Q4 2023 UP Fintech Holding Ltd Earnings Call

Operator: Sponsored ADR Class A Please remain silent. Ladies and gentlemen, thank you for standing by, and welcome to the UP Fintech Holding Ltd 4th Quarter and Full Year 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Please remain silent.

Ladies and gentlemen, thank you for standing by and welcome to the up Fintech holding limited fourth quarter and full year 2023 earnings conference call.

At this time.

Japan are in a listen only mode. There will be a presentation followed by a question and answer session. I must advise you that this conference is being recorded today March 20th 'twenty 'twenty four.

Operator: There will be a presentation followed by a question and answer session. I must advise you that this conference is being recorded today, March 20th, 2024. I would now like to hand the conference over to your first speaker today, Mr. Aaron Lee, the Head of Investor Relations. Thank you. Please go ahead.

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

Aaron Lee: Thank you, operator. Hello everyone, and thank you for joining us on the call today. UP Fintech Holding Ltd's fourth quarter and full year 2023 earnings release was distributed earlier today, and it's available on our website at ir.itigerup.com, as well as Globe Newsware Services. On the call today from UP Fintech are Mr. Wu Tianhua, Chairman and Chief Executive Officer, Mr. Zhuang Zeng, Chief Financial Officer, Mr. Huang Lei, CEO of U.S. 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 the remarks. Now, let me cover three parts. The statements we are about to make contain forward-looking statements. Based on the meaning of the U.S.

Thank you operator.

Hello, everyone and thank you for joining the call today are pre.

Korea limited fourth quarter and full year 2023, Ernest city, what's fixed here earlier today.

Available via our website at IR <unk> Com I felt like the global Newswire services.

On the call today from up Fintech amidst that we can.

Chairman and Chief Executive Officer, Jonathan <unk>, Chief Financial Officer, Mr. Huang Lei CEO of U S Tiger Securities and Mr. Kenny Johnson, our financial controller.

We used to when we will give an overview of our business operations and discuss corporate highlights. Mr. Somebody will then discuss our financial results.

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

Now, let me cover the Safe Harbor.

The statement, we are about to make content forward looking statements within the meaning of the U S. Private Securities Litigation Reform Act of 1995.

Aaron Lee: The Private Security 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 6K, printed today, March 20, 2024, and our annual report on Form 20-F, filed on April 26, 2023. We undertake no obligation to update any forward-looking statement except as required under applicable law.

A number of factors could cause actual results to differ maturity from those content.

Okay.

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 6K furnished state March 20th clinical need for Anoro.

Annual report on form.

April 26th 10 23.

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

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 an English translation. Mr. Wu, please go ahead with your remarks. Hello, everyone. Thank you for joining the Tiger Brokers' 4th Quarter and Full Year 2023 Earnings Conference Call. Hello, everyone.

It is my pleasure to now introduce our chairman and Chief Executive Officer Mr.

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Tianhua Wu: Thank you for joining the Tiger Brokers' 4th Quarter and Full Year 2023 Earnings Conference Call. Today is the 5th anniversary of Nasdaq's founding. In the past five years, the company has finally made technology a better investment mission and provided services to global investors. Sponsored ADR Class A, No matter the product experience, we have gained a lot of experience in the industry, the scale of users, profitability, and the ability to deal with environmental fluctuations in the capital market, geopolitical conflicts, and risk management. We have all made significant improvements. Until the end of 2023, in the case of Mr. Kou...

Hello, everyone. Thank you for joining the Tiger brokers fourth quarter and full year 2023 earnings conference call.

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Tianhua Wu: Sponsored ADR Class A, Today marks the 5th anniversary of Tiger's listing on NASDAQ. During the past five years, we have committed to our mission that technology redefines global investing and have expanded our business globally to Singapore, Southeast Asia, Australia, New Zealand, the United States, Hong Kong, and the United Kingdom. We have made significant improvements in various aspects, including product offering, industry know-how, user base, and profitability. We have also navigated through market turbulence, geopolitical, and regulatory uncertainty. This valuable experience will help us to have sustainable growth in the future.

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Today marks the fifth anniversary of Tiger listing on NASDAQ during the past five years and committed to our mission that technology redefine global investing and have expanded our business globally to Singapore Southeast Asia, Australia, New Zealand, United States, Hong Kong I believe in that.

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We've also navigated through market turbulence geopolitical unregulated uncertainties.

Variable experience will help us to have sustainable growth in the future.

Tianhua Wu: As of the end of 2023, the majority of our total client assets came from users in the overseas market. We are proud of our international reach and will continue to serve our clients with dedication and innovation. In 2023, we will continue to advance our international strategy and improve our leadership position in Singapore. After entering the two-star market, we opened up a new battlefield in the Hong Kong stock market and achieved satisfactory results. At the same time, we benefited from the high interest rate environment created by the U.S. Federal Reserve.

As of the end of 2023 the majority of our total client assets came from user oversea market.

