Q2 2023 UP Fintech Holding Limited Earnings Call

August 29, 2023

Speaker 1: Yeah.

Yeah.

Speaker 2: Ladies and gentlemen, thank you for standing by and welcome to Upfintech Holding Limited Second Quarter 2023 Earnings Conference Call

Ladies and gentlemen, thank you so standing by and welcome to upstream check holding Ltd second quarter 2023 earnings Conference call.

Speaker 2: At this time, all petispins are in a listen-only mode. There will be presentations followed by question and answer session.

At this time all participants are in a listen only mode.

Will be a presentation, followed by question and answer session.

Speaker 2: I must advise you that this conference is being recorded today, August 29, 2023.

Must advise you that this conference is being recorded today August 29 2023.

Speaker 2: And I'd like to hand the conference over to your first speaker today, Ms. Erin Lee, the head of IR. Thank you. Please go ahead.

I'd now like to hand, the conference over to your first speaker today, Mr. Aaron Lee the head of IR. Thank you. Please go ahead.

Thank you operator.

Speaker 3: Hello everyone and thank you for tuning out to the call today. Upbeatech holding limit is second quarter, 2023 earnings release was due to beauty earlier today and it's a well-known RIR website and ir.itigerup.com as well as go look to use of our service.

Hello, everyone and thank you for joining the call today are pretax holding limited's second quarter 2023 earnings release was distributed earlier today and available on our IR website at IR Hydro they'll call. That's about let's call appeals of our services.

Speaker 3: On the call today from up the text, Mr. Wu Tianhua, chairman and chief executive officer, Mr. Zhang Feng, chief financial officer, Mr. Huang Lei, CEO of US Tiger Security, and Mr. Kenny Zhao, our financial controller.

On the call today from a pretax I'm used to it we can while chairman and Chief Executive Officer.

The Johnson Chief Financial Officer, Mr. Huang Lei CEO of U S Tiger Securities and Mr. Kenny to all our financial controller.

Speaker 3: Mr. Wu will give an overview of our business corporations and discuss corporate highlights. Mr. Zong will then discuss our financial results. They will both be available to answer your questions during the Q&A session that follows the remark.

We used to only be will give an overview of our business corporations and.

And discuss corporate highlights Mr. Tony will then discuss our financial results.

Just to be available to answer your questions. During the Q&A session that follows the remark.

Speaker 3: Now, let me cover the safe harbor. The statements we're about to make contain forward-looking statements. Within the meaning of the US Private Security Litigation Reform Act of 1995, a number of factors could cause actual results to differ materially from those containing any forward-looking statements.

Now, let me cover the safe Harbour statement to make content forward looking statements within the meaning of the U S. Private Securities Litigation Reform Act of 90 95.

A number of factors could cause actual results could differ materially from those countries and your political Cleveland.

Speaker 3: For more information about factors that could cause actual results to materially deeper from those in the forwarding statements, please refer to our form 6K for today, August 29, 2023, and our annual report on form 20S failed on April 26, 2023. We undertake no application to update any forwarding statement, except as required under applicable law.

For more information about factors that could cause actual results to materially differ from those in affordable statement. Please refer to our form 6K furnished today August 20.

Great.

Annual report on form 20-F filed on April 26th 2023.

Take no obligation to update any forward looking statement, except as required under applicable law.

Speaker 3: 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.

It's my pleasure to now introduce our chairman and Chief Executive Officer, Mr. Hu.

It's the old will make remarks in Chinese which will be followed by English translation Mr.

Please go ahead with your remarks.

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Speaker 3: Hello, everyone. Thank you for joining Tiger Broker's second powder 2023 Ernest Conference call.

Hello, everyone. Thank you for joining Tiger brokers second quarter 2023 earnings conference call.

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Speaker 4: In terms of profit, with the expansion of the international business of the company and the efforts to stabilize the stock market, Ergilu continues to maintain a relatively strong momentum.

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Speaker 4: The net profit of the parent company is $13.19 million. Compared to the same period last year, it is a loss. Compared to the previous quarter, the net profit has increased by 66%. The net profit of the parent company is $15.33 million. Compared to the previous quarter, it has increased by 48%. At the same time, the net profit of the parent company in the second quarter of this year has exceeded the total net profit of the parent company in the year 2020.

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Speaker 3: In the second quarter, we remain committed to the strategy of optimizing our revenue mix and expense management. Total revenue increased by 23.5% year-over-year, reaching $66 million. Our non-guide...

In the second quarter, we remain committed to the strategy optimizing our revenue mix.

<unk> mentioned that total revenue increased by 23, 5% year over year, reaching 66 newly in U S. Dollar.

Our non-GAAP.

Speaker 3: Our net profit, actually due to the upswing tax, was 13.2 million, representing a turnaround from a net loss in the same quarter last year, and an increase of 66% compared to the previous quarter.

Our net profit attributable appetite well certain high school newly representing about turnaround from a net loss in the same quarter last year, an increase of 66% and comparable to previous quarter.

Speaker 3: The non-gap net profit attributed to upwind tech was $15.3 million, about 4.5 times the quarter last year, and a significant increase of 48% compared to the previous quarter.

The non-GAAP net profit attributable to <unk> was $15 3 million about four five times things called or last year.

The significant increase of 48% compared to the previous quarter.

Speaker 3: Non-gap net profit earned this quarter has already exited the total non-gap net profit for the entire year of 2022.

non-GAAP net perfect earned this quarter has already exceeded the total non-GAAP net profit for the entire year of 2022.

Speaker 4: In the second quarter, we had 29,077 new users. In the first half of this year, we had about 60,000 new users. We are confident that we will have more than 100,000 new users in 2023.

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Speaker 4: In addition, the cost of second-quarter man-made goods is $162, compared with the $1.7 billion in the first quarter, which is a 5% decrease. This shows that we have achieved a certain level of success in the expansion of the international strategy. Lao Wu International is a leading brand in the world. We are a leading company in the world. We are a leading company in the world. We are a leading company in the world. We are a leading company in the world.

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Speaker 4: Thank you for your attention.

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Speaker 3: In the second quarter, the added 29,07 new funded accounts. Bring the total number of new funded accounts in the first half of this year to approximately 60,000. We are confident to deliver our annual guidance of a quarter at least 100,000 new funded accounts in 2023.

In the second quarter they added 29.

77, new funded accounts, bringing the total number of new plenty of accounts in the first half of this year to approximately 60000.

We are confident to deliver our annual guidance of a carve out at least 100 fold and you'll probably get a house in 2023.

