Q3 2024 Futu Holdings Ltd Earnings Call
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Speaker Change: Hello, Ladies and gentlemen, welcome to <unk> Holdings third quarter 'twenty 'twenty four earnings conference call. At this time all participants are in a listen only mode. After management's prepared remarks there'll be a Q&A session. Today's conference call is being recorded if you have any objections you may disconnect at this time.
I would now like to turn the conference over to your host for today's conference call Daniel Yuan Chief of staff to see our hedging strategy and I'll ask you to please go ahead Sir.
Daniel Yuan: Thanks, operator, and thank you for joining us today to discuss our third quarter 2024 earnings results. Joining me on the call today are Mr leaf Li Chairman and Chief Executive Officer, Arthur Chen Chief Financial Officer, and Robin Shake Senior Vice President.
Daniel Yuan: As a reminder, today's call may include forward looking statements, which represent the company's belief regarding future events, which by their nature are not certain and are outside of the company's control.
Daniel Yuan: Forward looking statements involve inherent risks and uncertainties.
We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward looking statement.
Daniel Yuan: For more information about the potential risks and uncertainties. Please refer to the company's filings with the SEC, including its annual report.
Speaker Change: I will now turn the call over to leaf leaf will make his comments in Chinese and I will translate.
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Speaker Change: Thank you all for joining our earnings call today.
Speaker Change: We've wrapped up the quarter with 154000 net new paying clients about.
Speaker Change: 138% year over year, a flattish quarter over quarter, our total paying clients reached approximately $2 2 million or 33% year over year three.
Speaker Change: Three quarters into 2024, we have acquired 487000 paying clients and we expect full year growth to comfortably exceed our guidance of 550000, thanks to resilient growth in established markets and strong momentum in Europe.
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Speaker Change: To iterate on various client acquisition strategy and launched effective campaigns and the elevated market sentiment client acquisition accelerated in Hong Kong in Singapore, which collectively contributed to over one third of new paying clients.
Speaker Change: Three quarters in a row, Malaysia remains a top contributor if new paying clients among our southern markets where.
Speaker Change: We're committed to further elevating our brand image in Malaysia, and with broader product offerings to enhance our value proposition as a one stop investment platform in.
Speaker Change: In Japan, we made steady progress on client acquisition, despite dwindling entrust in Japan equities, among retail investors and the market pullback in the third quarter.
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Speaker Change: <unk> tell you the trend zone in terms of new product offerings, we rolled out use stock dividend reinvestment plan in Hong Kong, We launched Nissan savings account in mutual funds in Japan, and recently supported U S margin trading in Japan options trading, which started to gain some traction among our clients and Malaysia, we have rolled out <unk> and <unk>.
Speaker Change: SD denominate in money market funds. We also became the first broker in Malaysia to offer U S options trading.
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Speaker Change: Total client assets grew 48% year over year, and 20% quarter over quarter to 693 billion Hong Kong dollars. The sequential increase was due to strong net asset inflows across markets and to a greater extent depreciation of clients stockholdings in the China equity surge towards quarter end and.
Speaker Change: In Singapore, total and average client assets grew by 18% and 10% quarter over quarter, driven by robust net asset inflows and favorable market movements.
Speaker Change: U S, Canada, and Australia, all recorded double digit sequential growth in average client assets for the third consecutive quarter.
Speaker Change: And the third quarter, our clients maintain their risk call node as evidenced by a single digit sequential growth in daily average margin balance.
Speaker Change: Sharp market movements in September crop to some clients take profit as a result margin financing and securities lending balance as of quarter end split by 7% to 41 billion in Hong Kong.
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Speaker Change: Total trading volume grew by 17% quarter over quarter to one nine trillion, Hong Kong dollars of which U S stock trading volume outpace the overall growth by rising 23% sequentially to 153 trillion in Hong Kong dollars.
Speaker Change: The growth in U S stock trading with skills by elevated trading interest in technology stocks and leveraged etfs amid heightened volatility and market.
