Newsfilter article unlocker

Ladies and gentlemen, thank you for standing by. Welcome to UpFintech Holding Limited second quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. There will be a presentation followed by a question and answer session. I must advise you that this conference is being recorded today, August 26, 2026. I would now like to have a conference over to your first speaker today, Mr. Aaron Lee, the Head of Investor Relations. Thank you. Please go ahead. Thank you, our breeder. Hello, everyone, and thank you for joining us for the call today. OPPO Fintech Coding Limited's second quarter 2026 earnings release was distributed earlier today and is available on our website at ir.itiger.com, as well as global newsreel services. On the call to day from OPPo Fintex are Mr. Wu Tianhua, Chairman and CEO, Mr. Zhang Zeng, our CFO, and Mr. Huang Lei, CEO of U.S. Tiger Securities. Mr. Wu will give an overview of our business operations and discuss corporate highlights. Mr. Zeng will then discuss our financial results. They will both be available to answer your questions during the Q&A session that follows the remarks. Now let me cover the C-POWER. The statements were about to make content forward-looking statements, with the meaning of the U.S. Privacy Security Education Reform Act of 1995, a number of factors could cause accurate results to differ materially from those contained in any forward- looking statement. For more information, please refer to our Form 6-K, published today, and our annual report on Form 20-X, filed on April 24, 2026. We undertake no obligation to update any forward-looking statements, except as required under applicable law. It is my pleasure to now introduce our CEO and Chairman, Mr. Wu. Mr.Wu will make remarks in Chinese, which will be followed by an English translation. Mr. Woo, please go ahead with your remarks. Hello, everyone. I would like to thank all of you for participating in the 5th International Conference, the 2nd quarter of the year of 2026. Hello, everybody. Thank you for joining the Tiger Brokers Second Quarter 2026 Earnings Conference Call. In the second quarter, we saw meaningful improvement in both countries. income and interest-related income compared with the previous quarter and the same period last year. Our total revenue for the quarter reached 182 million US dollar, an all-time high, representing a sequential increase of 17.7% and a year-over-year growth of 31.4%. Operating profit reached 56.8 million U.S. dollar, up 19.5 percent quarter-over-quarter, and 12.6 percent year-over year. Gap and non-gap net income attributable to up fintech reached 39.4 million U$ and 42.8 million U$ respectively, returning to profitability from net loss in the previous quarter. Excluding the impact of approximately 59.7 million U $ one-off penalty incurred in the the first quarter. Second quarter gap and non-gap net income attributed to upstream tech both increased about 20 percent quarter over quarter. We are very happy to see that in the second quarter, the company's net profit of US$60.7 billion has increased by 3.1% and increased by 19.7%. We are very happy to see that in the second quarter, in all the markets that the company has entered, the growth of the stock market has been achieved, showing a strong growth resilience and a wide market space. In the Hong Kong market, we have launched more offline promotion activities and expanded the exposure of the brand, leading to a 30% increase in the stock price of local customers. Since the company entered the HongKong retail market, the stock markets have continued to grow rapidly. The Australian market and U.S. market have achieved a growth of more than 30% and nearly 50% respectively. This shows that as a global merchant with an internationalized core strategy, with the diversified development of core businesses and the rise of an international strategy, we continue to gain the trust and recognition of new and old products in all overseas markets around the world, which makes us full of confidence in the future growth prospects. We added 32,600 new funded accounts this quarter, up 12.7% quarter-per-quarter, with the great majority coming from the Singapore and Hong Kong markets. As of the end of the second quarter, our total funded accounts reached 1.32 million, a year-over-year increase of 10.3%. In terms of client assets, retail users in markets such as Singapore and Hong Kong continue to contribute solid net asset inflows, exceeding 1.5 billion US dollars this quarter. At the same time, fueled