We are proud of our international reach and they'll continue to serve our clients with dedication and innovation.

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Tianhua Wu: The fourth quarter total revenue reached 70 million U.S. dollars. Sponsored ADR Class B Sponsored ADR Class C Sponsored ADR Class D Sponsored ADR Class A, We are very happy to see the significant improvement in the company's profit margin in 2023. This is mainly due to the advantage of Tiger International's brand and the ability to develop. It has helped us to reduce the cost of goods and the cost of invoicing and other variable costs. In order to continue to operate economically at a fixed cost, it is necessary to reduce the cost of goods and the cost of invoicing and other variable costs.

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Tianhua Wu: Sponsored ADR Class A, The profit margin of the first quarter of 2020 was 14.8 times and 3.4 times. The history of the company since its founding is very high. The non-game net profit of the parent company in the fourth quarter was $1.1 million. It has fallen a little compared to the first three quarters of the second quarter.

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Tianhua Wu: The main reason is that the depreciation of the US dollar in the fourth quarter brought more than $7 million in exchange rate losses. Compared to exchange rate income of about $2 million in the third quarter, it caused a non-cash impact of around $9 million in profit. In 2023, we continue to advance our internationalization strategy, further solidifying our leading position in Singapore, and officially enter Hong Kong. Benefiting from the higher interest rate environment, fourth quarter total revenue reached 70 million U.S. dollars, a 9.6% increase compared to the same period last year. Our full year total revenue amounted to US$273 million, representing a 21% increase from 2022.

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In 2023, we're continuing to otherwise our internationalization strategy further solidify our leading position in Singapore and officially entered the Hong Kong.

Benefiting from the higher interest rate environment fourth quarter. Our total revenue reached 17 million U S dollar and nine 6% increase compared to the same period of last year.

Our full year total revenue amounted to $273 million, representing a 21% increase from 2022.

Tianhua Wu: Additionally, we saw significant improvement in our bottom line in 2023, primarily due to our branch strength and R&D capabilities, which enabled us to save costs and deploy resources more efficiently. Full-year net profit reached $32.6 million US dollars, and non-gap net profit reached $42.7 million US dollars, a record high since our company founding, and representing a jump of 14.8 times and 3.4 times of the same figure in 2022. In the fourth quarter, due to the depreciation of the U.S. dollar against other currencies, we recorded a 7 million U.S. dollar non-cash foreign exchange loss versus a 2 million foreign exchange gain in the third quarter, resulting in our non-gas net income declining quarter over quarter to 1.1 million U.S. dollars. Sponsored ADR Class A has grown 58.6% since the last quarter. The total number of users has reached 123,100.

Additionally, we saw significant improvement in our bottom line in 'twenty straight primarily due to our branch strength of stress and R&D capabilities.

This enabled us to save cost and deploy resources more efficiently.

Full year net profit reached $32 6 million U S dollars non-GAAP net profit reached $42 7 million in U S dollars a record high since our company funding and representing a drop of 14.8 times and three four times to have the same figure in 2022.

In the fourth quarter due to depreciation of U S. Dollar against other currency, we recorded a 7 million U S dollar and noncash foreign exchange loss for fiscal 2 million foreign exchange gain in the third quarter result at our non-GAAP net income declined quarter over quarter to $1 1 million U S. Dollar.

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Tianhua Wu: The basic military is a market outside of mainland China. Sponsored ADR Class A has increased by 15.8% since the end of 2022. The number of administrative duties in this quarter has risen compared to the previous quarter, which is mainly due to our effective attempts in goods. For example, we use Singapore as a bridge to expand to neighboring countries and regions. Thanks to the local brand advantages over the years, we have achieved a good user increase. At the same time, we have reduced the cost of goods from the fourth quarter to less than US$150, which is historically low.

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Tianhua Wu: In terms of client-generated assets, the asset flow has maintained a strong trend and set a record high in the first quarter. The income of fourth quarter clients was more than $8.2 billion. With the addition of Meigu and Huinuan, it brings in a profit of US$3.5 billion. At the end of this quarter, the total share of the client reached US$30.6 billion, which is a 62.1% increase from the last quarter. This is mainly due to the fact that, while we are serving retail users, we are also constantly updating our products according to the needs and habits of institutional users, thus gaining more trust and recognition from institutional users.

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In the fourth quarter, we added 39000 funded accounts.

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The total number of funded accounts for the year reached 123000, and about 100 exceeding our annual guidance of bankers call them plenty of that kind of risk.

Tianhua Wu: At the same time, we are also very happy to see that the quality of this quarter's new users is improving. Singapore's newly added customers entered the fund with an average of more than $160,000 in the first quarter, setting a new record since we entered the Singapore market. The above indicators show that the company has entered the market and has a wide scope of development. At the same time, they also show that we have achieved good results in the current market deepening strategy. In the fourth quarter, we added 39,000 Fanlita accounts, an increase of 58.6% from the previous quarter. The total number of funded accounts for the year reached 123,100, exceeding our annual guidance of 100,000 funded accounts. This majority came from markets outside of mainland China.

