老虎證券 (TIGR) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the UP Fintech Holding Limited Second Quarter 2020 Earnings Conference Call. (Operator Instructions) I must advise you that this conference is being recorded today, Tuesday, August 18, 2020.

女士們、先生們，感謝大家的支持，歡迎參加UP Fintech Holding Limited 2020年第二季財報電話會議。（操作員說明）我必須通知您，本次會議將於今天（2020 年 8 月 18 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, [Raff]. Hello, everyone, and thank you for joining us for the call today. UP Fintech Holding Limited's second quarter 2020 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，[拉夫]。大家好，感謝您今天加入我們的電話會議。UP Fintech Holding Limited 的 2020 年第二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.

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. 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.

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。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 refer to our Form 6-K furnished today, August 18, and our annual report on Form 20-F filed on April 29, 2020.

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（8 月18 日）提供的表格6-K 以及我們於4 月29 日提交的表格20- F 年度報告， 2020.

We undertake -- excuse me, we undertake no obligation to update any forward-looking statement, except as required under applicable law. It is my pleasure to now introduce our Chairman and Chief Executive Officer, Mr. Wu.

我們承諾－對不起，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。我很高興現在介紹我們的董事長兼執行長吳先生。

Mr. Wu will make remarks in Chinese, which will be followed by an English translation. Mr. Wu, please go ahead with your remarks.

吳先生將以中文致辭，隨後將有英文翻譯。請吳先生發言。

(foreign language)

（外語）

[Interpreted] Good day, everyone, and thank you very much for attending the Tiger Brokers 2020 Second Quarter Earnings Conference Call.

【解讀】大家好，非常感謝大家參加老虎證券2020年第二季財報電話會議。

(foreign language)

（外語）

[Interpreted] We saw moderated market volatility in the second quarter, but our users remained very active, which fueled our strong growth this quarter. Total revenue exceeded USD 30 million, a 122% increase on the same period last year. This marks the second quarter this year when revenue growth exceeded 100% on a year-on-year basis. Our operating efficiency and earnings quality keep improving. We achieved consecutive quarters with GAAP profits.

【解讀】第二季度我們看到市場波動有所緩和，但我們的用戶仍然非常活躍，這推動了我們本季的強勁成長。總營收突破3000萬美元，年增122%。這標誌著今年第二季營收年增超過100%。我們的經營效率和獲利品質持續提升。我們連續幾個季度實現了 GAAP 利潤。

In the second quarter of this year, our company reported operating income and non-GAAP operating income of USD 5.1 million and USD 6.8 million, respectively. Please refer to our Form 6-K furnished today, August 18, for a reconciliation of non-GAAP financial measures to GAAP financial measures.

今年第二季度，我們公司的營業收入和非公認會計準則營業收入分別為 510 萬美元和 680 萬美元。請參閱我們今天（8 月 18 日）提交的表格 6-K，以了解非 GAAP 財務指標與 GAAP 財務指標的調整表。

(foreign language)

（外語）

[Interpreted] Our improving financials are dependent on the trust and goodwill of our users. As Tiger continues to grow our business and our brand as well as provide more differentiated services, more people entrusted us with their money.

[解讀]我們改善的財務狀況取決於使用者的信任和善意。隨著 Tiger 不斷發展我們的業務和品牌，並提供更差異化的服務，越來越多的人將資金委託給我們。

In the second quarter, we added 33,800 new accounts with deposits, a new quarterly high for our company. And total accounts with deposits increased 76.7% from the same quarter last year.

第二季度，我們新增存款帳戶 33,800 個，創公司季度新高。存款帳戶總數較去年同期成長76.7%。

We saw strong inflows this quarter. Total client assets reached a new high of $8.3 billion, 133% higher than the same period last year and a 51% increase on the previous quarter. I expect, with high-growth in client numbers and client assets, Tiger will keep delivering good financial performance in the near future.