by marked market gains, total client assets stood at 60.7 billion US dollars at the end of the second quarter, up 3.1 percent quarter-per-quarter and 16.7 percent year-over-year. We are glad to see that client assets grow quarter-by-quarter across all the market we operate in this quarter, indicating strong growth resilience and tremendous market potential. In the Hong Kong market, we rolled out more offline promotion activities and expanded our brand exposure, driving local client assets up by nearly 30% quarter-over-quarter and extending the rapid sustained growth in client assets we have delivered since entering the Hong-Kong retail market. Planned assets in the Australia, New Zealand market and the US market grew by more than 30% and nearly 50% respectively. This clearly demonstrates that as a global brokerage with internationalization as the core of our strategy and powered by the diversified development of our core business, we continue to earn the trust and recognition of both new and existing users across out of the market, give us strong confidence in our growth prospects ahead. It is also more friendly to new investors. In addition, in order to simplify the cost of the user, it reduces the complexity of the tax break. We have launched a special tax break tool in Singapore and Singapore. The upgraded tool optimizes the experience of the break. Users can check and download tax reference documents directly from our app and official website. It completely covers the transaction losses, In the second quarter, we increased the brand's investment in localization in the Hong Kong market. In this quarter, our focus is on a brand marketing event with the theme of SpaceX. Through outdoor advertising, social media broadcasting, new users' exclusive domain, and advertising placement in Hong Kong airport, we have comprehensively improved the brand volume. At the same time, we are also focusing on the promotion of the brand in Hongkong. In the second quarter, we continue to focus on localized functions and enhance the user experience while stepping on our brand exposure to deepen user awareness in the singapore market we further strengthen our localized trading capability by launching fractional share trading for singapore listed stocks and rates which effectively lowers the trading entry barriers making local investment more accessible and friendly to beginners in addition to simplify users compliance costs and reduce the complexity of tax declaration, we wrote out a dedicated tax reporting tool in Hong Kong, Singapore and New Zealand. The upgrade is to optimize the end-to-end tax filing experience, enabling users to directly view and download annual tax reference documents through our app and official website. Comprehensively covering key tax data including trading profits and losses dividend income as well as interest and coupon earnings in the hong kong market we scaled up our brand investment and localized operation during the second quarter our flagship marketing campaign of the quarter was built around spacex amplifying our brand voice through an integrated mix of out-of-home advertising social media exclusive new user rewards and advertising placements at Hong Kong airport. At the same time, we launched CBOE index option trading in Hong Kong and hosted a dedicated launch event for TigerX CBOe index option alongside a series of investor education initiatives, further enriching the range of trading products available to local investors. Thank you. smart manufacturing and automotive semiconductor companies such as advanced intelligence and advanced electronics, has further strengthened the market influence of the company's listing in the field of technology innovation companies. At the same time, the company continues to expand the listed business of AGIH, participating in the reshaping listing of new materials, new materials and manufacturing, and other industry-leading companies. The project covers smart hardware, new energy materials and consumer electronics, and other key industries. In the U.S., we participated in four IPO projects, including the Chinese car industry digitalization platform DASO and the Japanese car software company VQL. In the E-SWAP industry, we achieved a steady growth in this quarter, with 50 new customers. As of June 30, 2020, the number of E-WAP customers in the company has reached 840. Our to-be business continues to strong momentum in the second quarter of 2026. On the investment banking side, in Hong Kong, we enrolled 14 Hong Kong IBOs during the