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The total number of funded accounts at the end of 'twenty. One is rate exceeded 900000, representing a growth of 15, 8% compared to the end of last year.

In the fourth quarter by leveraging our strong presence in Singapore, and we're working with partners to explore customer acquisition initiatives in the Southeast Asia region.

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A rise in quarterly new finally that comps, while reducing average safety to a historical low of below 50 in U S dollars.

In terms of total current assets the trend off of that inflow remained strong we saw record 8.2 billion U S. Dollar net asset inflow this quarter.

In addition to $3 5 billion U S dollar mark to market gain total client assets jumped 62, 1% quarter over quarter and more than doubled year over year to $13 6 billion U S. Dollar for the end of 'twenty three.

The increase in Opex was primarily due to our ongoing product development.

To meet the needs of institutional clients.

Tianhua Wu: The total number of funded accounts at the end of 2023 exceeded 900,000, representing a growth of 15.8% compared to the end of last year. In the fourth quarter, by leveraging our strong presence in Singapore, we were working with partners to explore customer acquisition initiatives in the Southeast Asian region, which resulted in a rise in quarterly new funded accounts while reducing average CEC to a historical low of below $150. In terms of total client assets, the trend of asset inflow remains strong.

Additionally, we're very glad to see the quality of our newly acquired customer further improved in the fourth quarter.

The average net asset inflows inflows of newly acquired clients in Singapore with about 16000 U S dollars in the fourth quarter setting a historic high since our launch into Singapore retail market.

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Tianhua Wu: We saw a record $8.2 billion U.S. dollars net asset inflow this quarter. In addition to a $3.5 billion U.S. dollars market-to-market gain, total client assets jumped 62.1% QOQ and more than doubled year-over-year to 30.6 billion USD at the end of 2023. The increase in client access was primarily due to our ongoing product development to meet the needs of institutional clients. Additionally, we are very glad to see the quality of our newly acquired customers further improved in the fourth quarter. The average net asset inflow of newly acquired clients in Singapore was about US$16,000 in the fourth quarter, setting a historic high since our launch into the Singapore retail market. We continue to improve product-side breakthroughs and iterations to improve user experience. This is also the key to our long-term success. In the fourth quarter, we launched the seven-choice combination strategy function, which implements a long-term risk calculation based on the seven-choice combination strategy after targeting. Sponsored ADR Class A, to provide high-quality users with a more abundant choice of asset configurations

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We continue to add new products on our platform to enhance user experience, which we believe is the key to our long term success.

In the fourth quarter were introduced combo options stress that feature a very user friendly product that allows user to execute multi leg options truth based online net marketing requirements.

Additionally, we allowed the fixed coupon lowest product offering professional investors are more diversified wealth management experience.

Tianhua Wu: In addition, as encrypted currency transactions are becoming more and more popular around the world, and more and more regions, including Singapore and Hong Kong, are becoming more and more accepting of virtual currency, and the requirements for supervision are improving day by day, Lao Guo Ji's research and development capabilities, as well as its good communication with regulators and banks over the years, have also improved significantly on the diversity of products in the field. In January this year, we launched 11 Bitcoin ETF trading features in areas that meet regulatory requirements, including Singapore. In the Hong Kong market, we obtained Hong Kong SFC approval and completed the upgrade of the No. 1 card.

In addition, as critical is becoming an important asset class globally.

It's a natural extension of our business as broker dealer to add this new asset class with Tiger's fintech background and Knowhow.

In January we started to offer 11, bitcoin Etfs trading based on local regulatory frameworks.

In Hong Kong, Hong Kong SFC lifted our type one license to include virtual Arthur billing services for professional investors.

This positions us as one of the first mainstream online brokerage firm in Hong Kong to receive approval for such a license upgrade.

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Tianhua Wu: We allow professional investors to trade virtual assets on the Zhejiang Exchange holding platform through Lao Wu Securities Hong Kong and become the first company in the Internet world to obtain the card upgrade. We continue to add new products on our platform to enhance user experience, which we believe is the key to our long-term success. In the fourth quarter, we introduced the Combo Option Strategy Feature, a very user-friendly product that allows users to execute multi-leg option trees based on a net margin requirement.

The road, our total off now U S and Hong Kong Ipos in the fourth quarter, including Sri It out here in group and TNT Express.

Bringing the total number of U S and Hong Kong Ipos underwritten for the year 2008.

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30, new clients in the fourth quarter, bringing the total number of Aesop clients served to 535 as of the end of 2023.

