Q2 2026 Futu Holdings Ltd Earnings Call

August 20, 2026

Operator: Ladies and gentlemen, welcome to Futu Holdings second quarter 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 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, Michelle Li, investor relations manager at Futu. Ma'am, please go ahead.

Operator: Ladies and gentlemen, welcome to Futu Holdings Q2 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 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, Michelle Li, investor relations manager at Futu. Ma'am, please go ahead.

Speaker #1: Gentlemen, welcome to Futu Holdings' Q2 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 #1: Today's conference 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, Michelle Lee, Investor Relations Manager at Futu.

Speaker #1: Ma'am, please go ahead.

Speaker #2: Thank you, operator. Thank you for joining us today to discuss our Q2 2026 earnings results. Joining me on the call today are Mr. Leif Lee, Chairman and Chief Executive Officer; Arthur Chen, Chief Financial Officer; and Robin Xu, Senior Vice President.

Michelle Li: Thanks, operator. Thank you for joining us today to discuss our second quarter 2026 earnings results. Joining me 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 belief 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 the potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report. And with that, I will now turn the call over to Leaf. Leaf will make his comments in Chinese, and I will translate.

Michelle Li: Thanks, operator. Thank you for joining us today to discuss our Q2 2026 earnings results. Joining me 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 belief regarding future events, which, by their nature, are not certain and are outside of the company's control.

Speaker #2: As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events. These statements, by their nature, are not certain and are outside of the company's control.

Speaker #2: 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.

Michelle Li: 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 the potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report. And with that, I will now turn the call over to Leaf. Leaf will make his comments in Chinese, and I will translate.

Speaker #2: For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report. And with that, I will now turn the call over to Leif.

Speaker #2: Leif will make his comments in Chinese, and I will translate.

Leaf Li: [Foreign language]

Speaker #3: 感谢大家参加今天的业绩会。第二季度我们净新增25.2万有资产客户，同比增长23.7%，环比增长12.2%。有资产客户总数达约384万，同比增长33.6%，环比增长7%。

Michelle Li: Thank you all for joining our earnings call today. In the second quarter, we acquired 252,000 net new funded accounts, up 23.7% year over year and 12.2% quarter over quarter. Total funded accounts reached approximately 3.84 million, representing an increase of 33.6% year over year and 7% quarter over quarter. Client acquisition in Hong Kong accelerated sequentially during the quarter, supported by a robust local IPO pipeline and strong performance in US equities. In Singapore, registered users surpassed the 2 million milestone, further solidifying our leadership among local retail investors. The average revenue per new client in both markets improved sequentially, underpinned by our ongoing investor education initiatives across multiple asset classes, reinforced by our sustained investment in brand equity.

[Translator]: Thank you all for joining our earnings call today. In the second quarter, we acquired 252,000 net new funded accounts, up 23.7% year over year and 12.2% quarter over quarter. Total funded accounts reached approximately 3.84 million, representing an increase of 33.6% year over year and 7% quarter over quarter. Client acquisition in Hong Kong accelerated sequentially during the quarter, supported by a robust local IPO pipeline and strong performance in US equities.

Speaker #2: Thank you all for joining our earnings call today. In Q2, we acquired 252,000 net new funded accounts, up 23.7% year over year and 12.2% quarter over quarter.

Speaker #2: Total funded accounts reached approximately 3.84 million, representing an increase of 33.6% year over year and 7% quarter over quarter.

Speaker #3: 本季度受益于活跃的港股IPO以及美股的优异表现，香港市场获客环比加速。在新加坡市场，注册用户数突破200万大关，进一步巩固了Moomoo在当地零售投资者中的领先地位。港新两地的新客户平均收入均实现环比提升，得益于我们持续开展的跨资产类别投资者教育，以及我们在品牌建设上的不断投入。

Speaker #2: Buying acquisition in Hong Kong accelerated sequentially during the quarter, supported by a robust local IPO pipeline and strong performance in U.S. equities. In Singapore, registered users surpassed the 2 million milestone, further solidifying our leadership among local retail investors.

[Translator]: In Singapore, registered users surpassed the 2 million milestone, further solidifying our leadership among local retail investors. The average revenue per new client in both markets improved sequentially, underpinned by our ongoing investor education initiatives across multiple asset classes, reinforced by our sustained investment in brand equity.

Speaker #2: The average revenue per new client in both markets improved sequentially, underpinned by our ongoing investor education initiatives across multiple asset classes and reinforced by our sustained investment in brand equities.

Leaf Li: .

Speaker #3: 在马来西亚，我们围绕马股IPO和AI行情推动的针对性营销活动，带动获客创下单季度新高。马来西亚已连续三个季度在所有市场中领跑竞争有资产客户数。在美国，Moomoo的预测市场产品收获良好市场反响，带动新获客也有效提升了平台整体的客户活跃度。

Michelle Li: In Malaysia, our targeted marketing campaigns centered around local IPOs and the AI-driven rally catalyzed a record quarter of client acquisition, leading all markets in net new funded accounts for the third consecutive quarter. In the US, Moomoo's prediction markets garnered significant traction, driving incremental new client acquisition and helping improve overall client engagement on our platform.

[Translator]: In Malaysia, our targeted marketing campaigns centered around local IPOs and the AI-driven rally catalyzed a record quarter of client acquisition, leading all markets in net new funded accounts for the third consecutive quarter. In the US, Moomoo's prediction markets garnered significant traction, driving incremental new client acquisition and helping improve overall client engagement on our platform.

Speaker #2: In Malaysia, our targeted marketing campaigns centered around local IPOs and the AI-driven rally catalyzed a record quarter of client acquisitions, leading all markets in net new funded accounts for the third consecutive quarter.

Speaker #2: In the U.S., Moomoo's prediction markets garnered significant traction, driving incremental new client acquisition and helping to improve overall client engagement on our platform.

Speaker #3: 今末客户资产约1.4万亿港币，同比增长43.6%，环比增长14.5%。资产增长主要归因于客户持仓的市值上升，其次为净入金的贡献。期末融资融券余额环比增长31%，达951亿港元，主要得益于港股IPO市场活跃。叠加整体市场情绪向好，推动客户杠杆使用规模扩大。

Leaf Hua Li: 期末客户资产约1.4万亿港币，同比增长43.6%，环比增长14.5%。资产增长主要归因于客户持仓的市值上升，其次为净入金的贡献。期末融资融券余额环比增长31%，达951亿港元，主要得益于港股IPO市场活跃，叠加整体市场情绪向好，推动客户杠杆使用规模扩大。

Leaf Li: 期末客户资产约1.4万亿港币，同比增长43.6%，环比增长14.5%。资产增长主要归因于客户持仓的市值上升，其次为净入金的贡献。期末融资融券余额环比增长31%，达951亿港元，主要得益于港股IPO市场活跃，叠加整体市场情绪向好，推动客户杠杆使用规模扩大。

Speaker #2: As of Q2 end, total client assets were still at HK$1.4 trillion, up 43.6% year over year and 14.5% quarter over quarter. The growth was mainly attributable to higher market valuation of client stock holdings, and to a lesser extent, net asset inflow.

Michelle Li: As of quarter end, total client assets stood at 1.4 trillion Hong Kong dollars, up 43.6% year over year and 14.5% quarter over quarter. The growth was mainly attributable to higher market valuation of client stock holdings and to a lesser extent, net asset inflow. Period end margin financing and securities lending balance rose 31% quarter over quarter to 95.1 billion Hong Kong dollars, supported by an active Hong Kong IPO market, along with broader positive market sentiment that encouraged clients to take on more leverage.

[Translator]: As of quarter end, total client assets stood at 1.4 trillion Hong Kong dollars, up 43.6% year over year and 14.5% quarter over quarter. The growth was mainly attributable to higher market valuation of client stock holdings and to a lesser extent, net asset inflow. Period end margin financing and securities lending balance rose 31% quarter over quarter to 95.1 billion Hong Kong dollars, supported by an active Hong Kong IPO market, along with broader positive market sentiment that encouraged clients to take on more leverage.

Speaker #2: Period-end margin financing and securities lending balance rose 31% quarter-over-quarter to HK$95.1 billion, supported by an active Hong Kong IPO market along with broader positive market sentiment that encouraged clients to take on more leverage.

Speaker #3: 受良好的市场环境带动，总交易额环比增长54.6%，同比增长78.8%，约6.42万亿港币，创下历史新高。其中每股交易额环比增长67.2%至5.02万亿港元。主要由投资者对AI股的关注带动，港股交易额环比增长15.9%至1.17万亿港元，主要得益于半导体、中概互联网及新股交易的活跃。

Leaf Hua Li: 受良好的市场环境带动，总交易额环比增长54.6%，同比增长78.8%，约6.42万亿港币，创下历史新高。其中美股交易额环比增长67.2%至5.02万亿港元，主要由投资者对AI股的关注带动。港股交易额环比增长15.9%至1.17万亿港元，主要得益于半导体、中概互联网及新股交易的活跃。

Leaf Li: 受良好的市场环境带动，总交易额环比增长54.6%，同比增长78.8%，约6.42万亿港币，创下历史新高。其中美股交易额环比增长67.2%至5.02万亿港元，主要由投资者对AI股的关注带动。港股交易额环比增长15.9%至1.17万亿港元，主要得益于半导体、中概互联网及新股交易的活跃。

Michelle Li: Thanks to favorable market conditions, total trading volume rose 78.8% year over year and 54.6% quarter over quarter to 6.42 trillion Hong Kong dollars, setting a new record high. US stock trading volume grew 67.2% sequentially to 5.02 trillion Hong Kong dollars, driven by client interest in AI-related names. Hong Kong stock trading volume increased by 15.9% quarter over quarter to 1.17 trillion Hong Kong dollars, largely attributable to heightened trading activity in semiconductor, China Internet, and newly listed companies.