quarter, continuing to cover key sectors such as AI and hard tech, including major AI IBO like Manicor, Deep Zero, and Wenge AI, and participating in the offering of Intelligent Manufacturing and automotive semiconductor companies such as CEMI, Robot Phoenix, and Sears, further consolidating our market influence in listing services for technology and innovation companies. Meanwhile, we continue to expand our A-plus-H listing business, participating in Hong Kong's list of leading companies such a Huaqing Technology and Senior Technology, expanding key industries including smart hardware, new energy materials, and consumer electronics. On the U.S. side, we participated in the distribution of four U. S. IPOs, including DSC Holding, a digital platform from China automotive industry, and Micewire, a Japan automotive software company. Our useful business delivered steady growth during the quarter, with 50 new clients added. As of June 30th, 2026, our total use of clients served reached 840. Now I'd like to invite our CFO, John, to go over our financials. All right, thanks, Tianhuan and Aaron. Let me go through our financial performance for the second quarter. All numbers are in U.S. dollars. Commission income was $78.3 million, increased 21% year-over-year and 17% quarter-over quarter. Interest income was 79.8 million, increase 36% year over year and 24% quarter over quarter. Together, total revenue reached $182 million, sitting at an all-time high of 31% year-over-year and 18% quarter-over quarter. Cash equity take rate was 3.6 bps this quarter, down from 5.9 bps a quarter ago. The main driver was a quarter- over-quarter increase of roughly $15 billion in trading volume from Tiger Broker US. However, most of this uptick in trading volume didn't translate into commission revenues, as in the U.S. we offer zero commission to local users. Within commission revenue, about 71% comes from cash equities, 24% from options, and the rest from futures and other products. Now on to cost. Benefit expense was $21.5 million, increased 19% quarter-over-quarter and 24% year-over year in light of the increase in interest income. Execution and clearing expense were $6.8 million, an increase of 25% from the same period last year in line with the increase of commission income. Recompensation and benefits expense were $50 million, an increase of 39% year-over-year, primarily due to the severance costs associated with groups' rework of business units. Occupancy, depreciation, and amortization expense were 2.8 million, a slight increase of 3% year over year. Communication and market data expense were 16.2 million, and an increase 56% year over year due to the increase in user base and IT related service fees. Marketing expense were 18.4 million this quarter, increased 87% year over year as we focused on acquiring high quality users and accelerate the expansion of our wealth management business. and any administrative expense were $9.8 million, increased 45% year-over-year due to an increase in professional service fees. Total operating costs were $103.9 million, an increase of 47% from the same quarter of last year. As a result, our bottom line increased on both GAAP and non-GAAP basis quarter-over quarter. Gap-led income was $39.4 million, and the non-gap-lead income was 42.8 million, versus the lead loss in the previous quarter, and up 20% quarter-over-quarter after excluding the impact of the one-off penalty in the first quarter. As of the close of the U.S. market yesterday, we have cumulatively repurchased approximately US $5 million worth of ADS under our buyback plan announced on June 2nd, 2026. We may continue to execute repurchase from time to time under the $50 million share repurchased program announced on Jun 2nd 2026 Now I have concluded our presentation. Operator, please open the line for Q&A. Thanks. Thank you. We will now begin the question and answer session. If you'd like to ask questions, please press star 1 and 1 and wait for a name to be announced. One moment for our first question. The first question comes from the line of Youyou Fan of CICC. Your line is open. Please go ahead. 