老虎證券 (TIGR) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to UP FinTech Holdings Limited second quarter 2036 earnings conference call. (Operator Instructions) I must advise you that this conference is being recorded today, August 26, 2026.

各位女士、先生，感謝您稍候，歡迎參加 UP FinTech Holdings Limited 2036 年第二季財報電話會議。（接線員指示）我必須提醒您，本次會議將於今日 2026 年 8 月 26 日進行錄音。

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

現在我想將會議交給今天的發言人——投資者關係主管 Aron Lee 先生。謝謝。請開始。

Thank you, operator. Hello, everyone, and thank you for joining us for the call today. UP Fintech Holding Limited Second Quarter 2026 earnings release was distributed earlier today, and this is available on our IR website at ir.itiger.com as well as GlobeNewswire services.

謝謝，接線員。各位好，感謝大家參加今天的電話會議。UP Fintech Holding Limited 2026 年第二季財報新聞稿已於今日稍早發布，可於我們的投資者關係網站 ir.itiger.com 以及 GlobeNewswire 服務查閱。

On the call today from UP Fintech are Mr. Wu Tianhua, Chairman and CEO; Mr. John Zeng, our CFO, and Mr. Wang Lei, CEO of US Tiger Securities.

今天參加電話會議的 UP Fintech 管理層包括：董事長兼執行長巫天華先生；財務長 John Zeng 先生；以及美國 Tiger Securities 執行長王磊先生。

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 and follows their remarks.

巫先生將概述我們的業務營運並分享公司重點。隨後，曾先生將說明我們的財務結果。兩位將在發言結束後的問答環節回答各位問題。

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 and 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, please refer Thank you Form 6-K furnished today and our annual report on Form 20-F on April 24, 2026.

接下來我說明「安全港」聲明。我們即將發表的陳述包含《1995 年美國私人證券訴訟改革法案》所界定的前瞻性陳述。多項因素可能導致實際結果與任何前瞻性陳述所載內容存在重大差異。更多資訊請參閱我們今日提交的 Form 6-K，以及我們於 2026 年 4 月 24 日提交的 Form 20-F 年度報告。

We undertake no obligation to update any forward-looking statements except as required under applicable law.

除非適用法律另有要求，我們不承擔更新任何前瞻性陳述的義務。

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

我很榮幸介紹我們的董事長兼執行長巫先生。巫先生將以中文發言，隨後提供英文翻譯。巫先生，請開始。

(interpreted) Hello, everyone. Thank you for joining the Tiger Brokers Second Quarter 2026 Earnings Conference Call. In the second quarter, we saw a meaningful improvement in both commission income and interest-related income compared with the previous quarter and the same period last year.

（口譯）各位好，感謝參加老虎證券 2026 年第二季業績電話會議。第二季，我們的佣金收入與利息相關收入，相較上一季及去年同期均有明顯改善。

Our total revenue for the quarter reached USD182 million at all time high, representing a sequential increase of 17.7% and a year-over-year growth of 31.4%. Operating profit reached USD56.8 million, an 18.5% quarter-over-quarter and 12.6% year-over-year. GAAP and non-GAAP net income attributable to UP Fintech reached USD39.4 million and USD42.8 million, respectively, returning to profitability from net loss in the previous quarter. Excluding the impact of approximately USD59.7 million one-off penalty incurred in the first quarter. Second quarter GAAP and non-GAAP net income attributable UP Fintech both increased about 20% quarter-over-quarter.

本季總營收達 1.82 億美元，創歷史新高，較上一季成長 17.7%，年增 31.4%。營業利潤達 5,680 萬美元，季增 18.5%，年增 12.6%。歸屬於 UP Fintech 的 GAAP 與 non-GAAP 淨利分別為 3,940 萬美元與 4,280 萬美元，較上一季淨損轉為獲利。若剔除第一季約 5,970 萬美元的一次性罰款影響，第二季歸屬於 UP Fintech 的 GAAP 與 non-GAAP 淨利均較上一季提升約 20%。

We added 32,600 new funding accounts this quarter, up 12.7% quarter-over-quarter, with the great majority coming from the Singapore and Hong Kong market. As of the end of the second quarter, our total funded accounts reached USD1.32 million, a year-over-year increase of 10.3%. And in terms of plant assets, retail users in markets such as Singapore and Hong Kong continue to contribute solid net asset inflows, exceeding USD1.5 billion this quarter.