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Tianhua Wu: Additionally, we launched the Fixed Coupon Notes product, offering professional investors a more diversified wealth management experience. In addition, as crypto is becoming an important asset class globally, it's a natural extension of our business as a broker-dealer to add this new asset class with Tiger Fintech's background and know-how. In January, we started to offer 11 Bitcoin ETF trading based on the local regulatory framework. In Hong Kong, the SFC uplifted our Type 1 license to include virtual asset dealing services for professional investors. This position serves as one of the first mainstream online brokerage firms in Hong Kong to receive approval for such a license upgrade. Sponsored ADR Class A, In 2023, we will sell 28 Hong Kong-US IPO projects. In terms of e-shopping, we have added 30 e-shopping clients in the fourth quarter of this year and have accumulated 535 customers. Our 2B business continues to perform well. In the investment banking service, we underwrote a total of nine US and Hong Kong IPOs in the fourth quarter, including Shiyue Daotian Group and G&T Express.

Great.

<unk>, let me go through our financial performance for the fourth quarter.

All numbers are in U S dollar.

Yeah.

Total revenues were $70 million this quarter remained flat quarter on quarter and increased nine 6% year over year full year total revenue were $272 5 million, including increased 29% compared to last year.

Cash equity take rates was $6 five bps this quarter slightly increased from last quarter.

Within commission revenue about 60% come from cash equities, 30% from options at the rest comes from futures and the other products.

Now onto cost.

Interest expense was $16 million increased by 123% from same quarter of last year as interest expense in our securities and Indiana expense, both increased being I wish the rate hike.

Execution and clearing expense were $2 2 million decrease of 44% from the same quarter of last year.

Amenity to more efficiency in self caring for U S out of Hong Kong Securities.

John: This brings the total number of US and Hong Kong IPOs underwritten for the year to 28. In our ETHOP business, we added 30 new clients in the fourth quarter, bringing the total number of ETHOP clients served to 535 as of the end of 2026. Now I would like to invite our CFO, John, to go over our financials.

Employee compensation and benefits expense were $26 5 million, an increase of 8% year over year due to an increase of global head counts.

Occupancy depreciation and amortization expense increased eight 4% to $2 2 million due to increasing rent.

John: Sponsored ADR Class A, Great. Since Tianhua and Aaron are here, let me go through our financial performance for the fourth quarter. All numbers are in US dollars. Total revenue was $70 million this quarter, which remained flat quarter-over-quarter and increased by 0.6% year-over-year. Full-year total revenue was $272.5 million, an increase of 20.9% compared to last year. Cash Equity Take Rate was 6.5 bps this quarter, slightly higher than last quarter. Within commission revenue, about 60% come from cash equities, 30% from options, and the rest comes from futures and other products. Now on to COD.

Communications data expense were $8 five muni.

An increase of 21% year over year due to the increase in user base and ICU related fees.

Marketing expenses were $5 8 million this quarter decreased 22% year over year as we remain prudent ways marketing campaigns.

General and administrative expenses were $7 3 million, an increase of 23% year over year our CTO.

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Total operating costs were $52 5 million slightly increased three 1% from the same quarter of last year.

GAAP net loss was $1 8 million non-GAAP net income was $1 1 million.

John: Interest expense was $16 million, increased by 123% from the same quarter of last year, as interest expense and security lending expense both increased in line with the rate hike. Execution and clearing expense were $2.2 million, decreased 44% from the same quarter of last year. Primary due to more efficiency in self-clearing for US and Hong Kong security. Employee compensation and benefits expense were $26.5 million, an increase of 8% year-over-year due to an increase in global headcount. Occupancy depreciation and amortization expense increased 8.4% to $2.2 million due to an increase in rent.

The sequential drop in Boston that was primarily due to a noncash foreign exchange losses, resulting from the depreciation of the U S. Dollar during this quarter.

For the year of 2023 total GAAP profit was $32 6 billion and non-GAAP net income was $42 7 million.

A historic high in our company history.

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

Thank you as a reminder to ask a question you will need to press star one and one on your telephone and wait for your name to be announced.

John: Communication and data expenses were 8.5 million, an increase of 21% year-over-year due to the increase in the user base and IT-related expenses. Marketing expense was $5.8 million this quarter, decreased 22% year-over-year, as compared to Raymond Putin's marketing campaign. General administrative expenses were $7.3 million, an increase of 23% year-over-year, due to professional service fees recorded in the fourth quarter. Total operating costs were $52.5 million, slightly increased 3.1% from the same quarter of last year. Gap-led loss was $1.8 million, and non-gap-led income was $1.1 million. The sequential drop in the bottom line was primarily due to a long cash foreign exchange losses resulted from the depreciation of the U.S. dollar during this quarter. For the year of 2023, total GAAP profit was $32.6 million, and non-GAAP net income was $42.7 million, a historical high in our company history. Now, I have concluded our presentation. Operator, please open the line for Q&A. Thank you. As a reminder, to ask a question, you will need to press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again.

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

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Okay.

Okay.

Our first question.

Comes from the line of Cindy Wang from China Renaissance. Please go ahead. Your line is open.

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How far do you mean, how COVID-19 may this chance to ask questions I have two questions. First one is the net profit has increased significantly in 2023, but profitability in Q4 was dropped sequentially, mainly because of the backstop.