Speaker Change: Quite sluggish sentiments and rather muted trading activities in July and August our clients quickly picked up the momentum Thats, China equities in September.
Speaker Change: They're all Hong Kong stock trading volumes slipped by 3% quarter over quarter to 348 billion Hong Kong dollars.
Speaker Change: Notably during the week of September 23rd Hong Kong, SAR trading volumes search by 267% week over week and together with China.
Speaker Change: <unk> contributed to over half of our trading volume for the week.
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Speaker Change: Wealth management recorded another quarter of strong growth on the back of enticing guilds of money market funds fixed income funds as of quarter end total client assets grew 87% year over year, and 22% quarter over quarter to 97 billion Hong Kong dollars.
Speaker Change: Around 27% of our paying clients wealth management products up from 25% in the second quarter.
Speaker Change: To cater to client demand for Alpha allocation, we lost ETF based on global Advisory service in Hong Kong Singapore.
Speaker Change: And you know more when the IPO offerings also the Alco will slow down $5, so that youll see job, Colombia, and the environment is so cheap angel.
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Speaker Change: We have 461, IPO distribution and our clients up 17, 9% year over year, we underwrote the three largest Hong Kong Ipos in the first three quarters of 2024.
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Speaker Change: All women that's how we'll go next I would like to invite our CFO Arthur to discuss our financial performance.
Arthur Chen: Thank you Lisa and Daniel Please allow me to walk you through our financial performance in the third quarter. All the numbers are in Hong Kong dollar unless otherwise noted.
Total revenue was $3 4 billion up 30% from $2 7 billion in the third quarter of 2023.
Arthur Chen: Brokerage Commission and handling charge income was 1.5.
Arthur Chen: <unk> 5 billion up 52% year over year, and 11% Q over Q.
Arthur Chen: Increase was mainly driven by a 75% year over year in the 70% Q over Q growth in total trading volume, partially offset by the decline in blended commission rate as our client gravitate towards higher priced stocks. Our blended commission rates went down from eight five basis points to eight basis points Q over Q.
Arthur Chen: Interest income was $1 7 billion up 13% year over year, and 7% Q O Q the year over year increase was mainly driven by higher margin financing income due to an increase in daily average module balance and higher interest income from securities borrowing and lending business.
Arthur Chen: Q over Q increase was mainly driven by the growth in bank deposit interest income and the margin financing income.
Arthur Chen: Other income was $209 million up 52% year over year, and 30% Q over Q the year over year in Q over Q increase was both primarily attributable to higher front, the distribution income and higher currency exchange income.
Arthur Chen: Our total cost was $675 million, an increase of 43% from $437 million in the third quarter of 2023.
Arthur Chen: Brokerage Commission and handling charge expenses were 82 million up 30% year over year brokerage expenses grow by a narrow margin than brokerage income year over year, mainly due to cost savings from our U S self clearing business.
Arthur Chen: Interest expenses was $414 million of 43% year over year, and 10% Q over Q the year over year in the Q over Q increase was mainly driven by higher interest expenses associated with our security borrowing in the lending business.
Arthur Chen: Processing and servicing cost $113 million up 51% year over year in the 19% Q over Q.
Arthur Chen: Year over year was mainly driven by higher product service fee and the data.
Arthur Chen: Retransmission fees as a result of growing business scale.
Arthur Chen: As a result total gross profit was $2 8 billion, an increase of 27% from $2 2 billion in the third quarter of 2023 gross margin was 81, 8% as compared to 83, 5% in the year ago quarter.
Arthur Chen: Operating expenses went up 21% year over year, and a flattish Q over Q2, $1 1 billion RMB.
R&D expenses were $385 million up 7% year over year, and 3% Q over Q.
Arthur Chen: Year over year on a Q over Q increase were mainly driven by increasing R&D headcount to support new products and new markets.
Arthur Chen: Selling and marketing expenses were 314 billion up 49% year over year down 7% Q on Q the year over year increase was mainly driven by triple digit year over year growth in new paying clients, partially offset by lower acquisition cost for.