本季我們看到強勁的資金流入。客戶總資產達到83億美元的新高，比去年同期成長133%，比上季成長51%。我預計，隨著客戶數量和客戶資產的高速成長，老虎在不久的將來將繼續保持良好的財務表現。

(foreign language)

（外語）

[Interpreted] While brokerage is, of course, our core business, investment banking, ESOP and our internationalization efforts continue to develop nicely. Our U.S. and Singapore businesses are on the right track. They are expanding our customer acquisition channels while diversifying our revenue streams.

[解讀]雖然經紀業務當然是我們的核心業務，但投資銀行、員工持股計畫和我們的國際化努力仍持續良好發展。我們的美國和新加坡業務正走在正確的軌道上。他們正在擴大我們的客戶獲取管道，同時使我們的收入來源多樣化。

In addition, we completed our self-clearing infrastructure setup and gradually started to self clear U.S. equities.

此外，我們完成了自我清算基礎建設，並逐步開始自我清算美國股票。

(foreign language)

（外語）

[Interpreted] Thanks to our growing influence in capital markets as well as our strong retail and institutional client base, our investment banking business continues to grow rapidly. In the second quarter, Tiger participated in 8 U.S. IPOs. Recently, we also served as an underwriter for Li Auto, solidifying our #1 position as the most active ADR underwriter in terms of deal count. We were also active in high-profile Hong Kong IPOs.

【解讀】得益於我們在資本市場的影響力不斷增強，以及強大的零售和機構客戶基礎，我們的投資銀行業務持續快速成長。第二季度，Tiger參與了8宗美國IPO。最近，我們也擔任理想汽車的承銷商，鞏固了我們作為交易數量最活躍的 ADR 承銷商第一的地位。我們也積極參與備受矚目的香港首次公開募股。

In the second quarter, we were a joint book runner for NetEase's Hong Kong listing, which demonstrates Tiger is an indispensable partner for Chinese companies looking to enter global capital markets.

第二季度，我們擔任了網易香港上市的聯席帳簿管理人，這顯示老虎是中國企業進軍全球資本市場不可或缺的合作夥伴。

(foreign language)

（外語）

[Interpreted] In the past half year, our ESOP business has grown rapidly. We have invested heavily in this system to gradually improve its functionalities. This system now supports complex plans that span multiple countries and corporate entities.

【解讀】近半年來，我們的ESOP業務成長迅速。我們對這個系統投入了大量資金，逐步完善其功能。該系統現在支援跨越多個國家和公司實體的複雜計劃。

In the second quarter, I am proud to report that we added 16 ESOP customers. In the first half of this year, over 50% of Chinese ADR issuers have chosen Tiger's ESOP system. We look forward to continuing to grow our dominant market share and are resolute in our conviction that our outstanding service and comprehensive capabilities will attract more clients to our ESOP system.

在第二季度，我很自豪地報告，我們增加了 16 位 ESOP 客戶。今年上半年，超過50%的中國ADR發行人選擇了老虎的員工持股計畫。我們期待繼續擴大我們的主導市場份額，並堅信我們卓越的服務和綜合能力將吸引更多客戶加入我們的員工持股計畫體系。

(foreign language)

（外語）

[Interpreted] With regards to our wealth management business, at the end of the second quarter, we unveiled our proprietary fund analysis system that assist clients analyze the rich range of investments available on our Fund Mall, which presently features over 100 mutual funds from distinguished global asset managers.

【解讀】財富管理業務方面，第二季末，我們推出了自有的基金分析系統，幫助客戶分析基金商城豐富的投資品種，目前基金商城有超過100隻來自知名機構的互惠基金。全球資產管理公司。

(foreign language)

（外語）

[Interpreted] Finally, I would like to provide an update on our share repurchase program. From April 1 to August 17, we, in total, repurchased 700,000 ADS for an approximate consideration of USD 2.2 million.

[解讀]最後，我想介紹一下我們的股票回購計畫的最新情況。從4月1日到8月17日，我們總共回購了70萬股ADS，代價約220萬美元。

(foreign language)

（外語）

[Interpreted] I would now like to invite our CFO, John, to go over our financial results.