Cindy Wang: Please stand by while we compile the Q&A queue. Our first question comes from the line of Cindy Wang from China Renaissance. Please go ahead, your line is open. Thank you for giving me the opportunity to ask this question. First, we can see that the annual profit in 2023 has increased significantly. However, there has been a significant decline in the return on investment in the fourth quarter.

Have you seen any improvement in first quarter. This year based on the current run rate and the second is could you give us guidance on a new funded accounts in 2024.

Cindy Wang: The reason for the decline in the return on investment in the fourth quarter is mainly due to the US dollar exchange rate. According to the 2024 Q1 run rate, will there be any improvement in this situation? The second question I would like to ask is, can you give us some guidance on the number of new users in 2024, as well as the distribution of the region and the business development strategy? Will there be a new market this year? Now, I will quickly translate my question. Thanks for giving me this chance to ask questions. So I have two questions.

The breakdown of each region and business development strategy.

The new market.

Thank you.

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John: The first one is that net profit has increased significantly in 2023, but profitability in Q4 dropped sequentially, mainly because of the FX loss. So have you seen any improvement in the first quarter this year based on the current run rate? And the second question is, could you give us guidance on new accounts opened in 2024, as well as the breakdown of each region and business development strategy? Any new markets you will enter this year? Thank you. Thank you, Cindy.

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John: I will answer your first question first, and then Tianhua Wu will answer your second question. First of all, there are several reasons for the decline of the long gap economy in the fourth quarter. First of all, in terms of income, our gross revenue is relatively flat. But due to the fact that we are still in a relatively high-interest rate environment, the interest rate has risen, resulting in our net total revenue falling by about US$400 million. The second reason is that there will be more fixed costs in the fourth quarter, such as professional services. We think this is relatively normal.

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I, just really the whole quarterly run rate.

Yeah of course, it's early.

I'll tell you right now on what kind of cigar City, California, Ohio voted for it when I tell you guys that the whole lag.

What's the time that the older. The attrition that you see fit on changing the transferred all major Donuts, which NRG I need you to go back to the point you ever see one area. So suddenly prejudgment interest ratio now what would you allow you to do that.

John: Dollar 700 200 900. Of course, this does not affect the cash flow; it is an accounting process at the reporting level. Regarding the run rate, in the past two months, we have seen that the market and the user's run rate have improved, and the trend of customer asset flow is also very strong. At the same time, we feel that the exchange rate is relatively stable in the first quarter. Therefore, we feel that the interest rate in the first quarter will definitely be better than the interest rate in the second quarter. Let me simply translate it for you.

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non-GAAP <unk> decreased in the fourth quarter versus the third quarter or is there are several factors. So first one is for our total revenue is flat quarter on quarter, but we incur more interest expense during the fourth quarter due to the rate hike cycle. So the total net revenue decreased 4 million quarter over quarter.

The second factor is that in the first quarter.

More cost will hit the book such as professional service fees.

So which resulted in a 3 million jump in the cost.

Great. Thank you Scott.

Foreign exchange losses so.

In the first quarter U S dollar depreciate against RMP NFC, Singapore dollar. So we incur a noncash 7 million you know.

Foreign exchange losses in the first quarter versus 2 million gain in the third quarter. So combined those two factors.

Due to a noncash decrease of our liability on a sequential basis.

And in terms of run rate, so I haven't seen a increase.

Increasing trading.

Activities during the first two months of this year and we also saw very strong client bad asset inflow. So given the foreign exchange rate was relatively stable in the first quarter, we expect profitability in the first quarter will be much better in the fourth quarter.

John: In the first quarter, more costs will hit the books, such as post-traditional service fees, which will result in a $3 million jump in the cost. The third reason is foreign exchange losses. In the first quarter, the US dollar depreciated against the RMB and the Singapore dollar. We incurred a non-cash $7 million foreign exchange losses in the first quarter versus a $2 million gain in the third quarter. Combining these two factors leads to a non-cash decrease in our live yield on a sequential basis.

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John: And in terms of run rate, we have seen an increase in trading activities during the first two months of this year, and we also saw a very strong client lead asset inflow. So given the foreign exchange rate was relatively stable in the first quarter, we expect the profitability in the first quarter to be much better than the fourth quarter. Thank you.

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Tianhua Wu: Second question; this year, our target for new recruits is 150,000. In terms of region, Singapore and surrounding areas account for 60% of the total. Australia, New Zealand, and the U.S. each account for about 15% Hong Kong accounts for about 10%. This distribution is similar to our 23-year market value. We will adjust our investment based on the market performance of each market in the next 24 years. Of course, our goal is to increase from 100,000 in the next 23 years to 150,000 in the next 24 years. Each market will also bring an increase in the number of customers. We believe that the company has great potential For example, Singapore has a relatively high market share, but there is still a long way to go.

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Second question.

Infinitely for our target is to add 150000, new funded accounts about 60% will come from Singapore and Southeast Asia.