Arthur Chen: <unk> decline was mainly due to increased efficiency and customer acquisition.
Arthur Chen: G&A expenses were $381 million up 18% year over year, and 5% Q on Q the year over year and cumulative increase was primary due to increasing head a call for general and administrative personnel.
Arthur Chen: As a result income from operation increased by 31% year over year, and 7%, 17% year over year Q over Q2, $1 7 billion operating margin increased to 50.
Arthur Chen: 4% from 49, 8% in the third quarter of 2023.
Arthur Chen: Our net income increased by 21% year over year, and nine 1% Q O Q2, $1 3 billion net income margin declined to 38.
4% in the third quarter as compared to 41, 2% in the same quarter last year.
Arthur Chen: Lower net income margin was mainly due to the unrealized foreign.
Arthur Chen: Exchange loss from the appreciation of RMB in the third quarter, our effective tax rate for the quarter was 15, 3%.
Arthur Chen: In addition, we are pleased to announce that our board of directors approved a special cash dividend of <unk> 25 U S dollar cents per ordinary shares or to U S dollars to holders of ordinary shares and the holders of record as of.
Arthur Chen: The close of business.
Arthur Chen: On December six 2024.
Speaker Change: That concludes our prepared remarks, we now like to open the call to questions. Operator. Please go ahead.
Speaker Change: Thank you.
Speaker Change: Remind us to ask a question you will need to press star one one on your telephone keypad and wait for your name to be announced to withdraw. Your question. Please press star one again, please standby will be compile the Q&A roster.
Please standby.
Speaker Change: Okay.
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Speaker Change: Okay.
Speaker Change: We will now take our first question. Please.
Speaker Change: Please standby.
Speaker Change: Okay.
Speaker Change: And the first question comes from the line of Cindy Wang from China Renaissance. Please go ahead. Your line is now open.
Speaker Change: Thank you ladies and gentlemen, thank you wanted to know what sort of you can go in conjunction John D. Josh.
Speaker Change: It's all about a few times that you already got asked that Sean Zhang now well Merchandised and we'll turn the corner. Thank you Tom.
Speaker Change: Goldman Sachs caller, Joseph Bank on the jewelry Daiichi Adi Julia Johnson.
Speaker Change: So I would on the gross margin.
Speaker Change: I'll put it on whole blood banks with all women. Thank you Jay.
Speaker Change: Gently overall blended commission rate this.
Speaker Change: Quarter on quarter Fantastic Mizuho Bank 2000 company question.
Speaker Change: Now the other one here.
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Speaker Change: Hello, Joe.
Speaker Change: Thanks for taking my question I have two questions here.
Speaker Change: Thanks, John.
Speaker Change: China asset.
Speaker Change: Rose.
Thanks.
Speaker Change: That's helpful.
Speaker Change: So based on current run rate in fourth quarter.
Can you give us some color on the Hong Kong of trading volume on <unk>.
Speaker Change: Bobby.
Bobby: As a percentage of total trading volume.
Bobby: That healthier overall blended commission rate in the fourth quarter and also the new customer acquisition in Hong Kong second.
Speaker Change: Second question is related to quick Tal.
Speaker Change: Can you give us some color on that.
Speaker Change: Crypto development in the quarter and will that be.
Speaker Change: The corn price, rather think of Copel with healthy overall from a map and then Hong client and also could you give us update.
Speaker Change: Update for <unk> license in Hong Kong. Thank you.
Thank you Sandeep, let me answer your second question about crypto and I will leave the first question to my colleagues.
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Daniel Yuan: <unk> driven <unk>, Shanghai cellular mentioned Corsair, Shanghai JV on patrician day cohort, yet that I know you've got generally in the eagle boundary what youre thinking in terms of the.
Daniel Yuan: The updates of the ATP license, we are still in the process of.
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Daniel Yuan: Revealed by the regulators in terms of some onsite visits and for the for their inquiries.