本季新增 32,600 個入金帳戶，較上一季增加 12.7%，絕大多數來自新加坡與香港市場。截至第二季末，我們的入金帳戶總數達 132 萬個，年增 10.3%。在淨資產方面，新加坡、香港等市場的零售用戶持續貢獻穩健的淨資產流入，本季超過 15 億美元。

At the same time, fueled by mark-to-market gains, total client assets stood at USD60.7 billion at the end of the second quarter, up 3.1% quarter-over-quarter and 16.7% year-over-year. We are glad to see that client assets grew over quarter across all the markets we operate in this quarter, indicating strong growth resilient and tremendous market potential. In the Hong Kong market, we rolled out more off-line promotion activities and expanded our brand exposure, driving local client asset up by nearly 30% quarter-over-quarter and extending the rapid sustained growth in client assets we have delivered since entering the Hong Kong retail market.

同時，在按市價計量收益的帶動下，第二季末客戶資產總額達 607 億美元，較上一季增加 3.1%，年增 16.7%。我們很高興看到，本季我們所營運的各個市場客戶資產均實現環比成長，顯示出強勁的成長韌性與巨大的市場潛力。在香港市場，我們推出更多線下推廣活動並擴大品牌曝光，帶動本地客戶資產較上一季提升近 30%，延續我們進入香港零售市場以來客戶資產快速且持續的成長。

Land assets in the Australia, New Zealand market and the US market grew by more than 30% and nearly 50% quarter-over-quarter, respectively. This clearly demonstrates us as the global brokerage with internationalization as a core of our strategy and powered by the diversified development of our core business -- we continue to earn the trust and recognition of both new and existing users across all the markets, give us strong confidence in our growth perspectives ahead.

澳洲、紐西蘭市場以及美國市場的客戶資產分別較上一季成長超過 30% 與接近 50%。這清楚展現我們作為以國際化為核心策略的全球券商，並在核心業務多元化發展的驅動下，持續贏得各市場新老用戶的信任與認可，讓我們對未來的成長前景充滿信心。

In the second quarter, we continued to focus on localized functions and enhance the user experience while setting on our brand exposure to deepen user awareness. In the Singapore market, we further strengthened our local life trading capability by launching fractional share tree for Singapore listed stocks and rates, which effectively lowers the trading entry barriers, making local investment more accessible and friendly to beginners.

第二季，我們持續聚焦在地化功能並提升用戶體驗，同時加大品牌曝光以深化用戶認知。在新加坡市場，我們推出新加坡上市股票與 ETF 的零股交易功能，進一步強化本地化交易能力，有效降低交易門檻，讓本地投資更易上手、對新手更友善。

In addition to simplify users' compliance costs and reduced complexity of tax declaration, we rolled out a dedicated tax reporting to Hong Kong, Singapore and New Zealand. The upgrade to optimize end-to-end tax filing experience enabling users to directly view and download annual tax reference documents through our app and official website, comprehensively covering key tax data, including trading profits and losses dividend income as well as interest and coupon earnings.

此外，為簡化用戶合規成本並降低報稅申報的複雜度，我們面向香港、新加坡與紐西蘭推出專屬稅務報告。此次升級優化端到端報稅體驗，讓用戶可透過 App 與官網直接查看並下載年度稅務參考文件，全面涵蓋關鍵稅務資料，包括交易損益、股息收入以及利息與票息收益。

In the Hong Kong market, we scaled up our brand investment and localized operations during the second quarter. Our flagship marketing campaign of the quarter was filed around State Act, amplifying our brand voice through an integrated mix of out-of-home advertising, social media, exclusive new user rewards and advertising placements at Hong Kong Airport. At the same time, we launched CPO index option trading in Hong Kong and hosted a dedicated launch event for Tiger X CBOE index option alongside a series of investor education initiatives. Further enriching the range of trading profit available to local investors.