Speaker 3: Total number of funding accounts that end of a second quarter reached 840,000, which was spent in a growth of 15% contactless thin quarter of last year. In terms of total client assets, the trend of asset inflow remains strong.

Total number of funded accounts at the end of the second acculturation 840000, representing a growth of 15% compared to the same quarter of last year.

In terms of total client assets that stand up asset inflow remains strong.

Speaker 3: The snap inflow over 1.6-inch building US dollar in the second quarter.

This net inflow of over $1 6 billion U S dollar in the second quarter.

Speaker 3: After neutralizing the impact from market-market laws, POSO-Clinon assets in this quarter increased by 7.1% compared to the first quarter, reaching 17.3 billion US dollars.

After neutralizing the impact from Mark to market loss total put in all size in this quarter increased by seven 1% compared to the fourth quarter.

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Speaker 3: Additionally, our average CSA further decreased to 162 in the second quarter, representing a 5% decline compared to the previous quarter.

Additionally, our average tickets they further decreased to 162 in the second quarter, representing a 5% decline compared with the previous quarter.

Speaker 3: This reduction highlights our success in expanding our internationalization strategy.

This reduction highlights our success in expanding our internationalization strategy.

Speaker 3: As Tiger Broker brand gained traction among local users in Singapore through positive word-of-mouth referrals, resulting in organic traffic and cost-efficiency.

Packet broker brand gained traction among local youll certainly in Singapore. So we're positive word of mouth referrals, resulting organic traffic and cost efficiencies.

Speaker 3: Moving forward, we will dynamically adjust our customer acquisition strategy based on market conditions. Prioritizing user quality will steadily increase in client base and profitability.

Moving forward we built.

Dynamically at the trust, our customer acquisition strategy based on market conditions.

Alright, piping user quality, well steadily increasing client based on profitability.

Speaker 4: We continue to increase our investment in R&D to enhance the efficiency and user experience of the machine. We are very happy to announce that our TIG-GPT feature has been officially launched in July this year after half a year of internal testing. It can now be used for free for registered users outside of mainland China and other transferring regions.

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Speaker 4: On the Hong Kong side, we started our business on Hong Kong retail in December last year. In the first half of this year, we have basically completed the self-calculation of Hong Kong stocks and securities, so that the overall calculation cost in the second quarter will continue to be below 10%. In addition, we have launched the Hong Kong stock deposit function in the second quarter, which is better for investors who are familiar with long-term investment and fixed funds.

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Speaker 3: We have continued to increase our investment in research and development to enhance operational efficiency and user experience.

We have continued to increase our investment in research and development to enhance operational efficiency and user experience.

Speaker 3: We are delighted to announce that our Tiger GTT feature, after six months of internal testing, officially launched in July this year. It is now available for free to registered users in other markets we entered except mainland China.

We are delighted to announce that our Tiger TVT feature after six months of internal testing officially launched in July of this year. It is now available for free to aggressive users of the market, we entered seven minutes China.

Speaker 3: We will continue to refine and optimize the user experience of this speech.

We will continue to refine and optimize the use of computer at of this feature.

Speaker 3: In our Hong Kong business, following our entry in the retail market in December last year, we have successfully achieved set clearing for the majority of Hong Kong equities in the fourth half of this year, have to bring down the total clearing expense as proportion of commission to below 10% in the second quarter.

Our Hong Kong business following are actually in the retail market in December last year, we have successfully achieved that theory for the majority of Hong Kong equities in the first half of this year.

So bringing down the total operating expense as a proportion of commission to below 10% in the second quarter.

Speaker 3: Additionally, we introduced recurring investment features for Hong Kong shares in the second quarter Catering to long-term investors and those with a fixed investment budget

Additionally, we introduced recurring investment feature for Hong Kong shares in the second quarter catering to a long term investors and also with the fixed investment bucket.

Speaker 3: This makes us one of the few brokers that offer recurring investment functions for both US and Hong Kong activities.

This makes us one of the fuel brokers on upper recurring investment function for both U S and Hong Kong advocate.

Speaker 3: We also added Hong Kong futures in June to better serve our local clums.

We also added how how futures in Georgia to better serve our local clients.

Speaker 3: involves management business. Following the introduction of a USP-denominated money market fund in the fourth quarter, we introduced a Hong Kong dollar denominated money market fund in the second quarter, providing user with small options to match adult cash during rate hike insight.

In both the Mexican business following the introduction of our USD denominated money market fund in the fourth quarter.

Produced a Hong Kong dollar denominated money market fund in the second quarter, providing us service more oxygen to match idle cash during with heightened cycles.

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Speaker 3: Our 2B business continues to perform well. In investment banking, we underwrote 7 US and Hong Kong IPOs in the second quarter. Notably, we served as the exclusive lead underwriter for our Aspire Technology US IPO. In our Ethos business, we added 30 new clients in the second quarter, bringing the total number of Ethos clients served to 478 by the end of the second quarter of 2023, increased by 31% year over year. Thank you.

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We added 30, new clients in the second quarter, bringing the total number of diesel cracks. The code 478 by the end of second quarter of 2023 increased by 31% year over year.

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Speaker 3: Now I'd like to invent our pre-full junk to go over our financials.

Now I'd like to invite our CFO Jong took over our financials.

[laughter].

Speaker 5: Okay, thanks, Tianhan and Aaron. Let me go through our financial performance for the second quarter. All numbers are US dollars.

Okay. Thanks, Caroline's Aaron let me go through our financial performance for the second quarter all numbers are in U S. Dollar.

Speaker 3: Total revenues were 66.1 million this quarter.

Total revenues were $66 1 million this quarter.

Speaker 3: flat quarter over quarter and increased 23.5% year over year primarily due to a 146% jump in interest related income versus same quarter of last year.

Flat quarter over quarter, and increased 23, 5% year over year, primarily due to a 146% jump in interest related income versus same quarter of last year.

Speaker 3: Cash equity is take rate was 6.3 Bips this quarter, remained unchanged from the last quarter. Within commission revenue, about 60% comes from cash equities, 30% from options, and the rest comes from futures and other products. La La

Cash equities takeaway was $6 three bps this quarter remain unchanged from the last quarter within commission revenue about 60% comes from cash equities, 30% from options and Nebraska comes from futures and other products.

Now onto cost.

Speaker 3: Interest expense was 10.4 million, increased by 195% from the same quarter of last year, as interest expense and securities lending expense both increased in 9 weeks the rate hiked its

Okay.

Yeah.

