老虎證券 (TIGR) 2024 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 2024 earnings conference call. (Operator Instructions) I must advise you that this conference is being recorded today, June 5, 2024. I would now like to hand the conference over to your first speaker today, Mr. Aaron Li, the Head of Investor Relations. Thank you. Please go ahead.

女士們、先生們，感謝大家的支持，歡迎參加 UP Fintech Holding Limited 2024 年第一季財報電話會議。（操作員指示）我必須告知您，本次會議將於今天（2024 年 6 月 5 日）進行錄製。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 Li 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 first-quarter 2024 earnings release was distributed earlier today and is available on our IR website at ir.itigerup.com, as well as Globe Newswire 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 的 2024 年第一季財報於今天稍早發布，可在我們的投資者關係網站 ir.itigerup.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; Mr. Huang Lei, CEO of US 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 follows after 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. 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. For more information about the factors that could cause actual results to materially differ from the forward-looking statements, please refer to our Form 6-K furnished today, June 5, 2024, and our annual report on Form 20-F filed on April 22, 2024. We undertake no obligation to update any forward-looking statements, except as required under applicable law.

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。有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天（2024 年6 月5 日）提供的表格6-K 以及我們於4 月22 日提交的表格20-F年度報告，2024 年。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 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。吳先生將以中文致辭，隨後將有英文翻譯。請吳先生發言。

(interpreted) Hello, everyone. Thank you for joining the Tiger Brokers first-quarter 2024 earnings conference call. In the first quarter, we saw a moderate rebound in market backdrop. Our total revenue reached USD78.9 million, the highest quarter in the past three years, increased 12.8% sequentially and 19% year over year. Our bottom line, benefiting from the optimization of the company's revenue structure and increase in operating efficiency, the profitable momentum was back on track. GAAP net income turned to positive USD12.3 million and up 55% year over year. Non-GAAP net income was USD14.7 million, 13.9 times that of the previous quarter and up 42% year over year. The non-GAAP net profit margin rebounded to nearly 20%. Going forward, we will further leverage fixed costs through the growth of user base and ARPU improvement, brought by product diversification, thereby achieving healthier and more sustainable profitability.

（譯）大家好。感謝您參加老虎證券 2024 年第一季財報電話會議。一季度，市場溫和回升。我們的總營收達到 7,890 萬美元，是過去三年來最高的季度，季增 12.8%，年增 19%。我們的底線是，受益於公司收入結構的優化和營運效率的提高，獲利勢頭重回正軌。GAAP 淨利潤轉為正 1,230 萬美元，較去年同期成長 55%。非美國通用會計準則淨利潤為 1,470 萬美元，是上一季的 13.9 倍，年增 42%。非美國通用會計準則淨利率反彈至近20%。未來，我們將透過產品多元化帶來的用戶規模成長和ARPU提升，進一步撬動固定成本，實現更健康、更永續的獲利能力。

In the first quarter, we added 28,800 new fund accounts and the total number of funding accounts reached 933,400 as of end of the first quarter, an increase of 15% year over year. In the first two months of the second quarter, we've already acquired more than 35,000 new funded clients, and we are confident in achieving our full year guidance of current at least 150,000 new funded accounts in 2024. In terms of total client assets, building from a historic high in net asset inflows in the first quarter of last year, the strong momentum continue in the first quarter of this year, with net asset inflows of USD5.3 billion, mainly contributed by Singapore users and institutional users. After neutralizing the impact from mark-to-market loss, the total client assets reached USD 32.9 billion for the end of the first quarter, an increase of 7% sequentially and 104% year over year.

第一季新增資金帳戶2.88萬戶，截至第一季末資金帳戶總數達93.34萬戶，年增15%。在第二季的前兩個月，我們已經獲得了超過 35,000 個新資助客戶，我們有信心在 2024 年實現目前至少 150,000 個新資助帳戶的全年目標。從客戶總資產來看，自去年第一季淨資產流入創歷史新高以來，今年第一季延續強勁勢頭，淨資產流入達53億美元，主要來自新加坡用戶和機構用戶。抵銷以市值計價損失的影響後，第一季末客戶總資產達到329億美元，季增7%，年增104%。

Our strategy to keep acquiring high-quality clients to ensure long-term profitability remains unchanged. In Singapore, where our headquarter located, our brand advantage continues to attract high-quality organic traffic to onboard our platform. With an average net asset inflows of over USD14,000 from newly acquired retail clients in the first quarter. Also, we are glad to see the average net asset inflow of newly acquired clients from the Hong Kong market in the first quarter exceeded USD18,000, demonstrating we have gained more recognition from the local high-quality users, and we are committed to grow our Hong Kong presence.