看到咱们二季度的收入端增长非常强劲 包括经营利润其实也实现了不错的一个增長 当然我也注意到咱們这个季股 阿德斯纳特这一项有一个224万的这个loss 可能想请教一下背后的原因 然后包括后续咱能怎么看这一項 与此同时的话 如果我们看二孢度的所得税费用的话 相对来说也比较高 我算下来大概有效税率是接近28% 也是高于一个正常的水平 可否请管理层也帮忙解释一下背后的原因 包括如果往前去看的话 咱们一个正经的有效势力大概应该在一个什么水平 然后第二个问题的话是想请管里层帮帮分享一下 咋们观察到的三季度以来的一个经营趋势 包括像这个交易的活跃度 然后包括客户的资产 新增的入金用户数等等各方面的一些表现 那我这边快速翻译一下 Thanks for taking my questions. This is Yo-Yo Fan from CICC. I have two questions here. Firstly, we have delivered a strong revenue growth and solid operating profit extension in Q2, but we noticed that there was also a loss of over $2 million under the other SNET, this large item. So what's the reason behind and how it would be going forward? So we also see that the income tax expense was a little bit high in Q2, with effective tax rates at nearly 28%. So what's the reason behind, and what should we expect as the normalized effective tax rate going forward? My second question, can you show the run rates as our operating trend since Q3, including metrics like trading velocity, client assets, and new founder account users are these two questions. Thank you. Okay. Thank you, Fan You. I will answer your first question, and then Tianhua will answer the second question. Okay. First of all, regarding the loss of US$200 in Argonite, it is mainly due to the continued 人民币持续升值,美元相应贬值所产生的一个报表的汇兑损失,是一个non-cash的item,然后关于所得税呢,首先来讲呢,我们认为公司正常的effective tax rate呢,应该是在10%到15%这个区间是比较合理的水平,OK,二季度的所得 is higher than this normal level, mainly for two reasons. The first is the adjustment of employee equity benefits brought by the non-credit loan. To briefly explain, the equity benefits given by the company to employees will be taxed in total in every quarter of the wealth, including the cost of labor, including the part that is already owned and the part not owned. However, on the tax side, only the part owned can be taxable before tax. The cost of the unowned part is not deductible, Therefore, it will form a land tax asset. Then, after May 22, the company's stock price fell, and the value of the non-commercial stock market also dropped. The previous formation of land tax assets was also reduced accordingly. This season, therefore, almost 1 million US dollars of land-tax assets were spent on the cost of land taxes. This is also a non-credit impact. In the future, if the stock price goes up, it would also reduce the current land tax cost. This is the first reason. 第二个原因其实也是跟52的一次性罚款相关 这部分我们仍然在评估中 但是目前处于一个非常谨慎的考虑 二季度这部分罚罚都作为不可抵扣的费用来处理了 因此当期额外增加了约600万美金的所得税费 这部份目前也是非现金的一个影响 预计下半年我们会结合集团各地区的盈利情况 持续的优化税务安排 并且在符合规定的前期下,下半年争取逐步的可以冲减当期的所得税费用。 那我翻译一下。 First, on the roughly U.S. $2 million loss in the other line item, this was mainly an FX loss driven by the continual appreciation of the RMB and the corresponding depreciation of the U.N. dollar during the second quarter. It's a long cash item. On income tax, first of all, we believe a normalized effective tax rate is in the 10% to 15% range. The second quarter tax expense was notably above that level for two reasons. Number one is there is a non-cash deferred tax adjustment tied to employee share-based compensation. The share-base award, we grant to employees amortized quarterly on a gross basis as part of our compensation costs, covering both vested and unvested portions. For tax purposes, however, only the amortization of the vested award is deductible. The expense from unvestored award is non-deductible and gives rise to a deferred tax asset. When our share price dropped after May 22, the value of the unvestered employee stock pool declined. Thus, the previous recognized deferred asset came down accordingly. As a result, we wrote down about $1 million of deferred tax assets this quarter, which was recorded as income tax expense. This is a non-cash item, and if the share price recovers going forward, it would reverse and reduce tax expense in that period. The second reason, it's tied to the one-time penalty from May 22nd rectification. We are still assessing this, and for now, purely out of prudence. We have treated the entire penalty as a non-deductible expense in the second quarter, which added about U.S. $6 million to income tax expense this quarter. For now, this is a noncash item. Looking ahead, we expect to keep optimizing our tax arrangement in light of the profitability across the group's various regions, and we're consistent with the rules. We will aim to gradually reverse this against income tax and expense in the second half. In terms of return, the third quarter is connected to the current trade and cash return, and the return of the second quarter is slightly falling, mainly due to the relatively strong second quarter market market. The return of trade is at a high position, forming a high technology. After entering the third period, the market has reshuffled and the corresponding return has fallen. In terms about new incoming users, the main contributing market is still Hong Kong and Singapore. In terms of numbers, we expect the third quarter to increase the number