Hopefully we can get the market some update in the near future and Steve mentioned in the opening remarks, we have already launched our business in the third quarter in Hong Kong.
Daniel Yuan: <unk>.
Daniel Yuan: Given the recent data we think the penetration of the users and also the trading volumes pick up very very meaningfully.
Daniel Yuan: I think the daily average trading volumes on <unk>.
Daniel Yuan: Crypto assets in Hong Kong was in the range of 10000.
Daniel Yuan: <unk> 10 million to 20 million U S dollars everyday and I do think the penetration in the trading volume will continue to keep current momentum and considering the recent rallies on the digital assets and would definitely give us positive help in our new client acquisitions.
Daniel Yuan: In Hong Kong recently.
Daniel Yuan: I think in your house Danielle <unk>.
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Speaker Change: And come to a halt.
Speaker Change: So in late September early October the trading volume and the percentage of trading volume of Hong Kong stocks in China.
Speaker Change: <unk> rapid surge in our sleep mentioned in his opening remarks.
Speaker Change: The trading volume.
Speaker Change: Contribution.
Speaker Change: Hong Kong stocks in China altogether exceeded over 50% at some point and later on as.
Speaker Change: And a lot of China, that's experienced pullback both numbers experience some sequential decrease but overall it is still much stronger than what we've seen in the third quarter during the first and the.
Speaker Change: Fourth quarter, so far the U S. Equities has performed very well, especially around the U S election. Some of the technology names. They are our clients are particularly fond of experienced.
Speaker Change: Surges.
Speaker Change: <unk> in the fourth quarter, we have seen a very meaningful sequential increase in our U S stock trading volume and Thats, where the blended commission rate as you are aware there are a number of factors that affect our blended commission rates in the fourth quarter. So far we have seen a mild pullback in the commission rate, mostly because the.
Speaker Change: Trading volume increase of our <unk>.
Speaker Change: Cash equities increased at a faster pace than derivatives, which brought a slight decline in blended commission rate and in terms of client acquisition acquired to date, we have seen an increase in our new paying clients.
Speaker Change: And that increase was primarily attributable to our Hong Kong client acquisition.
Speaker Change: Mostly because the Hong Kong stocks in China performed very well in October in early October and have experienced continued volatility which helped with client acquisition. Thank you.
Thank you.
Speaker Change: We'll now take our next question please standby.
Speaker Change: And the next question comes from the line of Qian Wang from <unk>. Please go ahead. Your line is now open.
Speaker Change: Hello can you Glenn is going very well given the sequence of Morgan Stanley.
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Speaker Change: Okay.
Speaker Change: Thank you John.
Speaker Change: Got two questions. One is about the thinking around the special dividend, especially how to put that into context with the growth potential in the overseas market and also the related investment in these markets and we have a more recurring shareholder return plans in the next two to.
Speaker Change: Second question is on the sales and marketing expense. So just wondering what portion of sales marketing expense should be more fixed in nature, and what proportion of which would be more variable and depending on the current acquisition number but what should we expect for that.
Speaker Change: Fixed budget to grow in 2025, even bringing them.
Speaker Change: And our plans in the different overseas market. Thank you.
Speaker Change: Thank you <unk>, let me answer your first question is about the special dividend.
Speaker Change: I also will leave the second question to Daniel now.
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Speaker Change: This year in particular third quarter is a very special moment for a couple of weeks ago. We just celebrated our <unk> anniversary of <unk> and this is also the fifth anniversary since the inception of our IPO in 2019.
Speaker Change: We very much pay attention to the shareholder reward and the shareholder values.
Speaker Change: Since 2021, we have set a series of share repurchase programs to demonstrates our commitment to the shareholder values. Considering this year is the fifth anniversary of our listing will want to take this opportunity to express the gratitude to our long term shareholders in the past.
Speaker Change: This is the major rationale for this special cash dividend payout and the total size for this cash dividend amounting to $280 million U S dollars, which accounts to 7% to 878% of total net equities.
Speaker Change: End of.
Speaker Change: The third quarters, considering our balance sheet and also our cash on hand.
