Q1 2026 Futu Holdings Ltd Earnings Call

May 28, 2026

Operator: Hello, ladies and gentlemen. Welcome to Futu Holdings' Q1 2026 earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question and answer 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, Alan Tsui, Investor Relations Manager at Futu. Please go ahead, sir.

Operator: Hello, ladies and gentlemen. Welcome to Futu Holdings' Q1 2026 earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question and answer 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, Alan Cui, Investor Relations Manager at Futu. Please go ahead, sir.

Speaker #2: Hello, ladies and gentlemen. Welcome to Futu Holdings' Q1 2026 earnings conference call. At this time, all participants are in listen-only mode. After management's prepared remarks, there will be a question-and-answer session.

Speaker #2: 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 call, Alan Toy.

Speaker #2: Investor Relations Manager at Futu, please go ahead, sir.

Speaker #3: Thank you, Arbeda. Thank you for joining us today to discuss our first quarter 2026 earnings results. Joining on the call today, I'm Mr. Li Li, Chairman and Chief Executive Officer.

Daniel Yuan: Thanks, operator. Thank you for joining us today to discuss our Q1 2026 earnings results. Joining on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer, Arthur Chen, Chief Financial Officer, and Robin Xu, Senior Vice President. As a reminder, today's call may include forward-looking statements which represent the company's beliefs regarding future events, which by their nature are not certain and are outside of the company's control. 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 statements. For more information about potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report. With that, I will now turn the call over to Leaf. Leaf will make his comments in Chinese, I will translate.

Alan Cui: Thanks, operator. Thank you for joining us today to discuss our Q1 2026 earnings results. Joining on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer, Arthur Chen, Chief Financial Officer, and Robin Xu, Senior Vice President. As a reminder, today's call may include forward-looking statements which represent the company's beliefs regarding future events, which by their nature are not certain and are outside of the company's control. 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 statements. For more information about potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report. With that, I will now turn the call over to Leaf. Leaf will make his comments in Chinese, I will translate.

Speaker #3: Also, Chen, Chief Financial Officer, and Robin Xu, Senior Vice President. As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events.

Speaker #3: ...which by their nature are not certain and are all outside of the company's control. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors will cause actual results to differ materially from those contained in any forward-looking statement.

Speaker #3: For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report. With that, I will now turn the call over to Lee.

Speaker #3: Lee will make his comments in Chinese, and I will translate.

Speaker #4: 感谢大家参加今天的业绩会。一季度集团竞争有资产客户，22.5万，有资产客户总数达359万，同比增长34%，环比增长7%。一季度港股表现承压，香港市场获客略有放缓，但仍然贡献了集团第二多的竞争有资产客户。我们对香港市场的客户增长保持信心。未来将更加聚焦客户资产规模与生命周期价值的提升，依托产品创新、品牌信任及一站式平台优势，持续释放香港市场的商业价值。

Leaf Li: Thank you all for joining our earnings call today. In the first quarter, we added 225,000 net new funding accounts, bringing our total funding accounts to 3.59 million, up 34% year-over-year and 7% quarter-over-quarter. Although subdued Hong Kong asset markets weighed on client acquisition, Hong Kong still contributed the second-largest new account addition among all regions. We remain confident about sustained client growth in Hong Kong. Looking ahead, we will focus more on the growth of client assets and lifetime value, leveraging our strength in product innovation, brand trust, and one-stop platform to further unlock the commercial potential of the Hong Kong market. Singapore delivered double-digit sequential growth in net new funding accounts. Over the past 3 years, average client assets in Singapore grew at a CAGR of more than 50%.

Alan Cui: Thank you all for joining our earnings call today. In the first quarter, we added 225,000 net new funding accounts, bringing our total funding accounts to 3.59 million, up 34% year-over-year and 7% quarter-over-quarter. Although subdued Hong Kong asset markets weighed on client acquisition, Hong Kong still contributed the second-largest new account addition among all regions. We remain confident about sustained client growth in Hong Kong. Looking ahead, we will focus more on the growth of client assets and lifetime value, leveraging our strength in product innovation, brand trust, and one-stop platform to further unlock the commercial potential of the Hong Kong market. Singapore delivered double-digit sequential growth in net new funding accounts. Over the past 3 years, average client assets in Singapore grew at a CAGR of more than 50%.

Speaker #3: Thank you all for joining our earnings call today. In the first quarter, we added 225,000 net new funding accounts, bringing our Q2 funding accounts to 3.59 million.

Speaker #3: Up 34% year over year, and 7% quarter over quarter. Although the subdued Hong Kong equity market weighed on client acquisition, Hong Kong still contributed the second largest number of new account additions among all regions.

Speaker #3: We remain confident about sustained client growth in Hong Kong. Looking ahead, we will focus more on the growth of client assets and lifetime value.

Speaker #3: Leveraging our strengths in product innovation, brand trust, and a one-stop platform to further unlock the commercial potential of the Hong Kong market.

Speaker #4: 新加坡市场一季度竞争有资产客户，实现环比双位数提升。过去三年，新加坡沪金资产保持50%以上年化增长。考虑到当地客户人均财富水平，我们认为新加坡客户资产成长空间依然广阔。马来西亚市场又一季度领跑集团有资产客户增长。本季度强劲的获客表现，不仅受益于我们围绕美股的精准运营，Moomoo还凭借领先的打新能力，把握住了当季活跃的马股IPO窗口，进一步放大获客动能。马来西亚市场盈利能力同步增强，我们预计未来6至12个月有望实现盈亏平衡。

Speaker #3: Thank you for delivering double-digit sequential growth in net new funding accounts. Over the past three years, average client assets in Singapore grew at a CAGR of more than 50%.

Speaker #3: Given the wealth profile of local residents, we continue to see significant room for further asset growth in Singapore. Malaysia led all markets in client additions for another quarter.

Leaf Li: Given the wealth profile of local residents, we continue to see significant room for further asset growth in Singapore. Malaysia led all markets in client addition for another quarter, thanks to our effective marketing initiatives around US equities, as well as Moomoo's strong IPO product capability, which allowed us to capitalize on the active Malaysian IPO window for accelerated client growth.

Alan Cui: Given the wealth profile of local residents, we continue to see significant room for further asset growth in Singapore. Malaysia led all markets in client addition for another quarter, thanks to our effective marketing initiatives around US equities, as well as Moomoo's strong IPO product capability, which allowed us to capitalize on the active Malaysian IPO window for accelerated client growth.

Speaker #3: Thanks to our effective marketing initiatives around US equities, as well as Moomoo's strong IPO product capabilities, we were able to capitalize on the active Malaysian IPO window for accelerated client growth.

Speaker #3: Meanwhile, profitability in Malaysia continued to improve, and we expect the market to achieve break-even within the next 6 to 12 months.

Leaf Li: Meanwhile, profitability in Malaysia continues to improve, and we expect the market to achieve breakeven within the next six to 12 months. 在美国，我们已经正式获得NFA批准开展预测市场经纪业务，并很快将面向当地投资者提供包括体育赛事等在内的事件合约交易，进一步增强Moomoo对活跃交易者的吸引力。

Alan Cui: Meanwhile, profitability in Malaysia continues to improve, and we expect the market to achieve breakeven within the next six to 12 months.

Speaker #4: 在日本，Moomoo卓越的美股交易能力，持续带动客户增长，一季度日本市场的美股交易量实现双位数环比提升。美股期权交易张数翻倍，今年我们将继续优化日股交易体验，更好地满足本地化投资需求，进一步打开客户增长空间。在美国，我们已经正式获得NFA批准开展预测市场经济业务，并很快将面向当地投资者提供包括体育赛事等在内的事件合约交易，进一步增强Moomoo对活跃交易者的吸引力。

Leaf Li: 在美国，我们已经正式获得NFA批准开展预测市场经纪业务，并很快将面向当地投资者提供包括体育赛事等在内的事件合约交易，进一步增强Moomoo对活跃交易者的吸引力。

Speaker #3: In Japan, our superior U.S. equity trading capability continued to drive client acquisition. In the first quarter, U.S. stock trading volume in Japan recorded double-digit sequential growth, while U.S. options contract volume doubled.

Daniel Yuan: In Japan, our superior US equity trading capability continues to drive client acquisition. In the first quarter, US stock trading volume in Japan recorded double-digit sequential growth, while US options contract volume doubled. This year, we will continue to enhance our Japanese equity trading experience to better meet domestic investment needs and further unlock client acquisition potential. In the US, we officially received NFA approval to operate a prediction market brokerage business, and we will soon begin offering event contracts, including sports-related products to local investors, further strengthening Moomoo's value proposition to active traders.

Alan Cui: In Japan, our superior US equity trading capability continues to drive client acquisition. In the first quarter, US stock trading volume in Japan recorded double-digit sequential growth, while US options contract volume doubled. This year, we will continue to enhance our Japanese equity trading experience to better meet domestic investment needs and further unlock client acquisition potential. In the US, we officially received NFA approval to operate a prediction market brokerage business, and we will soon begin offering event contracts, including sports-related products to local investors, further strengthening Moomoo's value proposition to active traders.

Speaker #3: This year, we will continue to enhance our Japanese equity trading experience to better meet domestic investment needs and further unlock client acquisition potential. In the US, we officially received NFA approval to operate a prediction market brokerage business.

Speaker #3: And we will soon begin offering even more contracts, including sports-related products, to local investors, further strengthening Moomoo's value proposition to active traders.

Speaker #4: So贵金属和地缘政治行情带动，客户市场参与热情高涨，进入已经达到历史第二高的单季度水平。然而股票持仓市值的下跌，对客户资产造成明显拖累。季末客户资产环比基本持平，同比增长47%。日本、澳大利亚及加拿大市场的客户资产均实现双位数环比增长。三地沪金资产更创下历史新高，客户质量稳步提升。随着投资者风险偏好上升，季末融资融券余额按季增长8%至729亿港元。

Leaf Li: 受贵金属和地缘政治行情带动，客户市场参与热情高涨，净入金达到历史第二高的单季度水平。然而，股票市场市值的下跌对客户资产造成明显拖累。季末客户资产环比基本持平，同比增长47%。日本、澳大利亚及加拿大市场的客户资产均实现双位数环比增长，三地户均资产更创下历史新高。客户质量稳步提升。随着投资者的风险偏好上升，季末融资融券余额按季增长8%至729亿港元。

Daniel Yuan: Client engagement strengthened on the back of precious metal market volatility and geopolitical tension, leading to the second highest quarterly net asset inflow on record. However, March market losses in client equity holdings exerted a substantial negative impact. Thus the client asset remained flat quarter-over-quarter, yet up 47% year-over-year. Client asset registered double-digit sequential growth in Japan, Australia, and Canada, and the average client asset across the three regions also reached all-time highs and is growing, improving client quality. Rising risk appetite drove margin financing and securities lending balance up 8% sequentially to HKD 72.9 billion at quarter end.

Alan Cui: Client engagement strengthened on the back of precious metal market volatility and geopolitical tension, leading to the second highest quarterly net asset inflow on record. However, March market losses in client equity holdings exerted a substantial negative impact. Thus the client asset remained flat quarter-over-quarter, yet up 47% year-over-year. Client asset registered double-digit sequential growth in Japan, Australia, and Canada, and the average client asset across the three regions also reached all-time highs and is growing, improving client quality. Rising risk appetite drove margin financing and securities lending balance up 8% sequentially to HKD 72.9 billion at quarter end.

Speaker #3: Client engagement strengthened on the back of precious metal market volatility and geopolitical tensions, leading to the second highest quarterly net asset inflow on record.

Speaker #3: However, March market losses in clients' equity holdings exerted a substantial negative impact. Client assets remained flat quarter over quarter, yet were up 47% year over year.

Speaker #3: Client asset rejoiced at the double-digit sequential growth in Japan, Australia, and Canada, and the average client asset across these three regions also reached all-time highs.

Speaker #3: And the scoring is improving client quality. Rising risk in IPTI drove margin financing and securities lending balance up 8% sequentially, to HKD 72.9 billion at quarter end.

Speaker #4: 总交易量再创平台纪录，达4.15万亿港元，同比增长29%，环比增长4%。每股交易量整体保持稳定，为3万亿港元。AI人为最主要的美股投资主题，但客户投资兴趣逐步沿AI产业链下移。从芯片城延伸至基础设施标的，港股方面市场波动性加剧，客户入市抄底，推动港股交易量环比增长22%至1万亿港元。中国科技股及新上市的AI相关股票交易活跃，抵消了消费板块相对疲弱的交易表现。

Leaf Li: 总交易量再创平台纪录，达4.15万亿港元，同比增长29%，环比增长4%。美股交易量整体保持稳定，为3万亿港元。AI仍为最主要的美股投资主题，但客户投资兴趣逐步沿AI产业链下移，从芯片厂延伸至基础设施标的。港股方面，市场波动性加剧，客户入市抄底，推动港股交易量环比增长22%至1万亿港元。中国科技股及新上市的AI相关股票交易活跃，抵消了消费板块相对疲弱的交易表现。

Speaker #3: Digital trading volume reached a record HK$4.15 trillion, up 29% year over year and 4% quarter over quarter. US stock trading volume remained broadly stable at HK$3 trillion.