Interest expense was $10 4 million increased by 195% from the same quarter of last year as interest expense and a securities lending expense both increased in line with the rate hike.

Speaker 3: Execution and clearing expense were 2 million, decreased 47% from the same quarter of last year, primarily due to more efficiency in self-clearing for US and Hong Kong securities.

Execution and clearing expenses were 2 million decreased 47% from the same quarter of last year, primarily due to more efficiency self clearing for U S and Hong Kong Securities.

Speaker 3: Employee compensation and benefits expense were 23.9 million, a decrease of 7% year over a year due to a one-time expense we incurred last year when restructuring our e-solvvis.

Employee compensation and benefits expense were $23 9 million a decrease of 7% year over year due to a one time expense, we incurred last year in restructuring our <unk> business.

Speaker 3: actual headcount increased year over year as we keep adding people to support our global expansion.

Actual headcount increase there year over year, as we keep adding people to support our global expansion.

Speaker 3: Our capacity, depreciation and amortization expense slightly increased to 2.5 million, due to an increase in overseas office space and a rather veneerical improvement.

Occupancy depreciation and amortization expense slightly increased 2% to $2 5 million due.

Due to our increasing oversee office space and a relevant leasehold improvements.

Speaker 3: Communication and market data expense were 7.8 million. I increase of 8% year over year due to the increasing user base.

Communication and market data expenses were $7 8 million.

Kris off 8% year over year due to the increase in user base.

Speaker 3: Marketing expenses were $4.7 million this quarter, decreased 44% year-over-year. Average CAC dropped 5% quarter-over-quarter from 171 to 162, as we didn't see market condition in the second quarter was suitable for major marketing campaigns.

Marketing expenses were $4 7 million this quarter.

<unk>, 4% year over year average CSC dropped 5% quarter over quarter from 171 to 162 as we didn't see market condition in the second quarter was suitable for major marketing campaigns.

Speaker 3: We will dynamically add just our marketing strategy based on the market sentiment in different ways.

We will dynamically adjust our marketing strategy based on the market sentiment in different regions.

Speaker 3: General and the animated street effects were 4.5 million, a slight increase of 5% year over year.

General and administrative expenses were $4 5 million, a slight increase of 5% year over year.

Speaker 3: Total operating costs were 45.5 million, decreased 12 persons from the same quarter of last year.

Total operating costs were $45 5 million decreased 12% from the same quarter of last year.

Speaker 3: As a result, both GAAP and non-GAAP bottom line increased year over year. GAAP-led income turned positive to $13.2 million versus GAAP-led loss of $0.9 million in the same quarter of last year.

As a result, both GAAP and non-GAAP are passing that increased our year over year gap.

GAAP net income turned positive to $13 2 million versus a GAAP net loss of <unk> 9 million in the same quarter of last year.

Speaker 3: Longcap Ready Count was 15.3 million.

non-GAAP net income was $15 3 million.

Speaker 3: about 4 times, about 4.5 times higher compared to the same quarter of last year.

About four times, a false up about four five times higher compared to the same quarter of last year.

Speaker 3: Now I have concluded our presentation. Operator, please open the night for Q&A. Thanks.

Not have conclude our presentation operator, please open the line for Q&A. Thanks.

Speaker 2: Thank you. We will now begin the question and answer session.

Thank you.

We will now begin the question and answer session.

To ask a question. Please press star one one on your telephone you wouldn't hear an automated message advising yohan is raised.

Speaker 2: To withdraw your question, please press star 1 again. Please stand by while we compile the Q&A roster. Once again, that's star 1.

To withdraw your question. Please press star one again, please standby, while we compile the Q&A roster.

Once again Thats star 114 questions.

Our first question comes from the line of hand to France. The ICC. Please ask your question.

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Thanks for taking my question. This is Hans Akeake Congrats on the strong quarter laid out I have two quick questions. Firstly could you. Please provide the regional breakdown of newfound it accounts in the second quarter.

Speaker 6: Firstly, Kuju Police provide the original breakdown of the new founded accounts in the second quarter. Secondly, Kuju Police gave us more recent updates on the mainland regulation requirements.

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Recent updates on the mainland deregulation of IMAX.

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Speaker 7: To further question, in the second quarter, around 45% of newly funded accounts came from Singapore, near 25% from Australia and New Zealand, about 20% from the US and about 10% from Hong Kong.

So for a fourth question and the second quarter around 45% of newly funded accounts came from Singapore Youre, referring to.

5% from Australia, and New Zealand about 20% from the U S and above 10% from Hong Kong.

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Speaker 4: Later, the Beijing Securities Regulatory Commission conducted a one-week live inspection of Lao Wu's securities before the Spring Festival this year.

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Speaker 4: and allow other brokers to transfer or open new securities accounts, etc. In mid-July, we submitted the final report to the China Securities Regulatory Commission in accordance with the regulatory requirements. And in mid-July, the regulatory commission completed the live acceptance of our securities report. Thank you.

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Speaker 7: After a SARS-Co announcement on December 30 last year, Tiger Brokers made a prompt response and comprehensive efforts to comply with the regulatory requirements set forth by the SARS.

After saying all spend at December 30th last year Tiger brokers made a prompt response and our comprehensive efforts to comply with the regulatory requirements set forth by the FAA Src subs.

Speaker 7: Subsequently, the Beijing Securities Regulatory Bureau conducted an onsite inspection for a week before the Chinese New Year. During that time, we provided the regulators with our remediation plan and related reports.

Subsequently the Beijing security a speculator of Bureau conducted an onsite inspection for a week before the Chinese new year during that time, we provided regulators with our remediation plan and related reports.

Speaker 7: We have maintained good and direct communication with the regulatory authorities throughout the period and have received clear guidance on certain special scenarios for PRC Talkport holders to open new accounts with.

We have to maintain good in direct communications with the regulatory authority is throw off the pure rate and have received clear guidance or certain special scenarios for PRC possible coder to open new accounts with us for.

Speaker 3: For example, allowing PRC port holders who work or live overseas to open accounts and permitting the transfer.

For example, allowing in PRC possible Hodara co work, a leaf overseas to Oprah com and permitting the transfer.

Speaker 3: or opening up new security accounts for users from other brokerage forms.

Our opening of new securities accounts for user from other brokerage firms.

Speaker 3: Recently, in mid-July, we submitted the final remediation report to the CSRC in accordance with regulatory requirements.

Recently in mid July we submitted the final remediation revpar for the sea Src accordance with the regulatory requirement.

