老虎證券 (TIGR) 2024 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 2024 earnings conference call. (Operator Instructions) at this time. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. I must advise you that this conference is being recorded today. November 12, 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，感謝大家的支持並歡迎參加 UP Fintech Holding Limited 2024 年第三季財報電話會議。 （操作員指示）此時。所有參與者都處於只聽模式。將進行演示，然後進行問答環節。我必須告訴你，今天的會議正在錄製。2024 年 11 月 12 日。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, Mel. Hello everyone and thank you for joining us for the call today. UP Fintech Holding Limited's third quarter 2024 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，梅爾。大家好，感謝您今天加入我們的電話會議。UP Fintech Holding Limited 於今天稍早發布了 2024 年第三季收益報告，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 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 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 statement.

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聲明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 report our Form 6-K furnished today, November 12 2024. And our annual report on Form 20-F filed on April 22, 2024. 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有重大差異的因素的更多資​​訊。請報告我們今天（2024 年 11 月 12 日）提交的表格 6-K。我們於 2024 年 4 月 22 日提交的 20-F 表格年度報告。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. 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，隨後進行英文翻譯。請吳先生繼續發言。

(interpreted) Hello everyone. Thank you for joining Tiger Broker's third quarter 2024 earnings conference call. In the third quarter driven by expanded client base, comprehensive product offerings, and active market backdrop in the US, total trading volume reached USD163 billion. Cash equity trading volume was USD41.4 billion, reflecting a quarter-over-quarter increase of 54% and 24%, respectively.

（譯）大家好。感謝您參加老虎證券 2024 年第三季財報電話會議。第三季度，在美國擴大的客戶群、全面的產品供應以及活躍的市場背景的推動下，總交易量達到1,630億美元。現貨股票交易量為414億美元，較上季分別成長54%和24%。

Commission income was USD41.2 million increased 21% quarter over quarter and a 78% year over year, the highest in the past three years. The uptike in market activity also contributed to a rise in market financing and security lending business which increased 29% quarter over quarter and doubled year over year, reaching USD4.5 billion at the end of the third quarter.

佣金收入為4,120萬美元，季增21%，年增78%，為近三年來最高。市場活躍度的提升也帶動了市場融資和擔保借貸業務的成長，較上季成長29%，較去年同期翻倍，第三季末達到45億美元。

Despite the ongoing rate cut cycle, interest income increased 9% quarter over quarter to USD48 million. Our total revenue for the third quarter was all time high of USD101 million, a quarter over quarter increase of 16% and year over year increase of 44%.

儘管降息週期仍在持續，但利息收入仍較上季成長 9%，達到 4,800 萬美元。我們第三季的總營收創歷史新高，達到 1.01 億美元，季增 16%，年增 44%。

GAAP and non-GAAP net income attributable to UP Fintech was USD17.8 million and USD20.1 million this quarter. Both exceeded the total amount for the first half of this year and increased 34% and 26% year over year, respectively. Also, we are glad to see our operating profit margin increased to 26% in the third quarter indicating ongoing improvement in the operating leverage of our business model.

本季 UP Fintech 的 GAAP 和非 GAAP 淨利潤分別為 1,780 萬美元和 2,010 萬美元。均超過今年上半年總額，年比分別成長34%和26%。此外，我們很高興看到第三季我們的營業利潤率上升至 26%，這表明我們業務模式的營業槓桿持續改善。

In the third quarter, we added 50,500 newly funded accounts, representing a 3% sequential increase and a 105% increase year over year. Singapore and Southeast Asia region were the primary contributors. The number of funded accounts as of the end of the third quarter reached 1,000,300, increased 19% year over year.

第三季度，我們新增資金帳戶 50,500 個，季增 3%，年增 105%。新加坡和東南亞地區是主要貢獻者。截至第三季末，資金帳戶數量達到100.03萬個，年增19%。

In the first three quarters of this year, we added a total of 128,000 newly funded accounts. By now, we've already achieved our annual guidance of acquiring 150,000 newly funded accounts. In terms of total client assets, retail clients net asset inflow remains strong at USD1 billion for this quarter.

今年前三季度，我們累計新增入金帳戶12.8萬戶。到目前為止，我們已經實現了獲取 15 萬個新融資帳戶的年度目標。從客戶總資產來看，本季零售客戶淨資產流入仍強勁，達10億美元。

Total client assets increased by 7% quarter over quarter and 116% year over year to USD40.8 billion, setting another historic high. We are glad to see that our client assets have now risen for eight consecutive quarters and kept setting new records for the past four consecutive quarters.