Daniel Yuan: Total trading volume reached a record HKD 4.15 trillion, up 29% year over year and 4% quarter over quarter. US stock trading volume remained broadly stable at HKD 3 trillion. AI continues to be the dominant investment theme, with client interest gradually shifting down the value chain from semiconductor names towards AI infrastructure beneficiaries. Hong Kong stock trading volume rose 22% sequentially to HKD 1 trillion as heightened market volatility drove stronger bottom fishing activity. Active trading in China technology and newly listed AI-related companies more than compensated for softer momentum in the consumer sector.

Alan Cui: Total trading volume reached a record HKD 4.15 trillion, up 29% year over year and 4% quarter over quarter. US stock trading volume remained broadly stable at HKD 3 trillion. AI continues to be the dominant investment theme, with client interest gradually shifting down the value chain from semiconductor names towards AI infrastructure beneficiaries. Hong Kong stock trading volume rose 22% sequentially to HKD 1 trillion as heightened market volatility drove stronger bottom fishing activity. Active trading in China technology and newly listed AI-related companies more than compensated for softer momentum in the consumer sector.

Speaker #3: AI continued to be the dominant investment theme, with client interest gradually shifting down the value chain from semiconductor names towards AI infrastructure beneficiaries. HK stock trading volume rose 22% sequentially to HK$1 trillion.

Speaker #3: A tightened market volatility drove stronger bottom-fishing activity. Active trading in China technology and newly listed AI-related companies more than compensated for softer momentum in the consumer sector.

Speaker #4: 3月，猎豹交易所正式通过香港证监会VATP牌照第二阶段审批，并全面展业。目前富途证券部分虚拟资产交易量及AUM以千亿至猎豹交易所。未来我们计划在香港推出证券融资交易虚拟资产服务，进一步提升客户跨资产资金使用效率，同时我们也将持续推进OTC交易，更多币种支持及质押等核心能力，并积极探索机构服务相关新业务场景。逐步将猎豹交易所打造成香港Web3生态的重要基础设施。

Leaf Li: 3月，猎豹交易所正式通过香港证监会VATP牌照第二阶段审批，并全面展业。目前富途证券部分虚拟资产交易量及AUM已迁移至猎豹交易所。未来我们计划在香港推出证券融资交易虚拟资产服务，进一步提升客户跨资产资金使用效率。同时，我们将持续推进OTC交易、更多币种支持及质押等核心能力，并积极探索机构服务相关新业务场景，逐步将猎豹交易所打造成香港Web3生态的重要基础设施。

Daniel Yuan: In March, PantherTrade officially obtained phase 2 approval for the Hong Kong SFC VATP license and commenced full operations. Since launch, a portion of Futu Securities' crypto trading volume and AUM has migrated to PantherTrade. Looking ahead, we plan to introduce security-backed margin financing for virtual assets in Hong Kong to further enhance capital efficiency across asset classes. At the same time, we will continue to expand the capability of our crypto exchange, including OTC trading, broader token support, and staking services. We are also actively exploring new institutional service use cases with the goal of making PantherTrade a key infrastructure within the Hong Kong Web3 ecosystem.

Alan Cui: In March, PantherTrade officially obtained phase 2 approval for the Hong Kong SFC VATP license and commenced full operations. Since launch, a portion of Futu Securities' crypto trading volume and AUM has migrated to PantherTrade. Looking ahead, we plan to introduce security-backed margin financing for virtual assets in Hong Kong to further enhance capital efficiency across asset classes. At the same time, we will continue to expand the capability of our crypto exchange, including OTC trading, broader token support, and staking services. We are also actively exploring new institutional service use cases with the goal of making PantherTrade a key infrastructure within the Hong Kong Web3 ecosystem.

Speaker #3: In March, Panda Trade officially obtained second-phase approval for the HK SFC VATP license and commenced full operations. Since launch, a portion of Fujitsu Securities' crypto trading volume and AUM has migrated to Panda Trade.

Speaker #3: Looking ahead, we plan to introduce security-backed margin financing for virtual assets in Hong Kong to further enhance capital efficiency across asset classes. At the same time, we will continue to expand the capability of our crypto exchange.

Speaker #3: Including OTC trading, broader token support, and staking services. We are also actively exploring new institutional service use cases, with the goal of making Panda Trade a key infrastructure within the HK Web3 ecosystem.

Speaker #4: 截至一季度末，财富管理客户资产规模达1,784亿港元。同比增长28%，环比基本持平。一季度客户风险偏好提升，部分资产配置由货币基金流向股票基金，为满足客户不断演进的投资需求。我们进一步丰富了基金产品选择，在香港我们成为首批推出太空经济主题公募基金的券商之一。在新加坡，我们上线了新加坡金管局证券市场发展计划下的本地股票基金。此外，我们还推出了挂钩黄金和石油的结构性票据。并进一步拓展发行人合作，季度内零售结构化产品认购客户数环比翻倍。

Leaf Li: 截至一季度末，财富管理客户资产规模达1,784亿港元，同比增长28%，环比基本持平。一季度客户风险偏好提升，部分资产配置由货币基金流向股票基金。为满足客户不断演进的投资需求，我们进一步丰富了基金产品选择。在香港，我们成为首批推出太空经济主题公募基金的券商之一。在新加坡，我们上线了新加坡金管局证券市场发展计划下的本地股票基金。此外，我们还推出了挂钩黄金和石油的结构性票据，并进一步拓展发行人合作。季度内，零售结构化产品认购客户数环比翻三倍。

Daniel Yuan: Client assets were HKD 178.4 billion, up 28% year over year and broadly stable quarter over quarter. In Q1, client asset allocation partly rotated from money market funds into equity funds, amid improving risk appetite. In response to evolving client demands, we further expanded our fund selection. In Hong Kong, we became one of the first brokers to offer space economic themed mutual funds. While in Singapore, we rolled out local equity funds under the Monetary Authority of Singapore Equity Market Development Programme. We also launched gold and oil-linked structured notes and onboarded new issuers. Due to retail subscribers for structured products doubled sequentially.

Alan Cui: Client assets were HKD 178.4 billion, up 28% year over year and broadly stable quarter over quarter. In Q1, client asset allocation partly rotated from money market funds into equity funds, amid improving risk appetite. In response to evolving client demands, we further expanded our fund selection. In Hong Kong, we became one of the first brokers to offer space economic themed mutual funds. While in Singapore, we rolled out local equity funds under the Monetary Authority of Singapore Equity Market Development Programme. We also launched gold and oil-linked structured notes and onboarded new issuers. Due to retail subscribers for structured products doubled sequentially.

Speaker #3: Here in wealth management, client assets were HKD 178.4 billion, up 28% year over year and broadly stable quarter over quarter. In the first quarter, client asset allocation partly rotated from money market funds into equity funds, amidst improving risk appetite.

Speaker #3: In response to evolving client demand, we further expanded our fund selections. In Hong Kong, we became one of the first brokers to offer space economy-themed mutual funds.

Speaker #3: While in Singapore, we rolled out local equity funds under the MAS Equity Market Development Program. We also launched gold- and oil-linked structured notes and onboarded new issuers.

Speaker #3: Due to retail subscribers for structured products doubling sequentially.

Speaker #4: 截至季末，我们的IPO分销及IR客户数达到625家，同比增长26%。一季度12只新股在平台上的认购金额突破千亿港元。6家企业委任富途作为港股IPO发行的整体协调人。充分体现了我们在分销和承销方面的强大实力。本季度，我们还担任多个知名上市项目的联席账簿管理人。包括智谱、AI、MiniMax及必胜科技等。

Leaf Li: 截至季末，我们的IPO分销及IR客户数达到625家，同比增长26%。一季度12只新股在平台上的认购金额突破千亿港元。6家企业委任富途作为港股IPO发行的整体协调人，充分体现了我们在分销和承销方面的强大实力。本季度，我们还担任多个知名上市项目的联席账簿管理人，包括智谱AI、MiniMax及壁仞科技等。

Daniel Yuan: As of quarter end, we served 625 IPO distribution and IR clients, up 26% year-over-year. In Q1, 12 IPOs each saw over HKD 100 billion in subscription demands on our platform, while six issuers appointed us as overall coordinators for their Hong Kong listings, underscoring our strong distribution and underwriting capability. During the quarter, we also act as joint bookrunners for several prominent Hong Kong IPOs, including those of Zhipu AI, MiniMax, and Biren Technology.

Speaker #3: As of quarter end, we served 625 IPO distribution and IR clients, up 26% year over year. In the first quarter, 12 IPOs each saw over HK$100 billion in subscription amounts on our platform.

Speaker #3: While six issuers appointed us as overall coordinators for their HK listings, underscoring our strong distribution and underwriting capabilities. During the quarter, we also acted as joint bookrunners for several prominent HK IPOs, including those of Zhifu AI, MiniMax, and Beijun Technologies.

Speaker #4: 接下来有请我们的首席财务官Arthur介绍我们的财务表现。

Leaf Li: 接下来有请我们的首席财务官Arthur介绍我们的财务表现。

Speaker #3: Next, I'd like to invite our CFO, Arthur, to discuss our financial performance.

Daniel Yuan: Next, I'd like to invite our CFO, Arthur, to discuss our financial performance.

Alan Cui: Next, I'd like to invite our CFO, Arthur, to discuss our financial performance.

Speaker #5: Thank you, Li and Alan. Please allow me to walk you through our financial performance in the first quarter. All the numbers are in HKD, unless otherwise noted.

Arthur Chen: Thank you, Li and Alan. Please allow me to walk you through our financial performance in Q1. All the numbers are in HKD unless otherwise noted. Total revenue was HKD 5.9 billion, up 25% from HKD 4.7 billion in Q1 2025. Brokerage commission and handling charge income was HKD 2.6 billion, up 14% year-over-year, and down 5% quarter-over-quarter. Total trading volume grew on both year-over-year and a quarter-over-quarter basis, while blended commission rate declined due to stronger trading activities in higher priced US stocks and options during the quarter. Interest income was HKD 2.7 billion, up 28% year-over-year and down 13% quarter-over-quarter.

Speaker #5: Total revenue was $5.9 billion, up 25% from $4.7 billion in the first quarter of 2025. Brokerage commission and handling charge income was $2.6 billion, up 14% year over year and down 5% quarter over quarter.

Speaker #5: Total trading volume grew on both a year-over-year and quarter-over-quarter basis, while the blended commission rate declined due to stronger trading activities in higher-priced U.S. stocks and options during the quarter.

Speaker #5: Interest income was $2.7 billion, up 28% year over year and down 13% quarter over quarter. The year-over-year increase was mainly driven by higher interest income from margin financing and bank deposits, while the quarter-over-quarter decrease was primarily attributable to lower interest income from securities borrowing and lending business, as well as bank deposits.

Arthur Chen: The year over year increase was mainly driven by high interest income from margin financing and bank deposits, while the quarter over quarter decrease was primarily attributable to lower interest income from securities borrowing and the lending business, as well as bank deposits. Other income was $564 million, up 80% year over year and down 10% quarter over quarter. The year over year increase was primarily driven by higher currency exchange service income and IPO subscription service charge income. The quarter over quarter decrease was mainly due to lower enterprises public relationship service charge income and IPO subscription service charge income. Our total cost was $749 million, flat compared to the Q1 of 2025. Brokerage commission and handling charge expenses were $164 million, up 15% year over year and 16% quarter over quarter.

Speaker #5: Other income was $564 million, up 80% year over year and down 10% quarter over quarter. The year-over-year increase was primarily driven by higher currency exchange service income and IPO subscription service charge income.

Speaker #5: The Q/Q decrease was mainly due to lower enterprise public relations service charge income and IPO subscription service charge income. Our total cost was 749 million, flat compared to the first quarter of 2025.

Speaker #5: Brokerage commission and handling charge expenses were $164 million, up 15% year over year and 16% quarter over quarter. The year-over-year increase was broadly in line with the growth of our brokerage commission and handling charge income. The quarter-over-quarter increase was mainly due to transaction fee rebates in the prior quarters.