Speaker 3: subsequently in mid-Tuly, the regulator authorities.

Subsequently in mid July the regulator authorities.

Speaker 3: conducted an on-site acceptance inspection based on our remediation report. Thank you.

Conducted onsite acceptance infection based on our remediation report thank you.

That's very helpful. Thank you.

Thank you.

Operator: Ladies and gentlemen, thank you for standing by and welcome to UP Fintech Holding Ltd.

Operator: Ladies and gentlemen, thank you for standing by and welcome to UP Fintech Holding Ltd. 2nd quarter 2023 earnings conference call. At this time, all pedestines are in a listen-only mode. There will be presentations followed by question and answer session. I must advise you that this conference is being recorded today, August 29, 2023.

Speaker 2: Our next question comes from the line of Judy Zhang from Citi. Please ask your question, Judy.

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

Operator: 2nd quarter 2023 earnings conference call. At this time, all pedestines are in a listen-only mode.

Speaker 8: I'm Zhu Dizhang, an analyst at Huaxi Bank. I have two questions. The first one is about the second quarter of the year after the drop in the price of the app in May, how is the flow of mainland users? How much impact has this had on the sentiment and activity of mainland customers? The second question is about a strategy for the Hong Kong market. In this quarter, what are the measures and updates that the Hong Kong market can develop in the future? Thank you.

Kevin if you play with sugar.

Operator: There will be presentations followed by question and answer session. I must advise you that this conference is being recorded today, August 29, 2023.

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Aron Lee: On the like-to-hand conference over to your first speaker today, Ms. Erin Lee, the head of IR. Thank you. Please go ahead. Thank you, operator. Hello, everyone. And thank you for joining us to the call today. UP Fintech Holding Ltd. 2nd quarter 2023 earnings release was due to beauty earlier today, and it's a well-known RIR website and IR.itigerup.com, as well as global news of our services. On the call today from UP Fintech, Mr. Wu Tianhua, chairman and chief executive officer, Mr. Zhang Feng, chief financial officer, Mr. Huang Lei, CEO of U.S. Tiger Securities, and Mr. Ken Yichao, our financial controller.

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Speaker 8: I will translate my questions. Thank you for taking my questions. This is the Judy John from City.

Oh I will translate my questions. Thank you for taking.

My question. This is a huge jump from Citi.

Speaker 6: I have two questions. The first question is, after Tiger APP was removed from X.Door, have you seen asset outflow or losing onshore investors? How do you think the long-term impact on existing onshore investors' trading activities and sentiment?

I have two questions. The first question is object Tiger EBT was removed as Paul how do you see as the outflow.

Aron Lee: On the call today from UP Fintech, Mr. Wu Tianhua, chairman and chief executive officer, Mr. Zhang Feng, chief financial officer, Mr. Huang Lei, CEO of U.S. Tiger Securities, and Mr. Ken Yichao, our financial controller.

So how do you think the launch of impact on the existing I'll show you that goes to the activity of some settlements and second question is regarding Hong Kong market strategy.

Speaker 6: And second question regarding Hong Kong market strategy. How do you think you can give market share in the very competitive Hong Kong market and how they're going to impact in the companies like the call?

Tianhua Wu: Mr. Wu will give an overview of our business corporations and discuss corporate highlights.

Aron Lee: Mr. Wu will give an overview of our business corporations and discuss corporate highlights. Mr. Zhang will then discuss our financial results. They will both be available to answer your questions during the Q&A session that follows the remarks.

How do you think you can gain market share.

Very competitive market.

Aron Lee: Mr. Zhang will then discuss our financial results. They will both be available to answer your questions during the Q&A session that follows the remarks.

And how that's going to impact the company.

Speaker 6: like for this year and going forward. Thank you.

Uh huh.

Like for this year.

Aron Lee: Now, let me cover the safe harbor. The statements we are about to make content for looking statements. Within the meaning of the U.S. Private Security Education Reform Act of 1995, a number of factors could cause actual results to differ materially from those containing annual voting statements. For more information about factors that could cause actual results to materially differ from those in the following statements, please report to our form 6K, furnished today, August 29, 2023, and our annual report on form 20S, about April 26, 2023. We undertake no obligation to update any following statements except as required under applicable law.

Going forward. Thank you.

Speaker 4: I'll answer the first question, and John will answer the second one.

Yes.

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Could you just go down we would like to give some money in New York.

Also new kindergarten Vittorio eshop now you've put the food e-commerce.

Speaker 4: Thank you to our partners in passingought by us.

Tianhua Wu: 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. [inaudible] In the second quarter, we remain committed to the strategy of optimizing our revenue mix and expense management. Total revenue increased by 23.5 percent year over year, reaching 66 million US dollars. Our net profit attribute with UP Fintech was 13.2 million, representing a turnaround from a net loss in the same quarter last year, and an increase of 66 percent compared to the previous quarter.

If you will that TVN easy to argue to breakeven in Q sure.

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Scenario Cartier.

Speaker 3: Okay, so I'll take your first question and our staff will take your second question.

Okay. So I'll take your first question, our CFO Charles I'll take the second question.

About your first question.

Speaker 3: There's been a wear of concerns in the market regarding the overall user count in mainland China with almost no incremental growth and gradual loss of existing users. However, based on our data from the first half of this year, we have confident in the retention of our clients in mainland China. In terms of user retention, the overall retention rate for users with access, as well as the retention rate for mainland China users in the fourth half of this year, has remained above 99%.

We are aware of concerns in the market regarding the overall user count in mainland China with almost no incremental growth and a gradual loss of existing users. However, based on our data from the first half of this year, we have confidence in the retention of our clients in China in terms of user retention the overall retention rate.

For user with Atlas, that's what how has the retention rate for mainland China users in the first half of this year.

A bulk of 99%.

Speaker 3: Regarding clients' cash flow, mainland Chinese users have shown a trend of net asset inflow in both of the fourth quarter and second quarter of this year.

Regarding client cash flow mainland Chinese steel Sir have show a trend of net inflow in both of the fourth quarter in the second quarter of next year.

Speaker 3: Besides, there has been no significant change in the trading activity of million users, indicating that our existing clients have a Russian understanding regarding recent events since December 30th of last year, and their trading velocity and trust in Tiger Broker have not changed.

Besides there has been no significant change in the trading activity.

Sir indicating that our existing clients have rough and understanding regarding the recent events of December 13th of last year, and Theyre trading velocity and trusts Integra broker has not changed.