我們持續獲取優質客戶以確保長期獲利的策略保持不變。在我們總部所在的新加坡，我們的品牌優勢持續吸引優質的自然流量進入我們的平台。一季新增零售客戶平均淨資產流入超過14,000美元。同時，我們很高興看到第一季香港市場新增客戶的平均淨資產流入超過18,000美元，這表明我們得到了更多當地優質用戶的認可，我們致力於成長我們的香港辦事處。

In addition, the average customer acquisition cost was around USD150 in the first quarter. And with the further improvement to our Hong Kong and Singapore shares clearing efficiency the overall clearing fee as a percentage of commission income has dropped to a historical low of only 8%, both of which are industry-leading low levels, indicating that we keep reducing our variable costs and improve profitable efficiency, while ensuring user quality and product experience through our brand advantages and R&D strength over the year.

此外，第一季平均獲客成本約為150美元。而且隨著我們香港和新加坡股票清算效率的進一步提高，整體清算費用佔佣金收入的比例已降至歷史最低水平，僅為8%，均為行業領先的低水平，表明我們不斷降低我們的可變成本，提高獲利效率，同時透過我們多年來的品牌優勢和研發實力保證用戶品質和產品體驗。

In the first quarter, we rolled out numerous localized feature across different markets to better serve our users and also gain more licenses to diversify our product offerings. In the Singapore market, we collaborated with a local license partner to launch the Tiger BOSS Debit Card in February, which is the first debit card in Singapore that allows users to earn fractional shares reward from their daily spending. This product connects users' everyday consumption to stock ownership and more naturally onboarding local users into US stock investing. Additionally, catering to local Singaporean (inaudible) and the local credit system, we launched the Cash Boost Account feature in April. The Tiger Brokers cash flows account operates on Contra Trading strategy without an initial deposit required. Tiger Brokers were the first fintech broker in Singapore to offer Contra facilities.

在第一季度，我們在不同市場推出了許多在地化功能，以更好地服務我們的用戶，並獲得更多許可以使我們的產品種類多樣化。在新加坡市場，我們與當地授權合作夥伴合作，於2月份推出了Tiger BOSS金融卡，這是新加坡第一張允許用戶從日常消費中賺取分數份額獎勵的借記卡。該產品將用戶的日常消費與股票所有權連結起來，更自然地引導本地用戶參與美股投資。此外，為了迎合新加坡本地人（聽不清楚）和當地信用體系的需求，我們在四月推出了現金增值帳戶功能。老虎經紀公司現金流量帳戶採用相反交易策略運行，無需初始存款。Tiger Brokers 是新加坡第一家提供 Contra 設施的金融科技經紀商。

In Hong Kong, we uplifted our Type 1 license to include virtual asset billing services for professional investors in the first quarter and officially launched this feature in April, making us as well as the first mainstream online brokerage firm in Hong Kong to provide cryptocurrency trading services to professional investors. Also, we obtained a Type 9 license in March so that we can provide asset management services to investors.

在香港，我們於第一季提升了第一類牌照，為專業投資者提供虛擬資產結算服務，並於四月份正式推出此功能，使我們成為香港第一家提供加密貨幣交易服務的主流在線經紀公司給專業投資者。此外，我們於三月獲得了第9類牌照，以便我們可以為投資者提供資產管理服務。

Apart from those, we rolled out two major product upgrades to better meet investor needs. Firstly, we launched the Overnight Trading feature, which allows users, particularly in the Asia-Pacific region, to trade US stocks and ETFs during local market hours and capture more market opportunities. Secondly, we have upgraded our option trading capabilities by introducing the US option early exercise or do-not-exercise features. This allows our clients to better mitigate potential volatility risk of the -- in-the-money options and the liquidity challenges of a deed in the money option before expiration.