[解釋]我現在想邀請我們的財務長約翰檢查一下我們的財務表現。

Thanks, Tianhua and Clark. So as mentioned earlier, second quarter was a strong quarter in terms of both operating and financials with favorable market backdrop, increased user base and trading activities, commission revenue went up 170 -- 178% year-over-year to $18.8 million this quarter.

謝謝天華和克拉克。如同前面所提到的，第二季度在營運和財務方面都是一個強勁的季度，市場背景良好，用戶基礎和交易活動有所增加，本季佣金收入年增 170% - 178% 至 1880 萬美元。

Interest-related income, which combines financing service fee and interest income went up 69% year-over-year to $8.8 million, thanks to increased margin trading and securities lending activities. Other revenue also increased 54% year-over-year to $2.5 million, primarily due to more IPO underwriting. Total revenues were $30.1 million, up 122% from same quarter last year, taking our interest expense of $1.9 million. Total net revenue were $28.2 million, an increase of 125% from same quarter last year.

由於保證金交易和證券借貸活動增加，利息相關收入（包括融資服務費和利息收入）年增 69% 至 880 萬美元。其他收入也年增 54% 至 250 萬美元，這主要是由於 IPO 承銷增加。總收入為 3,010 萬美元，比去年同期成長 122%，利息支出為 190 萬美元。總淨收入為 2,820 萬美元，比去年同期成長 125%。

Now switching to cost. So execution and clearing costs were $2.9 million, increased almost 4x year-over-year as we have a much bigger user base and increased trading volume. Compensation expense increased 39% year-over-year to $11.3 million. Taking our share-based compensation, the cash portion of compensation expense increased 36% year-over-year. The increase was due to [the fact that] (added by company after the call) we keep adding accounts into key positions to support the rapid growth of our business.

現在轉向成本。因此，執行和清算成本為 290 萬美元，年成長近 4 倍，因為我們擁有更大的用戶群和增加的交易量。薪資支出年增 39% 至 1,130 萬美元。考慮到我們的股權激勵，薪酬支出的現金部分比去年同期成長了 36%。增加的原因是[事實]（公司在電話會議後補充說）我們不斷在關鍵職位上增加帳戶，以支持我們業務的快速成長。

Marketing expense increased 48% year-over-year to $2.9 million this quarter as market backdrop remains favorable for user acquisition. We likely will keep investing in marketing in the second half. Occupancy, depreciation and amortization increased 42% to $1.1 million. SG&A increased 43% to $2.8 million. Both increases are in line with our business expansion.

由於市場背景仍有利於用戶獲取，本季行銷費用年增 48% 至 290 萬美元。下半年我們可能會繼續投資行銷。入住率、折舊和攤提增加 42%，達到 110 萬美元。SG&A 增加 43% 至 280 萬美元。這兩項成長都符合我們的業務擴張。

Total operating costs were $23.1 million, an increase of 52% year-over-year. Operating income, which is a key metric we focus on internally, increased to $5.1 million this quarter, a significant improvement from negative $2.6 million in the same quarter last year and $1.9 million in the first quarter of this year.

總營運成本為 2,310 萬美元，年增 52%。營業收入是我們內部關注的關鍵指標，本季增加至 510 萬美元，比去年同期的負 260 萬美元和今年第一季的 190 萬美元有了顯著改善。

Net income attributable to our fintech was $1.1 million compared to a net loss of $1.9 million in the same quarter of last year. One thing I want to elaborate is our effective tax rate of 49% this quarter looks very high. The reason is while we started to make profit on a consolidated group basis, some of our subsidiaries still don't have profit, so deferred tax assets accumulated as those entities cannot apply it. We expect our effective tax rate to gradually go down as most subsidiaries will make profit and our parent apply deferred asset benefits.