客戶總資產較上季成長7%，較去年成長116%，達到408億美元，再創歷史新高。我們很高興地看到，我們的客戶資產現在連續八個季度成長，並連續四個季度不斷創下新紀錄。

Notably, in addition to steady growth in client assets from Singapore market, we've seen over 25% quarter-over-quarter increase in client assets from new markets like Hong Kong, Australia, New Zealand, and the US.

值得注意的是，除了新加坡市場的客戶資產穩定成長外，我們還發現香港、澳洲、紐西蘭和美國等新市場的客戶資產較上季成長超過25%。

In the third quarter, we continued to upgrade our product offerings on our platform to enhance user experience. In September, we officially launched Hong Kong stock option and Hong Kong short selling features on our platform.

第三季度，我們持續升級平台上的產品，以增強使用者體驗。9月，我們的平台正式推出港股選擇權和港股賣空功能。

And in early November, we collaborated with Hong Kong Exchange to upgrade the Hong Kong stock option feature by offering weekly contract in addition to monthly contract to better meet investors' trading and risk management needs, allowing them to trade based on short term events.

11月初，我們與香港交易所合作，升級港股期權功能，在月度合約的基礎上，推出週度合約，更好地滿足投資者的交易和風險管理需求，讓投資者根據短期事件進行交易。

Additionally, Tiger Boss debit card is gaining more popularity since its launch in Singapore. So we upgraded the product to include T+0 automatic subscription and redemption feature for Tiger Vault, our wealth management product. The integration allows users to manage their investment portfolios more conveniently, seamlessly bridging daily spending, wealth management and stock investment.

此外，Tiger Boss簽帳卡自在新加坡推出以來越來越受歡迎。因此我們對產品進行了升級，為我們的理財產品老虎金庫增加了T+0自動申購和贖回功能。此整合使用戶能夠更方便地管理自己的投資組合，無縫銜接日常消費、財富管理和股票投資。

Moreover in October, we enhanced our overnight trading capabilities. Unfilled night session orders will be automatically passed on to the premarket and regular trading session to ensure user experience and execution quality.

此外，10月我們增強了隔夜交易能力。未成交的夜盤訂單將自動傳遞到盤前和常規交易時段，以確保用戶體驗和執行品質。

Our to B businesses continues to perform well. In investment banking, we underwrote 13 US and Hong Kong IPOs in the third quarter, including NIP Group and Voicecomm Group. And we served as the exclusive lead bank for the NIP Group and XCHG US IPO. In our ESOP business, we added 18 new clients in the third quarter, bringing the total number of ESOP clients served to 597 by the end of the third quarter of 2024, increased by 18% year over year. Now I would like to invite our CFO, Zeng to go over our financials.

我們的 to B 業務持續表現良好。在投資銀行業務方面，我們第三季承銷了13家美國和香港IPO，其中包括NIP Group和Voicecomm Group。我們擔任NIP集團和XCHG美國IPO的獨家牽頭行。員工持股業務方面，第三季新增18家客戶，截至2024年第三季末，服務的員工持股客戶總數達到597家，較去年同期成長18%。現在我想請我們的財務長曾先生來檢查我們的財務狀況。

Great, thanks. All right, thanks Tianhua and Aaron. Let me go through our financial performance for the third quarter. All numbers are in US dollar. Thanks to our expanded user base and robust market activities. We saw healthy growth in all top nine items this quarter. Commission income were $41.2 million increased to 21% quarter over quarter and 78% year over year. Interest related income were $48 million this quarter, increased 9% quarter over quarter and 25% year over year.

太好了，謝謝。好的，謝謝天華和阿龍。讓我回顧一下我們第三季的財務表現。所有數字均以美元為單位。得益於我們擴大的用戶群和強勁的市場活動。本季我們看到所有排名前九的項目都健康成長。佣金收入為 4,120 萬美元，季增 21%，年增 78%。本季利息相關收入為 4,800 萬美元，季增 9%，年增 25%。

As a result, total revenue increased 16% quarter over quarter and 44% year over year to reach an all-time high at USD101 million. Cash equities take rate was 6.4 bps this quarter, slightly decreased from 6.7 bps of last quarter. Within commission revenue, about 63% comes from cash equities, 30% from options, but the rest from futures and other products.