除此之外，我們還推出了兩項重大產品升級，以便更能滿足投資人需求。首先，我們推出隔夜交易功能，讓用戶，特別是亞太地區的用戶，可以在當地市場時段交易美股和ETF，捕捉更多市場機會。其次，我們升級了選擇權交易能力，引進了美式選擇權提前行使或不行權功能。這使我們的客戶能夠更好地減輕實值選擇權的潛在波動風險以及到期前貨幣選擇權契約的流動性挑戰。

Our 2B business continues to perform well. In investment banking, we underwrote five US and a Hong Kong IPOs in the first quarter, including Concord Healthcare Group and Lianlian Digitech. In our ESOP business, we added 22 new clients in the first quarter, bringing the total number of ESOP served to 557 at the end of the first quarter of 2024, an increase of 24% year over year. Now I'd like to invite our CFO, John, to go over our financials.

我們的 2B 業務繼續表現良好。在投資銀行業務方面，我們第一季承銷了五家美國和一家香港IPO，其中包括Concord Healthcare Group 和Lianlian Digitech。員工持股業務方面，第一季新增22家客戶，截至2024年第一季末服務員工持股總數達557戶，較去年同期成長24%。現在我想邀請我們的財務長約翰來檢查我們的財務狀況。

All right. Thanks, Tianhua and Aaron. Let me go through our financial performance for the first quarter. All numbers are in US dollar.

好的。謝謝天華和阿龍。讓我回顧一下我們第一季的財務表現。所有數字均以美元為單位。

As Tianhua mentioned earlier, we did see market sentiment improving this quarter versus last quarter. Commission income was $27.8 million, increased 9% year over year and 27% quarter over quarter. Interest income was $43.8 million, increased 27% year over year and 10% quarter over quarter.

正如天華之前提到的，我們確實看到本季市場情緒較上季有所改善。佣金收入為 2,780 萬美元，較去年同期成長 9%，較上季成長 27%。利息收入為 4,380 萬美元，年增 27%，季增 10%。

Please note we reclassified the interest income generated from US TBO from non-operating gain or loss to interest income in the top line. We see this revenue going forward as part of our routine business, so it should be reflected in our operating income. Together, total revenue reached $78.9 million this quarter, increase of 19% year over year and 13% quarter over quarter.

請注意，我們將美國 TBO 產生的利息收入從非經營性損益重新分類為頂線利息收入。我們認為這筆收入將成為我們日常業務的一部分，因此它應該反映在我們的營業收入中。本季總營收總計達到 7,890 萬美元，年增 19%，季增 13%。

Cash equity take rate was 6.3 bps this quarter, slightly decreased from 6.5 bps from last quarter. Within commission revenue, about 65% comes from cash equities, 30% from options and the rest from futures and other products.

本季現金股權佔用率為 6.3 個基點，較上季的 6.5 個基點略有下降。在佣金收入中，約65%來自現金股票，30%來自選擇權，其餘來自期貨和其他產品。

Now switching to cost. Interest expense was $14.8 million, increased by 70 -- sorry, increased by 76% from same quarter of last year, in line with the high interest rate environment. Execution and clearing expense were $2.2 million, decreased 8% from the same period of last year primarily due to more efficiency in self-clearing for US -- for Hong Kong and Singapore securities.

現在轉向成本。利息支出為1,480萬美元，增加了70%——抱歉，比去年同期增加了76%，與高利率環境相符。執行和清算費用為 220 萬美元，較去年同期下降 8%，主要是由於美國、香港和新加坡證券的自我清算效率提高。

We have gradually moved Hong Kong equity position to Tiger Broker Hong Kong since we onboard Hong Kong retail market. And we have seen cash equity clearing expense and productivity of commission went down from time to time during the past year.

自從我們進入香港零售市場以來，我們已經逐步將香港股權轉移到老虎證券香港。在過去的一年裡，我們看到現金權益清算費用和佣金效率不時下降。

Employee compensation and benefits expense were $27.8 million, an increase of 14% year over year due to head count increase to strengthen overseas growth and R&D. Occupancy, depreciation and amortization expense decreased 12% to $2.1 million. Communication and market data expense were $8.6 million, an increase of 23% year over year due to the increase in user base and the IT-related services.

員工薪資和福利費用為 2,780 萬美元，年增 14%，原因是員工人數增加以加強海外成長和研發。入住率、折舊和攤提費用下降 12% 至 210 萬美元。由於用戶群和 IT 相關服務的增加，通訊和市場數據費用為 860 萬美元，年增 23%。

Marketing expense were $4.4 million this quarter, decreased 15% year over year as we keep optimizing our marketing channel and strategy. General and administrative expenses were $5.7 million, an increase of 26% year over year due to an increase in professional service fees.

