老虎證券 (TIGR) 2021 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 2021 Earnings Conference Call. (Operator Instructions) I must advise you that this conference is being recorded today, Tuesday, May 25, '21.

女士們、先生們，感謝大家的支持，歡迎參加UP Fintech Holding Limited 2021年第一季財報電話會議。 （操作員說明）我必須通知您，本次會議將於今天（21 年 5 月 25 日星期二）錄製。

I would now like to hand the conference over to your first speaker today, Mr. Clark S. Soucy. Thank you. Please go ahead.

現在我想將會議交給今天的第一位發言者克拉克·S·蘇西先生。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 2021 earnings release was distributed earlier today and is available on our IR website at ir.itiger.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 的 2021 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.itiger.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 U.S. Tiger Securities; and Mr. [Kenny 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，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。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 U.S. Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. 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, May 25, 2021, and our annual report on Form 20-F filed on April 28, 2021. We undertake no obligation to update any forward-looking statement, except as required under applicable law.

現在讓我來報道安全港。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含義內的前瞻性聲明。許多因素可能導致實際結果與任何前瞻性聲明中包含的結果有重大差異。有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的更多信息，請參閱我們今天（2021 年5 月25 日）提供的表格6-K 以及我們於4 月提交的表格20- F 年度報告2021 年 2 月 28 日。我們不承擔更新任何前瞻性聲明的義務，除非適用法律要求。

It is my pleasure to now introduce our Chairman and Chief Executive Officer, Mr. Wu. Mr. Wu will make remarks in Chinese, which will be followed by an English translation. Mr. Wu, please go ahead with 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, and welcome to Tiger Brokers 2021 First Quarter Earnings Conference Call.

【解讀】大家好，歡迎參加老虎證券2021年第一季財報電話會議。

Substantial investments in our platform and services, coupled with strong growth in new clients, led to notable increases across our core operating and financial indicators. In the first quarter, total revenue reached an all-time high of USD 81.3 million, 3.6x that of the first quarter of last year.

對我們平台和服務的大量投資，加上新客戶的強勁成長，導致我們的核心營運和財務指標顯著成長。第一季總營收達8,130萬美元，創歷史新高，是去年第一季的3.6倍。

The profit growth and operating efficiency of our firm continue to accelerate. We reported non-GAAP profit of USD 23.5 million, which was not only 22x higher than that of the same period last year, but also a sum that exceeded the total for fiscal year 2020.

公司獲利成長和經營效率持續加速。我們公佈的非 GAAP 利潤為 2350 萬美元，不僅比去年同期增長 22 倍，而且超過了 2020 財年的總額。

Another notable achievement was our addition of 117,000 funded accounts, a new record high for a single quarter. Clients continue to allocate more capital to our platform and total client assets reached $21 billion, 3.9x higher than the same period last year.

另一個顯著的成就是我們新增了 117,000 個資金帳戶，創下單季新高。客戶持續向我們的平台配置更多資金，客戶總資產達210億美元，比去年同期成長3.9倍。

I would now like to take this opportunity to provide investors with an update on 3 key business initiatives at our company. First, I am pleased to report that our internationalization strategy is progressing well. Tiger Brokers has established offices and licensed subsidiaries in the U.S., Australia, Singapore, New Zealand as well as other countries and regions, and our group possesses licenses pertaining to brokerage, investment banking and asset management, among others.

我現在想藉此機會向投資者介紹我們公司 3 項關鍵業務計劃的最新情況。首先，我很高興地向大家報告，我們的國際化策略進展順利。老虎證券在美國、澳洲、新加坡、紐西蘭等國家和地區設立了辦事處和持牌子公司，集團擁有經紀、投行、資產管理等執照。

Recall what I said during our 2020 third quarter earnings, that our goal was to have offshore clients account for more than 50% of our quarterly newly funded accounts within the next 6 to 12 months. I am proud to announce that we have already achieved that objective. In the first quarter of newly funded accounts, over 50% came from outside of China.