[Translator]: Thanks to favorable market conditions, total trading volume rose 78.8% year over year and 54.6% quarter over quarter to 6.42 trillion Hong Kong dollars, setting a new record high. US stock trading volume grew 67.2% sequentially to 5.02 trillion Hong Kong dollars, driven by client interest in AI-related names. Hong Kong stock trading volume increased by 15.9% quarter over quarter to 1.17 trillion Hong Kong dollars, largely attributable to heightened trading activity in semiconductor, China Internet, and newly listed companies.

Speaker #2: Due to favorable market conditions, total trading volume rose 78.8% year over year and 54.6% quarter over quarter to HK$6.42 trillion, setting a new record high.

Speaker #2: Stock trading volume grew 67.2% sequentially to HK$5.02 trillion, driven by client interest in AI-related names. Hong Kong stock trading volume increased by 15.9% quarter-over-quarter to HK$1.17 trillion, largely attributable to heightened trading activity in semiconductor, China Internet, and newly listed companies.

Speaker #3: 6月部署证券获香港证券会一号牌照升级，成为香港首家也是目前唯一一家推出证券抵押融资交易虚拟资产的券商。同时我们正积极探索将虚拟资产纳入统一购买力框架，以进一步提升传统资产和数字资产市场的资金使用效率。

Leaf Hua Li: 6月富途证券获香港证券及期货事务监察委员会1号牌照升级，成为香港首家也是目前唯一一家推出证券抵押融资交易虚拟资产的券商。同时我们正积极探索将虚拟资产纳入统一购买力框架，以进一步提升传统资产和数字资产市场的资金使用效率。

Leaf Li: 6月富途证券获香港证券及期货事务监察委员会1号牌照升级，成为香港首家也是目前唯一一家推出证券抵押融资交易虚拟资产的券商。同时我们正积极探索将虚拟资产纳入统一购买力框架，以进一步提升传统资产和数字资产市场的资金使用效率。

Speaker #2: In June, Purchase Securities became the first and, today, the only broker in Hong Kong to launch securities-backed margin financing for virtual assets. Under an upgraded Type I license approval from the SFC, we are also exploring extending our unified buying power framework to cover virtual asset holdings, further enhancing capital efficiency across traditional and digital asset markets.

Michelle Li: In June, Futu Securities became the first and to date only broker in Hong Kong to launch securities-backed margin financing for virtual assets under an upgraded Type 1 license approval from the SFC. We are also exploring extending our unified buying power framework to cover virtual asset holdings, further enhancing capital efficiency across traditional and digital asset markets.

[Translator]: In June, Futu Securities became the first and to date only broker in Hong Kong to launch securities-backed margin financing for virtual assets under an upgraded Type 1 license approval from the SFC. We are also exploring extending our unified buying power framework to cover virtual asset holdings, further enhancing capital efficiency across traditional and digital asset markets.

Speaker #3: 财富管理客户资产达1802亿港元，同比增长10%，环比增长1%。本季度受股票市场强劲表现推动，我们观察到客户偏好从货币市场基金转向股票基金，在香港我们面向零售投资者举办了首次线下基金路演，聚焦商业航天主题，投资者对该主题兴趣浓厚。活动现场满员，线上直播吸引数百人在线参与，并带动了后续显著的认购。

Leaf Hua Li: 财富管理客户资产达1,802亿港元，同比增长10%，环比增长11%。本季度受股票市场强劲表现推动，我们观察到客户偏好从货币市场基金转向股票基金。在香港，我们面向零售投资者举办了首次线下基金路演，聚焦商业航天主题。投资者对该主题兴趣浓厚，活动现场满员，线上直播吸引数百人在线参与，并带动了后续显著的认购。

Leaf Li: 财富管理客户资产达1,802亿港元，同比增长10%，环比增长11%。本季度受股票市场强劲表现推动，我们观察到客户偏好从货币市场基金转向股票基金。在香港，我们面向零售投资者举办了首次线下基金路演，聚焦商业航天主题。投资者对该主题兴趣浓厚，活动现场满员，线上直播吸引数百人在线参与，并带动了后续显著的认购。

Speaker #2: Wealth management client assets were HKD 180.2 billion, up 10% year over year and 1% quarter over quarter. During the quarter, we observed a shift in client preference from money market funds toward equity funds, on the back of strong equity market performance.

Michelle Li: Wealth management client assets were 180.2 billion Hong Kong dollars, up 10% year over year, and 1% quarter over quarter. During the quarter, we observed a shift in client preference from money market funds towards equity funds on the back of strong equity market performance. In Hong Kong, we held our first offline fund roadshow for retail investors centered on the commercial space theme. Amid heightened investor interest, the event drew a full onsite audience and several hundred live stream participants, translating into meaningful follow-on subscriptions.

[Translator]: Wealth management client assets were 180.2 billion Hong Kong dollars, up 10% year over year, and 1% quarter over quarter. During the quarter, we observed a shift in client preference from money market funds towards equity funds on the back of strong equity market performance. In Hong Kong, we held our first offline fund roadshow for retail investors centered on the commercial space theme. Amid heightened investor interest, the event drew a full onsite audience and several hundred live stream participants, translating into meaningful follow-on subscriptions.

Speaker #2: In Hong Kong, we held our first offline fund roadshow for retail investors, centered on the commercial space theme. Amid heightened investor interest, the event drew a full on-site audience and several hundred livestream participants, translating into meaningful follow-on subscriptions.

Speaker #3: 截至期末，我们的IPO及IR客户达683家，同比增长32%。二季度香港IPO市场延续强劲势头，期间近六成新上市公司选择与客户合作。我们担任了多家知名上市项目的联席账户管理人，其中包括新兴医疗、西制科技与季泰科技。

Leaf Hua Li: 截至期末，我们的IPO及IR客户达683家，同比增长32%。二季度香港IPO市场延续强劲势头，期间近六成新上市公司选择与富途合作。我们担任了多家知名上市项目的联席账簿管理人，其中包括晶心医疗、曦智科技与剂泰科技。

Leaf Li: 截至期末，我们的IPO及IR客户达683家，同比增长32%。二季度香港IPO市场延续强劲势头，期间近六成新上市公司选择与富途合作。我们担任了多家知名上市项目的联席账簿管理人，其中包括晶心医疗、曦智科技与剂泰科技。

Speaker #2: We concluded the quarter with 683 IPO distribution and IR clients, up 32% year over year. The Hong Kong IPO market sustained strong momentum in the second quarter, with nearly 60% of newly listed companies choosing to partner with Futu.

Michelle Li: We concluded the quarter with 683 IPO distribution and IR clients, up 32% year-over-year. The Hong Kong IPO market sustained strong momentum in Q2, with nearly 60% of newly listed companies choosing to partner with Futu. We served as joint bookrunners for multiple high-profile listings, including those of Star Sports Medicine, Lightelligence, and Metis TechBio.

[Translator]: We concluded the quarter with 683 IPO distribution and IR clients, up 32% year-over-year. The Hong Kong IPO market sustained strong momentum in Q2, with nearly 60% of newly listed companies choosing to partner with Futu. We served as joint bookrunners for multiple high-profile listings, including those of Star Sports Medicine, Lightelligence, and Metis TechBio.

Speaker #2: We served as joint bookrunners for multiple high-profile listings, including those of Star Sports Medicine, Lightelligence, and Matis Tech Bio.

Speaker #3: 接下来有请我们的首席财务官Arthur介绍我们的财务表现。

Leaf Hua Li: 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 #2: Next, I'd like to invite our CFO, Arthur, to discuss our financial performance.

Michelle Li: Next, I'd like to invite our CFO, Arthur Chen, to discuss our financial performance.

[Translator]: Next, I'd like to invite our CFO, Arthur Chen, to discuss our financial performance.

Speaker #4: Thank you, Lieve and Michelle. Please allow me to walk you through our financial performance in the second quarter. All the numbers are in HKD unless otherwise noted.

Arthur Yu Chen: Thank you, Leaf Li and Michelle Li. Please allow me to walk you through our financial performance in Q2. All the numbers are in HKD, unless otherwise noted. Total revenue was HKD 7.2 billion, up 36% from HKD 5.3 billion in Q2 2025. Brokerage commission and handling charge income was HKD 3.4 billion, up 30% year-over-year and 27% quarter-over-quarter. Total trading volume grew on both year-over-year and 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 3.1 billion, up 37% year-over-year and 18% quarter-over-quarter. Both the year-over-year and the quarter-over-quarter increase was mainly driven by high interest income from margin financing, bank deposits, and the security lending. Other income was HKD 718 million, up 61% year-over-year and 27% quarter-over-quarter.

Arthur Chen: Thank you, Leaf Li and Michelle Li. Please allow me to walk you through our financial performance in Q2. All the numbers are in HKD, unless otherwise noted. Total revenue was HKD 7.2 billion, up 36% from HKD 5.3 billion in Q2 2025. Brokerage commission and handling charge income was HKD 3.4 billion, up 30% year-over-year and 27% quarter-over-quarter.

Speaker #4: Total revenue was $7.2 billion, up 36% from $5.3 billion in the second quarter of 2025. Brokerage commission and handling charge income was $3.4 billion, up 30% year over year and 27% quarter over quarter.

Speaker #4: 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.