總營收季增 16%，年增 44%，達到 1.01 億美元的歷史新高。本季現金股票佔用率為 6.4 個基點，較上季的 6.7 個基點略有下降。在佣金收入中，約63%來自現金股票，30%來自選擇權，其餘來自期貨和其他產品。

Now on to cost. Interest expense was $15.7 million increased 29% from the same quarter of last year, in line with the growth of margin and the security lending balance. Execution and clearing expense were $3.5 million increased. 48% from the same period of last year, primarily due to an increase in our trading volume and we keep improving our clearing efficiency. Cash equity clearing expense as a percentage of cash equity commissions is about 3.6% this quarter and remains one of the lowest in the industry.

現在來說說成本。利息支出為 1,570 萬美元，較去年同期成長 29%，與保證金和擔保借貸餘額的成長一致。執行和清算費用增加了 350 萬美元。年比成長48%，主要是由於我們的交易量增加以及我們不斷提高清算效率。本季現金股權清算費用佔現金股權佣金的比例約為 3.6%，仍是業界最低的之一。

Employee compensation and benefits were $28.8 million, an increase of 11% year over year due to head count increase to strengthen overseas growth and R&D. Occupancy, depreciation, and amortization expense slightly decreased 3% to $2.2 million. Communication and market data expense were $9.7 million, an increase of 28% year over year due to the increase in user base and IT related services

員工薪資和福利為 2,880 萬美元，年增 11%，原因是員工人數增加以加強海外成長和研發。佔用、折舊和攤銷費用小幅下降 3%，至 220 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 970 萬美元，年增 28%

Marketing expense increased 59% year over year to $8.2 million this quarter. We see market backdrop was supportive for more customer acquisition and branding campaigns while maintaining ROI targets.

本季行銷費用年增 59% 至 820 萬美元。我們看到市場背景有利於更多的客戶獲取和品牌推廣活動，同時維持投資報酬率目標。

General and administrative expenses were $6.9 million, an increase of 27% year over year due to more professional service fees and the general expense incurred alongside with our business expansion. Total operating costs were $59.3 million an increase of 22% from the same quarter of last year.

一般及行政費用為 690 萬美元，年增 27%，這是由於更多的專業服務費用以及隨著業務擴張而產生的一般費用。總營運成本為 5,930 萬美元，比去年同期成長 22%。

Our bottom line increase quarter over quarter and year over year on a GAAP and non-GAAP basis. GAAP net income was $17.8 million, increase of 585% quarter over quarter and 34% year over year, while long GAAP net income was $20.1 million increased to 287% quarter over quarter and a 26% year over year. Now I have concluded our presentation. Operator, please open the line for Q&A. Thanks.

根據公認會計原則和非公認會計原則，我們的利潤逐季逐年增加。GAAP 淨利為 1,780 萬美元，季增 585%，年增 34%，長期 GAAP 淨利為 2,010 萬美元，季增 287%，年增 26%。現在我的演講結束了。接線員，請開通問答線。謝謝。

(Operator Instructions) Cindy Wang, China Renaissance.

（操作員說明）Cindy Wang，華興資本。

(spoken in foreign language) Thanks for taking my call, my questions and I have two questions here. First one is please give us a break down of the original mix of newly fund accounts. And the second question is the commission income up quarter over quarter nicely in the quarter, the blended take rate and cash equity take rate both down sequentially, what is the reason behind it? Does NVIDIA stock split have impact to your take rate and what is the Q4 trend? Thank you.

（用外語發言）感謝您接聽我的電話，我的問題，我這裡有兩個問題。第一個是請給我們提供新資金帳戶的原始組合的詳細資訊。第二個問題是，本季佣金收入較上季成長良好，但混合佣金率和現金權益佣金率都較上季下降，背後的原因是什麼？NVIDIA 股票分割對您的採用率有影響嗎？謝謝。

(interpreted) In the third quarter, about 60% of our newly funded users came from Singapore and Southeast Asia, about 15% each from Australia, New Zealand region, and Hong Kong market, more than 5% were from the US market. Thank you.

（解讀）第三季度，我們的新增用戶中約有60%來自新加坡和東南亞，澳洲、紐西蘭地區和香港市場各佔15%左右，超過5%來自美國市場。謝謝。

(interpreted) So first of all, the decline in blended take rate is largely due to an increase in future trading volume. Since futures are currently based on nominal value instead of contract value, so the trading volume will amplify in the third quarter, that's why we saw 24% increase in stock trading volume, while total trading value jumped to 54%.

