老虎證券 (TIGR) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the UP Fintech Holding Limited fourth-1uarter and full-year 2023 earnings conference call. (Operator Instructions) I must advise you that this conference is being recorded today, March 20, 2024.

女士們、先生們，感謝大家的支持，歡迎參加 UP Fintech Holding Limited 第四季及 2023 年全年收益電話會議。（操作員指示）我必須告知您，本次會議將於今天（2024 年 3 月 20 日）進行錄製。

I would now like to hand the conference over to your first speaker today, Mr. Aaron Lee, the Head of Investor Relations. Thank you. Please go ahead.

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

Thank you, operator. Hello, everyone, and thank you for joining us for the call today. UP Fintech Holding Limited's fourth-quarter and full-year 2023 earnings release was distributed earlier today and is available on our IR website at ir.itigerup.com, as well as GlobeNewswire services.

謝謝你，接線生。大家好，感謝您今天加入我們的電話會議。UP Fintech Holding Limited 今天稍早發布了 2023 年第四季和全年收益報告，可在我們的投資者關係網站 ir.itigerup.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 US Tiger Securities, and Mr. Qingli Zhao, 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.

今天接受Up Fintech電話會議的是董事長兼執行長吳天華先生；曾約翰先生，財務長；美國老虎證券執行長黃磊先生和我們的財務總監趙慶利先生。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. The statements we are about to make contain forward-looking statements within the meaning of the US 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.

現在讓我來介紹一下安全港。我們即將發表的聲明包含 1995 年美國私人證券訴訟改革法案意義內的前瞻性聲明。許多因素可能導致實際結果與任何前瞻性陳述中包含的結果有重大差異。

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, March 20, 2024, and our annual report on Form 20-F filed on April 26, 2023. We undertake no obligation to update any forward-looking statement except as required under applicable law.

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（2024 年3 月20 日）提供的表格6-K 以及我們於4 月提交的表格20- F 年報2023 年 26 日。除適用法律要求外，我們不承擔更新任何前瞻性聲明的義務。

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

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，隨後進行英文翻譯。

Mr. Wu, please go ahead with your remarks.

請吳先生發言。

(spoken in foreign language)

（用外語說）

(interpreted) Hello, everyone. Thank you for joining the Tiger Brokers fourth-quarter and full-year 2023 earnings conference call.

（譯）大家好。感謝您參加老虎證券 2023 年第四季和全年財報電話會議。

(spoken in foreign language)

（用外語說）

(interpreted) Today marks the fifth anniversary of Tiger's listing on Nasdaq. During the past five years, we're committed to our mission that technology redefines global investing, and we have expanded our business globally to Singapore, Southeast Asia, Australia, New Zealand, the United States, Hong Kong and the United Kingdom.

（解讀）今天是老虎證券在納斯達克上市五週年。過去五年，我們致力於科技重新定義全球投資的使命，並將業務拓展至新加坡、東南亞、澳洲、紐西蘭、美國、香港和英國。

We have made significant improvement in various aspects, including product offering, industry know-how, user base and profitability. We've also navigated through market turbulent, geopolitical and regulatory uncertainties. This valuable experience will have us to have sustainable growth in the future.

我們在產品供應、行業知識、用戶基礎和盈利能力等各個方面都取得了顯著的進展。我們也應對了市場動盪、地緣政治和監管的不確定性。這些寶貴的經驗將為我們未來的永續發展奠定基礎。

As of the end of 2023, the majority of our total client assets came from users in oversea market. We are proud of our international reach, and we'll continue to serve our clients with dedication and innovation.