Arthur Chen: Total trading volume grew on both year-over-year and 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 3.1 billion, up 37% year-over-year and 18% quarter-over-quarter. Both the year-over-year and the quarter-over-quarter increase was mainly driven by high interest income from margin financing, bank deposits, and the security lending. Other income was HKD 718 million, up 61% year-over-year and 27% quarter-over-quarter.

Speaker #4: Stocks and options during the quarter. Interest income was $3.1 billion, up 37% year over year and 18% quarter over quarter. Both the year-over-year and quarter-over-quarter increases were mainly driven by higher interest income from margin financing, bank deposits, and securities lending.

Speaker #4: Other incomes were $718 million, up 61% year-over-year and 27% quarter-over-quarter. Both year-over-year and quarter-over-quarter increases were primarily driven by higher currency exchange income and IPO financing service income.

Arthur Yu Chen: Both year-over-year and the quarter-over-quarter increase was primarily driven by higher currency exchange income and IPO financing service income. Our total costs were HKD 985 million, up 47% compared to Q2 2025. Brokerage commission and handling charge expenses were HKD 248 million, up 54% year-over-year and 15% quarter-over-quarter. Both the year-over-year and the quarter-over-quarter increase was mainly due to higher trading volume. Interest expenses were HKD 513 million, up 36% year-over-year and 24% quarter-over-quarter. Both the year-over-year and the quarter-over-quarter increase was mainly driven by higher interest expenses associated with our margin financing business. Processing and servicing costs were HKD 225 million, up 17% year-over-year and 32% quarter-over-quarter. Both the year-over-year and the quarter-over-quarter increase were primarily driven by higher product service fees. As a result, total gross profit was HKD 6.2 billion, an increase of 34% from HKD 4.6 billion in Q2 2025.

Arthur Chen: Both year-over-year and the quarter-over-quarter increase was primarily driven by higher currency exchange income and IPO financing service income. Our total costs were HKD 985 million, up 47% compared to Q2 2025. Brokerage commission and handling charge expenses were HKD 248 million, up 54% year-over-year and 15% quarter-over-quarter. Both the year-over-year and the quarter-over-quarter increase was mainly due to higher trading volume.

Speaker #4: Our total costs were $985 million, up 47% compared to the second quarter of 2025. Brokerage commission and handling charge expenses were $248 million, up 54% year-over-year and 15% quarter-over-quarter.

Speaker #4: Both the year-over-year and quarter-over-quarter increases were mainly due to higher trading volume. Interest expenses were $513 million, up 36% year-over-year and 24% quarter-over-quarter.

Arthur Chen: Interest expenses were HKD 513 million, up 36% year-over-year and 24% quarter-over-quarter. Both the year-over-year and the quarter-over-quarter increase was mainly driven by higher interest expenses associated with our margin financing business. Processing and servicing costs were HKD 225 million, up 17% year-over-year and 32% quarter-over-quarter. Both the year-over-year and the quarter-over-quarter increase were primarily driven by higher product service fees. As a result, total gross profit was HKD 6.2 billion, an increase of 34% from HKD 4.6 billion in Q2 2025.

Speaker #4: Both the year-over-year and quarter-over-quarter increases were mainly driven by higher interest expenses associated with our margin financing business. Processing and servicing costs were $225 million, up 70% year over year and 32% quarter over quarter.

Speaker #4: Both the year-over-year and quarter-over-quarter increase were primarily driven by higher crowded service fees. As a result, total gross profit was $6.2 billion, an increase of 34% from $4.6 billion in the second quarter of 2025.

Speaker #4: Gross margin was 86.3%, compared to 87.4% in the same quarter of 2025. Operating expenses were $1.8 billion, up 35% year over year and 11% quarter over quarter.

Arthur Yu Chen: Gross margin was 86.3% as compared to 87.4% in the same quarter of 2025. Operating expenses were HKD 1.8 billion, up 35% year-over-year and 11% quarter-over-quarter. To break it down, R&D expenses were HKD 501 million, up 13% year-over-year and 5% quarter-over-quarter. The year-over-year and the quarter-over-quarter increase was primarily driven by the increased investment in strategic initiatives like AI and Web3. Selling and marketing expenses were HKD 657 million, up 53% year-over-year and 18% quarter-over-quarter. The year-over-year and the quarter-over-quarter increase was mainly driven by the increase of new fund accounts. G&A expenses was HKD 593 million, up 40% year-over-year and 10% quarter-over-quarter. The year-over-year increase was primarily due to an increase in G&A personnel and the professional fees. As a result, income from operations was HKD 4.5 billion, up 34% year-over-year and 26% quarter-over-quarter. Operating margin of 62% is largely flat compared to Q2 2025.

Arthur Chen: Gross margin was 86.3% as compared to 87.4% in the same quarter of 2025. Operating expenses were HKD 1.8 billion, up 35% year-over-year and 11% quarter-over-quarter. To break it down, R&D expenses were HKD 501 million, up 13% year-over-year and 5% quarter-over-quarter. The year-over-year and the quarter-over-quarter increase was primarily driven by the increased investment in strategic initiatives like AI and Web3.

Speaker #4: To break it down, I&D expenses were $501 million, up 13% year over year and 5% quarter over quarter. The year-over-year and quarter-over-quarter increase was primarily driven by increased investments in strategic initiatives like AI and Web3.

Speaker #4: Selling and marketing expenses were $657 million, up 53% year over year and 18% quarter over quarter. The year-over-year and quarter-over-quarter increase was mainly driven by the increase in new fund accounts.

Arthur Chen: Selling and marketing expenses were HKD 657 million, up 53% year-over-year and 18% quarter-over-quarter. The year-over-year and the quarter-over-quarter increase was mainly driven by the increase of new fund accounts. G&A expenses was HKD 593 million, up 40% year-over-year and 10% quarter-over-quarter. The year-over-year increase was primarily due to an increase in G&A personnel and the professional fees. As a result, income from operations was HKD 4.5 billion, up 34% year-over-year and 26% quarter-over-quarter. Operating margin of 62% is largely flat compared to Q2 2025.

Speaker #4: G&A expenses were $593 million, up 40% year over year and 10% quarter over quarter. The year-over-year increase was primarily due to an increase in G&A personnel and professional fees.

Speaker #4: As a result, income from operations was $4.5 billion, up 34% year over year and 26% quarter over quarter. Operating margin of 62% is largely flat compared to the second quarter of 2025.

Speaker #4: Net income increased by 42% year-over-year to $3.6 billion. Net income margin expanded to 50.6% in the second quarter, compared to 48.4% in the same quarter last year.

Arthur Yu Chen: Our net income increased by 42% year-over-year to HKD 3.6 billion. Net income margin expanded to 50.6% in Q2, compared to 48.4% in the same quarter last year. Our effective tax rate for this quarter was 16.1%. That concludes our prepared remarks. We would now like to open the call to questions. Operator, please go ahead.

Arthur Chen: Our net income increased by 42% year-over-year to HKD 3.6 billion. Net income margin expanded to 50.6% in Q2, compared to 48.4% in the same quarter last year. Our effective tax rate for this quarter was 16.1%. That concludes our prepared remarks. We would now like to open the call to questions. Operator, please go ahead.

Speaker #4: Our effective tax rate for this quarter was 16.1%. 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 (*11) on your telephone and wait for your name to be announced. To withdraw your question, please press star one one (*11) 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. We ask that you please limit yourself to one question and one follow-up. One moment while we compile our Q&A roster. Our first question is going to come from the line of Emma Xu with BofA Securities. Your line is open. Please go ahead.

Speaker #1: We ask that you please limit yourself to one question and one follow-up. One moment while we compile our Q&A roster. Our first question is going to come from the line of Emma Sue with Viva Securities.

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

Speaker #2: Thank you. 第一个提问的机会，也恭喜公司第二季度取得了非常亮丽的业绩。我是美银证券的Emma Xu。我这里有两个问题。第一个问题是，5月22日新规发布以来，大陆客户在有资产客户数、AUM以及收入贡献中的占比，是否出现明显的变化？是否有观察到较明显的账户或资产流失？第二个问题是在这样的监管背景下，我们观察到二季度集团收入和利润表现依然稳健，能否请管理层分享一下海外市场目前的发展情况，以及对集团的贡献？我翻译一下我的提问。 Thank you for giving me the opportunity to ask the first question. Congratulations on the strong second quarter result. Since the release of the new regulations on May 22, have you seen material changes in mainland client share across funded accounts, AUM, and revenue contribution?

Emma Xu: Thank you for giving me the opportunity to ask the first question. Congratulations on the strong Q2 results. Since the release of the new regulations on 22 May, have you seen material changes in managing client share across founded account AUM and revenue contribution? Have you observed meaningful outflow of accounts or client assets? The second question is, against the regulatory backdrop, the group delivered resilient revenue and profit in Q2. Could management please share an update of the overseas market development and their contribution to the group? Thank you.

[Translator]: Thank you for giving me the opportunity to ask the first question. Congratulations on the strong Q2 results. Since the release of the new regulations on 22 May, have you seen material changes in managing client share across founded account AUM and revenue contribution? Have you observed meaningful outflow of accounts or client assets? The second question is, against the regulatory backdrop, the group delivered resilient revenue and profit in Q2. Could management please share an update of the overseas market development and their contribution to the group? Thank you.

Speaker #2: Have you observed meaningful outflow of account or client assets? The second question is: Against the regulatory backdrop, the Group delivered resilient revenue and profit in the second quarter.

Speaker #2: Could management please share an update on overseas market development and their contribution to the group? Thank you.