（解讀）所以首先，混合採取率的下降很大程度上是由於未來交易量的增加。由於期貨目前以名目價值而非合約價值為基礎，因此第三季交易量將會放大，這就是為什麼我們看到股票交易量成長了24%，而總交易額則躍升至54%。

There are several reasons for the drop in cash equity take rate. Number one is the Nasdaq had a general upward trend in Q3, which pushed average stock price higher, so lowered the take rate. And also the second reason is the ADR in the third quarter accounted for only 10% of the trading volume, while the major US stock, especially Magnificent 7 increased a lot, which further raised the average trading price and the lowered the take rate.

現金股權佔用率下降的原因有很多。第一，那斯達克指數在第三季整體呈現上漲趨勢，推高了平均股價，降低了接受率。第二個原因是第三季ADR僅佔交易量的10%，而美股主要股票尤其是Magnificent 7漲幅較大，進一步推高了交易均價，降低了成交率。

And also even though in Hong Kong, our trading volume has gone up a lot during the end of the third quarter, but in Hong Kong, we offer zero commission, zero platform fee. So the Hong Kong trading volume increase didn't really help much on the take rate.

而且即使在香港，我們的交易量在第三季末上升了很多，但在香港，我們提供零佣金、零平台費用。因此，香港交易量的增加並沒有對成交率產生太大幫助。

In regards to NVIDIA stocks rate, it does help the take rate a little bit, but the impact isn't that huge. Several reasons, first of all, is NVIDIA completed stock trading in early June. And the trading volume for NVIDIA in June was much higher than in April and May. By the second quarter, the average trading price was already below $400 on our platform, [not the 1,000 level. In Q3, the average price was about 120]. So in terms of price, the impact is only a bit over 3 times.

就NVIDIA股價而言，確實對成交率有一點幫助，但影響不是那麼大。原因有幾個，首先是NVIDIA在6月初完成了股票交易。NVIDIA 6 月的交易量遠高於 4 月和 5 月。到第二季度，我們平台上的平均交易價格已經低於 400 美元，【不是1000級。第三季均價約為120]。所以從價格上來說，影響只有3倍多一點。

Another factor is fractional share. Before the split, a lot of users traded NVIDIA to fractional shares. We charge 1% on trading volume for fractional shares. So this helps the take rate. After the split, the trading volume through fractional shares dropped.

另一個因素是分數份額。在分拆之前，許多用戶將 NVIDIA 換成零碎股票。我們對碎股交易量收取 1% 的費用。所以這有助於提高採納率。分拆後，碎股交易量下降。

So putting all this together, NVIDIA take rate in Q3 was only about double what it was in second quarter. It's still a high price name even after split. If you look at our US stock pricing, the take rate for NVIDIA is only about 2 bps, while our overall cash equity take rate is between 6 bps to 7 bps. So it's not going to have a major impact on our overall cash equity take rate.

因此，將所有這些加在一起，NVIDIA 第三季的使用率僅為第二季的兩倍左右。即使在拆分後，它仍然是一個高價名稱。如果你看看我們的美國股票定價，NVIDIA 的收購率只有 2 個基點左右，而我們的整體現金股權收購率在 6 個基點到 7 個基點之間。因此，這不會對我們的整體現金股權佔用率產生重大影響。

Thanks. Mel, please move on to the next question, please.

謝謝。梅爾，請繼續下一個問題。

[Emma Xu, Bank of America Securities].

[Emma Xu，美國銀行證券]。

(spoken in foreign language) So congratulations on achieving the guidance ahead of schedule. The market conditions have been favorable since October. So could you please share the run rate for asset -- for AUM trading volume revenue and profit -- and profit et cetera, since October and quarter-over-quarter basis, the gross rate of your revenue exceeds that of profit without regard to the impairment losses of around $13.2 million in the second quarter. So how do you view the improvement in the operating efficiency and leverage?

（用外語發言） 恭喜您提前實現了指導意見。自十月以來，市場狀況一直有利。那麼，您能否分享一下資產的運行率（AUM 交易量、收入和利潤）以及利潤等等，自 10 月份以來和季度環比的基礎上，您的收入毛利率超過了利潤毛利率，而不考慮第二季減損損失約1,320萬美元。那麼您如何看待營運效率和槓桿率的提升呢？

(spoken in foreign language) Okay, I'll translate. In terms of our client assets, we continue to see net inflow in October, primarily driven by the contribution from our retail investors. The number of newly funded accounts has also maintained the rapid growth trend as we saw in the third quarter allowing us to hit our annual guidance so far of 150,000 newly funded users by now.