Speaker 5: Okay. Hello, Judy. I'm Jiang. Let me answer the question about Hong Kong. First of all, let's break down the progress and future plans of Hong Kong. First of all, in terms of cargo, there are more than 3,000 people entering Hong Kong in the second quarter, which accounts for more than 10% of the second quarter. And in the first quarter, there were only about five local people entering Hong Kong. So in the current market environment, we can still accept the number of Hong Kong users.

Okay.

Hello Julien.

John when I say that is kind of funny shareholders everyone fever.

So as you know it just consistent with what I personally travel channel. It seems that her with adequate blah. So satellites that will clarify me and Oh is it with Samsung.

Also in iOS and handle that $10 PRT total G&A should go back and just see how easy to write downs on Hulu genius. When that's your tableau to county, there is a little bit.

So as I said this is a hydrogel that warm winter, a shanghai upwards potential at Hudson and CSR.

Tianhua Wu: The non-gap net profit attribute UP Fintech was 15.3 million, about 4.5 times been quarter last year, and a significant increase of 48 percent compared to the previous quarter. Non-gap net profit earned this quarter has already exceeded the total non-gap net profit for the entire year of 2022. [inaudible] Moving forward, we will dynamically adjust our customer acquisition strategy based on market conditions. Prioritizing user quality will steadily increase in client-based and profitability.

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Shanghai is actually in place of a cold rolled and I called out in the channel in the Washington D C and controllers.

Speaker 5: At the same time, in terms of transactional services, we feel that our products are very attractive. First of all, our prices are very competitive. We are exempt from using Hong Kong stocks, and we are also exempt from platform fees. In terms of US stocks, we are also exempt from using US stocks.

But wholesale is HRD for from you and I wish it almost happening high surface sheen, either so if you look at the.

Just any gung ho on assuming that young consumer merchandise. It make will tell me and I'll make it simple I'll make with tissue and how many of those who maybe on that well jump. It always have been and I see nothing really don't work.

Speaker 5: We believe this will reduce the cost of trading and attract more users. Of course, we are not only competitive in terms of price. In the second quarter, we also launched the Hong Kong stock, becoming one of the few in the market.

With me it pushes as that sounds it's kind of a change in the Archstone Alban Santana calculating <unk>.

Tianhua Wu: [inaudible] Moving forward, we will dynamically adjust our customer acquisition strategy based on market conditions. Prioritizing user quality will steadily increase in client-based and profitability.

And how is that relationship with GM.

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Speaker 5: From the whole transaction service, we have already been able to pay the main transaction, the background transaction, the wealth management of this organization, then the service system will also be updated. In the future, we will continue to add more products on the entire organization, for example, we will now see more advanced machines to our wealth platform.

I'm glad to tell you what I kind of amazing and Gulfport guys. Because once you are paid on a high frequent agency cultural shift now 40, Sheila yeah sounds essentially not well not all of them quite serious had good household shifts and how you can do the timeshare people in place and I think the dollar change in messaging it almost have we seen that.

Speaker 5: Last but not least, in Hong Kong, we have fully self-calculated, so we can help the group to reduce the overall calculation cost by 11%.

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Speaker 5: So from a user acquisition perspective, Hong Kong accounts for more than 10% of the?? appart user in the second quarter. Up from low single digit in the first quarter, we will keep arresting branding to build our corporate image in Hong Kong. So we can reach out to more potential Hong Kong users.

Continental one understand how does it look today actually at home that you don't want me, let me illustrate with continental who make uncle balancing kokomani senior season charity and if.

Now, let's go to another phase so far a user acquisition perspective, how kind of accounts for more than 10 person of the newly acquired a user in the second quarter up from low single digit in the first quarter, we will keep investing in branding to build our corporate imaging in Hong Kong. So we can reach out to more potential users.

Speaker 5: From a plan of perspective, first of all, we offer one of the most competitive pricing. We don't charge commission and pathography for Hong Kong trading, and we don't charge commission for US equities on the auction speeder. We also want the first, one of the few brokers that offer recurring investment for both US and Hong Kong trading. And have a USD and Hong Kong D. Money Market Funds to help our user manage their equity.

From product perspective first of all we offer want the most competitive pricing, we don't charge commissioner of half one fee for Hong Kong trading and if they don't charge Commission for U S equities or options theater.

I also want the first one of the few brokers style for recurring investment for both the U S. At one country and have a USDA guaranteed.

Money market funds to help our user manage their liquidity.

Speaker 5: And in terms of infrastructure, we have fully self-clearing for Hong Kong equities, which brings down Group's total clearing expense to below 10%.

And then in terms of infrastructure without fully self clearing for hunk of equities, which brings down group's total clearing expense to below 10%.

Speaker 5: Our proprietary system also allows us to offer differentiated services such as fractional share and offer portfolio buying power for U.S. and Hong Kong trading. Thanks.

Proprietary system also allows us to offer differentiated services such as fractional share at all for a portfolio of very powerful USA Hong Kong trading. Thanks.

Yeah.

Thank you.

Thank you Judy.

Speaker 2: Next question comes from the line of Cindy Wang from China Renaissance. Please go ahead, Cindy.

Our next question comes from the line of Cindy Wang from China Renaissance. Please go ahead Cindy.

Speaker 9: My presentation is veryonne to target divers And I have two questions on question first and then theINipples have successfully found this in the interview withsocial meta-162 and take- discarders.

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Zhang Feng: [inaudible] Now I'd like to invite our principal Zhang to go over our financials. Okay, thanks Tianhua and Aron. Let me go through our financial performance for the second quarter. All numbers are US dollars. Total revenues were $66.1 million in this quarter. A flat quarter or quarter and increased 23.5% year over year, primarily due to a 146% jump in interest-related income versus the same quarter of last year. Cash equities take rate was $6.3 billion this quarter, remained unchanged from the last quarter. Within commission revenue, about 60% comes from cash equities, 30% from options, and the rest comes from futures and other products.

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Speaker 6: Thanks, Anand, for taking my question. This is Cindy from China Remington.

Thanks management for taking my question. This is sandeep from China Renaissance.

Speaker 6: So I have two questions. First question is related to customer acquisition cost.

I have two questions first question is related to customer acquisition cost so.

Speaker 6: So customer acquisition cost in second quarter was $162 USD, which has at a relatively low level. How do you lower customer acquisition cost and what the strategy for customer acquisition cost to customer acquisition strategy to going forward?

Now cause you some closing second quarter was a 162 U S dollar, which had a relatively low level, how do you lower customer acquisition costs and what's the strategy for a cost question from Costco.