Speaker #3: 好的，谢谢Emma。第一个问题我请Live来回答，我来回答第二个问题，谢谢。

Arthur Yu Chen: 集中在6月APP的一个限制落地之后，我们看到到了8月份它的流出节奏已经明显地放缓。第二季度香港客户的留存率还是高于98%，海外市场的留存率的环比都保持比较稳健。另外，海外新增获客依然是延续了稳健的增长，我们也会继续把资源和增长重心投入到我们国际化业务的推进当中。谢谢。

Leaf Li: 集中在6月APP的一个限制落地之后，我们看到到了8月份它的流出节奏已经明显地放缓。第二季度香港客户的留存率还是高于98%，海外市场的留存率的环比都保持比较稳健。另外，海外新增获客依然是延续了稳健的增长，我们也会继续把资源和增长重心投入到我们国际化业务的推进当中。谢谢。

Speaker #4: 好。那么富途是高度重视合规运营，严格落实各项监管的要求。那么在5月20号新规发布之后，我们及时按照了相关的合规标准去执行，并且与监管保持着持续的沟通。那么自新规以来，客户累计的出金是占总客户资产的一个中单位数的百分比，主要冲击在二季度已经充分释放。那么大陆与香港客户均有出金，两地体量大致相当。那么大陆部分主要是来自新规下的一些合规性的资金调整。那么香港部分则集中在新规发布初期，由于市场情绪波动引发的一个避险性的出金。那么大陆客户他的流失是集中在6月APP的限制落地之后，那么我们看到到了8月份他的流出节奏已经明显地放缓。那么第二季度香港客户的留存率还是高于98%，海外市场的留存率的环比都保持比较稳健。另外，海外新增获客的依然是延续了稳健的增长，我们也会继续把资源和增长重心投入到我们国际化业务的一个推进当中。谢谢。

Speaker #2: And I will translate for Leif. So Futu places very strong emphasis on compliance, and we are committed to meeting all of the applicable regulatory requirements.

Michelle Li: I will translate for Li. Futu places very strong emphasis on compliance, and we are committed to meeting all of the applicable regulatory requirements. Following the release of the new rules, we promptly implemented the relevant compliance measures and we have maintained ongoing communication with the regulators. As for the cumulative asset outflows since the new regulation, the outflows were about mid single digit percentage of our total client assets. We believe the bulk of the impact has already been absorbed in Q2. The outflows came from both our mainland and Hong Kong client base, and the two are roughly about the same. The mainland outflows were primarily compliance driven adjustments under the new rules, while the Hong Kong outflows were more concentrated in the early period right after the announcement, which reflects some risk-off sentiment as the market digested the news.

[Translator]: I will translate for Li. Futu places very strong emphasis on compliance, and we are committed to meeting all of the applicable regulatory requirements. Following the release of the new rules, we promptly implemented the relevant compliance measures and we have maintained ongoing communication with the regulators. As for the cumulative asset outflows since the new regulation, the outflows were about mid single digit percentage of our total client assets.

Speaker #2: Following the release of the new rules, we promptly implemented the relevant compliance measures and have maintained ongoing communication with the regulators. As for the cumulative asset outflows since the new regulations, the outflows were about a mid-single-digit percentage of our total client assets.

Speaker #2: And we believe the bulk of the impact has already been absorbed in Q2. The outflows came from both our mainland and Hong Kong client base.

Michelle Li: We believe the bulk of the impact has already been absorbed in Q2. The outflows came from both our mainland and Hong Kong client base, and the two are roughly about the same. The mainland outflows were primarily compliance driven adjustments under the new rules, while the Hong Kong outflows were more concentrated in the early period right after the announcement, which reflects some risk-off sentiment as the market digested the news.

Speaker #2: And the two are roughly about the same. The mainland outflows were primarily compliance-driven adjustments under the new rules, while the Hong Kong outflows were more concentrated in the early period, right after the announcement.

Speaker #2: Which reflects some risk-off sentiment as the market digested the news. And most of the mainland client outflows happened in June and July, after we implemented the restrictions on our app.

Michelle Li: Most of the mainland client outflows happened in June and July after we implemented the restrictions on our app. The pace of client attrition started to moderate in August. For Q2, our Hong Kong client retention rate stayed above 98%, and the retention across our overseas markets remains stable quarter-over-quarter. We continue to see steady growth in overseas new client additions. Going forward, we will keep directing our resources and the growth focus toward advancing our international business.

Speaker #2: And the pace of client attrition started to moderate in August. For Q2, our Hong Kong client retention rate stayed above 98%, and the retention across our overseas markets remained stable quarter over quarter.

Speaker #2: And we continue to see steady growth in overseas new client additions. Going forward, we'll keep directing our resources and growth focus toward advancing our international business.

Speaker #3: 好的，那有关第二个问题我来回答一下。一个是我觉得从新客户收入的贡献来看，目前海外多个市场在二季度新增有资产客户的 output，其实都有比较明显的环比改善。其中，比如说美国、新加坡，包括香港这些市场，新客户的 output 环比都有双位数的增长。我想一方面可能反映出，比如像美国这些增长的市场，我们客户的质量有一个结构性的上移。同时，像香港、新加坡这些对富途来说已经是比较成熟的市场，我们还是能够持续获取一些比较高价值的客户，从而去支持整个公司的营收增长。从客户的数量，包括客户资产的角度来看，第二季度无论是马来西亚、澳洲、新西兰以及加拿大这些海外市场，有资产客户数环比也是双位数增长。实际上，二季度所有海外市场的客群资产环比都实现了提升。特别是接下来我们泰国牌照的获取，我相信未来在东南亚区域的布局也会提供非常好的新的贡献和增长点。从利润的角度来看，海外不同分公司目前处于不同成熟阶段。新加坡早已实现盈利，无论是利润绝对数还是利润率，都在持续提升。我们能看到持续经营杠杆的正面效应在新加坡市场发挥。我也很高兴和各位分享，我们马来西亚市场在今年二季度首次实现了经营利润层面的 break even。相信未来几个季度会有更多海外市场能逐步跨越盈亏平衡点。目前仍有一些海外市场处于客户和资产基础积累阶段。随着客群资产及留存率的提升，我们相信海外市场长期利润率的转化有非常好的期待。我也翻译一下：On the qualitative news and accounts, the average revenue per newly funded accounts improved sequentially across multiple markets in the overseas.

Arthur Yu Chen: 好的，那有关第二个问题我来回答一下。我觉得一个是从新客户的收入的贡献。从目前来看，海外的多个市场在二季度新增的有资产客户的ARPU，其实都有比较明显的一些环比的改善。那其中比如说美国、新加坡，包括香港，这些市场的新客户的ARPU环比都是有一个双位数的增长。我想一方面可能反映比如像美国这些增长的市场，我们的客户的质量是有一个结构性的上移的。那同时像香港，包括新加坡，这些对富途来说已经是一个比较成熟的市场，我们还是能够继续获得一些比较高价值的客户，从而去支持我们整个公司营收的增长。那么从客户的数量，包括客户的资产的角度来看，第二季度无论是马来西亚、澳洲、新西兰以及加拿大这些海外市场的有资产客户数，环比也是有一个双位数增长。其实我们二季度所有海外市场的客均资产环比都实现了提升。特别是接下来我们泰国牌照的获取，我相信可能在未来对于我们东南亚的区域的布局也提供了一个非常好的新的贡献增长点。那从利润的角度来看，我们现在海外不同的分公司处于不同的成熟阶段。那新加坡其实因为早已经是盈利的，而且无论是从利润的绝对数，包括利润率的角度，持续都是在提升。我们能够看到持续的经营杠杆的正面效应在新加坡市场发挥。那我也很高兴跟各位分享，就是说我们马来西亚市场在今年二季度也是首次达到了经营利润层面的break even。那我们相信可能在未来几个季度里面，可能会有更多的我们的海外市场能够逐步跨越盈亏平衡点。那目前来看，也会有一些海外的市场现在还处于客户跟资产基础的积累阶段。那随着客均资产以及留存率的提高，我们也相信在海外市场长期利润率的转化会有一个非常好的期待。那我也翻译一下。On the quality of new fund accounts, the average revenue per newly funded accounts improved sequentially across multiple markets overseas.

Arthur Chen: 好的，那有关第二个问题我来回答一下。我觉得一个是从新客户的收入的贡献。从目前来看，海外的多个市场在二季度新增的有资产客户的ARPU，其实都有比较明显的一些环比的改善。那其中比如说美国、新加坡，包括香港，这些市场的新客户的ARPU环比都是有一个双位数的增长。我想一方面可能反映比如像美国这些增长的市场，我们的客户的质量是有一个结构性的上移的。那同时像香港，包括新加坡，这些对富途来说已经是一个比较成熟的市场，我们还是能够继续获得一些比较高价值的客户，从而去支持我们整个公司营收的增长。那么从客户的数量，包括客户的资产的角度来看，第二季度无论是马来西亚、澳洲、新西兰以及加拿大这些海外市场的有资产客户数，环比也是有一个双位数增长。其实我们二季度所有海外市场的客均资产环比都实现了提升。特别是接下来我们泰国牌照的获取，我相信可能在未来对于我们东南亚的区域的布局也提供了一个非常好的新的贡献增长点。那从利润的角度来看，我们现在海外不同的分公司处于不同的成熟阶段。那新加坡其实因为早已经是盈利的，而且无论是从利润的绝对数，包括利润率的角度，持续都是在提升。我们能够看到持续的经营杠杆的正面效应在新加坡市场发挥。那我也很高兴跟各位分享，就是说我们马来西亚市场在今年二季度也是首次达到了经营利润层面的break even。那我们相信可能在未来几个季度里面，可能会有更多的我们的海外市场能够逐步跨越盈亏平衡点。那目前来看，也会有一些海外的市场现在还处于客户跟资产基础的积累阶段。那随着客均资产以及留存率的提高，我们也相信在海外市场长期利润率的转化会有一个非常好的期待。那我也翻译一下。

[Translator]: On the quality of new fund accounts, the average revenue per newly funded accounts improved sequentially across multiple markets overseas. In particular, US, Singapore, and Hong Kong all posted double-digit growth. We think this both reflect a structural upshift in fund account quality in growing markets like US, and also continued acquisitions of higher value clients in mature markets like Hong Kong and Singapore, together supporting overall revenue growth.