歸屬於金融科技的淨利為 110 萬美元，而去年同期淨虧損為 190 萬美元。我想詳細說明的一件事是，本季我們 49% 的有效稅率看起來非常高。原因是，當我們在集團合併基礎上開始獲利時，我們的一些子公司仍然沒有獲利，因此這些實體累積的遞延所得稅資產無法使用。我們預計我們的有效稅率將逐漸下降，因為大多數子公司將獲利，並且我們的母公司適用遞延資產福利。

That's it for the management presentation. We are now open for questions.

這就是管理層的演示。我們現在歡迎提問。

(Operator Instructions) And your first question comes from the line of Daphne Poon from Citi.

（操作員說明） 您的第一個問題來自花旗銀行的 Daphne Poon。

So my first question is about your commission rate. So we see a meaningful increase in terms of your net commission rate in the second quarter to about 3.4 basis points. So just can you explain the reasons behind? And what's the outlook going forward?

所以我的第一個問題是關於你們的佣金率。因此，我們看到第二季的淨佣金率顯著增加，達到約 3.4 個基點。那麼您能解釋一下背後的原因嗎？未來的前景如何？

And also, in terms of your new customer growth, we have seen some very strong momentum year-to-date. Just wondering if it's possible to give some color on your full year -- your customer growth outlook or maybe the run rate in the third quarter so far.

此外，就新客戶成長而言，我們今年迄今看到了一些非常強勁的勢頭。只是想知道是否有可能為您的全年提供一些色彩——您的客戶成長前景或到目前為止第三季的運行率。

And also lastly, I want to check on your overseas market expansion. So we understand you're tapping into, for example, the U.S. market and also the Singapore market since beginning of the year. So just wondering if you can share any progress there, for example, the number of new clients and also the -- maybe the current asset contribution.

最後，我想了解你們的海外市場拓展情況。因此，我們了解到，自今年年初以來，您正在進軍美國市場和新加坡市場等。因此，我想知道您是否可以分享那裡的任何進展，例如，新客戶的數量以及可能是當前的資產貢獻。

Right. Okay. Daphne, let me answer your first 2 questions regarding the commission rate and also the new customer growth. Then I will let Tianhua to answer your question regarding the offshore international expansion. Okay.

正確的。好的。達芙妮，讓我回答您關於佣金率和新客戶成長的前兩個問題。那我就請天華來回答大家關於離岸國際擴張的問題。好的。

So our commission rate of -- in the second quarter, actually, our commissions has been gradually increasing by -- for the first 2 quarters this year. I think the main reason is, now first of all, there are more people trading; second thing is now there are some -- people are trading more diversified product. So instead of trading U.S. equities, we have also a lot of people trading U.S. options, which have relatively higher [commissions -- so options are] (added by company after the call) obviously a higher margin product for us, so that's why you can see the blended commission rate also goes up. Okay. So that's the reason for -- that's the answer for the first question.

因此，我們的佣金率——實際上，在第二季度，我們的佣金在今年前兩個季度逐漸增加了——。我覺得最主要的原因是，現在先交易的人變多了；第二件事是現在人們正在交易更多樣化的產品。因此，我們不是交易美國股票，而是有很多人交易美國期權，這些期權的[佣金相對較高——所以期權]（由公司在電話會議後添加）顯然對我們來說是利潤率更高的產品，所以這就是為什麼你可以看到混合佣金率也在上升。好的。這就是第一個問題的答案。

Then for the second question is, now unfortunately, I cannot give you a very clear guidance in terms of the total customer growth this year. The reason is because recently our international expansion just started. So U.S. started last -- fourth quarter last year, and Singapore started this year. So for those 2 regions, so far, the growth has been pretty positive. But right now, I still don't have the full grasp on either growth potential, so I cannot give you a very clear guidance. But I can share with you the momentum is pretty strong.

那麼第二個問題是，現在不幸的是，我不能給你一個非常明確的指導，關於今年的客戶總量成長。原因是因為最近我們的國際擴張才剛開始。美國是去年第四季開始的，新加坡是今年開始的。因此，到目前為止，這兩個地區的成長非常積極。但目前我還沒有完全掌握這兩種成長潛力，所以我無法給你一個非常明確的指導。但我可以與大家分享的是，這種勢頭非常強勁。

So I will let Tianhua to answer your third question.