回想一下我在 2020 年第三季財報中所說的，我們的目標是在未來 6 至 12 個月內讓離岸客戶占我們季度新增資金帳戶的 50% 以上。我很自豪地宣布我們已經實現了這一目標。第一季新增資金帳戶中，超過50%來自中國境外。

Internationalization not only helps us fuel user growth. It also equips us with the know-how for dealing with regulatory bodies across multiple jurisdictions, which boosts our capability to meet the global investing needs of both individual investors and corporate clients alike.

國際化不僅有助於我們推動用戶成長。它還使我們具備了與多個司法管轄區的監管機構打交道的專業知識，從而增強了我們滿足個人投資者和企業客戶的全球投資需求的能力。

Second, as our firm scales, we expect our core businesses, namely, brokerage, investment banking, ESOP as well as our internationalization strategy to contribute to each other's respective growth. Our investment banking business continues to be highly active. In the first quarter, we participated in 14 IPOs, of which we underwrote 8, such as Zhihu and Cloopen Group, among others. We continue to remain appreciative of the trust issuers place in our firm. We started this business just a little over 2 years ago. But in that short time, we have already become the #1 underwriter by deal count for Chinese ADR issuance.

其次，隨著公司規模的擴大，我們希望我們的核心業務，即經紀業務、投資銀行業務、員工持股計畫以及我們的國際化策略能夠相互促進各自的成長。我們的投資銀行業務持續高度活躍。一季度，我們參與了 14 起 IPO，其中我們承銷了 8 起，例如知乎、Cloopen Group 等。我們仍然感謝信託發行人在我們公司中的地位。我們兩年多前才開始這項業務。但在這麼短的時間內，我們已經成為中國 ADR 發行交易數量第一的承銷商。

Moving on, growth in our ESOP business remains very impressive. In the first quarter, we added 41 new ESOP clients for a grand total of 165 clients. We are thankful of the trust corporate clients have conferred on our firm. And I'm happy to report that in the last year, of the Chinese issuers that have pursued a U.S. listing, approximately 50% of issuers chose Tiger to provide ESOP service.

展望未來，我們的員工持股計畫業務的成長仍然非常令人印象深刻。第一季度，我們新增 41 家 ESOP 客戶，客戶總數達到 165 家。我們感謝企業客戶對我們公司的信任。我很高興地向大家報告，去年，在尋求赴美上市的中國發行人中，大約有50%的發行人選擇老虎提供員工持股計畫服務。

Finally, I would like to provide an update on our self-clearing capabilities. In July of 2019, when we acquired Marsco, a broker-dealer with over 30 years' experience in self clearing, we also acquired their self-clearing license. This acquisition is a landmark in our firm's history as we now exert control over every aspect of our brokerage system. While implementing self-clearing has, of course, raised new technical compliance and operational requirements, it has also created a new moat around our business.

最後，我想介紹一下我們的自我清算能力的最新情況。 2019年7月，當我們收購擁有30多年自我清算經驗的經紀自營商Marsco時，我們也獲得了他們的自我清算牌照。這次收購是我們公司歷史上的一個里程碑，因為我們現在可以控制經紀系統的各個方面。當然，實施自我清算提出了新的技術合規性和營運要求，同時也為我們的業務創造了新的護城河。

I am pleased to report that as of the first quarter of 2021, over 30% of our clients were having their U.S. cash equities self cleared by Marsco. In addition, since the fourth quarter of 2020, all new clients onboarded in the U.S. were having their trades self cleared by Marsco. Furthermore, all new Chinese clients are having their U.S. cash equities trades self cleared by Marsco. We project that by the end of this year, we will be self-clearing over 70% of our clients.

我很高興地報告，截至 2021 年第一季度，我們超過 30% 的客戶的美國現金股票由 Marsco 自行清算。此外，自 2020 年第四季以來，所有在美國註冊的新客戶的交易均由 Marsco 自行清算。此外，所有新的中國客戶的美國現貨股票交易均由 Marsco 自行清算。我們預計，到今年年底，我們將實現 70% 以上的客戶的自助清算。

Finally, we are grateful to the consortium of leading institutional investors who participated in our convertible bond issuances in February and April of this year. We, in total, raised $155 million dollars, which we will employ to advance our international expansion as well as make further investments in our research and development capabilities.