在香港市場，我們於第二季加大品牌投入並擴展在地化營運。本季旗艦行銷活動圍繞 State Act 展開，透過戶外廣告、社群媒體、新用戶專屬獎勵以及香港機場廣告投放等整合組合，放大品牌聲量。同時，我們在香港推出 CPO 指數期權交易，並為 Tiger X CBOE 指數期權舉辦專場發布活動，搭配一系列投資者教育計畫，進一步豐富本地投資者可交易的產品範圍。

Our [To B] business continued to strong momentum in the second quarter of 2026. On the investment banking side, in Hong Kong, we underwrote 14 [Hong Kong IPOs] during the quarter, continue to cover key sectors such as AIS and Heartec, including major AI deals like Money Cor, DeZand, Bangui and participating in the offering of intelligent manufacturing and automotive semiconductor companies such as semi, robotphoneix and CF. Further consolidating our market influence in listing services, technology and innovation companies. Meanwhile, we continue to expand our AH listing business, participating in Hong Kong list of leading companies such as parking technology and senior technology, spanning key industries, including smart hardware, new energy materials and consumer electronics.

我們的 [To B] 業務在 2026 年第二季持續保持強勁動能。在投資銀行方面，我們在香港於本季承銷 14 宗 [香港 IPO]，持續覆蓋 AIS 與 Heartec 等重點賽道，包含 Money Cor、DeZand、Bangui 等主要 AI 專案，並參與 semi、robotphoneix、CF 等智慧製造與車用半導體公司的發行，進一步鞏固我們在上市服務與科技創新企業領域的市場影響力。同時，我們持續拓展 AH 上市業務，參與 parking technology、senior technology 等領先企業的香港上市，涵蓋智慧硬體、新能源材料與消費電子等關鍵產業。

On the U.S. side, we participated in the distribution of 4 U.S. IPOs, including DSC Holdings, a digital platform from China automotive industry and [Micware] Japan automotive software company. Our [ESOP] business delivered steady growth during the quarter with 50 new class ideas. As as of June 30, 2026, our total -- reached 840.

在美國方面，我們參與了 4 宗美國 IPO 的分銷，包括 DSC Holdings（來自中國汽車產業的數位平台）以及 [Micware]（日本汽車軟體公司）。我們的 [ESOP] 業務本季保持穩健成長，新增 50 個 class ideas。截至 2026 年 6 月 30 日，我們的總數——達到 840。

Now I'd like to invite our CFO, John, to go over our financials.

接下來我想請我們的財務長 John 為大家說明財務表現。

(interpreted)All right. Thanks, Tianhua and Aron. Let me go through our financial performance for the second quarter. All numbers are in U.S. dollar.

（口譯）好的，謝謝天華與 Aron。下面我將介紹第二季的財務表現。所有數字均以美元計。

Commission income was $78.3 million increased 21% year-over-year and 17% quarter-over-quarter. Interest income was $79.8 million, increased 36% year-over-year and 24% quarter-over-quarter. Together, total revenue reached $182 million, setting an all-time high up 31% year-over-year and 18% quarter-over-quarter. Cash equity take rate was 3.6 bps this quarter, down from 5.9 bps a quarter ago. The main driver was a quarter-over-quarter increase of roughly $15 billion in trading volume from Tiger Broker U.S.

佣金收入為 7,830 萬美元，年增 21%，季增 17%。利息收入為 7,980 萬美元，年增 36%，季增 24%。合計總營收達 1.82 億美元，創歷史新高，年增 31%，季增 18%。本季現金股票 take rate 為 3.6 個基點，低於上一季的 5.9 個基點。主要原因是 Tiger Broker U.S. 的交易量較上一季增加約 150 億美元。

However, most of this uptick in trading volume didn't change into commission revenues. As in the U.S., we offer 0 commission to local users.