Arthur Chen: The year-over-year increase was broadly in line with the growth of our brokerage commission and handling charge income. The quarter-over-quarter increase was mainly due to transaction fees rebate in the prior quarters. Interest expenses were HKD 415 million, down 12% year-over-year and 5% quarter-over-quarter. Both the year-over-year and the quarter-over-quarter decrease was mainly driven by lower interest expenses associated with our securities borrowing and lending business. Processing and service costs were HKD 117 million, up 25% year-over-year and the 13% quarter-over-quarter. Both year-over-year and the quarter-over-quarter increase was primarily driven by higher product service fees. As a result, total gross profit was HKD 5.1 billion, an increase of 29% from HKD 3.9 billion in Q1 2025. Gross margin was 87.2% as compared to 84% in Q1 2025.

Speaker #5: Interest expenses were $415 million, down 12% year over year and 5% quarter over quarter. Both the year-over-year and the quarter-over-quarter decrease were mainly driven by lower interest expenses associated with our securities borrowing and lending business.

Speaker #5: Processing and service costs were $170 million, up 25% year over year and 13% quarter over quarter. Both the year-over-year and quarter-over-quarter increases were primarily driven by higher product service fees.

Speaker #5: As a result, total gross profit was $5.1 billion, an increase of 29% from $3.9 billion in the first quarter of 2025. Gross margin was 87.2% compared to 84% in the first quarter of 2025.

Speaker #5: Operating expenses were $1.6 billion, up 25% year over year and flat quarter-over-quarter. IND expenses were $479 million, up 24% year over year and down 5% quarter-over-quarter.

Arthur Chen: Operating expenses was HKD 1.6 billion, up 25% year over year and flat quarter over quarter. R&D expenses were HKD 479 million, up 24% year over year and down 5% quarter over quarter. The year over year increase was primarily driven by higher R&D headcount to support strategic initiatives and the new markets. Selling and the marketing expenses were HKD 557 million, up 21% year over year, and the 10% quarter over quarter. Both the year over year and the quarter over quarter increase was mainly driven by higher customer acquisition costs. G&A expenses was HKD 541 million, up 30% year over year and flat quarter over quarter. The year over year increase was primarily due to increase in G&A personnel. As a result, income from operation was HKD 3.5 billion, up 31% year over year and down 15% quarter over quarter.

Speaker #5: The year over year increase was primarily driven by higher IND headcount to support strategic initiatives and the new markets. Selling and the marketing expenses were 557 million, up 21% year over year and 10% Q/Q.

Speaker #5: Both the year-over-year and the quarter-over-quarter increases were mainly driven by higher customer acquisition costs. G&A expenses were $541 million, up 30% year-over-year and flat quarter-over-quarter.

Speaker #5: The year-over-year increase was primarily due to an increase in G&A personnel. As a result, income from operations was $3.5 billion, up 31% year-over-year and down 15% quarter-over-quarter.

Speaker #5: Operating margin increased to 30.3%, up from 27.2% in the first quarter of 2025, mostly due to strong top-line growth and operating leverage. On May 22, 2026, the company received an administrative penalty reprint notification letter from the China Securities Regulatory Commission, Shenzhen Bureau.

Arthur Chen: Operating margin increased to 30.3% from 57.2% in Q1 2025, mostly due to strong top-line growth and operating leverage. On 22 May 2026, the company received an administrative penalty reprieve notification letter from the China Securities Regulatory Commission, Shenzhen Bureau, in an aggregate amount of approximately RMB 1.85 billion, which has been fully reflected in our Q1 financial statements as an adjusted subsequent event under US GAAP. This amount does not impact our business fundamentals or financial stability. We remain focused on long-term growth across international markets. As a result, our net income decreased by 61% year-over-year and 75% quarter-over-quarter to HKD 831 million, with net income margin at 14.2%. Prior to giving effect to this adjustment, our net income would have increased by 36% year-over-year and down 13% quarter-over-quarter to HKD 2.9 billion, with net income margin at 49.9%.

Speaker #5: In an aggregate amount of approximately RMB 1.85 billion, which has been fully reflected in our first quarter financial statements as an adjusted subsequent event under US GAAP.

Speaker #5: This amount does not impact our business fundamentals or financial stability. We remain focused on long-term growth across international markets. As a result, our net income decreased by 61% year-over-year and 75% quarter-over-quarter to $831 million, with net income margin at 14.2%.

Speaker #5: Prior to giving effect to this adjustment, our net income would have increased by 36% year over year and down $1 billion, with net income margin at 49.9%.

Arthur Chen: As of the close of the US market on 27 May 2026, we have cumulatively repurchased approximately $418 million worth of ADS, reflecting management's strong confidence in the company's future growth prospects and commitment to deliver shareholder value. Subject to market conditions, we may continue to execute repurchases from time to time under the $800 million share repurchase program announced in November 2025. That concludes our prepared remarks. We would now like to open the call to questions. Operator, please go ahead.

Speaker #5: As of the close of the US markets on May 27, 2026, we have cumulatively repurchased approximately $418 million worth of ADS, reflecting management's strong confidence in the company's future growth prospects and commitment to delivering shareholder value.

Speaker #5: Subject to market conditions, we may continue to execute repurchases from time to time under the $800 million share repurchase program announced in November 2025.

Speaker #5: That concludes our prepared remarks. We would now like to open the call to questions. Operator, please go ahead.

Speaker #1: Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again.

Operator: Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile our Q&A roster. Our first question is going to come from the line of Youyou Fan with CICC. Your line is open. Please go ahead.

Speaker #1: Please stand by while we compile our Q&A roster. Our first question will come from the line of Yu Fang with CICC.

Speaker #1: Your line is open. Please go ahead.

Speaker #4: Hey, Helder. Thank you 给我这个提问的机会。我是中金公司的分析师樊悠悠。那我这边的话有两个问题想要请教一下管理层。首先第一个的话还是关于监管。那想请公司为我们在解读一下上周五对于这个跨境证券期货基金经营活动的一个最新监管指引。那公司是如何理解这一次这个最新的监管要求？那从公司层面来看的话，对咱们富途有什么影响？第二个问题的话，我想请教一下关于这个地区的分布。可否请管理层再帮忙拆解一下咱们一季度的这个净新增的有资产客户数，包括这个存量一季度的这个有资产客户数，它在各个市场的一个地区分布，然后包括如果截至到一季度末来看的话，咱们的客户AR在各个市场的一个分布大概是如何？我这边的话来快速翻译一下。 Thanks management for taking my call. This is Yu Yu Fan from CICC. I have two questions, Hal. The first one is about the regulation.

Youyou Fan: 好的，感谢管理层给我这个提问的机会。我是中金公司的分析师樊悠悠。我这边有两个问题想要请教一下管理层。首先第一个还是关于监管，想请公司为我们再解读一下上周五关于跨境证券期货基金经营活动的一个最新监管指引。公司是如何理解这一次最新的监管要求？从公司层面来看的话，对咱们富途有什么影响？第二个问题我想请教一下关于地区的分布。可否请管理层再帮忙拆解一下咱们一季度的净新增的有资产客户数，包括存量一季度的有资产客户数，它在各个市场的一个地区分布。然后包括如果截至到一季度末来看的话，咱们的客户AUM在各个市场的一个分布大概是如何？我这边来快速翻译一下。Thanks management for taking my call.

Youyou Fan: This is Youyou Fan from CICC. I have two questions here. The first one is about the regulation. Would you please share more on your understanding of the latest regulatory requirements published by CSRC and SFC last Friday, and what's the impact on Futu? The second question is about our regional breakdown. Would you please share more data on the regional breakdown of the net new added paying clients, the existing paying clients in Q1, and also the AUM breakdown by regions as of Q1? These are my two questions. Thank you.

[Translator]: This is uYouyo Fan from CICC. I have two questions here. The first one is about the regulation. Would you please share more on your understanding of the latest regulatory requirements published by CSRC and SFC last Friday, and what's the impact on Futu? The second question is about our regional breakdown. Would you please share more data on the regional breakdown of the net new added paying clients, the existing paying clients in Q1, and also the AUM breakdown by regions as of Q1? These are my two questions. Thank you.

Speaker #4: Would you please share more on your understanding of the latest regulatory requirements published by the CSRC and SFC last Friday? And what's the impact on Futu?

Speaker #4: The second question is about our regional breakdown. Would you please share more data on the regional breakdown of the net new added paying clients?

Speaker #4: The existing paying clients in Q1, and also the AUM breakdown by regions for Q1—those are my two questions. Thank you.

Speaker #5: 好的，谢谢悠悠。那第一个问题我请Lee来回答，我来回答第二个问题。

Arthur Chen: 好的，谢谢悠悠。那第一个问题，我请Leaf来回答。

Speaker #6: 你好，悠悠。我来回答第一个问题。CSRC与SFC上周五发布了关于内地投资者跨境证券期货及基金业务的行业性指引更新。我们第一时间关注并积极响应。那么此次规则的调整是属于面向全行业的统一要求。公司将积极拥抱监管，并严格按照指引稳步推进后续合规工作。那么作为持牌金融机构，富途始终将合规经营放在首位。此前，我们已经全面停止为内地身份客户开户，并持续加强开户审核与反欺诈机制。对造假行为保持零容忍。过去两年，我们已经累计驳回了数以万计的不合规开户申请。那么截至一季度末，内地有资产客户占比是约13%，客户资产占比约17%。对应收入贡献约20%。并且内地客户两年集中整治期并不是要求清退账户，而是限制在境内的入金与买入行为。富途业务在过去几年也都更加多元化。当前面向香港本地客户，我们在激烈竞争的市场环境中，仍然保持了超过50%的市场占有率。同时，公司的国际化也都进入了全面加速期。一季度海外独立品牌Moomoo在海外所有市场均录得收入年对年高比例增长，其中五个国家的收入增速是超过了100%。海外有资产客户超过200万人，客户质量逐年提升，人均AUM约1.8万美元，显著高于当地其他在线投资平台。未来公司预计还将进入更多国际市场。目前监管牌照申请进展顺利，我们也正在同步推进前期准备工作。我们相信全球化布局将进一步提升集团业务结构的韧性与未来增长空间。总体而言，目前公司在香港及海外市场的业务运营一切正常。各项新业务也在有序推进中，我们预计此次监管更新不会对全年80万获客指引产生实质影响。富途将继续坚持合规经营与国际化战略，不断提升产品与服务能力，推动公司长期稳健增长。谢谢。

Leaf Li: 你好，悠悠。我来回答第一个问题。CSRC与SFC上周五发布了关于内地投资者跨境证券期货及基金业务的行业性指引更新。我们第一时间关注并积极响应。此次规则的调整是属于面向全行业的统一要求，公司将积极拥抱监管，并严格按照指引，稳步推进后续合规工作。作为持牌金融机构，富途始终将合规经营放在首位。此前我们已经全面停止为内地身份客户开户，并持续加强开户审核与反欺诈机制，对造假行为保持零容忍。过去两年，我们已经累计驳回了数以万计的不合规开户申请。截至一季度末，内地有资产客户占比约13%，客户资产占比约17%，对应收入贡献约20%。并且内地客户两年集中整治期并不是要求清退账户，而是限制在境内的入金与买入行为。富途业务在过去几年也都更加多元化。当前面向香港本地客户，我们在激烈竞争的市场环境中仍然保持了超过50%的市场占有率。同时公司的国际化也都进入了全面加速期。一季度海外独立品牌Moomoo在海外所有市场均录得收入年对年高比例增长，其中五个国家的收入增速超过了100%。海外有资产客户超过200万人，客户质量逐年提升，人均AUM约1.8万美元，显著高于当地其他在线投资平台。未来公司预计还将进入更多国际市场。目前监管牌照申请进展顺利，我们也正在同步推进前期准备工作。我们相信全球化布局将进一步提升集团业务结构的韧性与未来增长空间。总体而言，目前公司在香港及海外市场的业务运营一切正常，各项新业务也在有序推进中。我们预计此次监管更新不会对全年80万获客指引产生实质影响。富途将继续坚持合规经营与国际化战略，不断提升产品与服务能力，推动公司长期稳健增长。谢谢。

Daniel Yuan: CSRC and SFC released updated industry-wide regulatory update last Friday regarding cross-border securities, futures and fund-related activities involving mainland Chinese investors. We paid close attention to the updates immediately and responded proactively. This regulatory adjustment apply uniformly across the industry, the company will continue to actively embrace regulatory requirements and steadily advance subsequent compliance measures in strict accordance with the guidance. As a licensed financial institute, Futu has always placed compliance operations as its top priority. Previously, we had already fully ceased account opening for mainland Chinese identity holders. While continuously strengthening our account review and anti-fraud mechanism, we maintain zero tolerance towards fraudulent activity. Over the past 2 years, we have cumulatively rejected tens of thousands of non-compliant account opening applications.