Speaker Change: We think.
Speaker Change: This site is appropriate and that there would be no and then any negative implications to our client acquisitions our current operations.
Speaker Change: Afterwards.
Speaker Change: As to whether we will setup more visible dividend payout policies, we will make the revisit.
Speaker Change: Next years.
Speaker Change: After taking into account the market conditions.
Speaker Change: And our future business development. Thank you very much.
Speaker Change: Selling you Harsha, Daniel Ho with Eisai with yards of language in our sales and marketing expense for <unk>. Non hotel will then take ourselves and marketing J Honeyman Brooks Institute was back up until not laying off on the <unk> issue and so I'm going to jump in but I think what youre nitrogen marketing, social and payroll and so I wanted to come back.
Speaker Change: Wanted to talk on online sales and marketing the bank of Shanghai, Shanghai searches on table now create easier David <unk>, who is founder should be telco tender is issued.
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Speaker Change: I wish I could add two things.
Speaker Change: Among our sales and marketing spend over 50% of salary related which can be interpreted as more fixed in nature and the rest is marketing related and as we've passed the initial rapid expansion phase in a couple of new markets. This year and as we have no imminent plans to launch in any new markets next year.
Speaker Change: So overall from a head count perspective, I think it will be relatively disciplined next year and the marketing expense will depend on the variable on a variety of external factors.
Speaker Change: So in our fourth quarter earnings call in March next year, we'll give out more guidance. Thank you.
Speaker Change: Okay.
Speaker Change: Got it.
Speaker Change: Hey, guys.
Speaker Change: It was against you, but given sort of attendee.
Speaker Change: Thank you.
Speaker Change: We will now take our next question please standby.
Speaker Change: And the next question comes from the line of <unk> <unk> from CIBC. Please go ahead. Your line is now open.
Speaker Change: Hey.
Speaker Change: Thank you, ladies and girls and women's yoga at our Stoney Ingalls Synopsys is your phone you know what you have in Ohio, along once you certainly Alex sorry is just to deliver the highest quality.
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Speaker Change: Sounds like it sounds.
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Speaker Change: I don't want to be on cost with the fangs.
Speaker Change: Thanks management for taking my question. This is the Oilsands from CRC and I have two questions here.
Speaker Change: So first of all its regarding the breakdown.
Speaker Change: How much is from the clients net asset inflow and how much from market to market appreciation and whats the regional breakdown of the client assets.
Speaker Change: The second question is about.
Speaker Change: The breakdown of the current interest income.
Speaker Change: And also would you please share more color on the impact of the interest rate curve, our net interest income.
Speaker Change: Thank you.
Speaker Change: Thank you I will answer your second question about the interest income breakdown.
Speaker Change: And I will leave the first question to Daniel.
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Speaker Change: Hi, Sheila Kimball chief legal condensate you're living in the.
Speaker Change: <unk> one of the more Chen Sheng beaches Shan Shan <unk>, earning call can neither channel the channel that you can push it should <unk> be helpful.
Speaker Change: Now our financial in terms of the interest income.
Speaker Change: Great ounce the structure is almost similar to the patterns in the second quarters.
Speaker Change: The interest income from our idle cash roughly.
Speaker Change: <unk>, 40% to 45% of our total interest income on the remaining part goes to the margin financing and the stop borrowing lending et cetera.
Speaker Change: So no update in terms of the sensitivity implications from the fed rate cut in.
In the third quarter, what we observed is that given a lot of clients locking down profit in the third quarter and the absolute amount.
Speaker Change: Coming from the idle cash become Victor, which partially offset the net negative implications of the rate cut in the U S.
Speaker Change: My only hollister to Danielle <unk> with ISI, applying our cohorts, which had some gap between OMB now element, particularly thank you to the tower tenure by E Com beta cohorts, which has at some juncture on top of it but <unk> had the board onto the cohorts. The chance that you could join me on the ESL to Osceola vehicles similar to <unk> I want to do that.
Speaker Change: Chad.