Tianhua Wu: You can also see this through the number and quality of new users obtained in Singapore and surrounding areas. In the Australian and Hong Kong markets, we also have more room for improvement and expansion. In the next 24 years, the company will focus on the market it has entered and continue to optimize the distribution of company production resources. Sponsored ADR Class A, Well, Chris did answer the second question.

Australia, and you'll hear that market in the United States account for 15%, each and hung hom market accounts for 10%.

There's really no breakdown.

Quite similar to our actual results in 2023 and two.

The input based on market opportunity and ROI of each region.

And of course with the targeting crazy from vendor to solve it in 2023 250000 in clinical need for labor.

Tianhua Wu: In 2024, our target is to add 150,000 new funded accounts; about 60% will come from Singapore and Southeast Asia; Australia, New Zealand, and the United States account for 15% each, and Hong Kong accounts for 10%. This regional breakdown is quite similar to our actual result in 2023, and we will adjust the input based on market opportunity and ROI of each region. And of course, with the target increase from 100,000 in 2023 to 150,000 in 2024, we would expect the incremental pew number to increase from each market accordingly.

The incremental pure number two increase from each market accordingly.

We believe that the market will have already entered have tremendous potential taking Singapore for example, where hydro broker already has a relatively high market share.

However, there is still significant room for growth. This can be seen from the number and quality of our newly acquired clients in Singapore in the fourth quarter.

In markets like Australia, and New Zealand, and Hong Kong, we have even more room to improve and expand.

So in 2004, our focus will remain on the market they've already unhurt optimizing the efficiency of our R&D resources, introducing more products reefer, including workout assets trading can we have our ARPA and appropriate liquidity.

Recently, we will also look for opportunities to enter new markets based on market conditions. Thank you.

Operator, let's move on to the next question. Thank you. Thank you.

Please standby.

Yeah.

Tianhua Wu: We believe that the markets they have already entered have tremendous potential. Take Singapore, for example, where Tiger Broker already has a relatively high market share. However, there is still significant room for growth.

Our next question comes from the line of Judy Zhang from Citi. Please go ahead. Your line is open.

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Operator: This can be seen from the number and quality of our newly acquired clients in Singapore in the fourth quarter. In markets like Australia, New Zealand, and Hong Kong, we have even more room to improve and expand. So, in 2024, our focus will remain on the markets they've already entered by optimizing the efficiency of our R&D resources, introducing more product features, including virtual access trading, to enhance our output and profitability. Additionally, we will also look for opportunities to enter new markets based on market conditions. Thank you. Operator.

Sure.

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Operator: Let's move on to the next question. Thank you. Thank you. Standby.

Judy Zhang: Our next question comes from the line of Judy Zhang from Citi. Please go ahead, your line is open. Thank you, Guan Yicheng, for giving me the opportunity to ask questions. I have two questions. The first is that we have seen a sharp rise in 4G customer assets, but there has not been a significant increase in commission and transaction volume. What is the reason behind this?

Michigan the turnover you saw a customer.

Has increased significantly in the fourth quarter, but the commission turnover didn't improve that much what's the underlying reasons behind and second question.

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Judy Zhang: The second question is about the number of new users. We can see that the number of new users is significantly higher than in the 4G era. However, the single customer cost has created a new historical low.

The cash rich to the retro low level.

Can management share with us what's the you know.

Judy Zhang: Do we have any new customer strategy behind this question? Thank you for taking my question. I have two questions.

Some color on the company's non U.

Customer acquisition strategy. Thank you.

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Judy Zhang: The first question is regarding commission and turnover. We saw the customer AOM increased significantly in the fourth quarter, but commission turnover didn't improve that much. What are the underlying reasons behind this?

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Judy Zhang: And second question is regarding the new founded customer. So the new paying customer has increased a lot in queue on queue, but the CAC reached a record low level. Can management share with us what's the, you know, give us some color on the company's new customer acquisition strategy? Thank you.

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Tianhua Wu: ??, Good, thank you. In the 4th quarter, our company's customer assets grew by 62%, which is 3.06 billion USD. The first reason is that in the 4th quarter, we were affected by the Nasdaq index and the rise of headstocks. This brought us a profit of 3.5 billion USD. In other words, the company's overall customer assets will also have a 15% return on investment.

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Tianhua Wu: In addition, in addition to deepening the retail market, we have also accumulated a large number of potential and in-depth institutional customers. In the 4th quarter, we gained more trust and appreciation from institutional users from all over the world and transferred their headstocks to the Tiger platform. This contributed a lot to our 4th quarter's 8.2 billion customers. However, due to the fact that some of the funds are invested in first-tier markets, their return on transactions and exchange rates are not comparable to retail investors. Therefore, the contribution of ADR Class A to this type of institutional investment is relatively limited.

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Okay. So the first question by the end of the fourth quarter total client assets increased by six 2% and comparable to previous quarter and more than doubled compared to the end of last year to $30 6 billion U S. Dollar there are few factors contributing to this growth.