（用外語說）好的，我來翻譯。就我們的客戶資產而言，我們在 10 月繼續看到淨流入，這主要是由散戶投資者的貢獻所推動的。正如我們在第三季度看到的那樣，新資助帳戶的數量也保持了快速增長的趨勢，使我們能夠達到迄今為止 150,000 個新資助用戶的年度指導目標。

Looking at our financials, October was astandout month for us with trading volume and commission performance reaching the highest level in our history. Both trading volume and commissions for October more than doubled the average monthly performance for the first half of this year.

從我們的財務數據來看，十月對我們來說是一個出色的月份，交易量和佣金表現達到了我們歷史上最高的水平。10月份的交易量和佣金均是今年上半年月平均業績的兩倍多。

Although we are not yet halfway through November yet, the trading volume is looking solid so far. For instance, on November 6, which was the US election day, order volume on our platform increased by about 50% compared to the October daily average, particularly for US stocks which saw even more significant growth.

儘管 11 月還沒有過半，但到目前為止交易量看起來很穩定。例如，11月6日，美國大選日，我們平台的訂單量比10月日均成長了約50%，尤其是美股成長更為顯著。

Looking ahead to the remainder of Q4, there are some uncertainties related to the post-election initiatives and Federal Reserve interest decisions. But overall, we are quite satisfied with how the Q4 has been shaped up so far. Thanks.

展望第四季剩餘時間，選舉後舉措和聯準會利率決定存在一些不確定性。但總的來說，我們對 Q4 迄今為止的造型非常滿意。謝謝。

(spoken in foreign language) So in the third quarter, Fed rate cuts led to a depreciation of the US dollar. As a result, our subsidiaries that don't use US dollar as their base currencies like Singapore, New Zealand, and Mainland China, so the dollar denominated asset loses value which resulted in foreign exchange losses. For the entire group, the foreign exchange loss in the third quarter was around 5.1 million. But of course, those FX loss was non-cash and non-operating impact.

（外語）所以第三季聯準會降息導緻美元貶值。因此，我們的新加坡、紐西蘭、中國大陸等不以美元為基礎貨幣的子公司，美元計價的資產貶值，導致匯兌損失。整個集團第三季​​的外匯損失約510萬美元。但當然，這些外匯損失是非現金和非營運影響。

If you look at our operating profit, it was roughly $26 million in the third quarter. In the second quarter, as after excluding a $13.2 million one-off impairment, the operating income was about like $18 million. This means we saw about a 45% growth quarter over quarter, which is significantly higher than the 16% growth we saw in the top line. This indicates our overall operating leverage has improved.

如果你看一下我們的營業利潤，第三季的營業利潤約為 2,600 萬美元。第二季度，剔除 1,320 萬美元的一次性減損後，營業收入約為 1,800 萬美元。這意味著我們看到季度環比增長約 45%，明顯高於我們在營收中看到的 16% 增長。這顯示我們的整體經營槓桿有所改善。

The reason we were able to achieve this aside from our business model is that we have been very prudent with our fixed cost. Both labor and G&A expense have remained relatively stable, while variable cost like clearing and customer acquisition costs may rise with increased market activities. But both of our clearing fee and the average CAC remains at the industry leading low levels. Thanks.

除了我們的商業模式之外，我們能夠實現這一目標的原因是我們對固定成本非常謹慎。勞動力和一般管理費用保持相對穩定，而清算和客戶獲取成本等變動成本可能會隨著市場活動的增加而上升。但我們的清算費用和平均CAC仍處於行業領先的較低水平。謝謝。

Thanks, operator. Let's move on to the next question, please.

謝謝，接線生。請讓我們繼續下一個問題。

Hua Fan, CICC.

範華，中金公司。

(spoken in foreign language) I have two questions here. The first one is about the Hong Kong market. We see the market velocity rebounded since October. So would you please share more color on our current business progress in Hong Kong market?

（用外語發言）我有兩個問題。第一個是關於香港市場。我們看到自 10 月以來市場流通速度有所回升。那麼您能否詳細介紹一下我們目前在香港市場的業務進展？

What's the impact on our customer acquisition and trading volume in Hong Kong market? And the second question is about the wealth management business. How is it going on? And can you share more data, such as AUM and the number of the wealth management clients? Thank you.