最後，我們感謝今年二月和四月參與我們可轉換債券發行的領先機構投資者財團。我們總共籌集了 1.55 億美元，將用於推進我們的國際擴張以及對我們的研發能力進行進一步投資。

I would now like to invite our CFO, John, to review our financial results.

我現在想邀請我們的財務長約翰審查我們的財務表現。

Thanks, Tianhua and Clark. Let me go through our first quarter financial performance. All numbers are in U.S. dollar. As Tianhua mentioned earlier, all of our business units, including both retail and corporate services, have performed very well this quarter. Our internationalization is also progressing rapidly that enable us to acquire more user, increase customer to fund the account conversion and bring in more client assets. As a result, total revenue were $81.3 million for this quarter, an increase of 256% from the same quarter of last year. Within total revenue, commission were $53 million, an increase of 277% year-over-year as our user base is much bigger versus a year ago. And our users have been active with favorable market backdrop in the first quarter.

謝謝天華和克拉克。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。正如天華之前提到的，我們所有的業務部門，包括零售和企業服務，本季的表現都非常好。我們的國際化也在快速進展，這使我們能夠獲得更多用戶，增加客戶為帳戶轉換提供資金並帶來更多客戶資產。因此，本季總營收為 8,130 萬美元，較去年同期成長 256%。在總收入中，佣金為 5,300 萬美元，年增 277%，因為我們的用戶群比一年前大得多。第一季市場環境良好，用戶表現活躍。

Interest-related income, which combines financing service fee and interest income, increased 179% year-over-year to reach $17.9 million this quarter, also due to bigger user base and the increased market activities. Other revenue, mostly revenue from our investment banking business, increased 331% year-over-year to $10.5 million. Our underwriting pipeline is very strong. And we maintained the #1 position in terms of deal counts for Chinese ADR underwriting.

由於用戶基礎擴大和市場活動增加，利息相關收入（包括融資服務費和利息收入）本季年增 179%，達到 1,790 萬美元。其他收入（主要來自投資銀行業務的收入）年增 331% 至 1,050 萬美元。我們的核保管道非常強大。我們在中國 ADR 承銷交易數量方面保持第一名的位置。

Now on the cost. Interest expense increased 480% year-over-year to $5.5 million this quarter, in line with our user growth and increase in margin activities. Execution and clearing expense were $8.2 million this quarter, increased 366% year-over-year and 97% quarter-over-quarter. As we have more consolidated account customers and starting to record more clearing expense on our book.

現在談成本。本季利息支出年增 480% 至 550 萬美元，這與我們的用戶成長和保證金活動的增加一致。本季執行和清算費用為 820 萬美元，年增 366%，季增 97%。由於我們擁有更多的綜合帳戶客戶，並開始在我們的帳簿上記錄更多的清算費用。

Thanks to our gradual ramp-up of self clearing, our clearing cost as percent of commission actually came down quarter-over-quarter from 16.5% in the fourth quarter last year to 15.5% this quarter, even when we had a huge increase in consolidated account customer this quarter. We expect clearing costs to further come down when we self-clear for more clients.

由於我們逐步加強自我清算，我們的清算成本佔佣金的百分比實際上環比下降，從去年第四季度的 16.5% 降至本季度的 15.5%，即使我們的綜合清算成本大幅增加。本季的帳戶客戶。當我們為更多客戶進行自助清算時，我們預計清算成本將進一步下降。

Employee compensation increased 58% year-over-year to $16.5 million as we keep adding head counts, especially in R&D and product to support global expansion. Along with head count increase, occupancy expense increased slightly to $1.2 million this quarter. SG&A increased 78% year-over-year to $4.1 million this quarter.

隨著我們不斷增加員工人數，特別是在支持全球擴張的研發和產品方面，員工薪酬年增 58% 至 1,650 萬美元。隨著員工人數的增加，本季的入住費用略有增加至 120 萬美元。本季 SG&A 年增 78% 至 410 萬美元。

Marketing expenses were $12.8 million this quarter, an increase of 371% from the same quarter last year as first quarter market sentiment was favorable towards investors, and we took this opportunity for client acquisition. We will keep spending in branding and customer acquisition to accompany our global expansion.