Firstly, the rise in NASDAQ index and high names in the fourth quarter back to a mark to market gain of Requalify building U S dollars, our total credit asset.

Tianhua Wu: Okay, so first question. By the end of the fourth quarter, total client assets increased by 62% compared to the previous quarter and more than doubled compared to the end of last year to $30.6 billion. There are a few factors contributing to this growth.

It means that even without considering that other inflow our total credit outside would have seen in <unk>.

<unk> of around 15% and comparable to previous quarter.

Additionally, apart from focusing on the retail market, we have been serving a large number of institutional investors through efforts such as diesel and investment banking.

Tianhua Wu: Firstly, the rise in the NASDAQ index and high names in the fourth quarter led to a market gain of $3.5 billion on our total client asset. This means that even without considering net asset inflow, our total client asset would have seen an increase of around 15% compared to the previous quarter. Additionally, apart from focusing on the retail market, we have been serving a large number of institutional investors through efforts such as ESOP and investment banking. In the fourth quarter, these efforts gained more trust and recognition from global investors, who transferred their positions to our platform. This significantly contributed to the total of 8.2 billion net asset inflow in the fourth quarter. However, to be honest, some of the institutional investors of venture capital and private equity on the primary market, which have lower velocity compared to retail investors or hedge funds.

In the fourth quarter based effort to gain more trust in the recommendation from global investors.

Who transferred a better position to our platform. This significantly contributed to the total of $8 2 billion net asset inflow in the fourth quarter.

However to be honest.

Some of these institutional investors eventual capital and private equity all primary market, which have lower velocity comparator route how investors have had fun.

Without the contribution of the increased client assets from this kind of institutional investors to our commission revenue was fairly limited in the fourth cohort so far.

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Tianhua Wu: As a result, the contribution of the increased client assets from this kind of institutional investors to our commission revenue was fairly limited in the fourth quarter and so far. Second question. In the fourth quarter, we made some brand improvements around Singapore and surrounding markets to operate on some online platforms. In the past three years, we have built a good reputation in the whole region based on Singapore's business, which has increased the natural traffic of users' active visits. At the same time, natural traffic has increased the total number of users, which has also promoted mutual invitation and inter-user exchanges. This has improved the number of users in the entire region in the fourth quarter. However, the quality of users on different channels is different.

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For a second question.

In the fourth quarter, we enhanced our brand presence in Singapore, and southeast Asia market by Rolling out more online advertising.

The increase in organic traffic and Mark to Mark referral and led to a high number of new funded accounts in the fourth quarter.

However, we have seen the user you heard from our different acquisition approaches may vary in quality. So moving forward, we will dynamically adjust our customer acquisition strategies with Thunder.

Their effectiveness to ensure the highest we are cool and appropriate photo. Thank you Rudy.

Tianhua Wu: For a second question, in the fourth quarter, we enhanced our brand presence in Singapore and Southeast Asian markets by rolling out more online advertising. We have seen an increase in organic traffic and multiple referrals, which led to a high number of new funded accounts in the fourth quarter. However, we've seen users from different acquisition approaches may vary in quality. So moving forward, we will dynamically adjust our customer acquisition strategies based on their effectiveness to ensure the highest VR pool and profit model. Thank you, Judy.

Operator, please move onto the next question.

Thank you.

Okay.

Please standby.

Next question.

Yeah.

Our next question comes from the line of Hunter from C. ICC. Please go ahead. Your line is open.

Thank you chip.

John.

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Jonathan.

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Ladies and gentlemen.

Okay that sounds like Indonesia, Q&A will be Tom you may begin.

Operator: Operator, please move on to the next question. Thank you. Our next question comes from the line of Han Pu from CICC. Please go ahead, your line is open. Hello, I am Fu Han, an analyst from the Center. I have two questions to ask.

Hi, Thanks for taking my question is it has that.

I have two quick questions. All personnel could you can be sure the original breakdown of that.

I found your account in Q4.

Han Pu: First, I would like to ask what the distribution of new users was in the fourth quarter. Second, I would like to ask about the economic progress of Hong Kong businesses, including our customers, products, and some competition issues. In addition, I would like to ask about the progress of the virtual currency business in Hong Kong. I will also simply translate.

Today's gave us a little color on the Hong Kong business operation, especially quarter quick crypto trading business. Thanks.

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Han Pu: Could you please share the original breakdown of the newly founded accounts in Q4? And secondly, could you please give us more color on the Hong Kong business operation, especially the crypto trading business? Thank you. I will answer the first question, and Joan will answer the second one.

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Okay amount of new funded accounts in the fourth quarter above 6% came from Singapore and Southeast Asia, nearly 20% came from connected space No contribution from Hong Kong, and Australia, New Zealand region accounting for around 10% each.