然而，這波交易量的上升大多並未轉化為手續費收入。與美國一樣，我們對本地用戶提供 0 手續費。

Within commission revenue, about 71% comes from cash equities, 24% from options and the rest from futures and other products. Loan to cost. Interest expense was $21.5 million, increased 19% quarter-over-quarter and 24% year-over-year, in line with the increase in interest income. Execution and clearing expense were $6.8 million an increase of 25% from the same period last year, in line with the increase in commission income. Employee compensation and benefits expense were $50 million, an increase of 39% year-over-year primarily due to the severance costs associated with the group's rework of business units.

在手續費收入中，約 71% 來自現金股票，24% 來自期權，其餘來自期貨及其他產品。借款成本。利息支出為 2,150 萬美元，較上季增加 19%、較去年同期增加 24%，與利息收入的增長一致。執行與清算費用為 680 萬美元，較去年同期增加 25%，與手續費收入的增長一致。員工薪酬與福利費用為 5,000 萬美元，較去年同期增加 39%，主要由於集團對業務單元重整所產生的遣散費用。

Occupancy, depreciation and amortization expense were $2.8 million, a slight increase of 3% year-over-year.

辦公場所、折舊及攤銷費用為 280 萬美元，較去年同期小幅增加 3%。

Communication and market data expense were $16.2 million, an increase of 56% year-over-year due to the increase in user base and IT-related service fees. Marketing expense were $18.4 million this quarter, increased 87% year-over-year as we focused on acquiring high-quality users and accelerate the expansion of our wealth management business. General and administrative expenses were $9.8 million, increased 45% year-over-year due to an increase in professional service fees.

通訊及市場數據費用為 1,620 萬美元，較去年同期增加 56%，主要由於用戶基數擴大及 IT 相關服務費增加。本季行銷費用為 1,840 萬美元，較去年同期增加 87%，因我們聚焦獲取高品質用戶並加速財富管理業務擴張。一般及行政費用為 980 萬美元，較去年同期增加 45%，主要由於專業服務費增加。

Total operating costs were $103.9 million, an increase of 47% from the same quarter of last year. As a result, our bottom line increased on both GAAP and non-GAAP basis quarter-over-quarter. GAAP net income was $39.4 million, and non-GAAP net income was $42.8 million versus a net loss in the previous quarter and up 20% quarter-over-quarter after excluding the impact of the one-off penalty in the first quarter. As of the close of the U.S. market yesterday, we have cumulatively repurchased approximately USD5 million worth of ADS under our buyback plan announced on June 2, 2026.

總營運成本為 1.039 億美元，較去年同期同季增加 47%。因此，我們的最終利潤在 GAAP 與 non-GAAP 口徑下均較上季提升。GAAP 淨利為 3,940 萬美元，non-GAAP 淨利為 4,280 萬美元；相較上一季為淨虧損，且在剔除第一季一次性罰款影響後，較上季增加 20%。截至昨日美股收盤，我們已根據 2026 年 6 月 2 日公布的回購計畫，累計回購約 500 萬美元的 ADS。

We may continue to execute repurchase from time to time under the $50 million share repurchase program announced on June 2, 2026.

我們可能會不時在 2026 年 6 月 2 日公布的 5,000 萬美元股份回購計畫下繼續執行回購。

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

現在我已結束我們的簡報。接線員，請開放線路進行問答。謝謝。

(Operator Instructions)

（接線員指示）

You Fan, CICC.

游帆，中金公司（CICC）。

Thanks for taking my questions. This is You Fan from CICC. I have 2 questions. Firstly, we have delivered a strong revenue growth and started operating profit expansion in Q2. But we noted that we also has a loss of over 2 million under the other net [this last] item. So what's the reason behind and how it would be going forward.

謝謝讓我提問。我是中金公司的游帆。我有兩個問題。第一，我們在第二季實現了強勁的營收增長，並開始擴大營業利潤。但我們注意到在其他淨額（other net）這一項下也出現了超過 200 萬的虧損。請問原因是什麼？未來走勢會如何？

And we also see that the income tax expense was a little bit high in Q2 with effective tax rate at now 28%. So what was the reason behind and what should we expect as the normalized effective tax rate going forward? . My second question -- can you share the run rate of our operating trends since Q3, including metrics like trading velocity, client assets and new funded accounts users. These two questions? Thank you.