隨著我們不斷優化行銷管道和策略，本季行銷費用為 440 萬美元，年減 15%。由於專業服務費增加，一般及行政費用為 570 萬美元，年增 26%。

Total operating costs were $50.8 million an increase of 11% from the same quarter of last year. As a result, bottom line increased on both GAAP and a non-GAAP basis. GAAP net income turned positive to $12.3 million versus a GAAP net loss of $1.8 million in the previous quarter and an increase of 55% year over year. Non-GAAP net income was $14.7 million, increased 42% compared to the same quarter of last year. Now I have concluded our presentation. Operator, please open the line for Q&A.

總營運成本為 5,080 萬美元，比去年同期成長 11%。因此，依照公認會計原則和非公認會計原則計算的淨利潤均有所增加。GAAP 淨利潤轉正至 1,230 萬美元，而上一季 GAAP 淨虧損為 180 萬美元，較去年同期成長 55%。非 GAAP 淨利潤為 1,470 萬美元，較去年同期成長 42%。現在我的演講結束了。接線員，請開通問答線。

(Operator Instructions) Hua Fan, CICC.

（操作員指令）範華，中金公司。

(interpreted) Thanks, management for taking my question. This is Hua Fan from CICC. I have two questions here. The first one is regarding the four-year guidance. We added nearly 29,000 new funded accounts in Q1 and in April and May already acquired more than 35,000 new funded accounts. So shall we still maintain our full year guidance. And the second question is about our business progress in Q2. How is the run rate of the asset inflow trading velocity and total client assets up to now?

（解釋）謝謝管理層回答我的問題。我是中金公司的範華。我在這裡有兩個問題。第一個是關於四年指導。我們在第一季新增近 29,000 個新資金帳戶，4 月和 5 月已獲得超過 35,000 個新資金帳戶。因此，我們仍將維持全年指引。第二個問題是關於我們第二季的業務進展。目前資產流入交易速度和客戶總資產運作如何？

(spoken in Chinese)

(用中文說)

Please stand by while the speakers re-connect.

揚聲器重新連接時請稍候。

Hi, Operator. Can you hear us now?

你好，接線生。現在你聽得到我們說話嗎？

Yes. You may commence.

是的。你可以開始了。

(interpreted) We place great importance on our profitability model, and we will not compromise customer quality merely for the user number growth. During the first quarter, we adjusted our acquisition channels and terminated partnership with some vendors that did not meet our ROI or payback period target. So as a result, the quality of our new user has continued to improve in the first quarter. With average netted inflows of new funded clients in Hong Kong and Singapore markets reaching 18,000 and 14,000, respectively.

（解讀）我們非常重視獲利模式，不會為了使用者數量的成長而犧牲客戶品質。第一季度，我們調整了收購管道，並終止了與一些未達到投資回報率或投資回收期目標的供應商的合作關係。所以第一季我們的新用戶品質持續提升。香港和新加坡市場新資金客戶平均淨流入分別達1.8萬戶和1.4萬戶。

Recently, we've also seen a recovery in market activity in both US and Hong Kong market. Based on this, we've increased our customer acquisition input in the second quarter. Also, the launch of the Tiger BOSS Debit Card and the Contra Trading feature in Singapore this quarter has also been very well received by local users. So consequently, we've already onboarded over 35,000 new funded users in April and May. We are therefore confident in meeting our full year guidance of adding at least 150,000 new funded users.

最近，我們也看到美國和香港市場的市場活動有所復甦。基於此，我們在第二季加大了獲客投入。此外，本季在新加坡推出的Tiger BOSS金融卡和Contra交易功能也受到當地用戶的好評。因此，我們在 4 月和 5 月已經吸引了超過 35,000 名新資助用戶。因此，我們有信心實現全年新增至少 15 萬名新資助用戶的目標。

Okay. For the second question, for the first two months of the second quarter, as I mentioned, the number of new funded accounts has improved significantly sequentially. Our client net asset inflow has also maintained strong momentum. Building on the momentum from the first quarter, market activity has remained robust in the recent two months, and the percentage of our Hong Kong cash equity trading volume has also increased in the second quarter. And we believe that the mix of Hong Kong and US trading volume will be more diversified along with the growth of our Hong Kong clientele.