截至2023年底，我們的客戶總資產大部分來自海外市場用戶。我們為我們的國際影響力感到自豪，我們將繼續以奉獻和創新的精神為客戶服務。

(spoken in foreign language)

（用外語說）

(interpreted) In 2023, we continue to advance our internationalization strategy, further solidifying our leading position in Singapore and officially entered Hong Kong. Benefiting from the higher interest rate environment, fourth-quarter total revenue reached USD70 million, a 9.6% increase compared to the same period of last year. Our full-year total revenue amounted to USD273 million, representing a 21% increase from 2022. Additionally, we saw significant improvement in our bottom line in 2023, primarily due to our brand strength in R&D capabilities, which enabled us to save costs and deploy resources more efficiently.

（解讀）2023年，我們持續推動國際化策略，進一步鞏固在新加坡的領先地位，並正式進軍香港。受惠於較高的利率環境，第四季總營收達7,000萬美元，較去年同期成長9.6%。我們全年總收入達2.73億美元，較2022年成長21%。此外，我們在 2023 年實現了淨利潤的顯著改善，這主要歸功於我們在研發能力方面的品牌優勢，這使我們能夠節省成本並更有效地部署資源。

Full-year net profit reached USD32.6 million, non-GAAP net profit reached USD42.7 million, a record high since our company funding and representing a jump of 14.8 times and 3.4 times of the same figure in 2022. In the fourth quarter, due to depreciation of US dollar against other currency, we recorded a USD7 million non-cash foreign exchange loss versus a $2 million exchange gain in the third quarter, resulting in our non-cash net income declined quarter over quarter to USD1.1 million.

全年淨利達3,260萬美元，非美國通用會計準則淨利達4,270萬美元，創公司融資以來的歷史新高，較2022年分別成長14.8倍及3.4倍。第四季度，由於美元兌其他貨幣貶值，我們錄得 700 萬美元的非現金外匯損失，而第三季度則錄得 200 萬美元的匯兌收益，導致我們的非現金淨利潤環比下降至110萬美元。

(spoken in foreign language)

（用外語說）

(interpreted) In the fourth quarter, we added 39,000 funded accounts, an increase of 58.6% from the previous quarter. The total number of funded accounts for the year reached 123,100, exceedeing our annual guidance of 100,000 funded accounts, with the majority came from markets outside of Mainland China.

（解讀）第四季度，我們新增資金帳戶3.9萬個，季增58.6%。全年資金帳戶總數達到 123,100 個，超過我們 10 萬個資金帳戶的年度指引，其中大部分來自中國大陸以外的市場。

The total number of funded accounts at the end of 2023 exceeded 900,000, representing a growth of 15.8% compared to the end of last year. In the fourth quarter, by leveraging our strong presence in Singapore, we're working with partners to explore customer acquisition initiatives in the Southeast Asian region, which resulted a rise in quarterly new funded accounts while reducing average CAC to a historical low of below USD150.

截至2023年末，資金帳戶總數超過90萬個，較上年末成長15.8%。第四季度，透過利用我們在新加坡的強大影響力，我們正在與合作夥伴合作探索東南亞地區的客戶獲取計劃，這導致季度新增資金帳戶數量增加，同時將平均CAC 降至150 美元以下的歷史低點。

In terms of total client assets, the trend of asset inflow remains strong. We saw record USD8.2 billion net asset inflow this quarter, in addition to USD3.5 billion mark-to-market gain. Total client assets jumped 62.1% quarter over quarter and more than doubled year over year to USD30.6 billion at end of 2023. The increase in current assets was primarily due to our ongoing product development to meet the needs of institutional clients. Additionally, we are very glad to see the quality of our newly acquired customer further improved in the fourth quarter.

從客戶總資產來看，資產流入趨勢依然強勁。本季我們看到淨資產流入創紀錄的 82 億美元，此外還有 35 億美元的市值收益。截至 2023 年底，客戶總資產較上季成長 62.1%，較去年同期成長一倍多，達到 306 億美元。流動資產的增加主要是由於我們不斷開發產品以滿足機構客戶的需求。此外，我們很高興看到第四季度新客戶的品質進一步提高。

The average net asset inflows of newly acquired clients in Singapore was about USD16,000 in the fourth quarter, setting a historic high since our launch into Singapore retail market.