Our customer acquisition strategy going forward.

Speaker 6: The second question is the Tigers non-gap net profit has turned positive for the five consecutive quarters.

Second question is Oh, Tiger's non-GAAP net cash positive for the pipe comes to equity holders, so together with high interest rate environment.

Speaker 6: Together with high interest rate environment, the non-gap profit margin is also expanding. The San Min Tiger has reached the inflection point from break even to profitability.

non-GAAP profit margin is also expanding does that mean tiger has reached that inflection point from breakeven to profitability. Thank you.

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Speaker 4: In the second quarter, China Concepts and Hongkong Stocks performed relatively well. They also brought some market love to our client assets. But the more powerful entry fund still increased our overall client assets by 7.1%.

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Speaker 4: In addition, if you look at the creditors who received the funds through the investment channels in the second quarter of the year, their average cost of goods was more than double the average cost of goods.

So I would encourage you to convert coal plants to third quarter, Singapore Covenant in two quarters, but should think keeping Newport Beach shop.

Speaker 4: We got more natural oil from overseas to help us save some of the cost. This way, the total cost can be controlled at the level of 162 tons. Thank you.

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Speaker 3: Okay, your first question about the CEC. In the second quarter, the average CEC was 162, which was further decreased compared to 171 in the first quarter, reaching historically a lower level. In the second quarter, we pay very close attention to class quality and payback period, and we will not just jeopardize our client's quality and a reasonable ROI ratio merely for the number of funded account.

Okay. Your first question about the safety.

In the second quarter. The average TCE was 162, which was further decreased compared to vanguards tend to widen the fourth quarter, reaching historically low level in the second quarter, we pay very close attention to credit quality and payback period and will not jeopardize our client quality and a reasonable ROI ratio merely for the number of funded.

Speaker 3: With the underperformance of Chinese ADRs and Hong Kong technology names in the second quarter, our clients experienced some market-to-market losses. However, strong net asset inflows still led to a 7.1% increase in total client assets compared to the previous quarter. This indicates that we have maintained good customer quality while reducing the average.

Okay.

This is the underperformance of Chinese ADR in Hong Kong with technology names in the second quarter, our clients exploring some mark to market losses.

Strong net asset inflows towards the southern part of the 1% increase in total plan assets compared with the previous quarter. This indicates that we have maintained good customer quality, while reducing the average Tc pool.

Speaker 3: Furthermore, if we look at the average CC from newly acquired clients through advertising channels in the second quarter, their average CC is more than twice.

Is it more if we look at the average do you see from newly acquired clients through advertising channels in the second quarter. Their average so you say it's more than twice.

Speaker 3: the overall average CCD. This demonstrates that we have gradually gained more organic traffic from overseas regions and could save us some customer acquisition costs. Thank you.

The overall average safely. This demonstrates that we have gradually gained more organic traffic from overseas readers and could save us some customer acquisition costs. Thank you.

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Zhang Feng: Now on to cost. Interest expense was $10.4 million, increased by 195% from the same quarter of last year, as interest expense and securities lending expense both increased in bandwidth rate hike. Execution and clearing expense were $2 million, decreased 47% from the same quarter of last year, primarily due to more efficiency in self-cleaning for US and Hong Kong securities. Employee compensation and benefits expense were $23.9 million, a decrease of 7% year over year, due to a one-time expense we incurred last year when restructuring our e-sub-business.

Speaker 4: Today, according to your collective intention, please leave the guest his request in the comments section below.

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Zhang Feng: Actually, a haircut increased the year over year, as we keep adding people to stop for our global expansion. Occupancy, depreciation, and amortization expense, slightly increased 2% to 2.5 million, due to an increase in overseas office space, and the rate of a niskel improvement. Communication and market data expense were $7.8 million, an increase of 8% year over year, due to the increase in user base. Marketing expenses were $4.7 million in this quarter, decreased 44% year over year, average CAC dropped 5% quarter over quarter from $171 to $162, as we didn't see market condition in the second quarter was suitable for major marketing campaigns. We will dynamically adjust our marketing strategy based on the market sentiment in different regions. General and administrative expense were $4.5 million, a slight increase of 5% year over year.

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Speaker 3: I'm glad to see our non-gas net profit reached 50 million US dollars in the second quarter, which is the highest quarter-reconnected non-gas profit in the past two years.

I'm glad to see our non-GAAP net profit reached 50 million U S. Dollar in the second quarter, which is the highest quarterly net.

GAAP profit in the past two years.

Speaker 3: Looking back at the early stage of the interest rate hike cycle, during reduced market activities, we experienced some quarterly losses. However, through optimizing interest income and prudent capital deployment, we gradually improved our profit with it.

Looking back at the early stage of the interest rate hike cycle theory reduced market.

Market activity.

Spiro and some quarterly losses, however, through optimizing interest income and prudent capital deployment, where gradually improved our profitability over the past two quarters. Our net profit margin has been expanding indicating a robust and healthy business model for the company.

Speaker 3: Over the past two quarters, our net profit margin has been expanding, indicating a robust and healthy business model for the company.

Zhang Feng: We will dynamically adjust our marketing strategy based on the market sentiment in different regions. General and administrative expense were $4.5 million, a slight increase of 5% year over year. Total operating costs were $45.5 million, decreased 12% from the same quarter of last year. As a result, both GAAP and non-GAP button 9 increased the year over year. GAAP led income turned positive to $13.2 million, versus of GAAP led loss of 0.9 million in the same quarter of last year. Long GAAP led income was $15.3 million, about 4.5 times higher compared to the same quarter of last year.

Speaker 3: Given most of our cost are relatively fixed and tied to market activities, we believe that if we can better penetrate in Hong Kong or Australia New Zealand market, or if there is overall improvement in the market backdrop, we can enjoy more operating leverage, which leads to most stable market margins. So to answer your question, assuming there is no extreme market swings, we should be in the black in terms of profitability. Thank you.

Given most of our costs are relatively fixed and tied to market activities.

Believe that if we can better penetrate in Hong Kong, Australia, and you'll see the end markets or if theres. The overall improvement in the market backdrop. They can enjoy more operating leverage which leads to more stable profit margins. So to answer your question, assuming there's no extreme market swings, we should be in the black in terms of profitability.

Zhang Feng: Total operating costs were $45.5 million, decreased 12% from the same quarter of last year. As a result, both GAAP and non-GAP button 9 increased the year over year. GAAP led income turned positive to $13.2 million, versus of GAAP led loss of 0.9 million in the same quarter of last year. Long GAAP led income was $15.3 million, about 4.5 times higher compared to the same quarter of last year.