好的。關於第二個問題，如我所提到的，第二季的前兩個月，新增資金帳戶數量較上季明顯改善。我們的客戶淨資產流入也保持強勁勢頭。繼第一季的動能基礎上，近兩個月市場活動依然強勁，第二季香港現貨股票交易量的比例也有所上升。我們相信，隨著香港客戶的成長，香港和美國的交易量組合將會更加多元化。

Interest-related income has also remained stable sequentially so far in the second quarter. We've also recently rolled out various new features on Tiger platform, including debit card, Contra Trading, overnight trading, and crypto to further expand our product offerings, enhance the user experience and increase ARPU. Thank you, operator. Please move on to the next question.

第二季迄今，利息相關收入也保持穩定。我們最近還在 Tiger 平台上推出了各種新功能，包括借記卡、Contra 交易、隔夜交易和加密貨幣，以進一步擴大我們的產品範圍，增強用戶體驗並提高 ARPU。謝謝你，接線生。請繼續下一個問題。

Edmond Fok, DBS

霍啟剛，星展銀行

Thank you, management, I have two questions. The first question is what is the original breakdown for the new funded account during the first quarter? And the second question is about the Hong Kong market. Does the company think the business development in Hong Kong meets our expectation. Also, in view of the fierce competition, does the company have any plans to maintain the growth momentum. And lastly, how is Tiger's latest progress in crypto trading? Thank you.

謝謝領導，我有兩個問題。第一個問題是第一季新增資金帳戶的原始明細是多少？第二個問題是關於香港市場的。本公司認為香港的業務發展是否符合我們的預期？另外，鑑於競爭激烈，公司是否有計劃保持成長動能？最後，Tiger在加密貨幣交易方面的最新進展如何？謝謝。

(interpreted) So for the first question, in the fourth quarter, over 50% of new funded accounts came from Singapore and Southeast Asia, around 20% came from the US market, over 15% were from the Australia and New Zealand region and more than 10% from the Hong Kong market. I now hand back the second question to our CFO, John.

（解讀）第一個問題，第四季新增資金帳戶超過50%來自新加坡和東南亞，20%左右來自美國市場，超過15%來自澳洲和紐西蘭地區等等超過10%來自香港市場。我現在將第二個問題交回給我們的財務長約翰。

So after we enter Hong Kong market a year ago, overall, the progress has been in line with our expectations. A few key points. First of all, when we first started, one of our priority was to reduce the clearing cost for Tiger's Hong Kong trading. So far, we have achieved this goal. Before we had Hong Kong license, we have to clear Hong Kong equities through other brokers. The fee was expensive, and Hongkong Stock Trading was unprofitable for us. So our investment in Hong Kong market was limited.

所以我們一年前進入香港市場之後，整體來說進展是符合我們預期的。幾個關鍵點。首先，剛開始的時候，我們的首要任務之一就是降低老虎香港交易的清算成本。到目前為止，我們已經實現了這個目標。在我們獲得香港牌照之前，我們必須透過其他經紀商清算香港股票。費用昂貴，港股交易對我們來說無利可圖。所以我們對香港市場的投資是有限的。

Now, the clearing expense for Hong Kong equity is less than 20% of gross commission, which has helped lower the group's overall clearing fee rate to around 8%. This is very important for us as we offer zero commission and zero platform fee for local users to trade Hong Kong cash equity. With lower clearing expense, we can increase our Hong Kong trading volume and invest more resource into product R&D, as our Hong Kong trading volume gradually increase, the clearing fee will further go down.

目前，香港股票的結算費用低於總佣金的20%，有助於將集團的整體結算費率降低至8%左右。這對我們來說非常重要，因為我們為本地用戶交易香港現金股權提供零佣金和零平台費用。結算費用較低，我們可以增加香港交易量，並投入更多資源進行產品研發，隨著我們香港交易量的逐漸增加，結算費用將進一步下降。

In addition, we have a much more comprehensive product offering in Hong Kong versus before. Tiger Broker Hong Kong currently supports cash equity trading for both Hong Kong and US shares, US option trading, loss on trading, wealth management product like (inaudible). We recently rolled out overnight trading, and we will be adding short selling and Hong Kong equity options in the third quarter.

此外，我們在香港提供的產品比以前更全面。老虎證券香港目前支持港股及美股現貨股票交易、美股選擇權交易、虧損交易、理財產品等（聽不清楚）。我們最近推出了隔夜交易，並將在第三季增加賣空和香港股票選擇權。

As for crypto with our pipeline license uplifted, we are now one of the first fintech broker in Hong Kong, allowing clients to trade spot crypto as well as 11 US bitcoin ETFS. And as for customer acquisition over the past year, we keep optimizing our account opening process, try out different marketing strategies, and we are glad to see the contribution from Hong Kong market has steadily increased to around 10% in terms of new funded users this quarter. The quality and trading activities of our Hong Kong clients is also very good. The total client asset in Hong Kong have risen over 60% quarter over quarter and nearly 10 times year over year in the first quarter.