對我們香港市場的獲客量和交易量有何影響？第二個問題是關於財富管理業務。進展如何？您能否分享更多數據，例如資產管理規模、理財客戶數量等？謝謝。

(interpreted) We are quite satisfied with our ongoing develop development in Hong Kong. Since the end of September, we have seen a large improvement in market sentiment based on our operating data. Number one is, currently we already made our annual guidance of 150,000 funded users, of which about like 15%, over 20,000 came from Hong Kong. This is a significant increase compared to our first year in the Hong Kong market.

（解釋）我們對我們在香港持續的發展感到非常滿意。自9月底以來，根據我們的營運數據，我們看到市場情緒大幅改善。第一是，目前我們已經制定了15萬資助用戶的年度指導，其中約15%左右，超過2萬來自香港。與我們進入香港市場的第一年相比，這是一個顯著的成長。

And also the quality of our Hong Kong customer is very high. The average client asset in Hong Kong has now surpassed the Singapore, making it the highest amount -- reaching among international markets we entered. In the third quarter, the average net asset inflow for newly acquired user in Hong Kong is about like USD20,000. And the total client assets in Hong Kong market increased by over 30% quarter over quarter.

而且我們香​​港客戶的素質也非常高。香港的平均客戶資產現已超過新加坡，成為我們進入的國際市場中最高的。第三季香港新增用戶平均淨資產流入約2萬美元。香港市場客戶總資產較上季成長超過30%。

Thanks to the high average client asset and high velocity, the ARPU for retail users in Hong Kong was the highest across origins in the third quarter, double that of the retail user in Singapore. In October, we saw a significant increase in Hong Kong trading value. The trading value for October already exceeded the total trading volume of the third quarter.

由於較高的平均客戶資產和較高的周轉率，香港零售用戶的 ARPU 在第三季度成為所有來源中最高的，是新加坡零售用戶的兩倍。10月份，我們看到香港交易額大幅增加。10月份的交易額已經超過了第三季的總交易量。

And also to enhance our trading capability in Hong Kong, we officially launched the Hong Kong stock option and short selling in the third quarter. Additionally, in November, we upgraded the Hong Kong stock option feature by offering weekly contract in addition to monthly contract. Thanks.

同時為了增強我們在香港的交易能力，我們在第三季正式推出了香港股票選擇權和賣空業務。此外，我們於11月升級了港股選擇權功能，除月度合約外，還提供週度合約。謝謝。

(spoken in foreign language) Okay. So regarding the second question about the wealth management, overall, we are quite satisfied with the growth pace of our wealth management business and the current diversity of our product offerings.

（用外語說）好的。那麼關於財富管理的第二個問題，總的來說，我們對財富管理業務的成長速度和目前產品的多樣性感到非常滿意。

We offer stable yield products, like money market funds and US treasury bonds for investors to manage their cash as well as fixed coupon notes and services like the EAM platform and DPM discretionary accounts for the advanced users, institutions, and family office, et cetera. In the future, we will continue to develop our wealth management business and enhance the synergy with our current brokerage business.

我們為投資者提供貨幣市場基金、美國國債等穩定收益產品來管理現金，並為高級用戶、機構和家族辦公室等提供固定息票和EAM平台、DPM全權委託帳戶等服務。未來，我們將繼續發展財富管理業務，並增強與現有經紀業務的綜效。

If we look at numbers, in Q3 our wealth management AUM increased over 40% quarter over quarter and doubled year over year, exceeding USD1 billion. Among newly funded users in the Q3, around 30% of them started using our wealth management services.

從數據來看，第三季我們的理財資產管理規模較上季成長超過40%，較去年同期翻倍，超過10億美元。第三季新增理財用戶中，約有30%開始使用我們的理財服務。

Additionally, in the Hong Kong market, the wealth management business saw even more significant growth, with the number of clients increasing by nearly 50% quarter over quarter and AUM doubled quarter over quarter. Thank you.

此外，在香港市場，財富管理業務成長更為顯著，客戶數量較上季成長近50%，資產管理規模較上季成長一倍。謝謝。

Operator. Please move on to the next question.

操作員。請繼續下一個問題。

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。

Thanks, Mel. 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 now concludes the call and thank you very much for your time. Bye-bye.

謝謝，梅爾。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。電話會議到此結束，非常感謝您抽出寶貴的時間。再見。

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。