Alan Cui: CSRC and SFC released updated industry-wide regulatory update last Friday regarding cross-border securities, futures and fund-related activities involving mainland Chinese investors. We paid close attention to the updates immediately and responded proactively. This regulatory adjustment apply uniformly across the industry, the company will continue to actively embrace regulatory requirements and steadily advance subsequent compliance measures in strict accordance with the guidance. As a licensed financial institute, Futu has always placed compliance operations as its top priority. Previously, we had already fully ceased account opening for mainland Chinese identity holders. While continuously strengthening our account review and anti-fraud mechanism, we maintain zero tolerance towards fraudulent activity. Over the past 2 years, we have cumulatively rejected tens of thousands of non-compliant account opening applications.

Speaker #1: CSRC and SFC released an updated, industry-wide regulatory update last Friday. Regarding cross-border securities, futures, and fund-related activities involving mainland Chinese investors, we paid close attention to the updates immediately and responded proactively.

Speaker #1: These regulatory adjustments apply uniformly across the industry, and the company will continue to actively embrace regulatory requirements and steadily advance subsequent compliance measures in strict accordance with the guidance.

Speaker #1: As a licensed financial institution, Futu has always placed compliance operations as its top priority. Previously, we had already fully ceased account openings for mainland Chinese identity holders.

Speaker #1: While continuously strengthening our account review and anti-fraud mechanisms, we maintain zero tolerance towards fraudulent activity. Over the past two years, we have cumulatively rejected tens of thousands of non-compliant account opening applications.

Speaker #1: As of the end of the first quarter, mainland China-funded accounts represent approximately 13% of our Q2 funded accounts, while related client assets accounted for around 17% of Q2 client assets.

Daniel Yuan: As of the end of Q1, mainland China funded accounts represent approximately 13% of our Futu funded accounts, while related client assets accounted for around 17% of Futu client assets, contributing approximately 20% of Futu revenue. In addition, the two-year rectification period of mainland Chinese clients does not require forced account closure, but rather restrictions on deposit and security buying activities while clients are physically located within mainland China. Over the past several years, Futu's business has also become increasingly diversified. In Hong Kong, despite the intense competitive market environment, we have maintained a market share of over 50% among local residents. Meanwhile, the company's international expansion has entered a phase of full acceleration. In Q1, Moomoo, our overseas independent brand, delivered strong year-over-year revenue growth across all overseas markets, with revenue in five countries more than doubling.

Alan Cui: As of the end of Q1, mainland China funded accounts represent approximately 13% of our Futu funded accounts, while related client assets accounted for around 17% of Futu client assets, contributing approximately 20% of Futu revenue. In addition, the two-year rectification period of mainland Chinese clients does not require forced account closure, but rather restrictions on deposit and security buying activities while clients are physically located within mainland China. Over the past several years, Futu's business has also become increasingly diversified. In Hong Kong, despite the intense competitive market environment, we have maintained a market share of over 50% among local residents. Meanwhile, the company's international expansion has entered a phase of full acceleration. In Q1, Moomoo, our overseas independent brand, delivered strong year-over-year revenue growth across all overseas markets, with revenue in five countries more than doubling.

Speaker #1: Contributing approximately 20% of Q2 revenues. In addition, the two-year rectification period for mainland Chinese clients does not require forced account closure, but rather, restrictions on deposit and security buying activities for clients who are physically located within mainland China.

Speaker #1: Over the past several years, Futu's business has also become increasingly diversified. In Hong Kong, despite the intense competitive market environment, we have maintained a market share of over 50% among local residents.

Speaker #1: Meanwhile, the company's international expansion has entered a phase of full acceleration. In the first quarter, Moomoo, our overseas independent brand, delivered strong year-over-year revenue growth across all overseas markets.

Speaker #1: With revenue in five countries more than doubling, overseas funded accounts surpassed 2 million, while client quality continued to improve steadily, with average AUM per client reaching approximately $18,000.

Daniel Yuan: Overseas funded accounts surpassed 2 million, while client quality continued to improve steadily, with average AUM per client reaching approximately $18,000, significantly higher than that of other local online investment platforms. Looking ahead, the company expects to expand into more international markets. Regulatory license applications are progressing smoothly. We are also advancing related preparations in parallel. We believe our global expansion strategy will further enhance the resilience of the group's business structure and broaden its long-term growth potential. Overall, the company's operations in both Hong Kong and overseas markets remain fully normal, and various new business initiatives are progressing in an orderly manner. We do not expect this regulatory update to have any material impact on our full year guidance of 800,000 net new funded accounts.

Alan Cui: Overseas funded accounts surpassed 2 million, while client quality continued to improve steadily, with average AUM per client reaching approximately $18,000, significantly higher than that of other local online investment platforms. Looking ahead, the company expects to expand into more international markets. Regulatory license applications are progressing smoothly. We are also advancing related preparations in parallel. We believe our global expansion strategy will further enhance the resilience of the group's business structure and broaden its long-term growth potential. Overall, the company's operations in both Hong Kong and overseas markets remain fully normal, and various new business initiatives are progressing in an orderly manner. We do not expect this regulatory update to have any material impact on our full year guidance of 800,000 net new funded accounts.

Speaker #1: Significantly higher than that of other local online investment platforms. Looking ahead, the company expects to expand into more international markets. Regulatory license applications are progressing smoothly.

Speaker #1: While we are also advancing related preparations in parallel, we believe our global expansion strategy will further enhance the resilience of the Group's business structure and broaden its long-term growth potential.

Speaker #1: Overall, the company's operations in both Hong Kong and overseas markets remain fully normal, and various new business initiatives are progressing in an orderly manner.

Speaker #1: We do not expect this regulatory update to have any material impact on our full-year guidance of 800,000 net new funded accounts. Futu will continue to adhere to its compliance principles and international expansion strategies.

Daniel Yuan: Futu will continue to adhere to its compliance first and international expansion strategies, while continuously enhancing its product and service capabilities to drive long-term sustainable growth.

Alan Cui: Futu will continue to adhere to its compliance first and international expansion strategies, while continuously enhancing its product and service capabilities to drive long-term sustainable growth.

Speaker #1: We will continuously enhance our product and service capabilities to drive long-term, sustainable growth.

Arthur Chen: 好的，谢谢Li。那有关这个第二个问题竞争有资产客户的一个拆解，我来回答一下。在一季度，马来西亚和香港两个地区合计贡献了超过一半的我们的竞争有资产客户。其余的市场里面，新加坡的贡献是最大的。那么截止到一季度末，整个集团的这个有资产客户当中，海外品牌Moomoo的贡献超过55%，其中以新加坡、美国和马来西亚为主。截止一季度末，整个集团的客户资产当中，富途证券香港的主体占比是最大的。海外品牌Moomoo的客户资产当中，以新加坡和美国为主。Malaysia and Hong Kong together contributed more than half of the net new funded accounts in the first quarter, while among the remaining markets, Singapore contributed the largest share.

Speaker #2: 我们现在有关第二个问题，竞争有资产客户的一个拆解，我来回答一下。那在一季度马来西亚和香港两个地区合计贡献了超过一半的我们的竞争有资产客户，其余的市场里面新加坡的贡献是最大的。那么截止到一季度末，整个集团的有资产客户当中，海外品牌Moomoo的贡献超过55%，其中以新加坡、美国和马来西亚为主。截止一季度末，整个集团的客户资产当中，富途证券香港的主体占比是最大的，海外品牌Moomoo的客户资产当中，以新加坡和美国为主。Malaysia and Hong Kong together contribute more than half percent of the net new funded accounts in the first quarter, while among the remaining markets, Singapore contributes the largest per shares.

Speaker #2: And as of the end of the first quarter, over 55% of the group-funded accounts were under our overseas brand, Moomoo, primarily from Singapore, the US, and also Malaysia.

Arthur Chen: At the end of Q1, over 55% of the group funded accounts were under our overseas brand Moomoo, primarily from Singapore, US, and also Malaysia. At the end of Q1, Futu Securities Hong Kong entity contributed the largest share of the group's total assets. Within Moomoo, total clients assets was primarily contributed by Singapore and the US. Thank you

Speaker #2: As of the end of the first quarter, the Futu Securities Hong Kong entity contributed the largest share of the group's total assets. Within Moomoo, total client assets were primarily contributed by Singapore and the US.

Speaker #2: Thank you.

Speaker #1: Well, thank you. 感谢广义成. Thank you very much.

Youyou Fan: 非常清楚，感谢管理层。Thank you very much.

Speaker #3: Thank you. And one moment for our next question. Our next question comes from the line of Leon Chi with CLSA. Your line is open.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Leon Chi with CLSA. Your line is open. Please go ahead.

Speaker #3: Please go ahead.

Speaker #2: 好的，非常感谢给我这个提问的机会。我是中信里昂的李仰奇。今天有两个问题想请教广义成。第一是想请教广义成，在最新的监管指引更新之后，我们公司也披露了相关的行政处罚事项。是否可以给我们更新一下我们公司与银行等资金提供方的最新合作关系，比如说在银行授信额度、融资成本以及信用评级方面，是否仍然是大致维持平稳的？我的第二个问题是关于我们境外成熟市场的发展。我们富途在香港和新加坡市场其实已经建立了比较领先的市场地位。再接着往前看的话，广义成如何看待这两个市场持续的增长空间？ Thanks management for taking my questions. This is Li Yangqi from CLSA. I will recap my questions in English. I have two questions. My first question is on the regulatory aspect.

Leon Qi: 好的，非常感谢给我这个提问的机会。我是 CLSA 的 Leon Qi。今天有两个问题想请教管理层。第一是想请教管理层，在最新的监管指引更新之后，我们公司也披露了相关的行政处罚事项，是否可以给我们更新一下我们公司与银行等资金提供方的最新合作关系？比如说在银行授信额度、融资成本以及信用评级方面，是否仍然是大致维持平稳的？我第二个问题是关于我们境外成熟市场的发展。我们 Futu 在香港和新加坡市场其实已经建立了比较领先的市场地位。再接着往前看的话，管理层如何看待这两个市场持续的增长空间？Thanks management for taking my questions. This is Leon Qi from CLSA. I will recap my questions in English. I have two questions. My first question is on the regulatory aspect. With the recent regulatory updates as well as the administrative penalty disclosed, we would like to understand your latest cooperation with the banks and other funding partners. For example, in our credit lines with the banks, funding costs or credit ratings, are they generally remain stable? Some color around that will be very helpful to us. My second question is on the growth potential in our international markets, especially the matured markets. We do understand that Futu already has a very strong presence in Hong Kong and Singapore. How do you think about the runway ahead for continued growth in these markets? Thanks a lot.

Speaker #2: With the recent regulatory updates as well as the administrative penalty disclosed, we would like to understand your latest cooperations with banks and other funding partners.

Speaker #2: For example, in our credit lines with the banks, funding costs or credit ratings are they generally remained stable? Some color around that will be very helpful to us.

Speaker #2: My second question is on the growth potential in our international markets, especially the matured markets. We do understand that Futu already has very strong presence in Hong Kong and Singapore.

Speaker #2: How do you think about the runway ahead for continued growth in these markets? Thanks a lot. 好的，谢谢 Leo。我来回答一下这两个问题。第一个有关授信还有信贷评级这一边，确实我这周和我的同事跟我们的信贷评级机构，包括我们全球的商业银行的合作伙伴，有非常紧密的沟通。那也非常高兴可以跟你分享目前我们整个的银行授信的一个额度保持稳定，没有任何的一些变化。那此外在未来几周我们也有可能会公布我们每年一度的信贷评级。我对获得一个好的一个结果也是非常充满信心的。 For the first question, regarding the credit facility and also the credit rating, actually this week, I and my teams had very constructive discussions with our credit rating agency and the commercial bank partners around the globe.