of new users in the second quarter. Because we have strengthened the brand activity in Hong Kong and Singapore in the first quarter, we expect a good effect in the third. In addition, it is worth mentioning that compared to the first two quarters, there has been a significant improvement in the number with a significant improvement of 2.5 million U.S. dollars. As for us, we are consistent with the user quality priority strategy. I'll translate regarding the run rate of our third quarter. First, on client assets, Q3 quarter today, both net asset inflow and market gain have each contributed more than 1 billion U. S. dollars, so client assets have kept up a steady growth. Quarter-to-date, we've seen a high single-digit quarter-to quarter increase on current assets compared to the end of the second quarter. And second, on trading activity, quarter- to-date trading volume and commissions are running slightly below the same point in Q2. This mainly reflects the high base from a strong second quarter when the market rally kept trading activity elevated. With some pullback in the market heading into Q3, activity has eased accordingly. And last on new funded accounts, Hong Kong and Singapore remain our key contributors. We expect the number of newly funded users to come in flat or increase versus Q2. As we stepped up our brand activity in both Hong Kong Singapore in the second quarter, And the result has been looking good so far in Q3. On top of that, it's worth noting that so far into Q3, the average net asset inflow per new-funded user has risen further, versus Q2, to around $25,000, which is in line with our quality-first approach to client acquisition. Thank you. Operator, please move on to the next question. One moment for our next question, please. Our next question comes from the line of Cindy Wang of China Renaissance. Please ask your question. 会有其他新的政策的变化 然后第二个就是说 关于大陆的用户的行为 是否已经趋于稳定 比如说像交易的活跃度 客户流失的情况 以及出入金是否已经回稳 那目前来看大陸的零售用戶 在客戶资产和收入中的占比 是否有看到比较明显的一个变换 那第二个想请教一下 公司我们目前看到 I would like to follow up the regulatory update after May 22nd. First, are there any other new policy changes? And then second is whether Mennon clients have stabilized, such as trading activity, customer churn, and asset outfall. And currently, have you seen any significant changes in the percentage of customer assets and revenue from Mennons retail clients? second uh the second question is on the company's overall blended tech rate has remained relatively stable but the cash equity tech rate has decreased significantly compared to the previous quarter so could you could you explain the reasons behind this and what the trend looks like thank you The second is about the impact of the 5.2 monitoring policy. We look at the policy and the use of it in two ways. On the first policy level, we strictly follow the relevant requirements of domestic supervision, respond quickly and fully comply with them, and on June 12, we launched relevant monitoring mechanisms to limit the entry and entry of Chinese mainland users in China. We have not received any further policy changes or adjustments. Second, the level of user behavior. In general, the main impact is in the second quarter. Most of it has already been consumed. In terms of capital movement, the second half of the year, the total net profit of mainland retail users is about US$5 billion. Most of them are concentrated between May 22 and June 12. The scale is only equivalent to the percentage of the total number of users in the mainland, and the overall percentage is controllable. By the second half of the year, the trend of gross profit has gradually slowed down. The third is the change in the ratio. Due to the impact of the net gross profit, the overall proportion of the entire group of customers in the land has further decreased to 10%. The revenue contribution also fell from 20% in the first quarter to 15% to 20% during the second quarter from the whole year and the first half of this year. In summary, the initial impact caused by supervision has been basically eliminated. More importantly, the core growth momentum of the company comes from the global market. In the second quarter, all of our international business assets have achieved a global growth. Therefore, this adjustment has no real impact on the global business basics of the company in the long term. Thank you. Okay, let me take this from two angles, the policy and the client behavior. First, on policy. We moved quickly and are in full compliance with the regulator's requirements, and on June 12th, we rolled