本季行銷費用為 1,280 萬美元，比去年同期成長 371%，因為第一季市場情緒對投資者有利，我們藉此機會爭取客戶。我們將繼續在品牌建立和客戶獲取方面投入資金，以配合我們的全球擴張。

As a result of rapid user growth, communication and data usage also increased 116% year-over-year to $4 million this quarter. After taking all the expense, our net income was $21.1 million this quarter versus a net loss of $0.2 million in the same quarter last year. Non-GAAP net income which excludes share-based compensation, impairment loss from equity investment and fair value change from convertible bonds, was $23.5 million this quarter, increased 21x from the same quarter of last year.

由於用戶快速成長，本季通訊和數據使用量也較去年同期成長 116%，達到 400 萬美元。扣除所有費用後，我們本季的淨利潤為 2,110 萬美元，而去年同期的淨虧損為 20 萬美元。本季非公認會計準則淨利潤為 2,350 萬美元，較去年同期成長 21 倍，其中不包括股權激勵、股權投資減損損失和可轉換債券公允價值變動。

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

現在我的演講結束了。接線員，請開通問答線。

(Operator Instructions) Our first question comes from the line of Han Pu of CICC.

（操作員須知） 我們的第一個問題來自中金公司韓璞的電話。

(foreign language) This is Han Pu from CICC, and many congrats on such a strong quarter. I have 2 questions. The first one is about the ESOP business. We see the strong growth in the number of clients this quarter. Could you please give us more comments on the growth momentum and taking advantages and potential synergies of this business? This is my first question.

（外語）我是中金公司的韓璞，對如此強勁的季度表示祝賀。我有 2 個問題。第一個是關於ESOP業務。我們看到本季客戶數量強勁成長。您能否就該業務的成長動力、優勢和潛在綜效給我們更多評價？這是我的第一個問題。

And my second question is about the competitive landscape of the Singapore market and our potential market share considering more online brokers have joined the market aggressively.

我的第二個問題是關於新加坡市場的競爭格局以及考慮更多線上經紀商積極加入市場，我們的潛在市場份額。

[Interpreted] Okay. Let me translate the first question. So first of all, ESOP is becoming a standard to new economy companies. And we think there are a lot more new economy company coming to the market, which ESOP has a huge potential. So Tiger ESOP is not only a SaaS software. It offers actually comprehensive service ranging from benefit consulting trust service, covers the whole spectrum of stock option management. Also with Tiger's global licenses, we can service different -- we can service companies with global footprints to satisfy their stock option needs.

[解釋]好的。我來翻譯第一個問題。所以首先，ESOP正在成為新經濟公司的標準。我們認為有更多的新經濟公司進入市場，ESOP 具有巨大的潛力。所以Tiger ESOP不只是一個SaaS軟體。它實際上提供從福利諮詢信託服務到股票選擇權管理的全方位服務。此外，憑藉 Tiger 的全球許可證，我們可以提供不同的服務——我們可以為業務遍及全球的公司提供服務，以滿足他們的股票選擇權需求。

Our ESOP service is getting very good brand recognition, especially for Chinese ADR offerings. In the past year, over 50% of the Chinese ADR issuers choose us as ESOP provider. In addition to service U.S. and Hong Kong listed companies, now we can also provide ESOP service to A-share listed or potential A-share IPO companies. We see A-share ESOP market with huge potential and confident we can grab big market share in the A-share space as well.

我們的 ESOP 服務獲得了很好的品牌認可，特別是對於中國 ADR 產品而言。去年，超過50%的中國ADR發行人選擇我們作為員工持股計畫提供者。除了服務美國和香港上市公司外，現在我們還可以為A股上市公司或潛在A股IPO公司提供ESOP服務。我們看到A股員工持股計畫市場潛力巨大，並有信心我們也能在A股領域佔有較大的市佔率。

First of all, we always work on competition. Competition is good for investors and for the industry. It's also a driving force for us to keep innovate and offer a differentiated product and services. We feel very confident to maintain our market-leading position in Singapore. We offer more trading products versus our competitors.