那我就讓天華來回答你的第三個問題。

(foreign language)

（外語）

[Interpreted] Right. In terms of international expansion, so, so far, I -- we see very promising growth out of U.S. and Singapore. So now if you average them up by the international new user they account for more than 10% of our quarterly user growth. But in June, the new user growth in offshore regions is actually grow much faster than the April composition.

【解釋】對。就國際擴張而言，到目前為止，我們看到美國和新加坡的成長非常有希望。現在，如果以國際新用戶平均計算，他們占我們季度用戶成長的 10% 以上。但6月份，離岸地區的新增用戶成長率其實比4月的成長速度快得多。

So overall, we are very positive on the international expansion. I think we have a good brand and also user experience and our product offering in those regions. So we are really very positive on the growth prospect.

總的來說，我們對國際擴張非常樂觀。我認為我們在這些地區擁有良好的品牌、用戶體驗和產品供應。因此，我們對成長前景非常樂觀。

Daphne, do you have other questions?

達芙妮，你還有其他問題嗎？

Yes. Actually, if I may, can you actually share the breakdown of your trading volume like by -- different types of products? For example, what is the percentage of securities trading accounting for your trading volume in Q2?

是的。實際上，如果可以的話，您能否實際分享您的交易量細分，例如按不同類型的產品？例如，第二季證券交易佔你們交易量的比例是多少？

Sure. So the cash equity accounts for over 50% of our trading volume. Other derivatives like futures and options is probably like another 45%. That's the total composition of our trading volume.

當然。所以現金權益占我們交易量的50%以上。期貨和選擇權等其他衍生性商品可能還佔 45%。這就是我們交易量的總構成。

(Operator Instructions) And your next question comes from the line of [Yada Li] from CICC.

（操作員指示）您的下一個問題來自中金公司的[李亞達]。

So first a congrats to the impressive financial performance for this quarter. So after reading your financial performance, I think I've got 3 questions for you today. So first of all, I saw the number of accounts with deposits increased by 33,800 this quarter. And I was wondering if you can share with us more information on the geographical distribution of this number. So what are the specific percentages of this number that are for Mainland China, Hong Kong and other regions, respectively?

首先恭喜本季令人印象深刻的財務業績。因此，在閱讀了您的財務表現後，我想今天有 3 個問題要問您。首先，我看到本季有存款的帳戶數量增加了33,800個。我想知道您是否可以與我們分享更多有關該數字地理分佈的資訊。那麼中國大陸、香港和其他地區的具體比例分別是多少呢？

And secondly, I saw you gradually started to use Marsco Investment Corporation to do the self-clearing. So I was wondering, what is the percentage of transactions are using the self-clearing for right now and what the percentage will be in the future and for the rest of the year?

其次，我看到你們逐漸開始利用Marsco投資公司來做自我清算。所以我想知道，現在使用自我清算的交易百分比是多少？未來和今年剩餘時間的百分比是多少？

And at the last, I have one follow-up question for the previous question about the internalization -- about your international business. So earlier, I saw on the news release that you got 5 more U.S. licenses. So could you please share more information on how you will plan to use these licenses to expand your businesses in United States and how you will view or position your U.S. business sector to the development of your whole company?

最後，對於上一個有關國際化的問題，我還有一個後續問題──關於你們的國際業務。早些時候，我在新聞稿中看到你們又獲得了 5 張美國許可證。那麼，您能否分享更多信息，說明您將如何計劃使用這些許可證來擴展您在美國的業務，以及您將如何看待或定位您的美國業務部門以促進整個公司的發展？

(foreign language) Okay. Yes. Thank you, [Yada.] So's I will let Tianhua answer your first question.