Speaker #3: In particular, the US, Singapore, and Hong Kong all posted double-digit growth. We think this both reflects a structural upshift in funded account quality in growing markets like the US, and also continued acquisitions of higher value clients in mature markets like Hong Kong and Singapore.

Arthur Yu Chen: In particular, US, Singapore, and Hong Kong all posted double-digit growth. We think this both reflect a structural upshift in fund account quality in growing markets like US, and also continued acquisitions of higher value clients in mature markets like Hong Kong and Singapore, together supporting overall revenue growth. On the client asset perspective, all fund accounts in overseas markets, including Malaysia, Australia, New Zealand, and Canada, grow double digits sequentially in Q2. Actually, the average client assets rose quarter-over-quarter across every overseas market we have the operation, showing that we are growing not just in the number of clients, but also the issue. Our recent securitizations of the Thailand license also give us a very additional important anchor for our ASEAN footprint down the road. In terms of profitability, our overseas markets are at different stage of maturities.

Speaker #3: Together, supporting overall revenue growth. Then, on the client asset perspective, all funded accounts in overseas markets—including Malaysia, Australia, New Zealand, and Canada—grew double-digit sequentially in the second quarter. Actually, the average client assets rose quarter over quarter across every overseas market where we have operations.

[Translator]: On the client asset perspective, all fund accounts in overseas markets, including Malaysia, Australia, New Zealand, and Canada, grow double digits sequentially in Q2. Actually, the average client assets rose quarter-over-quarter across every overseas market we have the operation, showing that we are growing not just in the number of clients, but also the issue. Our recent securitizations of the Thailand license also give us a very additional important anchor for our ASEAN footprint down the road. In terms of profitability, our overseas markets are at different stage of maturities.

Speaker #3: Showing that we are growing not just in the number of clients, but also in volatility, our recent securitizations of the Thailand license also give us an additional important anchor for our ASEAN footprint down the road.

Speaker #3: In terms of profitability, our overseas markets are at different stages of maturity. For instance, Singapore passed the break-even point a couple of years ago.

Arthur Yu Chen: For instance, Singapore has already passed the break-even couple of years ago. The absolute level and also the net profit margin continue to expand, thanks to the operating leverage benefit kicking in. I am also very happy to share Malaysia has recently achieved breakeven in the operational levels as well. While our other overseas markets are still building out their client and asset base of the rising average clients assets and the client retentions, we think the groundwork for long-term possibilities for the overseas market will be very likely. Thank you.

[Translator]: For instance, Singapore has already passed the break-even couple of years ago. The absolute level and also the net profit margin continue to expand, thanks to the operating leverage benefit kicking in. I am also very happy to share Malaysia has recently achieved breakeven in the operational levels as well. While our other overseas markets are still building out their client and asset base of the rising average clients assets and the client retentions, we think the groundwork for long-term possibilities for the overseas market will be very likely. Thank you.

Speaker #3: And the absolute level and also the net profit margin continue to expand thanks to the operating leverage benefit kicking in. And I'm also very happy to share Malaysia has recently achieved break-even at the operational level as well.

Speaker #3: While our other overseas markets are still building out their client and asset base, rising average client assets and strong client retention, we think the groundwork for our long-term profitability in the overseas market will be very likely.

Speaker #3: Thank you.

Speaker #2: Thank you, Leah. Very helpful.

Michelle Li: Thank you. That is very helpful.

Emma Xu: Thank you. That is very helpful.

Speaker #1: Thank you. One moment for our next question. Our next question will come from the line of Chiao Huang with Morgan Stanley. Your line is open.

Operator: Thank you. One moment for our next question. Our next question will come from the line of Chiyao Huang with Morgan Stanley. Your line is open. Please go ahead.

Speaker #1: Please go ahead.

Speaker #4: 好的，感谢管理层。我是摩根士丹利的黄其瑶。请教两个问题：第一个是关于泰国市场的选择，想请教管理层主要是基于什么样的战略考量，然后预计什么时候可以开始正式的展业和获客。同时目前在东南亚已经布局了好几个市场的情况下，咱们在不同的市场之间是否有一定的协同效应？第二个问题是关于佣金率，确实看到环比还是有一定程度的下滑。刚才CFO也有大概谈到，想具体再请教一下，这里面可能反映哪些交易结构的变化，还是定价有一些变化。谢谢。Let me briefly translate: The first question is regarding Thailand—what’s the strategic thinking about choosing this market, and when do we expect Futu to officially launch the business there? And do we see any synergy among the ASEAN markets that we are already in?

Chiyao Huang: 好的，感谢冠利晨。我是Morgan Stanley的黄志尧。请教两个问题。第一个关于泰国市场的选择，想请教冠利晨主要是基于什么样的战略考量？然后预计什么时候可以开始正式的展业和获客？那同时目前在东南亚已经布局了好几个市场的情况之下，在不同的市场之间是否有一定的协同效应？第二个问题也想追问一下，关于这个佣金率，确实看到环比还是有一定程度的下滑了。刚才CFO也有大概谈到，想具体再请教一下，这里面它可能反映出来哪些交易结构的变化，还是定价有一些变化？谢谢。

Arthur Yu Chen: Let me briefly translate. The first question is regarding Thailand. What is the strategic thinking about choosing this market, and when do we expect Futu to officially launch the business here? Do we see any synergy amount in the ASEAN market we are already in? Second question is about the commission rate, which is dropping a little bit Q on Q. What kind of structural changes we are seeing behind this drop? Thank you.

[Translator]: Let me briefly translate. The first question is regarding Thailand. What is the strategic thinking about choosing this market, and when do we expect Futu to officially launch the business here? Do we see any synergy amount in the ASEAN market we are already in? Second question is about the commission rate, which is dropping a little bit Q on Q. What kind of structural changes we are seeing behind this drop? Thank you.

Speaker #4: Second question is about the commission rate, which is dropping a little bit quarter-on-quarter, so what kind of structural changes are we seeing behind this drop?

Speaker #4: Thank you.

Speaker #3: 好的，谢谢其瑶。那第一个问题我请我的同事Robin来回答，我来回答第二个问题。谢谢。

Arthur Yu Chen: 好的，谢谢志尧。那第一个问题，我请我的同事Robin来回答，我来回答第二个问题。谢谢。

Arthur Chen: 好的，谢谢志尧。那第一个问题，我请我的同事Robin来回答，我来回答第二个问题。谢谢。

Speaker #5: 好的，感谢提问。那首先泰国是东南亚的第三大经济体，然后本地投资者的数字化程度是比较高的。那对全球的资产配置和数字化投资工具的需求也在持续的增长。那根据泰国证券交易所的数据，截止到2026年上半年，泰国通过线上开户的投资者已经达到450万人。所以进入泰国对Mumu来说其实是我们继新加坡和马来西亚之后在东南亚市场的一个自然的延伸吧。那也可以跟我们现有的市场的一些基础设施和用户运营经验形成非常好的一个协同。那目前Mumu在泰国已经拿到了SE颁发的Type A的一个证券业务牌照。那加上我们在其他海外市场的一个持牌运营经验，那公司在多地合规能力也得到了海外监管的认可。那整体海外业务扩张的节奏也是保持稳定。那至于最终在泰国的一个展业时间点，我们还需要等泰国监管方面对我们的准备情况完成检查，并且给予最终的一个批准。所以现在还没有一个非常明确的时间表。那我们会严格按照当地的一个监管节奏吧，扎实做好展业前的各项准备工作。好，谢谢。

Robin Li Xu: 好的，感谢提问。那首先泰国是东南亚的第三大经济体，然后本地投资者的数字化程度是比较高的，那对于全球的资产配置和数字化投资工具的需求也在持续地增长。那根据泰国证券交易所的数据，截止到2026年上半年，泰国通过线上开户的投资者已经达到450万人。所以进入泰国对Moomoo来说，其实是我们继新加坡和马来西亚之后，在东南亚市场的一个自然的延伸。那也可以跟我们现有的市场的一些基础设施和用户运营经验形成非常好的一个协同。那目前Moomoo在泰国已经拿到了SEC颁发的Type A的一个证券业务牌照，加上我们在其他海外市场的一个持牌运营经验，公司在多地域合规能力也得到了海外监管的认可。整体海外业务扩张的节奏也是保持稳定。那至于最终在泰国的一个展业时间点，我们还需要等泰国监管方面对我们的准备情况完成检查，并且给予最终的一个批准。所以现在还没有一个非常明确的时间表，那我们会严格按照当地的一个监管节奏，扎实做好展业前的各样准备工作。好，谢谢。

Robin Xu: 好的，感谢提问。那首先泰国是东南亚的第三大经济体，然后本地投资者的数字化程度是比较高的，那对于全球的资产配置和数字化投资工具的需求也在持续地增长。那根据泰国证券交易所的数据，截止到2026年上半年，泰国通过线上开户的投资者已经达到450万人。所以进入泰国对Moomoo来说，其实是我们继新加坡和马来西亚之后，在东南亚市场的一个自然的延伸。那也可以跟我们现有的市场的一些基础设施和用户运营经验形成非常好的一个协同。那目前Moomoo在泰国已经拿到了SEC颁发的Type A的一个证券业务牌照，加上我们在其他海外市场的一个持牌运营经验，公司在多地域合规能力也得到了海外监管的认可。整体海外业务扩张的节奏也是保持稳定。那至于最终在泰国的一个展业时间点，我们还需要等泰国监管方面对我们的准备情况完成检查，并且给予最终的一个批准。所以现在还没有一个非常明确的时间表，那我们会严格按照当地的一个监管节奏，扎实做好展业前的各样准备工作。好，谢谢。

Speaker #2: And I will translate. Thailand is the third-largest economy in Southeast Asia, and the local investors there are quite digitally savvy, with growing demand for global asset allocation as well as digital investing tools.