另外我們也看到第二季所得稅費用偏高，目前有效稅率為 28%。原因是什麼？未來常態化的有效稅率應該如何預期？第二個問題——能否分享自第三季以來的營運趨勢運行水準（run rate），包括交易速度、客戶資產、新增入金帳戶用戶等指標？以上兩個問題，謝謝。

(interpreted) First, on the roughly USD2 million loss in the other line item this was mainly an FX loss driven by the continued appreciation of the RMB and the corresponding depreciation of the U.S. dollar during the second quarter. It's a long cash item. On income tax, first of all, we believe our normalized effective tax rate is in the 10% to 15% range. The second quarter tax expense was notably above that level for 2 reasons.

（口譯）首先，關於其他項目中約 200 萬美元的虧損，主要是外匯損失，原因是第二季人民幣持續升值、美元相應貶值所致。這是一個長期現金項目。關於所得稅，首先我們認為常態化有效稅率在 10% 到 15% 的區間。第二季稅費明顯高於該水準，主要有兩個原因。

Number 1 is there is a noncash deferred tax adjustment had to employ share-based compensation -- share-based award, we regret to employees, amortized quarterly on a gross basis as part of our compensation costs occurring both vested and unvested portions. . For tax purpose, however, only the amortization of the vested award is deductible. The expense from unvested award is nondeductible and gives rise to a deferred tax asset. When our share price dropped after May 22, the value of the unvested employee stock put declined, thus the previous recognized deferred tax asset came down accordingly.

第一，是一項非現金的遞延所得稅調整，與員工股權激勵——我們授予員工的股份獎勵——有關，該獎勵按季度以總額口徑攤銷，作為薪酬成本的一部分，包含已歸屬與未歸屬部分。然而在稅務處理上，只有已歸屬獎勵的攤銷可以稅前扣除；未歸屬獎勵的費用不可扣除，從而形成遞延所得稅資產。當我們的股價在 5 月 22 日之後下跌時，未歸屬員工股票的價值下降，因此此前確認的遞延所得稅資產也相應下降。

As a result, we wrote down about like USD1 million of deferred tax asset this quarter which was recorded as income tax expense. This is a noncash item and if the share price recovers going forward, it will reverse and reduce tax expense in that period.

因此，我們本季沖減（減記）了約 100 萬美元的遞延所得稅資產，並將其計入所得稅費用。這是一個非現金項目；若未來股價回升，該項將會轉回，並在當期降低所得稅費用。

The second reason is tied to the onetime penalty from May 22 rectification. We are still assessing this and for now purely out of prudence, we have treated the entire penalty as a nondeductible expense in the second quarter, which added about USD6 million to income tax expense this quarter. For now, this is a noncash item. Looking ahead, we expect to keep optimizing our tax arrangement in line of the profitability across the group's various regions and were consistent with the rules, we will aim to gradually reverse this against the income tax expense in the second half.

第二個原因與 5 月 22 日整改的一次性罰款有關。我們仍在評估中，出於審慎起見，目前在第二季將該罰款全額視為不可稅前扣除費用處理，從而使本季所得稅費用增加約 600 萬美元。就目前而言，這也是一個非現金項目。展望未來，我們預期將在符合各地規則的前提下，結合集團各區域的盈利情況持續優化稅務安排，並力爭在下半年逐步在所得稅費用中轉回（沖回）這部分影響。

(interpreted) Okay. I will translate regarding the run rate of our third quarter. First, on client assets -- to-date, quarter to date both net inflow and mark-to-market gains have each contributed more than USD1 billion. So an asset has kept up a heady growth. Quarter-to-date, we've seen a high single-digit quarter-over-quarter increase in current assets compared to the end of the second quarter.

（口譯）好的。我來翻譯關於第三季的運行水準。首先是客戶資產——截至目前，本季至今（quarter to date）淨流入與按市價計量（mark-to-market）的收益各自貢獻都超過 10 億美元，因此資產保持了強勁增長。本季至今，與第二季末相比，現有資產環比實現了高個位數增長。

And second, on trading activity. Quarter-to-date trading volume and commissions are running slightly below the same point in Q2. This mainly reflects the high base from a strong second quarter when the market really cap trading activity elevated -- with some pullback in the market heading into Q3, activities has eased accordingly.