Thank you.

Yes.

Okay.

Alright, Thank you Cindy.

Speaker 2: Our next question comes from the line of Ling Tan from Daiwa Capital Markets. Please ask your question Ling.

Next question comes from the line of Ling Chan from Daiwa capital markets. Please ask your question Lee.

Speaker 6: And you one it theiological. Do you want to do your own C bage that you do to de?

Operator: Now I have concluded our presentation. Operator, please open the knife for Q&A. Thank you.

Zhang Feng: Now I have concluded our presentation.

Thank you Tony.

Operator: Operator, please open the knife for Q&A. Thank you. We will now begin the question and answer session. To ask a question, please press Star 11 on your telephone. You wouldn't use an automated message advising your hand is raised. To withdraw your question, please press Star 11 again. Please stand by while we compile the Q&A roster. Once again, that Star 11 for questions.

Your line is.

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Operator: We will now begin the question and answer session. To ask a question, please press Star 11 on your telephone. You wouldn't use an automated message advising your hand is raised. To withdraw your question, please press Star 11 again. Please stand by while we compile the Q&A roster. Once again, that Star 11 for questions.

Right.

With that thank you.

Thank you Tom.

Thank you gentlemen.

Thank you Tom Shaw.

Sure.

Thank you Bill Baldwin.

Speaker 6: are there any objections to this proposal?"

Sure.

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Okay.

Speaker 6: Thank you management for taking my question. This is Blaine from Taiwan. I noticed that there's a, there's a, you, you see, 7.8 billion. Other non operating in some under the PNL can management for one more color in terms of the, the breakdown of their non operating system. And it's sustainable in the, in the next two codes.

Thank you management for taking my question.

From Taiwan.

Han Pu: Our first question comes from the line of Han Pu from CICC. Please ask your question. Thanks for taking my question. This is Han from CICC. Congress on the strong quarter. I have two quick questions. Firstly, could you please provide the regional breakdown of the new founded accounts in the second quarter. Second, the knee, could you please give us more recent updates on the mainland regulation requirements. Thanks. Okay. Thank you.

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Speaker 5: Thank you very much.

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Zhang Feng: Firstly, could you please provide the regional breakdown of the new founded accounts in the second quarter. Second, the knee, could you please give us more recent updates on the mainland regulation requirements. Thanks. Okay. Thank you. The first question, our second quarter around 45% of newly funded accounts came from Singapore nearly 25% from Australia and New Zealand, about 20% from the US and above 10% from Hong Kong. [inaudible] We have maintained good and direct communication with the regulatory authorities throughout the peer rate and have received clear guidance on certain special scenarios for PRC pot pot holders to open your accounts with us.

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Speaker 3: Now I'll just find it out. So about half of the other income comes from FXGAM due to USD appreciates, USD dollar appreciates against other currencies this quarter. So this far is pure accounting item.

No actually identify each other so about half of the other income comes for FX gain due to USD appreciation.

Zhang Feng: The first question, our second quarter around 45% of newly funded accounts came from Singapore nearly 25% from Australia and New Zealand, about 20% from the US and above 10% from Hong Kong. [inaudible] We have maintained good and direct communication with the regulatory authorities throughout the peer rate and have received clear guidance on certain special scenarios for PRC pot pot holders to open your accounts with us. For example, allowing PRC pot pot holders to work or leave overseas to open accounts and permitting the transfer or opening of new security accounts for users from other four court.

I appreciate your case other currencies this quarter. So this far is pure accounting items.

Speaker 3: The other part of the other income actually comes from our Treasury management. As you can see from our balance here, our financial instrument balance has increased quarter to quarter. So we are doing Treasury management where our investing some of those savings into the US short and bank. So I think this kind of interest income will be sustainable for the next few quarters. Thanks.

The other part of the other income actually.

It comes from our Treasury management as you can see from our balance sheet. Our financial is from imbalance has increased quarter over quarter. So we're doing a treasury management.

Are you asking from those monies into the U S shortened bonds. So we think that this kind of interest income will be sustainable for the next few quarters. Thanks.

Yes.

Yeah.

Speaker 2: Thank you. I'm showing no further questions. Thank you very much for all your questions. I'll now turn the conference back to Mr. Aaron Lee, the closing command.

Alright, Thank you I'm showing no further questions. Thank you very much for all your questions I will now turn the conference back to Mr. Aaron Lee for closing comments.

Speaker 3: Thank you, Arquiter. I would 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 switch out to our investor relations team. This concludes the call, and thank you very much for your time.

Thank you operator.

I would like to everyone for joining our call today and now closing the call on behalf of the management team here at a tiger, but I 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.

Speaker 2: This concludes today's conference call. Thank you for participating. You may now disconnect.

Yes.

This concludes today's conference call. Thank you for participating you may now disconnect.

Okay.

[music].

Yes.

Okay.

[music].

Zhang Feng: For example, allowing PRC pot pot holders to work or leave overseas to open accounts and permitting the transfer or opening of new security accounts for users from other four court. Recently, in mid-July, we submitted the final remediation report to the CSRC, your potent with regulatory requirements. Subsequently, in mid-July, the regulatory authorities conducted an on-site acceptance inspection based on our remediation report. Thank you. Thank you, Han.

Okay.

[music].

Zhang Feng: Recently, in mid-July, we submitted the final remediation report to the CSRC, your potent with regulatory requirements. Subsequently, in mid-July, the regulatory authorities conducted an on-site acceptance inspection based on our remediation report. Thank you. Thank you, Han.

Judy Zhang: Our next question comes from the line of Judy Zhang from C.P. Please ask your question, Judy. The second question is about our current situation in Hong Kong. I will translate my question. Thank you for taking my question. This is Judy Zhang from C.P. I have two questions. The first question is after Tiger EPP was removed from Expo, have you seen as an off-low or moving onshore investors? How do you think the launch of impact on existing onshore investors' trading activities and sentiment?

Judy Zhang: I have two questions. The first question is after Tiger EPP was removed from Expo, have you seen as an off-low or moving onshore investors? How do you think the launch of impact on existing onshore investors' trading activities and sentiment?

Tianhua Wu: And second question regarding on Hong Kong market strategy. How do you think you can give market share in the very competitive Hong Kong market? [inaudible] However, based on our data from the first half of this year, we have confident in the retention of our clients in China. In terms of user retention, the overall retention rate for users with access, as well as the retention rate for million China users in the fourth half of this year, has remained above 99%.