Tianhua Wu: In total, 60% of our 4th quarter new users are from Singapore and surrounding areas, and nearly 20% are from the United States. The contribution from Australia and Hong Kong is about 10% each. Among the new funded accounts in the fourth quarter, above 60 percent came from Singapore and Southeast Asia. Meanwhile, nearly 20 percent came from the United States.

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Joan: The contribution from Hong Kong and Australia and New Zealand regions accounted for around 10 percent. OK, hello Fan, let me answer some questions about Hong Kong. Last year, we officially entered Hong Kong, so it has been a year since we started our business in Hong Kong. Overall, we are relatively satisfied with our current progress.

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Joan: In Hong Kong, which is a very competitive market, we continue to create value for our users with the greatest sincerity. So far, Hong Kong users have come to the Laohu platform to trade Hong Kong stocks with zero commission and zero platform fee. Sponsored ADR Class A Sponsored ADR Class A, Upgraded to No.1 on SFC Supporting users who use PI to trade crypto on LaoHu's platform. It is expected to be online in the next month or two. Of course, we will apply for the relevant licenses in the crypto industry according to the other guidelines of the SFC to ensure that we can operate this business properly. Our local user base is expanding, and our customer quality In the early days of entering Hong Kong, we explored the local market and learned that local customers' orders were slower.

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Joan: In the 4th quarter, we applied a more localized order strategy to our understanding of the market over the past year. So in the 4th quarter, the entry and exit fees of Hong Kong markets exceeded the sum of the previous three quarters. And the entry and exit fees of Hong Kong users, especially the entry and exit fees of retail users, exceeded the sum of the previous three quarters.

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We have run into Hong Kong retail market for one year and so far we are really can be satisfied with our progress.

So to get exchange, such a competitive market in Hong Kong, we offer a lump the most friendly pricing to our users.

Until now users can still enjoy zero commission and a zero clamp fees when they are trading securities on Tiger platform.

Joan: This shows that the market quality of Hong Kong users is still very good. At the same time, we have only been in Hong Kong for a year, so we feel that there is still a lot of room for improvement for both old and new users. We have entered the Hong Kong retail market for one year, and so far, we are really satisfied with our progress. So 2GXTRAIN is such a competitive market in Hong Kong. We offer one of the most friendly prices to our users. Until now, Hong Kong users can still enjoy zero commission and zero plan fees when they are trading Hong Kong securities on the Tiger platform.

Also we have been optimizing our product offering over the past year and we are quite satisfied with the level of improvement in our current product features in the fourth quarter, we launched as a U S. T bonds are the trading Sparks features in Hong Kong in the first part of this year, we uplifted type one license with SFC, allowing private.

Professional investors to Australia, allowing users to trail Crypto Undertaker Hong Kong platform. We expect this feature to go live in the next one or two months.

Our local business is gradually expanding at the user quality also improved from time to time in the early stage of Florida in Hong Kong, we were exploring the market and understanding hormone local users, which made it took some time in the fourth quarter.

Joan: Also, we have been optimizing our product offering over the past year, and we are quite satisfied with the level of improvement in our current product features. In the fourth quarter, we launched the US T-Bonds and Trading Spark features in Hong Kong. In the first quarter of this year, we uplifted the Type 1 license with SFC, allowing professional investors to, oh sorry, allowing PI users to trade crypto on the Tiger Hong Kong platform. We expect these features to go live in the next one or two months.

We implemented a more localized the customer acquisition strategy as a result, the lead as the inflow in the Hong Kong market exceeding the total for the first three quarter of this year. Additionally, the average net asset inflows from newly acquired clients in the first quarter, excluding 5000, USD, indicating a good user quality and the Hong Kong market and peak.

Most of opportunity for us to explore in the future. Thanks.

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Joan: Our local business is gradually expanding, and the user quality has also improved from time to time. In the early stages of our work in Hong Kong, we were exploring the market and understanding our local users, which may take some time. In the fourth quarter, we implemented a more localized customer acquisition strategy, and as a result, the lead asset inflow into the Hong Kong market exceeded the total for the first three quarters of this year.

Yeah.

Thank you.

There are no further questions at this time, so I'll hand, the call back to Eric for closing remarks.

Okay.

Thank you.

I would like to thank 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 play with hype.

Joan: Additionally, the average lead asset inflow from newly acquired clients in the fourth quarter exceeded 5,000 USD, indicating good user quality in the Hong Kong market and a big growth opportunity for us to explore in the future. Thanks, Mel. Let's move on. Technically, it's done.

Thank you. Thank you.

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

Please standby.

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Aaron Lee: Thank you. There are no further questions at this time, so I'll hand the call back to Aaron for closing remarks. Thank you. 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 reach out to our Investor Relations team.

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Operator: This concludes the call, and thank you very much for your time. Thank you. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by. [inaudible] Who's Bloomin' Lookin' So cute? Be good Get a good kill Who's Bloomin' Lookin' So cute? Be good Get a good kill Who's Bloomin' Lookin' So cute? Thank you for watching!

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