out the necessary monitoring mechanism to restrict onshore activities by many users, such as opening positions and making deposits. Since then, we haven't received any further policy changes or adjustments from regulators. Second, client behavior. Broadly speaking, the impact was concentrated in the second quarter and has largely been reflected at this point. Mainland retail users saw net asset inflow of about $500 million in the 2nd quarter, most of them between May 22 and June 12. This is a high single-digit percentage of this user's total client assets before the regulatory update. So we think it's still manageable, and heading into the second quarter, the pace of outflow has been gradually easing. So with those net assets inflows, mainland retail users now account for under 10% of a total client asset, down further from before. And their revenue contribution has come down from the 20 to 25 range in full year 2025 and Q1, to a 15 to 20% range in Q2. So that being said, the outflow impact from regulatory change has largely run its course. More importantly, our core growth engine is our global business. In the second quarter, client assets grew quarter-by-quarter across every market we operate in. So based on the number and the actual results we are seeing so far, this matter has had no meaningful impact on the medium to long-term fundamentals of our global business. The share price of these stocks on our platform has increased significantly, and the share price for US light and lightning stocks is relatively high. The take rate is basically less than 1 bit, so the take rate of the overall US stock has dropped. The second reason is that the Nasdaq index has also risen significantly, with an increase of more than 20%, leading to an increase in the average trading price of each stock. Since we collect commission from US stocks, the higher the trading price, the lower the take-rate, The second reason is that in the second quarter, the U.S. stock market has also added some quality users, but the trading style is relatively high-end users, and the trading volume of the price is higher in the 2nd quarter. According to the local market, the US stock market is used to collect cash, so the overall take rate seems to be low. 前两个原因都是market driven的,未来走势呢不太好预估,但目前来看呢三季度的这个就是quarter state的股价呢是整体有一些回调的,大概率会对tech rate呢形成一些正面的影响,我们预期正股的这个tech rate在三孰度呢会有所回升。 至于Blended Takeaway, 环比保持相对稳定, 主要是因为二季度正股和期权的 交易量占比上升, 期货的交易��占被下降。 由于期购是按民意本金来计算 缺金volume的, 期貨占 비越低, Blended Takeway就越高, 因此正好对冲了 正肢Takeway下降的影响。 那我翻译一下。 As I mentioned earlier, Cash Equity Takeaway went down from 5.9 bps in the first quarter to 3.6 bps. in the second quarter. for several reasons. Number one, in the second quarter, AI and the semi-sector trading volume accounted for a larger share on our platform. Stocks like Micron and Sandisk were traded at high share price, which take rate of well below 1 bps, which drag down the overall US cash equities take rate. In addition, the NASDAQ index rose sharply in the 2nd quarter, up more than 20%, pushing up the average trading price of individual stocks. Since we charge commission on per share basis, a higher trading price translates into lower take rate. The third reason is some high frequency users were trading through our US subsidiaries in the second quarter, which lifted the trading volume, but since we charge zero commission for local US clients, this also drags down cash equity take rate the first two factors are market driven. So the trend is hard to predict. Let's say quarter to day in the third quarter we have seen some pullback in share price which should be positive for the cash equity take rate. We expect the cash take rate to recover somewhat in the 3rd quarter. As for the blended take rate, it stayed relatively stable quarter over quarter, mainly because the share of future trading declined while cash equity and option trading went up. Since future trading volume is calculated on a lotional basis, a lower future trading volume leads to the blended tech rate. Thanks. Okay. So, operator, let's proceed to the next question. Thank you. One moment for our next question, the next questions comes from the line of Emma Xu of Bank of America Securities. Please go ahead. Thank you for giving me the opportunity to ask this question. I am Emma, an analyst at Meiyin Securities. I have two questions for you. The first question is, please let the management department tell us about the area structure of the second quarter of new entry-level users. The second question is about the market cost. We