Michelle Li: I will translate. Thailand is the third largest economy in Southeast Asia. The local investors there are quite digitally savvy with growing demand for global asset allocation as well as digital investing tools. According to the Stock Exchange of Thailand, as of H1 2026, over 4.5 million investors had opened accounts online. For Moomoo, entering Thailand is really a natural next step in the Southeast Asia market after Singapore and Malaysia, and it allows us to leverage the infrastructure and the operations that we have already built in that region. Moomoo has already obtained the Type A securities license from the Thai SEC. Combined with our licensed operations in other overseas markets, this reflects the ongoing recognition from regulators of our ability to operate compliantly across multiple jurisdictions, and the overall pace of our overseas expansion remains steady.

[Translator]: I will translate. Thailand is the third largest economy in Southeast Asia. The local investors there are quite digitally savvy with growing demand for global asset allocation as well as digital investing tools. According to the Stock Exchange of Thailand, as of H1 2026, over 4.5 million investors had opened accounts online. For Moomoo, entering Thailand is really a natural next step in the Southeast Asia market after Singapore and Malaysia, and it allows us to leverage the infrastructure and the operations that we have already built in that region.

Speaker #2: According to the Stock Exchange of Thailand, as of the first half of 2026, over 4.5 million investors had opened accounts online. So for Mumu, entering Thailand is really a natural next step in the Southeast Asia market after Singapore and Malaysia.

Speaker #2: And it allows us to leverage the infrastructure and the operations that we have already built in that region. So Moomoo has already obtained the Type A securities license from the Thai SEC.

[Translator]: Moomoo has already obtained the Type A securities license from the Thai SEC. Combined with our licensed operations in other overseas markets, this reflects the ongoing recognition from regulators of our ability to operate compliantly across multiple jurisdictions, and the overall pace of our overseas expansion remains steady.

Speaker #2: And combined with our licensed operations in other overseas markets, this reflects the ongoing recognition from regulators of our ability to operate compliantly across multiple jurisdictions.

Speaker #2: The overall pace of our overseas expansion remains steady. As for the timing of the official launch, we still need to go through the regulators' readiness inspection to receive final approval.

Michelle Li: As for the timing of the official launch, we still need to go through the regulators' readiness inspection to receive final approval. We do not really have a specific timeline to share at this point. We will continue to work closely with the local regulator and make sure all the pre-launch preparations are thoroughly in place.

[Translator]: As for the timing of the official launch, we still need to go through the regulators' readiness inspection to receive final approval. We do not really have a specific timeline to share at this point. We will continue to work closely with the local regulator and make sure all the pre-launch preparations are thoroughly in place.

Speaker #2: So, we don't really have a specific timeline to share at this point. We'll continue to work closely with the local regulator and make sure all the pre-launch preparations are thoroughly in place.

Speaker #3: 好的。那第二个问题有关中科和中青绿的下个环比稍微有一些下降的原因，我来回答一下。那首先我们在这个季度里面是没有任何收费价格的一个调整的。所以综合的一个 take rate 的一个下降，主要反映了我们的一些用户交易行为的变化。第一是在这个季度里面，大家交易衍生品的占比是稍微有一些下降，但绝对的衍生品的占比依然还在一个非常健康和良好的水平。第二就是，确实在第二季度有更多的客户在交易美股，其中，特别是一些单价比较高的正股和金额比较大的一些期权合约，特别是像闪迪、美光、特斯拉这一些 AI 以及科技龙头的平均股价在 Q2 也有一个明显的走高，这个在一定程度上影响了我们的一个隐含佣金的收费率。First, there was no any price manual change in the second quarter across all of our markets. So the take rate change Q on Q is mainly driven by our customers' behavior.

Arthur Yu Chen: 好的，那第二个问题有关综合佣金率的环比稍微有一些下降的原因，我来回答一下。那首先我们在这个季度里面是没有任何收费价格的调整的，所以综合的take rate的下降，主要反映了我们的一些用户的一些交易行为的变化。那第一，是在这个季度里面，大家交易衍生品的占比是稍微有一些下降，但绝对的衍生品的占比依然还在一个非常健康跟良好的水平。那第二，确实在第二季度有更多的一些客户在交易美股，其中特别是一些单价比较高的一些正股，跟金额比较大的一些期权的合约，特别是像SanDisk、Micron、Tesla这一些AI以及科技的一些龙头，平均的股价在二季度也有一个明显的走高。这个在一定程度上是影响了我们银行的佣金的收费率。First, there was no any price manual change in the second quarter across all of our markets. So the take rate change Q on Q is mainly driven by our customers' behavior. Number one is the contribution from the derivative in the second quarter compared with the first quarter slightly down Q over Q. But on the absolute levels, the contribution is still very healthy. Secondly is more clients are trading the US stocks in the second quarter with a very high concentration on some high value AI themes and the tech leading names, which let our implied commission rate down a little bit. Thank you.

Arthur Chen: 好的，那第二个问题有关综合佣金率的环比稍微有一些下降的原因，我来回答一下。那首先我们在这个季度里面是没有任何收费价格的调整的，所以综合的take rate的下降，主要反映了我们的一些用户的一些交易行为的变化。那第一，是在这个季度里面，大家交易衍生品的占比是稍微有一些下降，但绝对的衍生品的占比依然还在一个非常健康跟良好的水平。那第二，确实在第二季度有更多的一些客户在交易美股，其中特别是一些单价比较高的一些正股，跟金额比较大的一些期权的合约，特别是像SanDisk、Micron、Tesla这一些AI以及科技的一些龙头，平均的股价在二季度也有一个明显的走高。这个在一定程度上是影响了我们银行的佣金的收费率。

[Translator]: First, there was no any price manual change in the second quarter across all of our markets. So the take rate change Q on Q is mainly driven by our customers' behavior. Number one is the contribution from the derivative in the second quarter compared with the first quarter slightly down Q over Q. But on the absolute levels, the contribution is still very healthy. Secondly is more clients are trading the US stocks in the second quarter with a very high concentration on some high value AI themes and the tech leading names, which let our implied commission rate down a little bit. Thank you.

Speaker #3: Number one is the contribution from the derivatives in the second quarter compared with the first quarter is slightly down year over year.

Speaker #3: The slightly down Q over Q. But on the absolute levels, the contribution is still very healthy. Secondly is more clients are trading the US stocks in the second quarter with a very high concentration on some high value AI themes and the tech leading names.

Speaker #3: Which led our implied commission rate down a little bit. Thank you.

Speaker #1: Thank you. And one moment. For our next question, our next question is going to come from the line of Charles Zhao with UBS. Your line is open.

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

Speaker #1: Please go ahead.

Speaker #4: 好的，谢谢。我是UBS Rhein的分析师周成。先恭喜管理层取得了非常卓越的业绩，也大超市场的预期。我这边有两个问题。第一，我们注意到综合获客成本环比二季度还是有一定的波动，所以想问问这个主要是哪些因素。如果展望后续几个季度，趋势大概会是怎么样的？第二，能不能给我们分享一下这个季度净增有资产客户以及季末存量客户按地区分布的情况，特别是海外几个市场的贡献情况？好，那我翻一下。So first of all, congrats to the management on the very excellent results, and also things are also strong beat to the market consensus.

Charles Zhou: 好的，谢谢。我是UBS的分析师周成。先恭喜管理层取得了非常卓越的业绩，也是大超市场的预期。我这边有两个问题。第一，我们注意到综合获客成本环比二季度还是有一定的波动，想问问这个主要是哪些因素？如果展望后续几个季度，这个趋势大概是怎么样的？第二，能不能给我们也分享一下，这个季度净增有资产客户以及季末存量客户按地区分布的情况如何？特别是海外几个市场的贡献情况。那我翻译一下。First of all, congrats to the management on the very excellent results and also strong beat to the market consensus. This is Charles Zhou from UBS. I have two questions. First, can we maybe get some colors on the trajectory of your CAC in the second quarter?

[Translator]: First of all, congrats to the management on the very excellent results and also strong beat to the market consensus. This is Charles Zhou from UBS. I have two questions. First, can we maybe get some colors on the trajectory of your CAC in the second quarter?

Speaker #4: This is Charles Zhao from UBS. I have two questions. First, could we maybe get some color on the trajectory of your CAC in the second quarter?

Speaker #4: And what are the key drivers we should think about for the CAC in the coming quarters? My second question is, could you maybe provide some breakdown on the newly added funded accounts and the period-end funded accounts by markets?