第四季新加坡新客戶平均淨資產流入約16,000美元，創下我們進入新加坡零售市場以來的歷史新高。

(spoken in foreign language)

（用外語說）

(interpreted) We continued to add new products on our platform to enhance user experience, which we believe is the key to our long-term success. In the fourth quarter, wee introduced Combo Option Strategy feature, a very user-friendly product that allows user to execute multi-leg options trades based on our net marketing requirements.

（解讀）我們不斷在平台上添加新產品，以增強用戶體驗，我們相信這是我們長期成功的關鍵。在第四季度，我們推出了組合選擇權策略功能，這是一個非常人性化的產品，允許用戶根據我們的淨行銷需求執行多腿選擇權交易。

Additionally, we launched the e Fixed Coupon Notes product, offering professional investors a more diversified wealth management experience. In addition, as crypto is becoming an important asset class globally, it's a natural extension of fitness as broker-dealer to address new asset class with Tiger's fintech background and know-how.

此外，我們也推出了電子定息票據產品，為專業投資人提供更多元化的財富管理體驗。此外，隨著加密貨幣正在成為全球重要的資產類別，作為經紀交易商，利用老虎的金融科技背景和專業知識來應對新的資產類別是其健康的自然延伸。

In January, we started to offer 11 Bitcoin ETF trading based on local regulatory frameworks. In Hong Kong, Hong Kong SFC uplifted our Type 1 license to include virtual asset dealing services for professional investors. This positions us as one of the first mainstream online brokerage firm in Hong Kong to receive approval for such a license upgrade.

一月份，我們開始根據當地監管框架提供 11 種比特幣 ETF 交易。在香港，香港證監會提升了我們的第一類執照，將針對專業投資者的虛擬資產交易服務納入其中。這使我們成為香港第一家獲得牌照升級批准的主流線上經紀公司之一。

(spoken in foreign language)

（用外語說）

(interpreted) Our 2B business continues to perform well. In the investment banking service, we underwrote a total of nine US and Hong Kong IPOs in the fourth quarter, including Shiyue Daotian Group and J&T Express, bringing the total number of US and Hong Kong IPOs underwritten for the year to 28. In our ease of business, we added 30 new clients in the fourth quarter, bringing the total number of ESOP clients served to 535 as of the end of 2023.

（解讀）我們的2B業務持續表現良好。投行業務方面，第四季我們共承銷世越道天集團、J&T Express等9宗美國及香港IPO項目，使全年承銷的美國及香港IPO項目總數達到28宗。在業務便利性方面，我們在第四季度增加了 30 個新客戶，截至 2023 年底，我們服務的 ESOP 客戶總數達到 535 家。

(spoken in foreign language)

（用外語說）

(interpreted) Now I would like to invite our CFO, John, took go over our financials.

（解釋）現在我想邀請我們的財務長約翰來接管我們的財務狀況。

Great. Thanks for your time, Aaron. Let me go through our financial performance for the fourth quarter. All numbers are in US dollar. Total revenues were USD70 million this quarter, remained flat quarter over quarter and increased 9.6% year over year. Full-year total revenue were USD272.5 million, increased 20.9% compared to last year.

偉大的。感謝您抽出時間，亞倫。讓我回顧一下我們第四季的財務表現。所有數字均以美元為單位。本季總營收為 7,000 萬美元，環比持平，年增 9.6%。全年總營收為2.725億美元，較去年成長20.9%。

Cash equity take rates was 6.5 bps this quarter, slightly increased from last quarter. Raising commission revenue about 60% come from cash equities, 30% from options and the rest comes from futures and other products.