第二是交易活動。本季至今的交易量與手續費收入，略低於第二季同一時點。這主要反映第二季基數較高，當時市場確實使交易活動維持在較高水準——隨著進入第三季市場有所回落，交易活動也相應趨緩。

And last, on new funded accounts, Hong Kong and Singapore remain our key contributors. We expect the number of new defended users to come in flat or increase versus Q2. As we stepped up our brand activity in both Hong Kong and Singapore in the second quarter and the result has looking good so far in Q3. On [top of that], it's worth noting that -- so far in Q3, the average net asset inflow for new funded user has risen further versus Q2 to around USD25,000, which is in line with our quality-first approach to client acquisition. Thank you.

最後是新增入金帳戶方面，香港與新加坡仍是我們的主要貢獻來源。我們預期新增入金用戶數將與第二季持平或較第二季增加。由於我們在第二季加大了香港與新加坡的品牌活動投入，目前第三季的效果看起來不錯。除此之外，值得注意的是——截至第三季目前，新入金用戶的平均淨資產流入較第二季進一步上升至約 25,000 美元，這與我們以品質優先的獲客策略一致。謝謝。

Cindy Wang, China Renaissance.

王欣迪，華興資本（China Renaissance）。

(spoken in foreign language) I have 2 questions. First, I would like to follow up the regulatory update after May 22. First, are there any other new policy changes. And then second is whether Mainland clients have stabilized, such as trading activity, customer turns and asset outflow. And currently, have you seen any significant changes in the percentage of customer assets and revenue from an retail clients?

（外語發言）我有兩個問題。第一，我想跟進 5 月 22 日之後的監管更新。首先，是否還有其他新的政策變化？其次，大陸客戶是否已經穩定下來，例如交易活動、客戶周轉以及資產流出情況？目前你們是否看到零售客戶資產占比與來自零售客戶的收入占比有任何顯著變化？

. The second question is on the company's overall blended take rate has remained relatively stable, but the cash equity take rate has decreased significantly compared to the previous quarter. Could you explain the reasons behind this? And what the trend looks like? Thank you.

第二個問題是，公司整體的綜合變現率（blended take rate）相對穩定，但現金股票的變現率較上一季顯著下降。能否解釋背後原因？以及趨勢如何？謝謝。

(interpreted) Okay. Let me take this from 2 angles, the policy and the client behavior. First, on policy. We moved quickly and are in full compliance with the regulator's requirement. And on June 12, we build out the necessary monitoring mechanism to restrict onshore activities by million users, such as opening positions and making deposits.

（口譯）好的。我從兩個角度來回答：政策與客戶行為。首先是政策方面。我們行動迅速，已完全符合監管要求。並且在 6 月 12 日，我們建立了必要的監控機制，以限制境內用戶的在岸活動，例如開倉與入金。

Since then, we haven't received any further policy changes or adjustments from regulators.

自那之後，我們尚未收到監管機構任何進一步的政策變更或調整。

Second, on client behavior. Broadly speaking, the impact was contributed in the second quarter and has largely been reflected at this point. Mainland retail users saw a net asset inflow of about USD500 million in the second quarter most of them between May 22 and June 12. This is a high single-digit percentage of this user's total client assets before the regulatory update. So [we think it is still manageable] and heading into the second quarter, the pace of outflow has been gradually easing.

第二，關於客戶行為。整體而言，影響主要在第二季產生，且截至目前基本已反映。中國大陸零售用戶在第二季錄得約5億美元的淨資產流入，其中大多發生在5月22日至6月12日之間。這相當於該用戶群在監管更新前總客戶資產的高個位數百分比。因此[我們認為仍在可控範圍內]，而且進入第二季後，資金外流的速度已逐步放緩。

So with those net asset inflows, Mainland retail users now account for under 10% of our total plant asset done further from before, and their revenue contribution has come down from the 20 to 25 branch in full year '25 and Q1 to a 15% to 20% range in Q2.