Charles Zhou: What the key drivers were if we think about the CAC in the coming quarters? My second question is also could you maybe provide some breakdown on the newly added funded accounts and the period and funded accounts by markets? In particular, the contribution makes from your overseas markets. Thank you.

[Translator]: What the key drivers were if we think about the CAC in the coming quarters? My second question is also could you maybe provide some breakdown on the newly added funded accounts and the period and funded accounts by markets? In particular, the contribution makes from your overseas markets. Thank you.

Speaker #4: In particular, the contribution mix from your overseas markets. Thank you.

Speaker #3: 好的，谢谢Charles。那第一个问题我请我的同事Michel来回答，我来回答第二个问题。

Arthur Yu Chen: 好的，谢谢Charles。那第一个问题，我请我的同事米邵来回答，我来回答第二个问题。

Arthur Chen: 好的，谢谢Charles。那第一个问题，我请我的同事米邵来回答，我来回答第二个问题。

Speaker #2: 那在二期我们的集团的综合获客成本环比有的上升到了2,600港元左右。那其实仍然是处于全年的2,500到3,000港元的指引区间的。这个二期的CAC环比上升主要是受到监管事件的影响。那客户的流失导致了净增有资产客户数偏低。那与此同时，公司还是继续维持了已经体量的品牌建设投入，来支持各个市场的长期增长，还有客户价值的持续提升。然后7月份的获客成本环比是有一定幅度的上升的。 So in the second quarter, the blended CAC rose sequentially to around 2,600 Hong Kong dollars. Which is still within our full year guidance range of 2,500 to 3,000 Hong Kong dollars.

Mi Xiao: 在 2Q 我们的集团的综合获客成本环比有的上升到了 2600 港元左右，其实仍然是处于全年的 2500 到 3000 港元的指引区间的。2Q 的 CAC 环比上升，主要是受到监管事件的影响，客户的流失导致了净增有资产客户数偏低。与此同时，公司还是继续维持了一定体量的品牌建设投入，来支持各个市场的长期增长，还有客户价值的持续提升。然后 7 月份的获客成本环比是有一定幅度的上升的。 So in Q2, the blended CAC rose sequentially to around HKD 2,600, which is still within our full year guidance range of HKD 2,500 to HKD 3,000. The quarter-on-quarter increase in CAC for Q2 was mainly driven by the relatively lower net new funded accounts as a result of the regulatory development. At the same time, we maintain a certain level of brand investment to support the long term growth and the higher client lifetime value across our markets. Additionally, the CAC trended higher in July relative to Q2.

[Company Representative] (Futu Holdings): 在 2Q 我们的集团的综合获客成本环比有的上升到了 2600 港元左右，其实仍然是处于全年的 2500 到 3000 港元的指引区间的。2Q 的 CAC 环比上升，主要是受到监管事件的影响，客户的流失导致了净增有资产客户数偏低。与此同时，公司还是继续维持了一定体量的品牌建设投入，来支持各个市场的长期增长，还有客户价值的持续提升。然后 7 月份的获客成本环比是有一定幅度的上升的。

[Translator]: So in Q2, the blended CAC rose sequentially to around HKD 2,600, which is still within our full year guidance range of HKD 2,500 to HKD 3,000. The quarter-on-quarter increase in CAC for Q2 was mainly driven by the relatively lower net new funded accounts as a result of the regulatory development. At the same time, we maintain a certain level of brand investment to support the long term growth and the higher client lifetime value across our markets. Additionally, the CAC trended higher in July relative to Q2.

Speaker #2: And the quarter-on-quarter increase in CAC for Q2 was mainly driven by the relatively lower net new funded accounts as a result of the regulatory development.

Speaker #2: At the same time, we maintain a certain level of brand investment to support long-term growth and higher client lifetime value across our markets.

Speaker #2: And additionally, the CAC trended higher in July relative to Q2.

Speaker #3: 好的，那有关第二个问题，就是各个市场的一些 breakdown。就是说，从新增的有资产客户来看，马来西亚已经是连续三个季度领跑我们集团里面有资产客户的增长。紧随其后的是香港。整个马来西亚和香港在本季度贡献了超过一半的有资产净增客户。其余市场中，贡献比较大的是新加坡市场。截至二季度末，我们整个海外品牌 Moomoo 的有资产客户占比已经提升到接近 60%。其中，贡献比较大的市场主要是新加坡、马来西亚和美国。Malaysia has led all markets in terms of new funded accounts growth for three consecutive quarters, followed by Hong Kong. Together, these two markets make up for more than 50% of net new funded accounts acquired in this quarter, with Singapore being the next largest source among the remaining markets.

Arthur Yu Chen: 好的，那有关第二个问题，就是各个市场的一些breakdown。从新增的有资产客户来看，马来西亚已经是连续三个季度领跑我们集团里面有资产客户的增长。紧随其后的是香港。整个马来西亚跟香港在本季度贡献了大概差不多一半以上的净增有资产客户。其余的市场里面，相对贡献比较大的是新加坡市场。截止到二季度末，我们整个海外品牌Moomoo的有资产客户的占比已经提升到接近60%。其中的贡献比较大的市场主要是新加坡、马来西亚和美国。Malaysia has led all markets in terms of new funded accounts growth for three consecutive quarters, followed by Hong Kong. Together, these two markets make up for more than 50% of net new funded accounts acquired in this quarter, with Singapore being the next largest source among the remaining markets. By the end of the second quarter, Moomoo's share of total funded accounts has increased to nearly 60%, led by Singapore, Malaysia, and the US. Thank you.

[Translator]: Malaysia has led all markets in terms of new funded accounts growth for three consecutive quarters, followed by Hong Kong. Together, these two markets make up for more than 50% of net new funded accounts acquired in this quarter, with Singapore being the next largest source among the remaining markets. By the end of the second quarter, Moomoo's share of total funded accounts has increased to nearly 60%, led by Singapore, Malaysia, and the US. Thank you.

Arthur Chen: 好的，那有关第二个问题，就是各个市场的一些breakdown。从新增的有资产客户来看，马来西亚已经是连续三个季度领跑我们集团里面有资产客户的增长。紧随其后的是香港。整个马来西亚跟香港在本季度贡献了大概差不多一半以上的净增有资产客户。其余的市场里面，相对贡献比较大的是新加坡市场。截止到二季度末，我们整个海外品牌Moomoo的有资产客户的占比已经提升到接近60%。其中的贡献比较大的市场主要是新加坡、马来西亚和美国。

Speaker #3: By the end of the second quarter, Moomoo's share of total funded accounts has increased to nearly 60%, led by Singapore, Malaysia, and the US.

Speaker #3: Thank you.

Speaker #1: Thank you. And one moment for our next question. Our last question is going to come from the line of Yufan with CICC. Your line is open.

Operator: Thank you. One moment for our next question. Our last question is going to come from the line of Yoyo Fan with CICC. Your line is open. Please go ahead.

Speaker #1: Please go ahead.

Speaker #2: 好的，感谢管理层给我这个提问的机会，也恭喜公司取得了如此亮眼的业绩表现。我是中金公司的分析师樊悠悠。我这边有两个问题想请教一下。首先，第一个问题，可否请管理层分享一下三季度以来整体的经营趋势情况，包括新增获客、客户入金、交易量、AUM等这些维度？然后，第二个问题是关于预测市场，因为我们看到 Momo 美国预测市场业务，可否请管理层分享一下上线以来的表现情况，包括后续如何看待预测市场业务的商业化路径，以及未来的增长机会？我这边快速翻译一下。Thanks for taking my questions and congratulations on the outstanding results. This is Youyou Fan from CICC, and I have two questions here. Firstly, would you please share more color on our Q3 trend, such as the run rate of new funded accounts, the trade flow, and also the client’s AUM?

Yoyo Fan: 好的，感谢管理层给我这个提问的机会，也恭喜公司取得了如此亮眼的一个业绩表现。我是中金公司的分析师樊悠悠。我这边也是两个问题想要请教一下。首先第一个的话，可否请管理层给我们分享一下看到的三季度以来整体的一个经营趋势情况如何？包括可能像新增的获客、客户的入金、交易量、AUM等等这些维度的情况。然后我的第二个问题是关于预测市场，因为我们看到Moomoo美国预——也可否请管理层给我们分享一下上线以来的表现情况如何？包括可能展望后续的话，怎么去看待预测市场业务的商业化路径，包括未来增长的机会。我这边快速翻译一下。Thanks for taking my questions and congratulations on the outstanding results.

[Translator]: Thanks for taking my questions and congratulations on the outstanding results. This is Yoyo Fan from CICC and I have two questions to ask. Firstly, would you please share more color on our Q3 trend such as the run rate of the new funded accounts, the trade flow, and also the client AUM? Secondly, since Moomoo has launched the prediction markets in the US, can you share more on this business trend and how to view the future monetization and growth opportunities of prediction markets? These are two questions. Thank you.

Yoyo Fan: This is Yoyo Fan from CICC and I have two questions to ask. Firstly, would you please share more color on our Q3 trend such as the run rate of the new funded accounts, the trade flow, and also the client AUM? Secondly, since Moomoo has launched the prediction markets in the US, can you share more on this business trend and how to view the future monetization and growth opportunities of prediction markets? These are two questions. Thank you.

Speaker #2: Secondly, since Momo has launched the prediction markets in the US, can you share more on this business trend, and how do you view the future monetization and growth opportunities of prediction markets?

Speaker #2: These two questions. Thank you.