Arthur Chen: 好的，谢谢Leon。我来回答一下这两个问题。第一个有关授信，还有信贷评级这边，确实我这周和我的同事，跟我们的信贷评级机构，包括我们全球的商业银行的合作伙伴有非常紧密的沟通，也非常高兴可以跟你分享。目前我们整个的银行授信的一个额度保持稳定，没有任何的变化。此外，在未来几周，我们也有可能会公布我们每年一度的信贷评级。我对获得一个好的结果也是充满信心的。For the first question regarding the credit facility and also the credit rating, actually this week I and my teams had very constructive discussions with our credit rating agency and the commercial bank partners around the globe. I'm very happy to share that our credit facilities remain intact. And in the next couple of weeks, we are very likely to get our annual credit rating issued by S&P. And I am very confident there will be a good result. 第二个问题是有关香港跟新加坡两个成熟市场。确实我觉得富途在香港和新加坡两地，从用户覆盖人数上来看，已经是处于一个很高的水平。但从客户的资产的渗透和挖掘上，我们还有非常大的空间。比如最近波士顿咨询公司刚刚发布的一个报告，香港已经正式超越瑞士，成为全球最大的跨境财富管理中心。在这个报告里面，新加坡也是排在第三位的。那么根据香港证监会的公开统计，截止2024年年底，香港金融理财资产是超过35万亿的港元。根据新加坡金管局2024年底的统计，新加坡金融理财类的资产也是超过34万亿港元。相比之下，富途集团目前总的客户资产才1万亿港元出头一点。在香港跟新加坡两个国际金融中心，伴随品牌影响力的持续提升，我们对两地数十万亿港元的居民财富的深度服务布局现在才刚刚起步，天花板还非常高，赛道的一个空间也是非常广阔的。我们经过11年持续的打磨，已经建立起非常丰富的产品矩阵，优异的客户服务能力，以及不断扩展的金融服务生态。向前看，我们保持一个非常强劲的信心，我们将不断精进，持续深耕，去开拓这两个成熟的市场。While Futu has achieved a very extensive user coverage in Hong Kong and Singapore, there remain enormous potentials for further penetration and growth of client assets. A recent report issued by BCG states that Hong Kong has overtaken Switzerland to become the world's largest cross-border wealth management hub, with Singapore ranking third.

Speaker #2: I'm very happy to share that our credit facility remains intact and in the next couple of weeks we are very likely to get our annual credit rating issued by S&P and I'm very confident there will be a good result go ahead.

Speaker #2: 那第二个问题是有关香港跟新加坡两个成熟市场的。确实我觉得富途在香港和新加坡两地从用户覆盖人数上来看已经是处于一个很高的一个水平，但从客户的资产的渗透和挖掘上我们还有非常大的一个空间。那比如最近波士顿咨询公司最近其实刚刚发布了一个报告，香港已经正式超越瑞士，成为全球最大的跨境财富管理中心。在这个报告里面新加坡也是排在第三位的。那么根据香港证监会的公开统计，截止2024年年底，香港金融理财资产是超过35亿的港元。那根据35万亿的港元，根据新加坡金管局2024年底的统计，新加坡金融理财类的资产也是超过34万亿港元。相比之下富途集团目前总的客户资产才1万港元出头一点。那在香港跟新加坡两个国际金融中心伴随品牌影响力的持续提升，我们对两地数十万亿港元的居民财富的深度服务布局现在才刚刚起步。天花板还非常高。赛道的一个空间也是非常广阔的，我们经过十余年持续的一个打磨已经建立起非常丰富的产品矩阵，优异的客户服务能力，以及不断扩展的金融服务生态。向前看我们保持一个非常强劲的一个信心，我们将不断精进，然后持续深耕去开拓这两个成熟的一个市场。 While Futu has achieved a very extensive user coverage in Hong Kong and Singapore, there remain enormous potentials for further penetrate and grow client assets.

Speaker #2: Our recent report issued by BCG states that Hong Kong has overtaken Switzerland to become the world's largest cross-border wealth management hub, with Singapore ranking third. According to public data from the SFC, Hong Kong's wealth management assets exceeded HK$35 trillion by the end of 2024.

Arthur Chen: According to the public data by SFC, Hong Kong's wealth management assets exceed HKD 35 trillion by the end of 2024. Data from the MAS also shows the city state's wealth management assets also topped HKD 34 trillion over the same period. By contrast, Futu's group's total assets stand now just over HKD 1 trillion. As two major international financial hubs, Hong Kong and Singapore boast the trillions of Hong Kong dollars in resident wealth. With our brand influence continuing to grow, our in-depth wealth service in these two markets are still in the early stage. The market upside remains substantial with vast room for development. After more than a decade of refinement, we have built a comprehensive product portfolio, outstanding customer service capabilities, and expanding global financial service ecosystems.

Speaker #2: Data from the MAS also shows the city state's wealth management assets also topped 34 trillion Hong Kong dollars. Over the same period. By contrast, Futu's group's total assets stand now just over 1 trillion Hong Kong dollars.

Speaker #2: As two major international financial hubs, Hong Kong and Singapore boost the trillions of Hong Kong dollars in resident wealth, with our brand influence continue to grow, our in-depth wealth service in these two markets are still in the early stage.

Speaker #2: The market upside remains substantial, with vast room for development. After more than a decade of refinement, we have built a comprehensive product portfolio, outstanding customer service capabilities, and expanding global financial service ecosystems.

Speaker #2: We are fully confident in the future, and we will keep optimizing our offering and further deepen our presence in these two mature markets. Thank you.

Arthur Chen: We are fully confident in the future, and we will keep optimizing our offering and further deepen our presence in these two mature markets. Thank you.

Speaker #2: 好的，非常感谢管理层的解答。Thanks a lot, very helpful.

Leon Qi: 好的，非常感谢管理层解答。Thanks a lot. Very helpful.

Speaker #3: Thank you, and one moment as we move on to our next question. Our next question comes from the line of Qiao Hung with MS. Your line is open, please go ahead.

Operator: Thank you. One moment as we move on to our next question. Our next question comes from the line of Chiyao Huang with MS. Your line is open. Please go ahead.

Speaker #3: 谢谢管理层，我是Mong Stanley的Qiao。想请教两个关于新的业务的问题。第一个是想请教在美国的预设市场，咱们看到了什么样的机会。现在有什么样的布局，而且美国的预设市场可能与美国现有的业务会产生什么协同。那么管理层如何看待这个业务的盈利性和潜在的市场规模？这是第一个问题。第二个问题想请教在香港的VATP的最新的展现情况，目前咱们在产品和策略上在取得牌照之后，有哪些的更新？未来在Crypto业务上与新加坡，包括美国的Crypto业务可能会产生什么样的联动？同时也想请教管理层，就是认为Crypto的资产如果它需要占到总资产的大概什么样的水平之后，可以考虑可能可以带来一个比较meaningful的变现的一个机会。那大概需要多长的时间？目前这个时间可能更多的是需要花在自身的系统和产品的搭建上呢，还是客户的接受度其实会更花一些时间。谢谢。 So basically two questions from me. One is on the US prediction market. What is the main opportunity that the company is focusing on and what's the planning here?

Chiyao Huang: 谢谢管理层，我是Morgan Stanley的Qi Yao，想请教两个关于新的业务的问题。第一个是想请教在美国的预测市场咱们看到了什么样的机会，现在有什么样的布局，而且美国的预测市场可能与美国现有的业务会产生什么协同？那么管理层如果看待这个业务的盈利性和潜在的市场规模，这是第一个问题。第二个问题想请教在香港的VATP的最新的展业情况，目前咱们在这个产品和策略上在取得牌照之后有哪些更新？未来在crypto业务上与新加坡包括美国的crypto业务可能会产生什么样的联动？同时也想请教管理层，就是认为crypto的资产，如果它需要占到总资产的大概什么样的水平之后，可能可以带来一个比较meaningful的变现的一个机会，大概需要多长的时间？目前这个时间可能更多的需要花在自身的系统和产品的搭建上，还是客户的接受度，其实会更花一些时间？谢谢。So basically two questions from me. One is on the US prediction market. What is the main opportunity that the company is focusing on and what's the planning here?

Speaker #3: Is there any synergy with the current—our business in the US? And how does management see the margin and the TAM of this business in the US?

Chiyao Huang: Is there any synergy with current our business in the US and how the management see the margin and the term of this business in the US? Second question on the crypto business in Hong Kong, especially regarding the VATP, is there any update on the product and strategies? Potentially what kind of synergy could we have between Hong Kong crypto business with that in Singapore and the US? Wondering how does management think about at what level of a client asset should be in crypto in order for us to see a meaningful monetization opportunities and roughly what time it's gonna take? The time we're spending is more on the building our own infrastructure and product offerings or just for the acceptance of the client to grow? Thank you.

Speaker #3: And second question on the crypto business in Hong Kong, especially regarding the VATP. Is there any update on the product and the strategies? And also, potentially, what kind of synergy could we have between the Hong Kong crypto business with that in Singapore and the US?

Speaker #3: And also wondering how does management think about at what level of a client asset should be in Crypto in order for us to see a meaningful monetization opportunities?

Speaker #3: And roughly, how much time is it going to take? And is more of the time spent on building our own infrastructure and product offerings, or is it on getting client acceptance and growth?

Speaker #3: Thank you. 好的，Qiao，我来回答第一个问题。第二个有关Pensantry的业务的问题，我请我的同事Alan来回答。就像Leave刚才在opening remark里面提到的，我们美国的Moomoo Financial跟Futu Clearing已经在今年的5月份正式获得了FCM牌照。获准开展预测市场经济跟相关的清算业务。在推进牌照申请的同时，我们也完成了产品跟系统能力的一些搭建。所以预计很快就可以向我们的美国零售投资者开放预测市场相关的交易服务。相比传统的期货等衍生品，预测市场产品形态是更加直观的。理解的门槛也更低，且用户参与的方式也会更加灵活。这不仅有助于零售投资者的一个金融市场的参与程度，推进普惠金融，也有望成为平台获客，提升交易活跃度，以及推动客户转换的一个重要的一个抓手。所以在过去一段时间，我们也看到美国非常多的预测市场的一些玩家，比如Polymarket，比如Cashi，还有Robinhood，它们都有一个非常好的业务在这一块的业务的一个增长。同时我们也看到对于挂钩金融事件的预测市场产品，做市商在围绕底层资产进行风险对冲的时候，也能进行进一步提升现货和衍生产品的流动性，增加整体证券市场的一个价格发现的一个能力。Moomoo现在在美国进行相关业务的一个布局，一方面是希望能够掌握当地预测市场快速发展的一个行业机会。另一方面更重要的，我们是希望能够借此去累积我们的在产品设计、运营管理以及风险控制等核心的knowhow，为未来在更多的一些地区开展预测市场业务去做好经验的一个沉淀。目前我们也正与其他地区的一些监管非常积极的在沟通以及一起探讨预测市场的预测市场的事件的一个范围和落地的一个可能性。我简单翻译一下， Thanks for the questions. Regarding the prediction markets, Moomoo Financial and Futu Clearing officially obtained FCM license in May, allowing us to conduct prediction market brokerage and the clearing business.

Arthur Chen: 好的，Chiyao。我来回答第一个问题。第二个有关 concentrate 的业务的问题，我请我的同事 Alan 来回答。就像 Leaf 刚才在 opening remark 里面提到的，我们美国的 Moomoo Financial 跟 Futu Clearing 已经在今年的 5 月份正式获得了 FCM 牌照，获准开展预测市场经纪跟相关的清算业务。在推进牌照申请的同时，我们也完成了产品跟系统能力的一些搭建，所以预计很快就可以向我们的美国零售投资者开放预测市场相关的交易服务。相比传统的期货等衍生品，预测市场产品形态是更加直观的，理解的门槛也更低，且用户参与的方式也会更加灵活。这不仅有助于零售投资者的金融市场的参与程度，推进普惠金融，也有望成为平台获客、提升交易活跃度以及推动客户转换的一个重要的抓手。所以在过去一段时间，我们也看到美国非常多的预测市场的一些玩家，比如 Polymarket，比如 Kalshi，还有 Robinhood，他们都有一个非常好的业务，在这一块的业务的增长。同时我们也看到，对于挂钩金融事件的预测市场产品，做市商在围绕底层资产进行风险对冲的时候，也能进行进一步提升现货和衍生产品的流动性，增加整体证券市场的价格发现的能力。Moomoo 现在在美国进行相关业务的布局，一方面是希望能够掌握当地预测市场快速发展的行业机会。另一方面更重要的，我们是希望能够借此去累积我们在产品设计、运营管理以及风险控制等核心的 knowhow，为未来在更多的一些地区开展预测市场业务去做好经验的沉淀。目前我们也正与其他地区的监管非常积极地在沟通，以及一起探讨预测市场的事件的范围和落地的一些可能性。那我简单翻译一下。Thanks for the questions regarding the prediction markets. Moomoo Financial and Futu Clearing officially obtained FCM license in May, allowing us to conduct prediction market brokerage and the clearing business.

Speaker #3: Alongside the license application process, we have also completed the development of our product and system capabilities, and expect to launch production market trading services to our US retail clients in the near future.

Arthur Chen: Alongside the license application process, we have also completed the development of our product and system capabilities and expect to launch prediction market trading service to our US retail clients in the near future. Compare with traditional derivatives such as futures, prediction markets products are generally more intuitive, easy for clients to understand, and offer more flexible participation mechanisms. This not only help improve retail participation in financial markets and promote broader financial inclusion, but also has the potential to become the important driver for client acquisition, trading activation, and client conversion on the platforms. We also witness in the past couple of months, a lot of major US players such as Cash App, Polymarket, and Robinhood, make a huge progress in terms of new client acquisition through these new product offerings.