（外語）好的。是的。謝謝你，[Yada。] 那我就讓天華來回答你的第一個問題。

(foreign language)

（外語）

[Interpreted] Right. So in terms of our new user risk deposits in this quarter, so far, still, majority comes from the PRC region, okay? But like we mentioned earlier, so our international business, even though we just started a couple of quarters ago, but right now, we are seeing positive growth. So going forward, we expect more users will come from outside of China.

【解釋】對。所以就本季我們新增的用戶風險存款而言，到目前為止，大部分仍來自中國地區，好嗎？但正如我們之前提到的，我們的國際業務儘管在幾個季度前才剛剛開始，但現在我們正在看到積極的成長。因此，展望未來，我們預計會有更多用戶來自中國以外的地區。

Okay. To answer your second question regarding Marsco. So as you know, we acquired Marsco back in last July. It took us a year to set up the infrastructure, get the system fully integrated, and also, we did a bunch of testing. So in the second quarter, we finished all the testing, and we just did very minimum self-clearing trades to make sure everything is in place, and we don't jeopardize any user experience. Starting in the third quarter and fourth quarter, I think we will gradually put more trading volume into Marsco.

好的。回答你關於 Marsco 的第二個問題。如您所知，我們於去年七月收購了 Marsco。我們花了一年的時間來建立基礎設施，使系統完全集成，並且我們還進行了大量測試。所以在第二季度，我們完成了所有的測試，我們只進行了非常少量的自我清算交易，以確保一切就緒，並且我們不會危及任何用戶體驗。從第三季和第四季開始，我認為我們將逐漸將更多的交易量投入Marsco。

Exact volume percentage, it's hard to say right now, but my goal is to have about like 15%, 20% by the third quarter. And eventually, we have another 30%, 40% by the fourth quarter. That's our goal. It depends on how the market goes and how the clearing system works from our day-to-day operation.

確切的銷售百分比，現在很難說，但我的目標是到第三季達到 15%、20% 左右。最終，到第四季我們會再增加 30%、40%。這就是我們的目標。這取決於市場的走勢以及清算系統如何在我們的日常運作中發揮作用。

So to answer your third question, regards to the license. Yes. So we have a really strong team in the U.S. They are based in New York, and all the guys used to work for the Bulge Bracket firms in the states. So we got a research license, [and many other licenses] (corrected by company after the call) recently. So what we're going to do [is use these licenses as] (added by company after the call) another way for us to expand our institutional business. Because right now, we carry a lot of U.S. institutions, which definitely helps us in terms of getting IPO mandates.

因此，回答你的第三個問題，關於許可證。是的。所以我們在美國有一支非常強大的團隊，他們的總部設在紐約，所有的人都曾經在美國的 Bulge Bracket 公司工作過。因此，我們最近獲得了研究許可證，[以及許多其他許可證]（在電話後由公司更正）。因此，我們要做的[是將這些許可證用作]（由公司在電話會議後添加）我們擴展機構業務的另一種方式。因為現在我們有很多美國機構，這對我們獲得IPO授權肯定有幫助。

And also, with the research license, we will be able to issue research on the IPO deals we underwrite. So actually, we already start to issue research on Bloomberg. So if you guys can check, you guys can see the Tiger piece in terms of how we covered the Chinese ADR business and also the Hong Kong listing companies. So I think overall, getting more licenses in the U.S. will definitely help us to increase our brand and also help us acquire more users, both institutional and the retail investors.

此外，有了研究許可證，我們將能夠對我們承銷的 IPO 交易進行研究。事實上，我們已經開始在彭博社上發布研究報告。所以如果你們可以查一下，可以看看老虎的文章，我們是如何報道中國ADR業務以及香港上市公司的。因此，我認為總的來說，在美國獲得更多牌照肯定會幫助我們提升品牌，也有助於我們獲得更多用戶，包括機構投資者和散戶投資者。

(Operator Instructions) There were no further question at this time. Speakers, you may continue.

（操作員說明） 此時沒有進一步的問題。各位發言者，您可以繼續。

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 UP Fintech. 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 UP Fintech 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。

Thank you.

謝謝。

[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。]