Speaker #3: 好的。第一个问题还是请我的同事Michel来回答，我来回答第二个问题。

Arthur Yu Chen: 好的，第一个问题还是请我同事米肖来回答，我来回答第二个问题。

Arthur Chen: 好的，第一个问题还是请我同事米肖来回答，我来回答第二个问题。

Speaker #2: 谢谢。所以按照我们的3Q的quarter to date的一个run rate来看，因为受到市场行情的波动，那我们这个指标可能整体呈现了一些小幅度的承压的一个趋势。那净增的有资产客户数环比2Q是有一些回落的，然后从进入金的维度，按照Q3的run rate来看，香港和海外市场的进入金已经恢复到了一个比较正常的水平。然后交易量的话，环比是有一些下降的，主要也是反映出3Q QTD市场情绪比较起2Q是稍微有一些降温。对。 So on the Q3 quarter to date run rate basis, our key metrics are trending modestly softer against a backdrop of market volatility.

Mi Xiao: 按照我们三季度 quarter to date 的 run rate 来看，因为受到市场行情的波动，我们这个指标可能整体呈现了一些小幅度的承压的趋势。净增的有资产客户数环比二季度是有一些回落的。然后从净入金的维度，按照 Q3 的 run rate 来看，香港和海外市场的净入金已经恢复到了一个比较正常的水平。交易量的话，环比是有一些下降的，主要也是反映出三季度 QTD 市场情绪比较起二季度是稍微有一些降温。On the Q3 quarter to date run rate basis, our key metrics are trending modestly softer against a backdrop of market volatility.

[Company Representative] (Futu Holdings): 按照我们三季度 quarter to date 的 run rate 来看，因为受到市场行情的波动，我们这个指标可能整体呈现了一些小幅度的承压的趋势。净增的有资产客户数环比二季度是有一些回落的。然后从净入金的维度，按照 Q3 的 run rate 来看，香港和海外市场的净入金已经恢复到了一个比较正常的水平。交易量的话，环比是有一些下降的，主要也是反映出三季度 QTD 市场情绪比较起二季度是稍微有一些降温。

[Translator]: On the Q3 quarter to date run rate basis, our key metrics are trending modestly softer against a backdrop of market volatility. The net addition of funded accounts moderated compared with Q2. As for net inflow, in Hong Kong and our overseas markets, net inflows have returned to a normalized level. As for the trading volume, total trading volume was down modestly sequentially. This is primarily reflecting a cooling of the retail sentiment in the Q3 quarter to date relative to the previous quarter.

Speaker #2: So the net addition of funded accounts moderated compared with Q2. And as for net asset inflow, in Hong Kong and our overseas markets, net asset inflows have returned to a normalized level.

Mi Xiao: The net addition of funded accounts moderated compared with Q2. As for net inflow, in Hong Kong and our overseas markets, net inflows have returned to a normalized level. As for the trading volume, total trading volume was down modestly sequentially. This is primarily reflecting a cooling of the retail sentiment in the Q3 quarter to date relative to the previous quarter.

Speaker #2: And as for the trading volume, so total trading volume was down modestly sequentially. So this is primarily reflecting a cooling of the retail sentiment in the Q3 quarter to date, relative to the previous quarter.

Speaker #3: 好的。那有关预测市场，我们是在5月份的时候拿到FCM的牌照，然后Momo美国在6月初的时候是正式向美国的零售投资者推出了预测市场的交易服务。那就像这个Leave之前在Opening Remark说的，我们整个预测市场上线一个月，总成交是突破了2亿张，也反映出美国的零售投资者对于合规化的预测市场产品的一个强劲需求。那事件合约在我们认为在拉新跟促活方面都有非常不错的一些效果，整个事件合约跟证券主业之间出现了比较明显的协同效应，交叉销售的一些机会。我们能够看到一些交易事件合约的用户，在证券品类的活跃度也会更高，说明这两个品类之间不是互相替代，而是互相带动。Mumu在美国进行相关业务布局，主要有两个目的：一方面是希望我们能够把握当地预测市场快速发展的行业机会，另一方面更重要的是希望能够借此积累我们在产品设计、运营管理，包括风险控制方面的一些核心know-how，为未来集团在更多地区开展预测市场业务做好准备。We got a license in May—an FCM license from CFTC—and Mumu US officially launched the prediction market trading service for our retail clients in the US in early June.

Arthur Yu Chen: 好的，那有关预测市场，我们是在5月份的时候拿到FCM的牌照，然后Moomoo美国在6月初的时候正式向美国的零售投资者推出了预测市场的交易服务。那就像Li之前在opening remarks说的，我们整个预测市场上线一个月，总成交是突破了2亿张，也反映出美国的零售投资者对于合规化的预测市场产品的强劲的需求。那事件合约我们认为在拉新跟促活方面都有非常不错的一些效果，整个的事件合约跟证券主业之间出现了比较明显的一些协同效应，交叉销售的一些机会。我们能够看到一些交易事件合约的用户，在证券品类的活跃度也会更高，说明这两个品类之间不是一个互相替代，而是一个互相带动的一个作用在这个里面。那Moomoo在美国进行相关的业务布局，我觉得主要是有两个目的，一方面当然是希望我们能够把握当地的一个预测市场快速发展的这样的一个行业的机会。另一方面，我觉得可能更重要的是希望能够借此去积累我们在产品设计、运营管理，包括风险控制这些方面的一些核心的know-how，为未来集团里面有更多的一些地区开展预测市场这个业务，去做好相应的一个准备。We got the license in May, FCM license from CFTC and Moomoo US officially launched the prediction market trading service for our retail clients in the US in early June.

Arthur Chen: 好的，那有关预测市场，我们是在5月份的时候拿到FCM的牌照，然后Moomoo美国在6月初的时候正式向美国的零售投资者推出了预测市场的交易服务。那就像Li之前在opening remarks说的，我们整个预测市场上线一个月，总成交是突破了2亿张，也反映出美国的零售投资者对于合规化的预测市场产品的强劲的需求。那事件合约我们认为在拉新跟促活方面都有非常不错的一些效果，整个的事件合约跟证券主业之间出现了比较明显的一些协同效应，交叉销售的一些机会。我们能够看到一些交易事件合约的用户，在证券品类的活跃度也会更高，说明这两个品类之间不是一个互相替代，而是一个互相带动的一个作用在这个里面。那Moomoo在美国进行相关的业务布局，我觉得主要是有两个目的，一方面当然是希望我们能够把握当地的一个预测市场快速发展的这样的一个行业的机会。另一方面，我觉得可能更重要的是希望能够借此去积累我们在产品设计、运营管理，包括风险控制这些方面的一些核心的know-how，为未来集团里面有更多的一些地区开展预测市场这个业务，去做好相应的一个准备。

[Translator]: We got the license in May, FCM license from CFTC and Moomoo US officially launched the prediction market trading service for our retail clients in the US in early June. The number of the event contracts as Li mentioned in the opening remarks, trades exceed 200 million within one month of the launch, reflecting a very strong demand from the US retail investors for prediction markets products. The event contracts have delivered great results in our observation in both acquiring new clients and driving engagement with clear cross-sell synergy with our core brokerage business.

Speaker #3: The number of event contracts, as Li mentioned in the opening remarks, traded exceeded 200 million within one month of the launch, reflecting very strong demand from U.S. retail investors for prediction market products.

Arthur Yu Chen: The number of the event contracts as Li mentioned in the opening remarks, trades exceed 200 million within one month of the launch, reflecting a very strong demand from the US retail investors for prediction markets products. The event contracts have delivered great results in our observation in both acquiring new clients and driving engagement with clear cross-sell synergy with our core brokerage business. For instance, users who trade event contracts are more active in security trading, showing that event contracts are not a substitute for security trading, but rather a driver of it. The purpose for our US production market rollout, I think serves two purposes. Number one is definitely to capture the near-term opportunity as prediction markets took off locally.

Speaker #3: And the event contracts have delivered great results, in our observation, in both acquiring new clients and driving engagement, with clear cross-sales synergy with our core brokerage business.

Speaker #3: For instance, users who trade event contracts are more active in security trading, showing that event contracts are not substitutes for security trading, but rather a driver of it.

[Translator]: For instance, users who trade event contracts are more active in security trading, showing that event contracts are not a substitute for security trading, but rather a driver of it. The purpose for our US production market rollout, I think serves two purposes. Number one is definitely to capture the near-term opportunity as prediction markets took off locally.

Speaker #3: The purpose for our US production market rollout, I think, serves two purposes. Number one is definitely to capture the near-term opportunity as production markets took off locally. But more importantly, it let us build up the product design, operational, and risk management expertise that will support our ability to bring production markets to other regions, once we have the operation down the road.

Arthur Yu Chen: But more importantly, it let us build up the product design, operational and risk management expertise that will support our ability to bring prediction markets to other regions we have the operation down the road. Thank you. 好的，谢谢。 Thank you.

Arthur Chen: But more importantly, it let us build up the product design, operational and risk management expertise that will support our ability to bring prediction markets to other regions we have the operation down the road. Thank you.

Speaker #3: Thank you.

Speaker #2: 好的，谢谢。 Thank you.

Yoyo Fan: 好的，谢谢。

[Translator]: Thank you.

Speaker #1: Thank you. I would now like to hand the conference back over to Michelle Lee for closing remarks.

Operator: Thank you. I would now like to hand the conference back over to Michelle Li for closing remarks.

Speaker #2: Right. So that concludes our call today, and on behalf of the Futu management team, I would like to thank you all for joining us today.

Michelle Li: That concludes our call today. On behalf of the Futu management team, I would like to thank you all 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 #2: If you have any further questions, please do not hesitate to contact me or any of our investor relations representatives. 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.