Speaker Change: The challenge of hip Haisheng.
Speaker Change: <unk> within the Shadows Johan challenging routines are way more smbs QR that Chico called usual sample mbo at this hotel.
It actually ontology and to each of the logical shaping accounting within the vehicle that kind of a sandbox <unk> and <unk>.
Speaker Change: To download the shop now we're meeting the industry its entity torches highlighted Chicago, Mozilla top or <unk>.
Speaker Change: <unk> was initially under that she is seeing I should say, how you're seeing things up.
Speaker Change: So.
Speaker Change: In terms of our client assets growth in the quarter over half of that comes from market appreciation of our client assets, especially towards the quarter end when China equities performed exceptionally well so in the third quarter overall net net asset inflow remain very robust.
Speaker Change: So the number trended down a bit sequentially given the high base in the second quarter, but still well exceeded the first quarter numbers and in terms of the breakdown between different geographies Hong Kong markets don't contribute as a majority of our net asset inflows followed by its Singapore and three quarters in a row, we have seen overseas.
Speaker Change: Markets contribute it to over $10 billion, Hong Kong dollars than net asset inflow and we're very optimistic about the sustainability of net asset inflow from overseas market. Thank you.
Speaker Change: And how does fountain gotcha. Thank you.
Speaker Change: Thank you we will now take our next question. Please standby.
And the next question comes from the line of Charles Zhou from UBS. Please go ahead. Your line is now open.
Speaker Change: Okay.
Speaker Change: Are you talking about Honeywell shall continue industry verticals for the year.
Speaker Change: Or would it be too frequently and you can see without saying shortly driven and sharp drop in <unk>, we'll see how it goes through vehicle Quigo do.
Speaker Change: We don't see Farooq on not just on what kind of opens which I'm Danielle.
Speaker Change: Another piece of that language towards heightened vehicle count we call without Luna just a woman same Shaun.
Speaker Change: For example, pump with Gogo CTO Jim Ricchiuti.
Speaker Change: Sure Simeon.
Speaker Change: <unk> two <unk>.
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Speaker Change: Or is that Jeremy.
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Speaker Change: A quick call Youtube.
<unk> home.
Speaker Change: Hello.
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What are you going to use to Louisiana.
Speaker Change: Lithia digastric.
Speaker Change: John its actually on that John but your margin.
Speaker Change: Darren with TPG go visible Alpha <unk> in the past and you've got topline hydro portfolio. Your passengers. So that you've got cheap Darren King units, you mentioned that you would see.
Speaker Change: Sure Judah.
Speaker Change: We would argue is challenged with you either cost or loss at <unk> com.
Speaker Change: <unk> finished two communion battered unfortunate <unk> CRT, which you don't need here Trisha if you use <unk>.
Speaker Change: <unk> okay.
Speaker Change: So first of all congratulations to the management that seems a very solid set of results.
I have a follow up question regarding the special dividend I think we know the shareholders right. So you have to buyback and also the dividend. So what's the rationale behind of giving a dividend now and how do you see.
Speaker Change: So do you prefer a buyback or dividend going forward, so and what factors do you consider when you.
Speaker Change: Determining the buyback or a dividend and what do you view the investor will prefer.
Speaker Change: Currently my second questions that compare with the visible alpha.
Speaker Change: Consensus we're glad to see the top clients, 4% beat but net profit is just largely in line. We also noticed there was one item of other costs and loss of Hong Kong dollar.
Speaker Change: 131, 4 million, which is no small so so so so for management with so would you. Please clarify.
Speaker Change: So what is can you. Please clarify for this item and this also affect your.
Speaker Change: Net profit going forward. Thanks.
Speaker Change: Thanks, Charles I'll take these two questions now <unk>, which is probably in the ticketing to Charles nature on the Tiller Tricia shared women. These shown piece of pipe out changing legal bouchey, which was a total quantity or the tier two which are the one which one could you kind of.
Speaker Change: Curious on what chairman Giancarlo Woodlands home <unk> chip.