Judy Zhang: And second question regarding on Hong Kong market strategy. How do you think you can give market share in the very competitive Hong Kong market? [inaudible] However, based on our data from the first half of this year, we have confident in the retention of our clients in China. In terms of user retention, the overall retention rate for users with access, as well as the retention rate for million China users in the fourth half of this year, has remained above 99%.

Tianhua Wu: Regarding client cash flow, million Chinese users have shown a trend of net affet inflow in both of the fourth quarter and second quarter of this year. Besides, there has been no significant change in the treating activity of men and users. Indicating that our existing clients have Russian understanding regarding recent events on December 30 of last year and their treating velocity and trust in Tiger Broker has not changed. Okay.

Judy Zhang: Regarding client cash flow, million Chinese users have shown a trend of net affet inflow in both of the fourth quarter and second quarter of this year. Besides, there has been no significant change in the treating activity of men and users. Indicating that our existing clients have Russian understanding regarding recent events on December 30 of last year and their treating velocity and trust in Tiger Broker has not changed. Okay. Hello, Judy.

Tianhua Wu: Hello, Judy. I am going to answer the question about the future of Hong Kong. First of all, we will talk about the future of Hong Kong and Hong Kong. First of all, there are about 3,000 people in Hong Kong who are currently in Hong Kong. Then there are about 1.5% of Hong Kong's population. There are only about 5% of Hong Kong's population. So, in the current market environment, we can still accept Hong Kong users.

Tianhua Wu: I am going to answer the question about the future of Hong Kong. First of all, we will talk about the future of Hong Kong and Hong Kong. First of all, there are about 3,000 people in Hong Kong who are currently in Hong Kong. Then there are about 1.5% of Hong Kong's population. There are only about 5% of Hong Kong's population. So, in the current market environment, we can still accept Hong Kong users.

Tianhua Wu: Of course, the future of Hong Kong's main purpose is to attract customers. In the future, Hong Kong's products are not that strong. So, in the future, Hong Kong will promote more products. For example, in the middle of the country, in the areas of Hong Kong, if you are in Hong Kong, you can see it. [inaudible] in the middle of the country, in the middle of the country.

Tianhua Wu: Thank you, Judy.

Cindy Wang: A next question comes from the line of Cindy Wang from China Renaissance. Please go ahead, Cindy. The next question comes from the line of view of the situation. The same name tiger has reached the infection point from breakeven to profitability. Thank you. The next question comes from the line of view of the situation.

Cindy Wang: A next question comes from the line of Cindy Wang from China Renaissance. Please go ahead, Cindy.

Unknown Executive: The next question comes from the line of view of the situation. The same name tiger has reached the infection point from breakeven to profitability. Thank you.

Zhang Feng: In the second quarter, the average CEC was 162, which was further decreased compared to 171 in the first quarter, reaching historically lower level. In the second quarter, we pay very close attention to class quality and payback period, and we will not just jeopardize our client's quality and reasonable ROI ratio merely for the number of funded accounts. With the underperformance of Chinese ADRs and Hong Kong technology names in the second quarter, our clients experience from market market losses.

Zhang Feng: The next question comes from the line of view of the situation. Okay, your first question about the CEC. In the second quarter, the average CEC was 162, which was further decreased compared to 171 in the first quarter, reaching historically lower level. In the second quarter, we pay very close attention to class quality and payback period, and we will not just jeopardize our client's quality and reasonable ROI ratio merely for the number of funded accounts.

Zhang Feng: With the underperformance of Chinese ADRs and Hong Kong technology names in the second quarter, our clients experience from market market losses. However, strong net asset inflows till less to a 7.1% increase in total plan assets compared to the previous quarter. This indicates that we have maintained good customer quality while reducing the average CEC. Furthermore, if we look at the average CEC from newly acquired clients through advertising channels in the second quarter, their average CEC is more than twice the overall average CEC. This demonstrates that we have gradually gained more organic traffic from overseas regions and could save us some customer acquisition costs.

Zhang Feng: However, strong net asset inflows till less to a 7.1% increase in total plan assets compared to the previous quarter. This indicates that we have maintained good customer quality while reducing the average CEC. Furthermore, if we look at the average CEC from newly acquired clients through advertising channels in the second quarter, their average CEC is more than twice the overall average CEC. This demonstrates that we have gradually gained more organic traffic from overseas regions and could save us some customer acquisition costs.

Cindy Wang: Thank you.

Tianhua Wu: The second question is related to the situation of the company, LanGam Jingyi-Ren. We are very happy to see that the company, LanGam Jingyi-Ren, reached 1,500,000 dollars in total. This is also our recent year's new high. At the beginning of the CEC, in the early stages of the CEC, there was a time when the growth of the return of the market, and the company[inaudible] to the right to the right to the right to the right Right. Thank you, Cindy.

Unknown Executive: Thank you. The second question is related to the situation of the company, LanGam Jingyi-Ren. We are very happy to see that the company, LanGam Jingyi-Ren, reached 1,500,000 dollars in total. This is also our recent year's new high. At the beginning of the CEC, in the early stages of the CEC, there was a time when the growth of the return of the market, and the company[inaudible] Right. Thank you, Cindy.

Ling Tan: Our next question comes from the line of Ling Tan from Taiwan Capital Markets. Please ask your question, Ling. Thank you, Management for taking my question. This is Ling from Taiwan.

Zhang Feng: I noticed that there's a USD 7.8 billion operating in some under the PNL can management for one more color in terms of the the breakdown of their non operating income and it's sustainable in the in the next two countries. Thank you. So about half of the other income comes from FX again due to USD . The other part of the other income actually comes from our Treasury Management. As you can see from our balance, our financial instrument balance has increased quarter over quarter.

Zhang Feng: So we are doing Treasury Management where are you investing some of those bonds into US short and bound. So I think this kind of interesting account will be sustainable for the next few quarters. Thanks. Right. Thank you. I'm showing no further questions. Thank you very much for all your questions.

Aron Lee: I'll now turn the conference back to Mr. Aaron Lee for closing comments. Thank you. I would like to thank everyone for joining our call today.

Aron Lee: I'm now closing the call on behalf of the management team at Tiger. We do appreciate your participation into this call. If you have any further questions, please switch out to our investor relations team. This concludes the call and thank you very much for your time. This concludes today's conference call. Thank you for participating. You may now disconnect.

Operator: This concludes the call and thank you very much for your time. This concludes today's conference call. Thank you for participating.

Operator: You may now disconnect.

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