至於加密貨幣，隨著我們的管道牌照提升，我們現在是香港首批金融科技經紀商之一，允許客戶交易現貨加密貨幣以及 11 個美國比特幣 ETFS。And as for customer acquisition over the past year, we keep optimizing our account opening process, try out different marketing strategies, and we are glad to see the contribution from Hong Kong market has steadily increased to around 10% in terms of new funded users this四分之一.我們香港客戶的品質和交易活動也非常好。第一季香港客戶總資產季增超過60%，較去年同期成長近10倍。

Okay. Thank you, operator, please welcome the next question.

好的。謝謝接線員，歡迎下一個問題。

Alan Chen, Citi.

陳艾倫，花旗銀行。

(interpreted) Thanks, management for taking my questions. I have two questions today. The first question is on the two products that launched in Singapore. Could management give us a little bit more color on the products and for the BOSS Debit Cards, is there any restrictions as to who can apply for this debit card? And could this product be used as a customer acquisition tool for Tiger? And for the Contra Trading function, you mentioned that clients can trade stocks without depositing any funds into their brokerage accounts. Wondering how would Tiger management -- manage risks if clients, let's say, makes some loss in trading, perhaps no funds in their accounts. And on a longer term, how would this Contra Trading functions impact Tiger's financial performance?

（解釋）謝謝管理層回答我的問題。我今天有兩個問題。第一個問題是關於在新加坡推出的兩款產品。管理層能否給我們更多關於產品的信息，對於 BOSS 借記卡，對於誰可以申請該借記卡有任何限制嗎？這個產品可以作為 Tiger 的獲客工具嗎？對於相反交易功能，您提到客戶無需將任何資金存入其經紀帳戶即可交易股票。想知道如果客戶在交易中遭受一些損失，或者帳戶中可能沒有資金，老虎管理層將如何管理風險。從長遠來看，Contra Trading 功能將如何影響 Tiger 的財務表現？

And the second question is on FX gain, wondering management if -- management could share how much FX gain you have booked in the first quarter? And looking forward, have you taken any actions to limit the impact of FX gain or loss on your earnings? And that's my questions. Thank you.

第二個問題是關於外匯收益，想知道管理層是否可以分享您在第一季預訂了多少外匯收益？展望未來，您是否採取了任何措施來限制外匯損益對您收入的影響？這就是我的問題。謝謝。

(interpreted) Thank you, Alan. For your first question regarding the Tiger BOSS Debit Card, this card is available for both of our existing users and incremental users to use and apply, okay? So we launched this card with local licensed partner. The intention behind this product was to connect users' daily spending with their stock trading activities. So specifically, the debit card allows users to link it with digital wallets like Apple Pay and Google Pay for everyday purchases. For every transaction made through this card, 10% of transaction amount will be rewarded to the users' security account on Tiger platform in the form of fractional shares of popular US stocks like Tesla.

（翻譯）謝謝你，艾倫。關於你的第一個問題，關於Tiger BOSS金融卡，這張卡既可供我們現有用戶使用，也可供增量用戶使用和申請，好嗎？因此我們與當地授權合作夥伴一起推出了這張卡。該產品背後的目的是將用戶的日常支出與其股票交易活動聯繫起來。具體來說，借記卡允許用戶將其與 Apple Pay 和 Google Pay 等數位錢包關聯起來進行日常購物。透過該卡進行的每筆交易，交易金額的10%將以特斯拉等熱門美股零碎獎勵的形式打入用戶在Tiger平台的安全帳戶。

Compared to traditional bank card reward scheme of cashback, loyalty points, or miles, we believe that the fractional share rewards provide a better user experience. Firstly, there is no expiration dates or lockup period for the fraction of share. More importantly, this unique type of reward can stimulate new users' investment motivation and increase their stickiness to our platform. It also allows them to gradually build their investment portfolio through daily bank card spending without requiring large initial capital. And we are proud to be the first fintech broker in Singapore to offer such services. Since its launch, the product has been very well received by local users. As of the end of May, nearly 7,000 local users have signed up for this card and the average transaction frequency from the cardholders has exceeded our expectations.