Speaker Change: Changing <unk> phone coaches, how you won't show the onshore shine the Eagle Eagle function to actual numbers.
Speaker Change: <unk> wholesale lung tissue Youll chick.
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Speaker Change: To the changing that youll be sure Kenosha, Yugo target European Hall, <unk> channel on <unk> actual equal contributing video coding show either challenging we've all tissue that number one the changes to the <unk>.
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Speaker Change: Other special items, which I'll just attributed Ashish.
Speaker Change: Other special items that should get you to flip it sounds like Youre going to Russia, you can wait.
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Speaker Change: Bulk wash on the you'd see that kind of high.
Speaker Change: <unk> got a page Hong patient decent.
Speaker Change: Challenge <unk> syndrome.
Speaker Change: No, we'll finance regarding the special dividend actually we will use a combination of share buyback and also cash dividends.
When we touch base with our investors we do notice there are specific group of potential investors do care.
Speaker Change: The cash dividend, which give more visibility of the cash inflows. So going forward actually we will take into account the different demand from the front of the shareholders in order to demonstrate our commitment to create shareholder value to all of our shareholders.
Speaker Change: Regarding the breakdown of the nature behind that is mainly due to the unrealized foreign exchange loss arising from the RMB appreciation versus U S dollars.
Speaker Change: And also the fluctuations.
Singapore dollars.
Speaker Change: As the U S dollars, both of which are all non cash items. So if we judge by the current <unk>.
Speaker Change: Right.
Speaker Change: <unk> already part of the others in the third quarter will be reversed in the fourth quarters. So if we take this.
Speaker Change: The noise from the operation part just focusing our key operating.
Speaker Change: Profit.
Speaker Change: And also the top line I think.
Speaker Change: The the growth the trend between the topline and.
Speaker Change: The operating profit is almost in line. Thank you very much.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Sure Thanks very clear.
Speaker Change: Thank you.
Speaker Change: We'll now take our next question please standby.
Speaker Change: And the next question comes from the line of <unk> <unk> from Bank of America Securities. Please go ahead your line of sight.
Speaker Change: I think what youre like in Atlanta.
Speaker Change: Thank you Bruce.
Speaker Change: Now within EEA, Orlando, Lindsay Diego and high dose.
Speaker Change: Yes sure.
This analysis is going on.
Speaker Change: Now we all know can you kind of know Apple.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: And how do you think the second half.
Speaker Change: Joe I told the <unk> name.
Speaker Change: John.
Speaker Change: Oh, good you sound like you to plan B L.
Could you just hate you don't ship some way so that turns out no I guess, what are you negotiate that yield as.
Speaker Change: Well then taking them also allow ECL charges on that path.
Speaker Change: She'd element GTS is handled cohorts you're down to a T cell.
Speaker Change: Thank you Eric Hagen with <unk>.
Speaker Change: Count shaky yet.
Speaker Change: Thank you.
Speaker Change: Keith I'll pass it that way.
Speaker Change: Let me handle that.
Speaker Change: <unk>.
This will be an alco meetings with <unk>.
Speaker Change: Hi, Jake.
Speaker Change: I'll come out either with that tradition.
So our helmig without yes no.
Washington passenger hull, Neil I'll hand out we'll figure that out.
Speaker Change: Are you seeing way.
Speaker Change: P J.
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Speaker Change: I have two questions. The first question is about our strategy in our major market.
Speaker Change: So you mentioned that new.
Speaker Change: We don't have plans for new markets next year, so probably well focus on existing market Hong Kong, Singapore, Malaysia.
Speaker Change: Doing well and this quarter you also emphasized that U S, Canada, and Australia as average client asset all recorded double digit sequential growth for Jacobs decorative quarters. So what have you.
Speaker Change: Change to be.
Speaker Change: So the strategy in these major markets all of that.
Speaker Change: The improvement in the client quality remains I agree with that and by the market appreciation, especially in the U S market.
Speaker Change: And second question is.
That there are a lot of macro events with them.