因此，在這些淨資產流入之後，中國大陸零售用戶目前占我們總平台資產的比例已降至10%以下，較此前進一步下降；其營收貢獻也從2025財年全年及第一季的20%至25%區間，降至第二季的15%至20%區間。

So that being said, the outflow impact from regulatory change has largely run cost. More importantly, our core growth engine is our global business. In the second quarter, plant assets grew quarter-over-quarter across every market we operate in. So based on the number and the actual results we are seeing so far, this matter has had no meaningful impact on the medium- to long-term fundamentals of our global business.

也就是說，監管變化帶來的外流影響基本已經走完。更重要的是，我們的核心成長引擎是全球業務。第二季，我們在所營運的每一個市場的平台資產均實現環比成長。因此，基於目前我們看到的數據與實際結果，這件事對我們全球業務的中長期基本面沒有任何實質性影響。

(interpreted) As I mentioned earlier, cash equity takerate went down from 5.9 bps in the first quarter to 3.6 bps in the second quarter. For several reasons, number one, in the second quarter, AI and the semi sector trading volume accounted for a larger share on our platform. Stocks like Micron, SanDisk were treated a high share price, which take rate of well below 1 bps which dragged down the overall U.S. cash equities take rate.

（口譯）如我先前提到，現金股票的費率（take rate）從第一季的5.9個基點降至第二季的3.6個基點。原因有幾點：第一，第二季AI與半導體板塊的交易量在我們平台上占比更高。像美光（Micron）、SanDisk等股票的股價較高，其費率遠低於1個基點，從而拉低了美股現金股票整體費率。

In addition, the NASDAQ Index rose sharply in the second quarter, up more than 20%, pushing up the average trading price of individual stocks. Since we charge commission on a per share basis, a higher trading price translates into lower take rate. The third reason is on high-frequency users were trading through our U.S. subsidiaries in the second quarter, which lifted the trading volume since we charge 0 commission for local U.S. clients, this also drives down cash equity take rate.

此外，納斯達克指數在第二季大幅上漲，漲幅超過20%，推升了個股的平均成交價格。由於我們按每股收取佣金，交易價格越高，換算出的費率就越低。第三個原因是，第二季有高頻用戶透過我們的美國子公司進行交易，帶動了交易量；但由於我們對美國本地客戶收取0佣金，這也會拉低現金股票費率。

The first 2 factors are market-driven. So the change is hard to predict, let's say, quarters today, in the third quarter, we have seen some pullback in share price, which should be positive for the cash equity take rate. We expect the cash equity take rate to recur somewhere in the third quarter. As for the blended take rate stayed relatively stable quarter-over-quarter, mainly because the share of future trading decline while cash equity and option trading went up. Since future trading volume is calculated on a notional basis, lower future treating volume due to depleted take rate.

前兩個因素由市場驅動，因此變化難以預測。比如說，到了第三季，我們已看到股價出現一定回落，這對現金股票費率應該是正面的。我們預期現金股票費率會在第三季回升到某個水平。至於綜合費率（blended take rate）環比相對穩定，主要是因為期貨交易占比下降，而現金股票與期權交易占比上升。由於期貨交易量按名義金額計算，期貨交易量下降會導致綜合費率被稀釋的程度降低。

Okay, so operator, let's proceed to the next question.

好的，那麼接線員，我們進入下一個問題。

Emma Xu of Bank of America Securities.

美國銀行證券（Bank of America Securities）的Emma Xu。

(spoken in foreign language) So the first question is, could you break down the geographic mix of the new founded account in the second quarter? Second, we noticed a notable sequential rise in the marketing expense, including the -- could you elaborate on the key drivers behind this increase, specifically, what is the split between user acquisition versus engagement spend? And in which markets have you ramped up investment please also share your outlook for the approximate range of CSC in the second half of this year.

（外語發言）第一個問題是，能否拆分一下第二季新增入金帳戶的地理分布？第二，我們注意到行銷費用環比明顯上升，包括——能否說明這次增加背後的主要驅動因素，特別是用戶獲取與用戶活躍/互動投入之間的比例？以及你們在哪些市場加大了投資？另外也請分享你們對今年下半年CSC大致區間的展望。

(interpreted) I think the new funded accounts were added in the second quarter, Singapore and Hong Kong together accounted for over 70% roughly even between these 2. Australia and New Zealand contributed around 25% with the rest coming from the U.S. market.