本季現金股權收購率為 6.5 個基點，較上季略有上升。提高佣金收入約60%來自現貨股票，30%來自選擇權，其餘來自期貨和其他產品。

Now onto costs. Interest expense was USD16 million, increased by 123% from same quarter of last year as the interest expense and securities in [Indian] expense both increased in line with the rate hike. Execution and clearing expense were USD2.2 million, a decrease of 44% from the same quarter of last year, primarily due to more efficiency in self-clearing for US and Hong Kong Securities. Employee compensation and benefits expense were USD26.5 million, an increase of 8% year over year due to an increase of global headcounts.

現在談談成本。利息支出為1600萬美元，較去年同季度增長123%，因為[印度]支出中的利息支出和證券支出均隨加息而增加。執行和清算費用為220萬美元，較去年同季下降44%，主要是因為美國和香港證券的自我清算效率提高。由於全球員工人數增加，員工薪資及福利費用為2,650萬美元，較去年同期成長8%。

Occupancy, depreciation and amortization expense increased 8.4% to USD2.2 million due to increase in rent. Communication and data expense were USD8.5 million, an increase of 21% year over year due to the increasing user base and IT related fees. Marketing expenses were USD5.8 million this quarter, decreased 22% year over year as we remain prudent with marketing campaigns.

由於租金上漲，入住率、折舊和攤銷費用增加 8.4%，達到 220 萬美元。由於用戶群和 IT 相關費用的增加，通訊和數據費用為 850 萬美元，年增 21%。本季行銷費用為 580 萬美元，年減 22%，因為我們對行銷活動保持審慎態度。

General and administrative expense were USD7.3 million, an increase of 23% year over year due to professional services fees recorded in the fourth quarter. Total operating costs were USD52.5 million, slightly increased 3.1% from the same quarter of last year. GAAP net loss was USD1.8 million. Non-GAAP net income was USD1.1 million. The sequential drop in personnel was primarily due to a non-cash foreign exchange losses resulting from the depreciation of the US dollar during this quarter. For the year of 2023, total GAAP profit was USD32.6 billion and non-GAAP net income was USD42.7 million a historical high in our company history.

由於第四季錄得專業服務費用，一般及行政費用為 730 萬美元，較去年同期成長 23%。總營運成本為5,250萬美元，比去年同季小幅成長3.1%。GAAP 淨虧損為 180 萬美元。非 GAAP 淨利潤為 110 萬美元。人員數量較上季下降主要是因為本季美元貶值造成非現金外匯損失。2023 年，GAAP 利潤總額為 326 億美元，非 GAAP 淨利為 4,270 萬美元，創公司歷史新高。

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）

Cindy Wang, China Renaissance.

王辛迪，中國文藝復興。

(spoken in foreign language)

（用外語說）

(interpreted) Thanks for giving me this chance to ask questions. So I have two questions. First one is the net profit has increased significantly in 2023, but profitability in Q4 was dropped sequentially, mainly because of the FX loss. So have you seen any improvement in first quarter this year based on the current run rate?

（解釋）感謝您給我這個提問的機會。所以我有兩個問題。第一個是2023年淨利大幅成長，但第四季獲利能力較上季下降，主要是因為外匯損失。那麼，根據目前的運行率，您認為今年第一季有什麼改善嗎？

And the second is, could you give us guidance on new funded accounts in 2024 as well as the breakdown of each region and business development strategy, any new markets you will enter this year? Thank you.

第二個問題，您能否向我們介紹2024年新增資金帳戶以及各地區的細分情況和業務發展策略，今年您將進入哪些新市場？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Okay. So the longest partner and I decrease in the fourth quarter versus the third quarter, there are several factors. So first one is for our total revenue is flat quarter over quarter, but we incur more interest expense during the first quarter due to the rate hike cycle. So the total net revenue decreased $4 million quarter quarter over quarter.