首先，我們始終致力於競爭。競爭對投資者和產業都有好處。這也是我們不斷創新並提供差異化產品和服務的動力。我們非常有信心保持我們在新加坡的市場領先地位。與競爭對手相比，我們提供更多的交易產品。

In addition to U.S., Hong Kong, Singapore equities, we also offer DLC trading and Fund Mall, which is our digital wealth management platform. We also started to offer U.S. IPO subscription service to qualified the Singapore investors. This is not a service offered by existing brokers and can only do so by leveraging Tiger's market-leading U.S. IPO underwriting capability.

除了美國、香港、新加坡股票外，我們還提供DLC交易和基金商城，這是我們的數位財富管理平台。我們也開始向合格的新加坡投資者提供美國IPO認購服務。這不是現有經紀商提供的服務，只能透過老虎證券市場領先的美國 IPO 承銷能力來實現。

Furthermore, we are in the process to apply SGX clearing license. Once we have the SGX clearing license, we can offer more competitive pricing for low-cost stock trading and penetrate deeper into the existing Singapore investment market.

此外，我們正在申請新交所清算許可證。一旦我們獲得新交所清算牌照，我們就可以為低成本股票交易提供更具競爭力的定價，並更深入地滲透到現有的新加坡投資市場。

One more point I want to highlight is our collaboration with Singapore local companies. For example, last month, we started co-promotion with Grab. So far, we have received good response from both Grab and Tiger users. We will roll out more partnership like this to offer localized service to Singapore investors.

我想強調的另一點是我們與新加坡本地公司的合作。例如，上個月，我們開始與 Grab 聯合促銷。到目前為止，我們得到了 Grab 和 Tiger 用戶的良好反響。我們將推出更多這樣的合作關係，為新加坡投資者提供在地化服務。

Our next question comes from the line of Jacky Zuo of China Renaissance.

我們的下一個問題來自華興資本的左宗棠。

(foreign language) Congrats for the decent results. I have 2 questions. Number one is about our U.S. stock self-clearing progress. As John mentioned, our clearing fees as a percentage of our commission revenue start to decrease Q-on-Q. And 30% of our existing customers start to switch to Marsco self clearing. So just I want to understand from stock trading volume perspective, when can we achieve 100% of clearing? And what is the P&L implication?

（外語）祝賀取得了不錯的成績。我有 2 個問題。第一個是我們的美國股票自我清算進展。正如約翰所提到的，我們的清算費用佔佣金收入的百分比開始較上月下降。我們 30% 的現有客戶開始轉向 Marsco 自助清算。那我想從股票交易量的角度來了解一下，什麼時候可以達到100%的清算呢？損益表的意思是什麼？

And second question is about the dream product. So do we plan to launch cryptocurrency trading in the future?

第二個問題是關於夢想的產品。那麼我們未來是否計劃推出加密貨幣交易呢？

[Interpreted] Okay. Let me translate. So by end of last quarter, all U.S.-based investors are using Marsco to clear U.S. cash equities. As of March 31, about 30% of Tiger's users are using Marsco for clearing. In the third quarter -- second quarter, we just started using Marsco for new accounts from China region. We expect by end of this year, more than 70% of our users will be clearing through Marsco.

[解釋]好的。讓我翻譯一下。因此，到上季末，所有美國投資者都在使用 Marsco 來清算美國現金股票。截至3月31日，Tiger約有30%的用戶使用Marsco進行清算。在第三季-第二季度，我們剛開始使用Marsco來處理來自中國地區的新帳戶。我們預計到今年年底，我們超過 70% 的用戶將透過 Marsco 進行清算。

In terms of trading volume, we think by early next year, we will have all the trading volume for cash equities cleared by Marsco. We already seen clearing costs came down due to self clearing on a quarter-over-quarter basis. We expect clearing costs to further come down once we have more clients trading through Marsco. Just roughly estimate, if we use the 2020 clearing expense as a proxy, I think if we clear everything by ourselves, the clearing expense can save for USD 30 million.