Speaker #3: Compared with traditional derivatives such as futures, prediction markets, products are generally more intuitive and easy for clients to understand and offer more flexible participation mechanisms.

Speaker #3: This not only helps improve retail participation in financial markets and promotes broader financial inclusion, but also has the potential to become the important driver for client acquisition, trading activation, and the client conversion on the platforms.

Speaker #3: We also witnessed in the past couple of months a lot of major US players such as Cashi, Polymarket, and Robinhood make a huge progress in terms of new client acquisition through this new product offerings.

Speaker #3: Also, for prediction market products linked to financial events, market makers' hedging activities around underlying assets could further enhance liquidity in both spot and the derivative markets.

Arthur Chen: Also for prediction market product linked to the financial events, market makers hedging activities around underlying assets could further enhance liquidity in both spot and the derivative markets, while also strengthening the overall price discovery efficiency across security markets. Our expansion into the prediction market business in the US is not only intent to capture the rapid growth opportunity in the local market, but, I think, more importantly, is to accumulate core know-how in areas such as product design, operational management, and risk control. We believe this experience will help lay the foundations for expanding prediction market business into additional markets in the future. At present, we are also very actively engaging and are discussing with regulators in other jurisdictions regarding the scope and the feasibilities of prediction market products. Thank you.

Speaker #3: while also strengthening the overall price discovery efficiency across security markets. Our expansion into the prediction market business in the U.S. is not only intended to capture the rapid growth opportunity in the local market, but more importantly, to accumulate core know-how in areas such as product design, operational management, and risk control.

Speaker #3: We believe this experience will help lay the foundations for expanding prediction market business into additional markets in the future. At the present, we are also very actively engaged in discussing with regulators in other jurisdictions regarding the scope and the feasibilities of prediction market products.

Speaker #3: Thank you. Hello, Qiao，你好，我是Alan。正如Leave在opening remarks当中提到的，我们在3月份的时候，Leave交易所正式通过了香港SSC的VATP牌照的一个第二阶段的一个审批。现在已经全面展业了。未来我们计划将围绕三个大的方面去推进我们业务的发展。首先是我们想要去继续强化我们内部一个协同以及流量承接的一个能力。目前Futu证券部分的一个Crypto的交易量以及AUM已经迁移到了我们的Leave交易所。未来随着我们在更多的地区虚拟资产的合规牌照逐步落地，我们会在合规的框架下积极探索各地的加密货币业务与我们的Leave交易所所深度协同的可能性。对，第二是我们要去继续持续去丰富我们的虚拟资产产品能力。在监管框架的允许下，我们计划将逐步推进OTC交易，更多的币种支持以及质押等等的一些核心功能。为我们的高净值客户以及机构客户提供更加完整的虚拟资产的一个服务的能力。与此同时，拥有交易所的牌照也能够让我们能够更直接的去参与行业的一个基础设施的建设。探索包括永续合约在内的这种创新型的产品的机会。第三，我们是想要构建一个更长期的生态能力。未来我们希望进一步探索，例如说代币化证券的二级市场交易。又例如说对接，就是第三方经济上它的一个流量，以及为我们的虚拟资产ETF发行方提供涵盖从IoT交易、托管到质押在内的这种一站式的解决方案。随着我们传统的金融与虚拟资产市场的一个逐步的融合，我们相信Leave交易所是有机会成长为香港Web3生态的一个重要的基础设施的一个平台的。对于香港和新加坡，我们相信两地的虚拟资产的行业仍然处于一个早期的发展阶段。Futu这边我们将持续做好投资者教育以及持续的一个产品创新。作为一个拥有Brokerage和Crypto Exchange牌照的这样一个一体式的平台，我们对集团的Crypto整体业务的发展充满信心。 So let me quickly translate. So in March, as Leave mentioned in opening remarks, partnership successfully passed the second phase approval of the Hong Kong SSC's VATP license and officially commenced full operation.

Daniel Yuan: Hello, Chiyao Huang.

Alan Cui: Hello, Chiyao Huang.

Daniel Yuan: 你好，我是Alan。正如Leaf在opening remarks当中提到的，我们在三月份的时候，猎豹交易所正式通过了香港SFC的VATP牌照的一个第二阶段的审批，现在已经全面营业了。未来我们计划将围绕三个大的方面去推进我们业务的发展。首先是我们想要去继续强化我们内部协同以及流量重接的一个能力。目前富途证券部分crypto的交易量以及AUM已经迁移到了我们的猎豹交易所。未来随着我们在更多的地区虚拟资产的合规牌照逐步落地，我们会在合规的框架下，积极探索各地的加密货币业务与我们的猎豹交易所所深度协同的这个可能性。第二是我们要继续持续去丰富我们的虚拟资产产品能力。在监管框架允许下，我们计划将逐步推进OTC交易、更多的币种支持以及质押等等的一些核心功能，为我们的高净值客户以及机构客户提供更加完整的虚拟资产的一个服务的能力。与此同时，拥有交易所的牌照也能够让我们更直接地去参与行业的基础设施的建设，探索包括永续合约在内的这种创新型的产品的机会。第三，我们是想要构建一个更长期的生态能力。未来我们希望进一步探索，例如说这个代币化证券的二级市场交易，又例如说对接第三方经纪商它的流量，以及为我们的虚拟资产ETF发行方提供涵盖从IOT交易、托管到质押在内的一站式的解决方案。随着我们传统的金融与虚拟资产市场的逐步的融合，我们相信猎豹交易所是有机会成长为香港Web3生态的一个重要的基础设施的平台的。对于香港和新加坡，我们相信两地的虚拟资产的行业仍然处于一个早期的发展阶段。富途这边我们将持续做好投资者教育以及持续的产品创新。作为一个拥有brokerage和crypto exchange牌照的这样一个一体式的平台，我们对集团的crypto整体业务的发展充满信心。

Alan Cui: 你好，我是Alan。正如Leaf在opening remarks当中提到的，我们在三月份的时候，猎豹交易所正式通过了香港SFC的VATP牌照的一个第二阶段的审批，现在已经全面营业了。未来我们计划将围绕三个大的方面去推进我们业务的发展。首先是我们想要去继续强化我们内部协同以及流量重接的一个能力。目前富途证券部分crypto的交易量以及AUM已经迁移到了我们的猎豹交易所。未来随着我们在更多的地区虚拟资产的合规牌照逐步落地，我们会在合规的框架下，积极探索各地的加密货币业务与我们的猎豹交易所所深度协同的这个可能性。第二是我们要继续持续去丰富我们的虚拟资产产品能力。在监管框架允许下，我们计划将逐步推进OTC交易、更多的币种支持以及质押等等的一些核心功能，为我们的高净值客户以及机构客户提供更加完整的虚拟资产的一个服务的能力。与此同时，拥有交易所的牌照也能够让我们更直接地去参与行业的基础设施的建设，探索包括永续合约在内的这种创新型的产品的机会。第三，我们是想要构建一个更长期的生态能力。未来我们希望进一步探索，例如说这个代币化证券的二级市场交易，又例如说对接第三方经纪商它的流量，以及为我们的虚拟资产ETF发行方提供涵盖从IOT交易、托管到质押在内的一站式的解决方案。随着我们传统的金融与虚拟资产市场的逐步的融合，我们相信猎豹交易所是有机会成长为香港Web3生态的一个重要的基础设施的平台的。对于香港和新加坡，我们相信两地的虚拟资产的行业仍然处于一个早期的发展阶段。富途这边我们将持续做好投资者教育以及持续的产品创新。作为一个拥有brokerage和crypto exchange牌照的这样一个一体式的平台，我们对集团的crypto整体业务的发展充满信心。

Arthur Chen: Let me quickly translate. In March, as Leaf mentioned in opening remarks, PantherTrade successfully passed the phase II approval of the Hong Kong SFC's VATP license and officially commenced full operation. Going forward, we will focus on advancing the business across three dimensions. Firstly, we will be strengthening the internal synergy and traffic conversion capability. Currently a portion of Futu Securities' virtual asset trading volume and AUM has already migrated to PantherTrade. Looking ahead, as the Group gradually secures compliant virtual asset licenses in additional regions, we will actively explore deeper collaboration opportunities between our regional cryptocurrency brokerage businesses and PantherTrade with applicable regulatory frameworks. Second, we will continue to enhance our virtual asset product ability. Subject to regulatory approval, we plan to progressively introduce core functionalities such as OTC trading, additional token listings, and staking services.

Alan Cui: Let me quickly translate. In March, as Leaf mentioned in opening remarks, PantherTrade successfully passed the phase II approval of the Hong Kong SFC's VATP license and officially commenced full operation. Going forward, we will focus on advancing the business across three dimensions. Firstly, we will be strengthening the internal synergy and traffic conversion capability. Currently a portion of Futu Securities' virtual asset trading volume and AUM has already migrated to PantherTrade. Looking ahead, as the Group gradually secures compliant virtual asset licenses in additional regions, we will actively explore deeper collaboration opportunities between our regional cryptocurrency brokerage businesses and PantherTrade with applicable regulatory frameworks. Second, we will continue to enhance our virtual asset product ability. Subject to regulatory approval, we plan to progressively introduce core functionalities such as OTC trading, additional token listings, and staking services.

Speaker #3: So, going forward, we will focus on advancing the business across three dimensions. Firstly, we will strengthen internal synergy and traffic conversion capability.

Speaker #3: So currently, a portion of Futu Securities' virtual asset trading volume and AUM has already migrated to PandaTrade. Looking ahead, as the group gradually secures compliant virtual asset license in additional regions, we will actively explore a deeper collaboration opportunities between our regional cryptocurrency brokerage businesses and PandaTrade with applicable regulatory frameworks.

Speaker #3: Second, we will continue to enhance our virtual asset product capability. Subject to regulatory approval, we plan to progressively introduce core functionalities such as OTC trading, additional token listings, and staking services.

Arthur Chen: Basically, enabling us to provide more comprehensive virtual asset solutions for high-net-worth and institutional clients. Meanwhile, holding an exchange license also allows the Group to participate more directly in industry infrastructure development and actively explore innovative product opportunities, including perpetual futures. Certainly, we aim to build a long-term ecosystem capability. In the future, we plan to explore secondary market trading for tokenized securities, integration with third-party brokers, and one-stop solutions for virtual asset ETF issuers covering IOT, trading, custody, and staking services. As traditional finance and virtual asset markets continue to converge, PantherTrade has the potential to evolve into a key infrastructure platform within the Hong Kong Web3 ecosystem. We think Hong Kong and Singapore markets, especially for the crypto part, they are still in the early stage of development. For Futu, we will continue to do investor education and product innovation.

Alan Cui: Basically, enabling us to provide more comprehensive virtual asset solutions for high-net-worth and institutional clients. Meanwhile, holding an exchange license also allows the Group to participate more directly in industry infrastructure development and actively explore innovative product opportunities, including perpetual futures. Certainly, we aim to build a long-term ecosystem capability. In the future, we plan to explore secondary market trading for tokenized securities, integration with third-party brokers, and one-stop solutions for virtual asset ETF issuers covering IOT, trading, custody, and staking services. As traditional finance and virtual asset markets continue to converge, PantherTrade has the potential to evolve into a key infrastructure platform within the Hong Kong Web3 ecosystem. We think Hong Kong and Singapore markets, especially for the crypto part, they are still in the early stage of development. For Futu, we will continue to do investor education and product innovation.

Speaker #3: Basically, unbidding us to provide more comprehensive, virtual asset solutions for high net worth and institutional clients. Meanwhile, holding an exchange license also allows the group to participate more directly in industry infrastructure development and actively explore innovative product opportunities, including perpetual futures.

Speaker #3: Thirdly, we aim to build a long-term ecosystem capability. In the future, we plan to explore secondary market trading for tokenized securities, integration with third-party brokers, and one-stop solutions for virtual asset ETF issuers covering IoT trading, custody, and staking services.

Speaker #3: So, as traditional finance and virtual asset markets continue to converge, PandaTrade has the potential to evolve into a key infrastructure platform within the Hong Kong Web3 ecosystem.

Speaker #3: And we've seen Hong Kong and Singapore markets perform especially for the crypto part. Industry in the early stage of development. So for Futu, we will continue to do investor education and product innovation.

Speaker #3: So as a platform that has both brokerage and crypto exchange capabilities, we think we're very confident in the future group's potential of the overall crypto business.

Arthur Chen: As a platform that has both brokerage and crypto exchange ability, we are very confident in the future growth potential of the overall crypto business. Thank you.

Alan Cui: As a platform that has both brokerage and crypto exchange ability, we are very confident in the future growth potential of the overall crypto business. Thank you.