Speaker Change: Including the bad rate card.
Speaker Change: Eric policies from China, and the U S election.
Speaker Change: Im meaningful changes last year trading behavior.
Speaker Change: I don't understand.
Speaker Change: So Moshe Daniel <unk>.
Speaker Change: When we take a cohort that have page I'll, probably tell you Jamie when EUA clinical as you catch up with agile in detail.
Speaker Change: Especially <unk>.
Speaker Change: Hopefully I can tell you that to the champion to win more share of traditional Barak you show that your wholesale Kenosha, Tom hunting ECP and <unk>.
Speaker Change: So overall it should be thank you.
Speaker Change: Shortly you'll be illegal consolidator qishan al neighborhood, Monkeylike kind of attentive studied vertical.
Speaker Change: Okay antibodies eclectic parkways, yet virtual assets and why do you think will calculate endophasia Altair <unk> cellular digital Shanghai. So overall, some incentive lashawn alone <unk> tell you at the time the bulk of that one guy that I can tell you that the champion schedule slips you shouldnt.
Speaker Change: You shouldn't mail number means yet to actually.
Speaker Change: Maybe you can tell even if LTM Toby Daley on yet.
Speaker Change: But typically found Bob touched all active in all of them do a spoiler. This should not working on Eagle Ford.
Speaker Change: Other functions with our Canadian choppy or control is here, telling me a tier 100.
Speaker Change: 92 <unk>.
Speaker Change: <unk> strong position.
Speaker Change: Should help particular, Chihuahua chunk of momentum.
Speaker Change: Some ink Appleshare Fisher, Jonathan did you touch on that.
Speaker Change: Not one buffalo's Ajay so the easy question.
Speaker Change: <unk>.
Speaker Change: Of particular lumpy the shipyards, yet, which had overall women female short <unk>, which are the overtime will maintain woman.
Speaker Change: The <unk> IV <unk> is at Deutsche Bank for the Seawell EBIT with LG and the second question is Han <unk> <unk> product pipeline the champion Ashanti entity adult portfolio for example, yonder.
Speaker Change: <unk> <unk> <unk>.
Speaker Change: <unk> Chandra <unk> outlet so it.
Speaker Change: When we showed that with on the module and the DARPA terminate we should hold you don't want to do that sort of yet.
And to briefly translate my two answers maybe I'll take your second question first given that the whole similar to to answer.
Speaker Change: You gave us earlier, so in terms of our trading volume intake mix, we saw a surge in the percentage of trading volume contributed by Hong Kong stocks in China ADR in late September and early October and then the percentage Probot debate given the performance of China equities also pullback, but overall the percent.
Speaker Change: <unk> increased quarter over quarter and in terms of use stock.
Speaker Change: And generally at the point very well fourth quarter to date, especially around U S election, some of the technology stocks and virtual assets stocks performed exceptionally well.
Speaker Change: And then boost steady overall U S stock trading volume and to your first question.
Speaker Change: You touched on a number of markets, it's hard to give a compliant answer on our earnings call and happy to talk more offline, but just to summarize I think just over time, we have a better understanding of our business. We have a better understanding of our capabilities and also we've developed a better understanding of each and every one of these market.
Speaker Change: The client demand.
Speaker Change: So we don't have a one size fits all approach towards all of our southern markets, but instead, we focus on learning more of our users. We develop unique product pipelines, we have different marketing messages, we emphasize on different unique selling points and we have different client operations strategies.
Speaker Change: So overall I think we'll continue to iterate based on our understanding of each of the southern markets. Thank you.
Speaker Change: Thank you.
Speaker Change: As there are no further questions I would now like to hand back to Daniel <unk> for any closing remarks.
Daniel Yuan: That concludes our call today on behalf of <unk> management team I would like to thank you for joining US today. If you have any further questions. Please do not hesitate to contact me or any of our Investor Relations representative Thank you and goodbye.
Speaker Change: Ladies and gentlemen, this concludes today's conference call. Thank you for participating you may now disconnect.
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