就交易量而言，我們認為到明年初，我們將擁有所有由 Marsco 清算的現金股票交易量。我們已經看到，由於自我清算，清算成本逐季下降。一旦我們有更多客戶透過 Marsco 進行交易，我們預計清算成本將進一步下降。粗略估計一下，如果以2020年的清算費用為代理，我想如果我們全部自己清算的話，清算費用可以節省3000萬美元。

So we notice cryptocurrency, for example, bitcoin, has becoming more acceptable by mainstream investors since last year and is emerging as an asset class. Tiger's mission is to make investing more efficient and enjoyable for investors. So crypto is definitely a product in our pipeline. Given crypto is the new asset class and many regulations are still work in progress, at Tiger, we will take a very prudent approach. First of all, we will only offer crypto trading to offshore clients. We are not going to offer such service to Chinese nationals.

因此我們注意到，自去年以來，比特幣等加密貨幣越來越被主流投資者接受，並且正在成為一種資產類別。 Tiger 的使命是讓投資人的投資更有效率、更愉快。所以加密貨幣絕對是我們管道中的產品。鑑於加密貨幣是新的資產類別，並且許多法規仍在製定中，在 Tiger，我們將採取非常謹慎的方法。首先，我們只會向離岸客戶提供加密貨幣交易。我們不會向中國公民提供此類服務。

In addition, the Tiger subsidiary offering crypto trading needs to apply local license and be compliant with local regulation. For example, in the U.S., brokers need money service license to offer crypto trading, in Singapore it is PSA license. We are in the process to apply those licenses.

此外，老虎子公司提供加密貨幣交易需要申請當地許可證並遵守當地法規。例如，在美國，經紀商需要貨幣服務許可證才能提供加密貨幣交易，在新加坡則需要 PSA 許可證。我們正在申請這些許可證。

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

我們的下一個問題來自花旗銀行的 Judy 張。

(foreign language) I will first translate my question. This is Judy from Citi. I have 1 question. We have seen the market experience some level of pullback lately. Could management please give us guidance in terms of the impact of the business?

（外語）我先翻譯一下我的問題。我是花旗銀行的茱蒂。我有 1 個問題。我們最近看到市場經歷了一定程度的回檔。管理層能否就業務影響向我們提供指導？

[Interpreted] We do see some moderating market sentiment activities in the second quarter, but our key priority, user acquisition, has been going very well due to our value-added service and more geographic expansion. We see net inflow coming out to our platform, even when market is more choppy lately. And from a broker's perspective, relative volatility is actually good for our business sentiment.

[解讀]我們確實看到第二季市場情緒活動有所緩和，但由於我們的加值服務和更多的地理擴張，我們的關鍵優先事項—用戶獲取一直進展順利。即使最近市場更加波動，我們也看到淨資金流入我們的平台。從經紀人的角度來看，相對波動其實有利於我們的商業信心。

Some investors may wonder whether market pullback will affect Tiger's underwriting business. In the short term, market pullback has delayed quite a few offerings, semi impact to Tiger and other investment bank. But on the other hand, when market is not very good, we can actually better differentiate Tiger's service and capabilities versus traditional banks. And we actually have acquired more mandates mainly as the lead bank. Our pipeline is very strong, and we look forward to more revenue from our underwriting business later this year.

一些投資者可能想知道市場回檔是否會影響老虎的承銷業務。短期來看，市場回檔導致不少發行延後，對老虎基金等投資銀行造成一定影響。但另一方面，當市場不太好的時候，我們實際上可以更好地將老虎銀行的服務和能力與傳統銀行區分開來。事實上，我們主要作為牽頭銀行獲得了更多授權。我們的管道非常強大，我們期待今年稍後從承保業務中獲得更多收入。

(Operator Instructions) Ladies and gentlemen, that concludes our question-and-answer session. I'd now like to hand the conference back to Mr. Clark S. Soucy. Please go ahead.

（操作員指示）女士們、先生們，我們的問答環節到此結束。現在我想把會議交還給克拉克·S·蘇西先生。請繼續。

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

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。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]