see that the market costs of the first quarter, including the CAC, have a relatively large increase. I would like to ask the management level what is the specific reason for the increase? And what is it like in the ratio of the draw and the draw? So, the first question is, could you break down the geographic mix of the new-founded account in the second quarter? Second, we noticed a notable sequential rise in the marketing expense, including the CAC. Could you elaborate on the key drivers behind this increase? Specifically, what is the split between user acquisition versus re-engagement span and in which market have you ramped up investment? Please also share your outlook for the approximate range of CSE in the second half of this year. Thank you. 这两个市场各占一半左右,澳新市场贡献的25%左右,那剩余的是来自于美国市场。 Of the new funded accounts we added in the second quarter, Singapore and Hong Kong together accounted for over 70%, split roughly even between these two. Australia and New Zealand contributed around 25%, with the rest coming from the U.S. market. Thank you. CAC increased from $420 in the first quarter to about $450 in the second quarter. In terms of structure, LACIN, which is the main part of the Korean brand investment, accounts for about 60% to 70%. This increase mainly leads to the construction of brands in Hong Kong and Singapore, and it does bring high quality users. The number of new users from less than $20,000 in the 1st quarter has increased to more than $250 in the 2nd quarter. In terms of the two markets, our customer assets in Hong Kong have achieved double growth in five consecutive seasons. In the second quarter, it rose by nearly 30%. The same ratio is about three times higher. In the 2nd quarter, we also grabbed the market window. The theme of SpaceX has created a focus on marketing activities. In the field of outdoor and airport advertising, social media and other aspects, we have made a multi-channel link 显著放大了一个品牌的声量 新加坡的方面 我们通过一系列线上线下的活动 持续巩固品牺口碑和市场的领先地位 包括参与本地最大的户外美食音乐节 GastroBeats 2026 推进Where's Your Next Step品牢活动 联动跑步和匹克球等本土社群 以及借助FIFA世界杯投放电视广告 这些活动都紧贴年轻客群的生活场景,帮助我们在传统金融营销之外建立起更有温度,更有信任度的品牌连接。 展望下半年,我们会根据市场的情况来动态地调整货客的收入。 基于目前的情况,估计人均CAC大致在450到500美金区间。 那我翻译一下。 So, let me break down the increase in our marketing spending at average CAC in the second quarter in three parts. First of all, some marketing expense were FCN rebates, not rarely had to use our acquisition. Excluding the FCN rabates, marketing spending was up about US dollar 2.5 million quarter over quarter. An average CSC rose from around US$420 in Q1 to about US$450 in Q2. Under split, client acquisition, including branding, accounted for roughly 60% to 70% of our total marketing expense. The incremental spending went mainly into brand building in Hong Kong and Singapore, and it's clearly bringing in high-quality users. net asset inflow per new funded account from under $20,000 US dollar in the first quarter to over $25,000 in the second quarter. In Hong Kong, our client assets have now grown double digits for five straight quarters, up nearly 30% quarter-over-quarter and roughly tripled year-over year in Q2. We launched a SpaceX-themed campaign during the IPO to amplify our brand awareness through different venues and the channels in Singapore we kept reinforcing our brand and marketing leadership through a mix of online and offline campaigns from taking part in gastropubes 2026 the city's largest outdoor food and musical festival to rolling out our where is your next step campaign with local running and applicable communities to work up TV advertisement those campaigns helping us stay close to our user base especially the younger ones and build a warmer higher more trusted brand connection that go beyond traditional financing marketing looking beyond the second quarter we will keep adjusting our acquisition spending based on the market condition. Based on what we have seen so far, we expect the average CSE to be around US$450 to $550 range. Thank you for the questions. At this time, there are no further questions on the line. I would like to hand the call back to Mr. Aaron Lee for closing. Thank you. I'd like to thank everyone for doing our call today. I'm now closing the call on behalf of the management team here at Tiger. We do appreciate your participation in today's call. If you have any further questions, please reach out to our IR team. This concludes the call, and thank you very much for your time. Bye-bye. That concludes today's conference call. Thank you for your participation. You may now disconnect your line.