與傳統的銀行卡現金回饋、忠誠度積分或里程獎勵計劃相比，我們認為分數份額獎勵可提供更好的用戶體驗。首先，該部分股份沒有到期日或禁售期。更重要的是，這種獨特的獎勵方式可以激發新用戶的投資動機，增加他們對我們平台的黏性。它還允許他們透過日常銀行卡消費逐步建立投資組合，而無需大量初始資金。我們很榮幸成為新加坡第一家提供此類服務的金融科技經紀商。產品自推出以來，深受當地用戶好評。截至5月底，已有近7,000名本地用戶辦理了該卡，持卡人的平均交易頻率超出了我們的預期。

So regarding the Contra Trading feature, Tiger was fourth fintech broker in Singapore to offer this service, leveraging Singapore's comprehensive credit system. This feature caters to most seasoned traders by providing instant access to a certain trading limits based on their credit assessment without requiring any initial capital input.

因此，就 Contra 交易功能而言，Tiger 是新加坡第四家利用新加坡綜合信用體系提供這項服務的金融科技經紀商。此功能可根據信用評估即時存取特定交易限額，從而滿足大多數經驗豐富的交易者的需求，而無需任何初始資本輸入。

From the user's perspective, Contra Trading credit seasoned trader, the flexibility to buy stock and sell them any time before or around the full selling date without needing to deposit funds. It also allows investors without immediate available capital in hand to purchase stock using the provided trading limit. If the stock price rise, the difference can be positive as the Contra gain. Conversely, if the share price drops, investors can settle the difference up to seven days later using their own funds.

從使用者的角度來看，Contra Trading 信用經驗豐富的交易者，可以靈活地在完整銷售日期之前或前後隨時購買股票和出售股票，而無需存入資金。它還允許手頭上沒有立即可用資金的投資者使用提供的交易限額購買股票。如果股價上漲，則隨著 Contra 收益的增加，差額可能為正。相反，如果股價下跌，投資者最多可以在 7 天內使用自有資金結算差額。

Given the credit-based nature of the Contra Trading, we have applied thorough risk control. For example, this feature is currently only available to Singapore users with a strict approval process to ensure credit rating matches the authorized limit. If losses exceeded two days after the settlement day without a top-up, the limit will be automatically frozen, permitting only closing positions. Payments are also automatically reduces -- sorry, reduced by Contra losses until the user replenish the gap.

鑑於對銷交易的信用性質，我們採取了徹底的風險控制。例如，此功能目前僅適用於新加坡用戶，並具有嚴格的批准流程，以確保信用評級符合授權限額。若結算日後兩天內虧損超過且未充值，限額將自動凍結，僅允許平倉。付款也會自動減少——抱歉，會因魂鬥羅損失而減少，直到用戶補充缺口。

So the FX gain and losses on our P&L are mainly due to the fluctuation in the US dollar against the RMB, Sing dollar and the New Zealand dollar. So in Q1, the appreciation of the US dollar compared to Q4, resulting in over USD3 million in FX gain. So because the FX gain or loss is not something we can control. So to better assess the group's profitability and operating, we decided to move the revenue from treasury bill into our top line under interest income. We feel this can give investor a better understanding of our routine business. So in Q1, interest income from US treasury investment was about USD4.7 million. Thank you.

因此，我們損益表上的外匯損益主要是由於美元兌人民幣、新加坡元和紐西蘭元的波動所造成的。因此，第一季美元較第四季升值，導致外匯收益超過 300 萬美元。因為外匯收益或損失不是我們可以控制的。因此，為了更好地評估集團的獲利能力和營運情況，我們決定將國庫券收入轉移到利息收入項下的營收。我們認為這可以讓投資者更了解我們的日常業務。那麼第一季美國公債投資利息收入約為470萬美元。謝謝。

And now please move on to the next question, please.

現在請繼續下一個問題。

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

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'd like to thank everyone for joining our call today. I'm now closing the call on behalf of the management team here at Tiger. 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.

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 的管理團隊結束這通通話。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。

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。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event. In addition, this transcript falls below LSEG's quality threshold due to poor audio and highly accented speech. This file has been reviewed to minimize indiscernible language.

本筆錄中的英語陳述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。此外，由於音訊較差且口音很重，該文字記錄低於 LSEG 的質量閾值。該文件已經過審查，以盡量減少難以辨認的語言。