Speaker #3: Thank you. 谢谢。 Thank you one moment for our next question. Our next question is going to come from the line of MSU with B of A Securities.

Daniel Yuan: 谢谢。

Chiyao Huang: 谢谢。

Operator: Thank you. One moment for our next question. Our next question is going to come from the line of Emma Xu with BofA Securities. Your line is open. Please go ahead.

Speaker #3: Your line is open. Please go ahead. 谢谢给我这个提问的机会。我有两个关于业务方面的问题，就是我们看到一季度的时候，这个利息收入环比还是下降比较多的，降了12.8个百分点。能不能请管理层帮我们拆解一下一季度利息收入按类型的拆分，然后各个项环比变化的原因是什么？利息收入目前二季度以来的趋势是怎么样？第二个问题是想整体问一下二季度的经营情况，包括这些竞争、有资产的客户、进入基因，然后公允价值的变动以及交易量的趋势是怎么样的？我来翻译一下我的问题。 So the first question is about the interest income. So we saw that interest income declined 12.8% sequentially.

Emma Xu: 谢谢给我这个提问的机会。我有两个关于业务方面的问题，我们看到Q1的时候，利息收入环比还是下降比较多的，降了12.8个百分点。能不能请管理层帮我们拆解一下，Q1利息收入按类型的拆分，然后各个项环比变化的原因是什么？利息收入目前Q2以来的趋势是怎么样？第二个问题是想整体问一下Q2的经营情况的，包括竞争有资产客户、净入金，然后公允价值的变动以及交易量的趋势是怎么样？我来翻译一下我的问题。The first question is about the interest income. We thought that interest income declined 12.8% sequentially. Could you please provide the breakdown of your interest income by category? Drivers of the quarter-over-quarter changes for each item as well as the quarter-to-date trends. The second question is about the operating trends in Q2 so far. Could you update us the latest new funded accounts AUM, including the net asset inflows and mark-to-market changes as well as the trading volume. Thank you.

Speaker #3: Could you please provide the breakdown of your interest income by category, as well as the drivers of the quarter-over-quarter changes for each item, and the quarter-to-date trends?

Speaker #3: The second question is about the operating trends in the second quarter so far. Could you update us on the latest new-founded accounts, AUM—including the net asset inflows and mark-to-market changes—as well as the trading volume?

Speaker #3: Thank you. 好的，谢谢Emma。我来回答第一个有关利息收入的一个问题。第二个问题我请我的同事Alan来回答。整个第一季度，整个我们集团的利息收入的一个结构里面，现金利息收入跟融资的利息收入大约各自占40%，其余的部分是来自于我们的期权业务。利息收入的环比下降的主要有几方面的一个原因。一方面是现金利息收入这一块的一个回落，另外一块是借券利息收入这一块的一个下降。两融的融资的这块利息收入实际是环比是有上升的。具体来看，现金利息收入环比下降，一方面是因为美联储在去年12月中旬的时候减息，这个减息的影响是在本季度是得到一个充分的一个体现的。另一方面，本季度因为市场波动比较加剧，整体我们客户入市抄底相对是比较活跃的，带动了我们整个日均现金余额环比是有一个下降。这个对于我们的一个现金利息收入这一块会有一定的拖累。相反，因为大家抄底的动作比较活跃，反而是增加了我们在融资这一块的一个利息的一个收入。这块利息收入是在本季度是有一个环比的一个上升的。借券的利息收入环比下降，其实主要是因为市场的一个因素。特别是这个季度在美股这一边整体的是市场的一个波动性减弱，客户整体的一个做空的一个需求是有所下降的。同时借券的一个收益率也有一个比较显著的一个比较显著的一个回落。二季度到目前为止，我们整个的一个利息收入是目前来看是一个环比保持稳定的一个状态。 Let me very quickly translate. In the first quarter, approximately 40% of group interest income was from idle cash, then another roughly 40% contributed by margin financing.

Arthur Chen: 好的, 谢谢 Emma. 我来回答第一个有关利息收入的一个问题, 第二个问题我请我的同事 Alan 来回答. 整个 Q1, 我们集团的利息收入的一个结构里面, 现金利息收入跟融资的利息收入大约各自占 40%, 其余的这个部分是来自于我们的借券业务. 利息收入环比下降主要有几方面的原因. 一方面是现金利息收入这一块的一个回落, 另外一块是借券利息收入这一块的下降. 两融的融资的这块利息收入实际上环比是有上升的. 具体来看, 现金利息收入环比下降, 一方面是因为美联储在去年 12 月中旬的时候减息, 这个减息的影响在本季度是得到一个充分的体现. 另一方面, 本季度因为市场波动比较加剧, 整体我们客户入市抄底相对是比较活跃, 带动了我们整个日均现金余额环比是有一个下降, 这个对我们的现金利息收入这一块会有一定的拖累. 相反, 因为大家抄底的动作比较活跃, 反而是增加了我们在融资这一块的利息收入, 这块利息收入在本季度是有一个环比的上升的. 借券的利息收入环比下降, 其实主要是因为市场的一个因素, 特别是这个季度, 在美股这边整体市场波动性减弱, 客户整体做空的需求是有所下降的. 同时, 借券的收益率也有一个比较显著的回落. Q2 到目前为止, 我们整个的利息收入目前来看是一个环比保持稳定的状态. Now let me very quickly translate. In Q1, approximately 40% of group interest income was from idle cash. Another roughly 40% contributed by margin financing. The remaining mainly came from the stock borrowing and lending business. The Q over Q decline in interest income was mainly attributed to lower stock borrowing and idle cash interest income, while margin financing interest income achieved a sequential growth. Idle cash interest income declined due to two reasons. Number one is Fed rate cut in mid-December last year was fully reflected in Q1. Secondly, heightened market volatility during the quarter drove more active buying dip behaviors among clients, leading to sequential decline in average daily cash balance, which also weighed on idle cash interest income. By contrast, supported by active margin trading activity in both the US and Hong Kong, our margin financing balance increased meaningfully on Q on Q basis, therefore contributed more margin financing interest income. At the same time, security borrowing interest income declined sequentially, mainly due to market factors as the implied volatility in the US equity market was going down in Q1. Overall short selling demand moderated, leading to a meaningful decline in security lending yield at the same time. Based on the current run rate in Q2, we expect the overall interest income to remain broadly stable Q on Q. Thank you.

Speaker #3: The remaining mainly came from the store borrowing. And the lending business. The Q over Q decline in interest income was mainly attributed to lower store borrowing and idle cash interest income, while margin financing interest income achieved a sequential growth.

Speaker #3: Idle cash interest income declined due to two reasons. Number one is that federal rate cuts in May and December last year were fully reflected in the first quarter.

Speaker #3: Secondly, heightened market volatility during the quarter drove more active "buying the dip" behaviors among clients, leading to a sequential decline in average daily cash balance, which also weighed on idle cash interest income.

Speaker #3: By contrast, supported by active margin trading activity in both the US and Hong Kong, our margin financing balance increased meaningfully on Q on Q basis.

Speaker #3: Therefore, contributed more margin financing interest income. At the same time, security borrowing interest income declined sequentially, mainly due to market factors as the implied volatility in the US equity market was going down in the first quarter.

Speaker #3: Overall, short-selling demand was moderate, leading to a meaningful decline in security lending yield at the same time. Based on the current run rate in the second quarter, we expect the overall interest income to remain broadly stable quarter-on-quarter.

Speaker #3: Thank you. Hello, Emma. 你好，我是Alan。我来回复一下你的第二个问题。按照二Q的 run rate 来看，我们竞争有产客户数字预计将环比维持一个稳定。进入金这边，我们看到二季度保持了一个一季度的比较好的增长的态势。上周五这个事情对短期的进入金有干扰，但整体的影响是可控的。然后 mark-to-market 这边，我们觉得受益于 quarter to date 市场的表现。所以这个数字是一个正数。以及解压我们客户的一个持续活跃的交易行为。我们预计 AUM 与交易量是有机会录得一个双位数的环比提升的。 Okay, let me quickly translate. So based on the current second quarter run rate, the net new funding accounts are expected to remain stable sequentially.

Daniel Yuan: Hello，Emma，你好，我是Alan。那我来回复一下你的第二个问题。按照2Q的run rate来看，我们竞争性客户数字预计将环比维持一个稳定。净入金这边，我们看到二季度保持了一个一季度的比较好的增长的态势。上周五这个事情对短期的净入金有干扰，但整体的影响是可控的。然后mark to market这边，我们觉得受益于quarter to date市场的表现，所以这个数字是一个正数。以及叠加我们客户的一个持续活跃的交易行为，我们预计AUM与交易量是有机会录得一个双位数的环比提升的。Okay，let me quickly translate。So based on the current second quarter run rate, the net new funding accounts are expected to remain stable sequentially.

Alan Cui: Hello，Emma，你好，我是Alan。那我来回复一下你的第二个问题。按照2Q的run rate来看，我们竞争性客户数字预计将环比维持一个稳定。净入金这边，我们看到二季度保持了一个一季度的比较好的增长的态势。上周五这个事情对短期的净入金有干扰，但整体的影响是可控的。然后mark to market这边，我们觉得受益于quarter to date市场的表现，所以这个数字是一个正数。以及叠加我们客户的一个持续活跃的交易行为，我们预计AUM与交易量是有机会录得一个双位数的环比提升的。Okay，let me quickly translate。So based on the current second quarter run rate, the net new funding accounts are expected to remain stable sequentially.

Speaker #3: Net asset inflows has maintained the strong growth potential, strong growth momentum, seen in the first quarter. Well, last Friday's regulatory developments created some short-term disruption to net inflow, the overall impact remains manageable.

Daniel Yuan: that is that inflows have maintained the strong growth momentum seen in Q1. While last Friday's regulatory developments created some short-term disruption to net inflows, the overall impact remains manageable. Benefiting from positive quarter to date March market performance, as well as continued active client trading behavior, both AUM and trading volume have the potential to achieve double-digit sequential growth. Thank you.

Alan Cui: that is that inflows have maintained the strong growth momentum seen in Q1. While last Friday's regulatory developments created some short-term disruption to net inflows, the overall impact remains manageable. Benefiting from positive quarter to date March market performance, as well as continued active client trading behavior, both AUM and trading volume have the potential to achieve double-digit sequential growth. Thank you.

Speaker #3: And benefiting from positive quarter to date mark-to-market performance, as well as continued active client trading behavior, both AUM and trading volume have the potential to achieve double-digit sequential growth.

Speaker #3: Thank you. Thank you. And one moment for our next question. Our next question comes from the line of Charles Dow with UBS. Your line is open.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Charles Zhou with UBS. Your line is open. Please go ahead.

Speaker #3: Please go ahead. 各位管理层晚上好，我是 UBS 的 Charles Joe。我这边有两个问题。第一，我们看到近期蚂蚁收购药材证券也落地了，同时微牛也密集地在香港打广告。蚂蚁银行和众安银行也陆续上线了港美股的交易。所以想问一下公司是如何看待整个香港市场的一个竞争格局，看起来竞争是在加剧的。第二个问题就是今年以来韩国的科技股还是表现得非常火热。想问一下公司是否近期有上线韩股的计划，能不能具体谈一下，比如像时间线，包括计划在哪些市场推出等等。 Good evening, this is Charles Joe from UBS, so I have two questions. The first, we have seen recent developments such as an acquisition of Bright Smart Securities.

Cheng Zhou: 各位管理层晚上好，我是UBS的Charles Zhou。我这边有两个问题。第一，我们看到近期蚂蚁收购耀才证券也落地了，同时微牛也密集地在香港打广告，蚂蚁银行和众安银行也陆续上线了港美股的交易，所以想问一下公司是如何看待整个香港市场的一个竞争格局？看起来竞争是在加剧的。第二个问题就是今年以来韩国的科技股还是表现得非常火热，想问一下公司是否近期有上线韩股的计划，能不能具体谈一下，比如像时间线，包括计划在哪些市场推出等等。Good evening.

Cheng Zhou: This is Cheng Zhou from UBS. I have two questions. The first, we have seen recent developments such as an acquisition of Bright Smart Securities, intensive marketing by Webull, the launch of the Hong Kong US stocks trading function by Ant Bank and ZA Bank. How does the company view the intensifying competition in the Hong Kong markets? My second question is related to South Korean markets. We also note that the Korean tech stocks have been performing very strong year to date. Does the company have any plans to expand into the Korean equity markets? Would appreciate if you can share some details such as your timeline or maybe the target markets. Thank you.

Speaker #3: Intensive marketing by Webull, the launch of the Hong Kong US stocks trading function by Ant Bank, and ZA Bank—so how does the company view the intensifying competition in the Hong Kong markets?