（解釋）好的。所以我和最長的搭檔第四季比第三季下降，有幾個因素。首先，我們的總收入環比持平，但由於升息週期，我們在第一季產生了更多的利息費用。因此，總淨收入季減了 400 萬美元。

The second factor is that in the first quarter there are more costs will hit the books such as professional service fees, so which will resulting in a $3 million jump in the costs. The third reason is for the foreign exchange losses. So in the first quarter, the US dollar depreciates against [IBM], it's in Singapore dollar. So we incur a non-cash $7 million in foreign exchange losses in the fourth quarter versus a $2 million gain in the third quarter.

第二個因素是，第一季將有更多成本入賬，例如專業服務費，這將導致成本增加 300 萬美元。第三個原因是外匯損失。因此，在第一季度，美元兌[IBM]（以新加坡元計價）貶值。因此，我們在第四季度產生了 700 萬美元的非現金外匯損失，而第三季則獲得了 200 萬美元的收益。

So combine those two factors, so it leads to a non-cash decrease of our liability on a sequential basis. And in terms of run rate, so we have seen a increase in trading activities during the first two months of this year. And we also saw very strong client net asset inflow. So given the foreign exchange rate was relatively stable in the first quarter. We expect the profitability in the first quarter will be much better than the fourth quarter. Thanks.

因此，將這兩個因素結合起來，就會導致我們的負債依序非現金減少。就運行率而言，我們看到今年前兩個月的交易活動增加。我們也看到非常強勁的客戶淨資產流入。因此，第一季外匯匯率相對穩定。我們預計第一季的獲利能力將遠好於第四季。謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) So I'll translate, answered that question. In 2024, our target is to add 150,000 new funded accounts, about 60% will come from Singapore and Southeast Asia. Australia, New Zealand market and the United States account for 15% each, and Hong Kong market account for 10%. This regional breakdown is quite similar to our actual result in 2023 and will adjust to include based on market opportunity and ROI of each region.

（解釋）所以我會翻譯，回答這個問題。2024年，我們的目標是新增15萬個新資金帳戶，其中約60%將來自新加坡和東南亞。澳洲、紐西蘭市場和美國各佔15%，香港市場佔10%。此區域細分與我們 2023 年的實際結果非常相似，並將根據每個區域的市場機會和投資回報率進行調整。

And of course, with the target increased from 100,000 in 2023 to 150,000 in 2024, we would expect the incremental RPU number to increase from each market accordingly. We believe the markets we have already entered have tremendous potential, taking Singapore, for example, where Tiger Broker already has a relatively high market share.

當然，隨著目標從 2023 年的 10 萬增加到 2024 年的 15 萬，我們預期每個市場的增量 RPU 數量也會隨之增加。我們認為我們已經進入的市場潛力巨大，以新加坡為例，老虎證券已經在新加坡擁有了較高的市場份額。

However, there's still significant room for growth. This can be seen from the number and quality of our newly acquired clients in Singapore in fourth quarter. In markets like Australia and New Zealand and Hong Kong, we have even more room to improve and expand.

然而，仍有很大的成長空間。這從第四季度我們在新加坡新增客戶的數量和品質就可以看出。在澳洲、紐西蘭和香港等市場，我們還有更大的進步和擴展空間。

So in 2024, our focus will remain on the market that have already entered that are optimizing the efficiency of our R&D resources, introducing more product features, including virtual assets trading to enhance our RPU and profitability. Additionally, we will also look for opportunities to enter new markets based on market conditions.

因此，2024年，我們的重點仍將放在已經進入的市場上，這些市場正在優化我們的研發資源的效率，引入更多的產品功能，包括虛擬資產交易，以提高我們的RPU和獲利能力。此外，我們還將根據市場狀況尋找進入新市場的機會。

Thank you. Operator, let's move on to the next question. Thank you.

謝謝。接線員，我們進入下一個問題。謝謝。

Judy Zhang, Citi.

張朱迪，花旗銀行。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you for taking my question. I have two questions. The first question is regarding on the commission and the turnover. We saw the customer AUM has increased significantly in the fourth quarter, but the commission turnover didn't improve that much. What's the underlying reason behind?