（口譯）我認為第二季新增的入金帳戶中，新加坡與香港合計占比超過70%，兩者占比大致相當。澳洲與紐西蘭貢獻約25%，其餘來自美國市場。

(interpreted) So let me break down the increase in our marketing spending and average CAC in the second quarter in three parts. First of all, some marketing expense for FCM rebates not really tied to user acquisition. Excluding the ex rate base, marketing spending was up about USD2.5 million quarter-over-quarter. An average CAC rose from around USD420 in Q1 to about USD450 in Q2. Under split client acquisition, including branding, accounted for roughly 60% to 70% of our total marketing expense.

（口譯）我把第二季行銷支出增加以及平均CAC上升拆成三部分。首先，有一部分行銷費用是用於FCM返利，並不真正與用戶獲取直接相關。剔除匯率因素後，行銷支出環比增加約250萬美元。平均CAC從第一季約420美元上升至第二季約450美元。在拆分上，用戶獲取（包括品牌投放）約占我們總行銷費用的60%至70%。

The incremental spending was mainly into brand building in Hong Kong and Singapore, and it's clearly bringing high-quality users.

新增投入主要用於香港與新加坡的品牌建設，而且顯然正在帶來高品質用戶。

Average net asset inflow per new funded account from under USD20,000 in the first quarter to over USD25,000 in the second quarter. In Hong Kong, our client assets have now grown double digits for 5 straight quarters up nearly 30% quarter-over-quarter and roughly triple year-over-year in Q2. We launched a space acting campaign during its IPO to emtify our brand awareness through different values and channels. In Singapore, we kept reinforcing our brand and marketing leadership through a mix of online and off-line campaigns from taking part in [GastroBeats] 2026 the city's largest outdoor film and musical festival to rolling out our -- where is your next step campaign with local running and applicable communities to work our TV advertising.

每個新增入金帳戶的平均淨資產流入，從第一季不足2萬美元提升至第二季超過2.5萬美元。在香港，我們的客戶資產已連續5個季度實現雙位數成長，第二季環比接近30%，同比約增至三倍。我們在其IPO期間推出了一個太空主題活動，透過不同形式與渠道提升品牌知名度。在新加坡，我們持續透過線上與線下活動的組合強化品牌與行銷領先地位，從參與[GastroBeats] 2026（該市最大的戶外電影與音樂節）到推出我們的「Where is your next step」活動，與本地跑步及相關社群合作，並配合我們的電視廣告投放。

Those campaigns helping us stay close to our user base, especially the younger ones and build a warmer higher, more trusted brand connection that go beyond traditional financing marketing. Looking beyond the second quarter, we will keep out adjusting our acquisition spending based on the market condition based on what we have seen so far, we expect the average CAC to be around USD450 to 550...

這些活動幫助我們更貼近用戶群，尤其是年輕用戶，並建立更有溫度、更值得信賴的品牌連結，超越傳統的金融行銷。展望第二季之後，我們將根據市場情況持續調整獲客投入。基於目前所見，我們預期平均CAC約在450至550美元之間……

At this time, there are no further questions on the line. I would like to hand the call back to Mr. Aron Lee for closing.

目前線上沒有更多問題。我想把電話交回給Aron Lee先生作結語。

Thank you. I'd 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 today's call. If you have any further questions, please reach out to our IR team.

謝謝。感謝各位今天參加我們的電話會議。我現在代表老虎（Tiger）管理團隊結束本次電話會議。我們非常感謝各位參與今天的會議。如有任何進一步問題，請聯繫我們的投資者關係（IR）團隊。

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

本次電話會議到此結束，非常感謝各位撥冗參與。再見。

That concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話。

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.

本逐字稿中標註（口譯）的部分，為現場電話會議中由口譯員翻譯的內容。該口譯員由主辦本活動的公司提供。