Speaker #3: My second question is related to South Korean markets. We also note that the Korean tech stocks have been performing very, very strong year to date.

Speaker #3: So does the company have any plans to expand into the Korean equity markets? We'd appreciate if you can share some details such as their timeline or maybe the target markets.

Speaker #3: Thank you. 好的，谢谢 Charles。我来回答你第一个问题。第二个问题，请我的同事 Robin 来回答。首先，我觉得我们觉得香港依然是一个具备长期增量空间的一个市场。因为根据香港最近的，比如说行政长官 2025 年的一个施政报告，这个报告里面也提到，从港府推出一系列新的输入人才政策以来，至今已经有超过 23 万的人才到香港来工作和发展。全球的一个宏观经济不确定性的一个上升的一个背景下面，我们也相信越来越多的一些高净值的一些人士以及国际资本也会涌向香港。市场整体的资产规模和财富水平还会不断上升。对于我们而言，我们对自身的一个竞争力是保持有非常强的一个信心的。过去其实有非常多家知名的友商进入香港，我们依然是可以稳步去扩大我们的客户规模、客户资产，以及市场份额。这背后的核心是源于我们建立起来的有时间壁垒的，多纬度的这样的一个竞争的一个模型。在产品服务方面，我们已经在香港打造了一站式的金融服务平台，并持续去升级我们，比如说 AI 等这些创新的能力的应用。在有竞争力的收费的情况下面，为客户提供业界一流的产品体验。就像你刚才问到的第二个问题，我们实际也有计划去上线韩股的这样的一个交易，去提升我们的一个产品的一个供给。在品牌方面，我们在过去十几年在香港的一个持续深耕，已经建立了非常强大的品牌认知跟用户信任，也有越来越多的客户愿意将核心资产长期放在富途的平台。我们的高净值的客户的一个占比也是在过去几个季度持续提升。这方面的品牌积累，我认为并不是一个短期营销就能很快能够复制出来的。最后我觉得其实竞争也不是一个坏事。香港本来就是全球竞争最充分的一个金融市场。长期来看，竞争也会去推动整个的一个行业的一个创新。对于具备产品能力、品牌能力以及生态优势的头部平台，反而有机会能够进一步去提升相应的市场份额。更何况就是在香港这样的一个国际金融中心，随着我们的一个品牌成熟的一个提升，就像我前面讲到的，相比香港地区几十万亿的个人投资者财富的一个深度，我们目前的一个金融服务的一个渗透度才刚刚开始。所以我们对于这个市场还是充满了一个信心的。 Let me very quickly translate. First, we think Hong Kong remains a market with significant long-term potentials.

Arthur Chen: 好的，谢谢Charles。那我来回答你第一个问题，那第二个问题，请我的同事Robin来回答。首先我们觉得香港依然是一个具备长期增量空间的市场。因为根据香港最近的，比如说行政长官2025年的施政报告，这个报告里面也提到，从港府推出一系列新的输入人才政策以来，至今已经有超过23万的人才到香港来工作和发展。在全球的宏观经济不确定性上升的背景下面，我们也相信越来越多的高净值人士以及国际资本也会涌向香港，市场整体的资产规模和财富水平还会不断上升。那对于我们而言，我们对自身的竞争力是保持有非常强的信心的。过去即使有非常多家知名的友商进入香港，我们依然是可以稳步去扩大我们的客户规模、客户资产以及市场份额。这背后的核心是源于我们建立起来的有时间壁垒的、多维度的竞争模型。在产品服务方面，我们已经在香港打造了一站式的金融服务平台，并持续去升级我们比如说AI等这些创新能力的应用，在有竞争力的收费的情况下面，为客户提供业界一流的产品体验。那就像你刚才问到的第二个问题，我们实际也有计划去上线韩股的交易，去提升我们的产品的供给。在品牌方面，我们在过去十几年在香港的持续深耕，已经建立了非常强大的品牌认知跟用户信任，也有越来越多的客户愿意将核心资产长期放在富途的平台。我们的高净值客户的占比，也是在过去几个季度持续提升。这方面的品牌积累，我认为并不是一个短期营销就能很快能够复制出来的。那最后，我觉得其实竞争也不是一个坏事。香港本来就是全球竞争最充分的金融市场，长期来看，竞争也会去推动整个行业的创新。对于具备产品能力、品牌能力以及生态优势的头部平台，反而有机会能够进一步去提升相应的市场份额。更何况就是在香港这样的国际金融中心，随着我们的品牌成熟度的提升，就像我前面讲到的，相比香港地区几十万亿的个人投资者财富的深度，我们目前的金融服务的渗透度才刚刚开始，所以我们对于这个市场还是充满了信心的。Let me very quickly translate.

Arthur Chen: First, we think Hong Kong remains a market with significant long-term potentials. According to the Hong Kong chief executive's 2025 policy address, since the launch of various talents admission initiatives, more than 230,000 professionals have relocated to Hong Kong for work and development opportunities. Against the backdrop of rising global macro uncertainties, increased number of high net worth individuals and international capitals are also flowing to Hong Kong, driving continued expansion in market wealth and asset pools. For Futu, we remain very confident in our own competitiveness. Even several well-known peers have entered into Hong Kong market recent years. We have continued to see steady expansions in our customer base, client assets and the market share. At the core of this achievement is multi-dimensional competitive moat we have built over time, supported by high barriers to entry.

Speaker #3: According to the Hong Kong Chief Executive's 2025 policy address, since the launch of various talent admission initiatives, more than 230K professionals have relocated to Hong Kong for work and development opportunities.

Speaker #3: Against the backdrop of rising global market uncertainties, an increased number of high-net-worth individuals and international capitals are also flowing into Hong Kong, driving continued expansion in market wealth and asset pools.

Speaker #3: For Futu, we remain very confident in our own competitiveness, even though several well-known peers have entered into the Hong Kong market in recent years. We have continued to see steady expansions in our customer base, client assets, and market share.

Speaker #3: At the core of this achievement is multi-dimensional competitive moat. We have built over time, supported by time barriers to entry. On the product and the service front, we have already established a comprehensive one-stop financial service platform in Hong Kong, while continuous enhancing innovative capabilities such as AI applications.

Arthur Chen: On the product and the service front, we have already established a comprehensive one-stop financial service platform in Hong Kong, while continuous enhancing innovative capabilities such as AI applications. Combined with competitive pricing, this enable us to deliver industry-leading user experience to our clients. More recently, we have also planned to launch Korea stock trading, as you just asked before. From a branding perspective, we have spent more than a decade deeply cultivating Hong Kong market and have established very strong brand recognition and the client trust. An increasing number of clients are willing to place their core assets with Futu's platform over the long term, while the proportion of high-net-worth clients continue to rise in the past couple of quarters. This type of brand equity cannot be replicated through short-term marketing spending alone.

Speaker #3: Combined with competitive pricing, this enables us to deliver an industry-leading user experience to our clients. More recently, we have also planned to launch Korea stock trading, as you just asked before.

Speaker #3: From a broadening perspective, we have spent more than a decade deeply cultivating Hong Kong markets and have established very strong brand recognition and client trust.

Speaker #3: An increasing number of clients are willing to place their core assets with Futu's platform over the long term. While the proportion of high-net-worth clients continues to rise, in the past couple of quarters, this type of brand equity cannot be replicated through short-term marketing spending alone.

Speaker #3: Finally, we do not view competition as a purely negative thing. Because Hong Kong has always been one of the world's most competitive financial markets, over the long run, competition drives industry innovations.

Arthur Chen: We do not view competition as a purely negative thing, because Hong Kong has always been one of the world's most competitive financial markets. Over the long run, competition drives industry innovations. For leading platforms with strong product capabilities, brand trust, and ecosystem advantage, competition may in fact create opportunities to further consolidate market shares. More importantly, in Hong Kong as a global financial center, we believe our penetration into the tens of trillions of HKD of personal investable assets is still at a very early stage while our brand continue to mature. Supported by our long-term accumulated strength, we remain highly confident in our abilities to continue growth both in client and the client's assets in the Hong Kong market. Thank you.

Speaker #3: For leading platforms with strong product capabilities, brand trust, and ecosystem advantages, competition may, in fact, create opportunities to further consolidate market share. More importantly, in Hong Kong, as a global financial center, we believe our penetration into the tens of trillions of dollars of personal investment assets is still at a very early stage.

Speaker #3: While our brand continues to mature, supported by our long-term accumulative strengths, we remain highly confident in our abilities to continue growth both in client and client assets in the Hong Kong market.

Speaker #3: Thank you.

Speaker #2: Thank you. And one moment, Park.

Operator: Thank you, and one moment for Daniel Yuan.

Speaker #3: Okay. 接下来我来回答一下我们韩股的一个上线计划。那么大家也知道我们是在4月份富途牛牛和moomoo就已经上线了韩股的实时行情。目前团队正在积极推进韩股的交易功能的相关的准备工作。我们会预计在6月中于香港和新加坡首批上线。其他地区也会陆续支持。现阶段不少客户主要是通过杠杆ETF等产品来间接获得韩股的敞口。截止到5月26日，富途证券客户持有的南方两倍做多三星电子以及南方两倍做多海力士占相关产品的持仓比例分别是30%及18%。其实是反映出客户对韩股尤其是AI产业链核心标的具备较强的投资需求。那么富途作为领先的一站式投资交易平台，我们始终致力于为客户提供丰富的全球资产配置选择以及极致的交易体验。未来我们也会持续关注全球其他股市的发展潜力，并结合客户需求及商业价值动态评估更多市场的一个介入机会。好，谢谢。

Robin Xu: In April, Futubull and Moomoo officially supported real-time market data for South Korean stocks. Our team is currently actively preparing for the rollout of South Korean stock trading, which is expected to first launch in Hong Kong and Singapore in June, with more regions to follow progressively thereafter. Currently, many clients primarily gain exposure to South Korean equities indirectly through leveraged ETFs and similar products. As of 26 May, Futu Securities clients accounted for approximately 30% and 18% of the holdings in the CSOP two times leveraged ETF on Samsung Electronics, and CSOP two times leveraged ETF on SK hynix, respectively, reflecting strong client demand for South Korean equities, particularly names within the AI supply chain. As a leading one-stop investment and trading platform, Futu remains committed to providing clients with diversified global asset allocation opportunities and best-in-class trading experience.

Alan Cui: In April, Futubull and Moomoo officially supported real-time market data for South Korean stocks. Our team is currently actively preparing for the rollout of South Korean stock trading, which is expected to first launch in Hong Kong and Singapore in June, with more regions to follow progressively thereafter. Currently, many clients primarily gain exposure to South Korean equities indirectly through leveraged ETFs and similar products. As of 26 May, Futu Securities clients accounted for approximately 30% and 18% of the holdings in the CSOP two times leveraged ETF on Samsung Electronics, and CSOP two times leveraged ETF on SK hynix, respectively, reflecting strong client demand for South Korean equities, particularly names within the AI supply chain. As a leading one-stop investment and trading platform, Futu remains committed to providing clients with diversified global asset allocation opportunities and best-in-class trading experience.

Speaker #1: In April, Futu, Bu, and moomoo officially supported real-time market data for South Korean stocks. Our team is currently actively preparing for the rollout of South Korean stock trading, which is expected to first launch in Hong Kong and Singapore in June, with more regions to follow progressively thereafter.

Speaker #1: Currently, many clients firmly gained exposure to South Korean equities indirectly through leveraged ETFs and similar products. As of May 26, Futu Securities clients accounting for approximately 30% and 18% of the holdings in the CSOP two-times leveraged ETF on Tencent Electronics and CSOP two-times leveraged ETF on SK Helix, respectively.

Speaker #1: Reflecting strong client demand for South Korean equities, particularly names within the AI supply chain. As a leading one-stop investment and trading platform, Futu remains committed to providing clients with diversified global asset allocation opportunities and best-in-class trading experience.

Speaker #1: And we will continue to monitor the potential of other international stock markets and dynamically evaluate additional market access opportunities based on the client demand and commercial value.

Robin Xu: We will continue to monitor the potential of other international stock markets and dynamically evaluate additional market access opportunities based on the client demand and commercial value.

Alan Cui: We will continue to monitor the potential of other international stock markets and dynamically evaluate additional market access opportunities based on the client demand and commercial value.

Operator: Thank you. This will conclude today's question and answer session. I would now like to hand the conference back over to Alan Tsui for closing remarks.

Speaker #2: Thank you. And this will conclude today's question and answer session. I would now like to hand the conference back over to Alan Tway for closing remarks.

Arthur Chen: That concludes our call today. On behalf of the Futu 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 representatives. Thank you and goodbye.

Speaker #3: That concludes our call today. On behalf of the Futu 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 representatives.

Speaker #3: Thank you and goodbye.

Operator: This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

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