（翻譯）謝謝你回答我的問題。我有兩個問題。第一個問題是關於佣金和營業額。我們看到第四季客戶AUM大幅成長，但佣金營業額並沒有改善那麼多。背後的根本原因是什麼？

And second question is regarding on the new funded customer. So the new paying customer has increased a lot QoQ, but the CAC reached to the record low level. Can management share with us what's the -- give us some color on the company's new customer acquisition strategy? Thank you.

第二個問題是關於新資助的客戶。因此新增付費客戶較上季增加較多，但CAC卻達到了史上最低水準。管理階層能否與我們分享一下公司的新客戶獲取策略？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Okay. For first question, by the end of the fourth quarter, total client assets increased by 62% compared to the previous quarter and more than doubled compared to the end of last year to USD30.6 billion. There are two factors contributing to this growth. Firstly, the rise in Nasdaq index and high names in the fourth quarter that to a mark-to-market gain of USD3.5 billion are total current assets. This means that even without considering net asset inflow, our total client asset would have seen an increase of around 15% compared to the previous quarter.

（解釋）好的。第一個問題，截至第四季末，客戶總資產較上季成長62%，較去年底成長一倍多，達到306億美元。有兩個因素促成了這種成長。首先，納斯達克指數的上漲和第四季大牌的流動資產總額按市值計算增加了35億美元。這意味著即使不考慮淨資產流入，我們的客戶總資產也將比上一季成長15%左右。

Additionally, apart from focusing on the retail market, we have been serving a large number of institutional investors through efforts such as default and investment banking. In the fourth quarter this ForEx gain in more trust and recognition from global investors, who transferred their position to our platform. This significantly contributed to the total of USD8.2 billion net asset inflow in the fourth quarter.

此外，除了專注零售市場外，我們還透過違約、投行等業務服務了大量機構投資者。在第四季度，該外匯獲得了全球投資者更多的信任和認可，他們將部位轉移到了我們的平台。這對第四季總計82億美元的淨資產流入做出了巨大貢獻。

However, to be honest, some of these institutional investors are venture capital and private equity on primary market, which have lower velocity compared to retail investors or hedge funds. As a result, the contribution of the increased client assets from this kind of institutional investors to our commission revenue was fairly limited in the fourth quarter so far.

但老實說，這些機構投資者中有一些是一級市場的創投和私募股權，與散戶投資者或對沖基金相比，它們的流通速度較低。因此，截至第四季度，此類機構投資者增加的客戶資產對我們佣金收入的貢獻相當有限。

(spoken in foreign language)

（用外語說）

(interpreted) For your second question, in the fourth quarter, we enhanced our brand presence in Singapore and Southeast Asia market by rolling out more online advertising. We have seen an increase in organic traffic and month-to-month referral and lead to high number of new funded accounts in the fourth quarter. However, we've seen the users from different acquisition approaches may vary in quality. So moving forward, we will dynamically adjust our customer acquisition strategies based on their effectiveness to ensure the healthy RPU and perfect model. Thank you, Judy.

（解讀）關於第二個問題，第四季度，我們透過投放更多的網路廣告，增強了我們在新加坡和東南亞市場的品牌影響力。我們看到有機流量和逐月推薦的增加，導致第四季度新資金帳戶數量增加。然而，我們發現不同獲取方式的使用者品質可能有所不同。因此，未來我們將根據獲客效果動態調整獲客策略，以確保健康的RPU和完美的模型。謝謝你，朱迪。

Operator, please move on to the next question.

接線員，請繼續下一個問題。

Han Pu, CICC.

韓璞，中金公司。

(spoken in foreign language)

（用外語說）

(interpreted) Thanks for taking my question. This is Han Pu, CICC. I have two quick questions. Firstly, could you please share the original breakdown of the newly funded accounts in Q4? And secondly, could you please give us more color on the Hong Kong business operation, especially for the crypto trading business? Thanks.

