navigate market turmoil and enhance client engagement. So in addition, we will keep upgrading the infrastructure in Hong Kong so that we can provide better services to our clients once the market recovers. Thank you.

因此，為了抵消策略上的不利影響，我們將繼續專注於投資者教育和產品優化，從而讓我們的客戶更好地應對市場動盪並提高客戶參與度。另外，我們會持續提升香港的基礎設施，以便在市場復甦後為客戶提供更好的服務。謝謝。

Our next question comes from the line of Cindy Wang from China Renaissance.

我們的下一個問題來自華興資本的Cindy Wang。

(foreign language)

（外語）

So I have 2 questions here. First question is, could you provide a business update for Australia and New Zealand market in second quarter of 2022? And what's the marketing strategy you will adopt, and any new products will be launched in these 2 markets in second half of this year?

所以我這裡有兩個問題。第一個問題是，您能否提供2022年第二季澳洲和紐西蘭市場的業務更新？今年下半年你們將採取什麼行銷策略，在這兩個市場推出什麼新產品？

Second question is regarding to the new paying clients. Could you provide a breakdown by geographies, and how do you expect the distribution of the new paying clients in the second half of this year?

第二個問題是關於新的付費客戶。您能否提供按地區劃分的詳細資訊？您預計今年下半年新增付費客戶的分佈如何？

(foreign language)

（外語）

Okay. So I'll translate.

好的。那我來翻譯一下。

[Interpreted] In general, in the second quarter, more than 10% of our new funded accounts coming from Australia and New Zealand. We still make our efforts, such as sponsoring the local sports team, just to localize our products and services by adding more features that will give the local investors more control over the investment. So in the meantime, still keeping the user experience simple and efficient.

【解讀】整體來說，第二季我們新增資金帳戶中有超過10%來自澳洲和紐西蘭。我們仍然做出努力，例如贊助當地運動隊，只是為了透過添加更多功能來在地化我們的產品和服務，讓當地投資者對投資有更多的控制權。因此，同時，仍保持使用者體驗簡單且有效率。

In addition, the ranking of the Tiger trade app rose to #31 by the end of the second quarter, which is the highest among the online brokers in Australia. As a result, our newly-registered users increased more than 80%, and the trading volume also doubled on a sequential basis in Australia. We keep fine-tuning our local marketing strategy and localized -- sorry, localization, and we are confident that there will be more local users coming on board of Tiger platform.

此外，截至第二季末，老虎交易應用程式排名上升至第31位，在澳洲線上經紀商中排名最高。結果，我們的新註冊用戶增加了 80% 以上，澳洲的交易量也較上季增加了一倍。我們不斷調整我們的本地行銷策略和在地化—對不起，在地化，我們相信會有更多的本地用戶加入Tiger平台。

(foreign language)

（外語）

[Interpreted] Okay. So second question about our new clients acquired. Okay.

[解釋]好的。第二個問題是關於我們獲得的新客戶的。好的。

So basically, our internationalization is progressing very well. In the second quarter, over 70% of newly funded users were acquired from overseas markets, in which about 20% of funded accounts came from Mainland China, more than 60% came from Singapore. And for the rest, 10% to 20% were from Australia and New Zealand. We do expect the proportion of new clients acquired in Australia and Singapore will increase in the second half year of 2022 alongside with our local development and expansion. Thank you, Cindy.

所以基本上，我們的國際化進展得很好。第二季度，超過70%的新增資金用戶來自海外市場，其中約20%的資金帳戶來自中國大陸，超過60%來自新加坡。其餘的 10% 到 20% 來自澳洲和紐西蘭。我們預計，隨著我們在當地的發展和擴張，2022 年下半年在澳洲和新加坡獲得的新客戶比例將會增加。謝謝你，辛蒂。

There are no further questions at this time. I'll now turn the conference back to Mr. [Aaron Lee] for closing remarks.

目前沒有其他問題。現在我將把會議轉回由 [Aaron Lee] 先生致閉幕詞。

Okay. Thank you, operator. I would like to thank everyone for joining our call today. I am now closing the call on behalf of the management team here at Tiger.

好的。謝謝你，接線生。我要感謝大家今天加入我們的電話會議。現在我代表 Tiger 的管理團隊結束這通通話。

We do appreciate your participation in today's call. If you have any further questions, please reach out to our Investor Relations team. This concludes the call, and thank you very much for your time. Thank you.

我們非常感謝您參加今天的電話會議。如果您還有任何疑問，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。謝謝。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。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。]