（解釋）感謝您提出我的問題。我是中金公司的韓璞。我有兩個簡單的問題。首先，您能否分享一下第四季度新增資金帳戶的原始明細？其次，您能否給我們更多關於香港業務運營的信息，特別是加密貨幣交易業務？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Among the new funded accounts in the fourth quarter, about 60% came from Singapore and Southeast Asia. Nearly 20% came from United States, the contribution from Hong Kong and Australia and New Zealand region accounted for around 10% each.

(解讀) 第四季新增資金帳戶中，約60%來自新加坡和東南亞。近20%來自美國，香港和澳洲及紐西蘭地區的貢獻各佔10%左右。

(spoken in foreign language)

（用外語說）

(interpreted) We have entered Hong Kong retail market for one year and so far, we are relatively satisfied with our progress. So to explain such a competitive market in Hong Kong, we offer one of the most friendly pricing to our users. Until now, Hong Kong users can still enjoy zero commission and zero plan fees when they are choosing [100 securities] on Tiger platform.

（解說）我們進入香港零售市場已經一年了，到目前為止，我們對自己的進展還是比較滿意的。因此，為了解釋香港如此競爭激烈的市場，我們為用戶提供最友善的定價之一。截至目前，香港用戶在老虎平台選擇【100證券】仍可享有零佣金、零計畫費用。

Also, we have been optimizing our product offering over the past year, and we are quite satisfied with the level of improvement in our current product features. In the fourth quarter, we launched the UST bonds, the trading spot features in Hong Kong.

此外，我們在過去的一年裡一直在優化我們的產品，我們對目前產品功能的改進程度非常滿意。第四季度，我們推出了香港現貨交易UST債券。

In the first quarter of this year, we update the Type 1 license with SFC., allowing private -- professional investors to -- sorry, allowing PI users to trade crypto on the Tiger Hong Kong platform. We expect this feature to go live in the next one or two months.

今年第一季度，我們向證監會更新了 1 類牌照，允許私人——專業投資者——抱歉，允許 PI 用戶在 Tiger Hong Kong 平台上交易加密貨幣。我們預計該功能將在未來一兩個月內上線。

Our local business is gradually expanding and the user quality also improved from time to time. In the early stage of our [ring] Hong Kong, we were exploring the market and understanding local users, which may take some time. In the first quarter, we implement a more localized customer acquisition strategy. As a result, the net asset inflow in the Hong Kong market exceeding the total for the first three quarter of this year.

我們本地的業務正在逐步擴大，用戶品質也不斷提高。我們香港初期，我們在探索市場，了解當地用戶，這可能需要一些時間。第一季度，我們實施了更在地化的獲客策略。受此影響，香港市場的資產淨流入超過了今年前三季的總和。

Additionally, the average net asset inflow from newly acquired clients in the first quarter exceeded USD5,000, indicating a good user quality in the Hong Kong market and a big growth opportunity for us to explore in the future. Thanks.

此外，第一季新增客戶平均淨資產流入超過5,000美元，顯示香港市場用戶品質良好，是我們未來可探索的巨大成長機會。謝謝。

Thanks, [Mel]. Let's move on.

謝謝，[梅爾]。讓我們繼續吧。

Thank you. There are no further questions at this time. So I'll hand the call back to Aaron for closing remarks.

謝謝。目前沒有其他問題。因此，我將把電話轉回給亞倫，讓他作結束語。

Thank you. I would like to thank everyone for joining our call today and now closing the call on behalf of the management team here at Tiger. We do appreciate your participation in this 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.

謝謝。我要感謝大家今天加入我們的電話會議，現在我代表 Tiger 的管理團隊結束電話會議。我們非常感謝您參與本次電話會議。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。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.

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。發言者請稍候。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。