Thank you, operator. Hello, everyone, and thank you for joining us for the call today.

UP Fintech Holding Limited second quarter 2026 earnings release was distributed earlier today and is available on our IR website at ir.itiger.com, as well as Globe Newswire services. On the call today from UP Fintech are Mr.

Wu Tianhua, Chairman and CEO; Mr. John Zeng, our CFO; and Mr.

Huang Lei, CEO of US Tiger Securities. Mr.

Wu will give an overview of our business operations and discuss 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 safe harbor. The statements we're about to make contain forward-looking statements within the meaning of the US Private Securities and Litigation Reform Act of 1995.

A number of factors could cause actual results to differ materially from those [unclear] any forward-looking statement. For more information, please refer to our Form 6-K furnished today and our annual report on Form 20-F filed on April 24, 2026.

We undertake no obligation to update any forward-looking statement 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 English translation. Mr.

Wu, please go ahead with your remarks.

大家好！非常感谢各位参加老虎国际2026年第二季度财报发布会。

Hello, everyone. Thank you for joining the Tiger Brokers second quarter 2026 earnings conference call.

2026年第二季度，公司佣金收入与利息相关收入较上季度及去年同期均实现显著提升。本季度公司总收入达到1.82亿美金，创下历史新高，环比增长17.7%，同比增长31.4%。实现经营利润5,680万美金，环比增长19.5%，同比增长12.6%。归属于老虎国际的GAAP和Non-GAAP净利润分别达到3,940万美金和4,280万美金，环比扭亏为盈。剔除第一季度的约5,970万美金的一次性罚款影响之后，第二季度归属于母公司的GAAP及Non-GAAP净利润均环比增长20%左右。

In the second quarter, we saw meaningful improvement in both commission 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, 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, up 19.5% quarter-over-quarter and 12.6% year-over-year. GAAP and non-GAAP net income attributable to UP Fintech reached $39.4 million and $42.8 million respectively, returning to profitability from net loss in the previous quarter.

Excluding the impact of approximately $59.7 million one one-off penalty incurred in the first quarter, second-quarter GAAP and non-GAAP net income attributable to UP Fintech both increased about 20% quarter-over-quarter.

用户增量方面，本季度公司新增入金用户32,600人，环比上升12.7%。新增用户绝大多数来源于新加坡和香港市场。截至2026年第二季度末，公司累计总入金用户数达到131.5万人，较去年同期增长10.3%。客户资产方面，第二季度新加坡、香港等市场的零售用户持续贡献稳健的净入金，规模超过15亿美金。那同时受益于客户资产市值的一个上涨，截至第二季度末，公司客户总资产达607亿美元，环比增长3.1%，同比增长16.7%。我们很高兴地看到，第二季度在公司进入的所有市场，客户资产均实现环比的增长，展现出强劲的增长韧性与广阔的市场空间。在香港市场，我们推出了更多线下推广活动并扩大品牌的曝光，带动本地客户资产环比增长近30%。延续了公司进入香港零售市场以来客户资产持续高速增长的良好势头。澳新市场及美国市场客户资产也分别实现了超过30%和近50%的环比增长。这充分表明作为一家国际化为核心战略的全球券商，凭借核心业务的多元化发展以及国际化战略的深耕，我们在全球各海外市场持续赢得新老用户的信任和认可，也让我们对未来的增长前景充满信心。

We added 32,600 new funded accounts this quarter, up 12.7% quarter-over-quarter, with the great majority coming from the Singapore and Hong Kong market. 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 this quarter. At the same time, fueled by mark-to-market gains, total client assets stood at $60.7 billion at the end of the second quarter, up 3.1% quarter-over-quarter and 16.7% year-over-year.

We are glad to see that client assets grow quarter-over-quarter across all the markets 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.

Client assets in the Australia, New Zealand market and the US market grew by more than 30% and nearly 50% quarter-over-quarter 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 all the markets, give us strong confidence in our growth prospects ahead.

第二季度，我们持续迭代本地化的功能，提升用户体验，并不算加大品牌曝光，深化用户认知。针对新加坡市场，我们进一步强化本地化的交易功能，上线了新加坡股票及REITs的碎股交易功能，有效降低了交易的准入门槛，让本地投资更加触手可及，对新老投资者也更加友好。那此外，为了简化用户的合规成本，降低报税的复杂度，我们在香港、新加坡及新西兰推出了专属的报税工具。升级后的工具优化了端到端的报税体验。那用户可以通过我们的App及官网的个人中心直接查看并下载年度的报税参考文件，全面覆盖了交易盈亏、股息收入以及利息与票据收益等关键的税务数据。在香港市场，我们在第二季度加大了品牌投入与本地化的运营力度。那本季度我们重点打造了一场以SpaceX为主题的品牌营销活动，通过户外广告、社交媒体传播、新用户专属礼遇以及香港机场的广告投放等多渠道的联动，全面提升了品牌的声量。那与此同时，我们在香港也上线了CBOE指数期权交易，并且围绕Tiger X CBOE指数期权的推出举办了发布活动以及一系列的投资者教育活动，进一步丰富了本地投资者的交易产品的丰富度。

In the second quarter, we continued to focus on localized functions and enhance user experience while stepping up our brand exposure to deepen user awareness. In the Singapore market, we further strengthened our localized trading capability by launching fractional share trading for Singapore-listed stocks and REITs, which effectively lowered 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 rolled out a dedicated tax reporting tool in Hong Kong, Singapore, and New Zealand. The upgraded tool 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 placement at Hong Kong Airport.

At the same time, we launched CBOE index option trading in Hong Kong and hosted a dedicated launch event for Tiger X CBOE index option alongside a series of investor education initiatives, further enriching the range of trading products available to local investors.

老虎国际的To B业务在2026年第二季度继续保持良好的发展势头。投行业务侧，港股方面，期内我们承销了10宗港股IPO项目，持续覆盖人工智能、硬科技等重点的赛道，包括了出门问问、声彦智能、中科、科文、科鸽等AI领域的重点IPO，并参与了香米科技、一飞科技、仙工智能、晶捷电子等智能制造与汽车半导体企业的发行，进一步巩固了公司在科技创新企业上市服务领域的市场影响力。同时，公司持续拓展A+H的上市业务，参与了华新技术、新源材质以及领益制造等行业龙头企业的赴港上市。项目覆盖了智能硬件、新能源材料及消费电子等重点的产业。那美股方面，参与了4宗IPO的项目分销，包括了中国汽车产业数字化平台的大搜车和日本汽车软件公司VicOne。ESOP业务方面，本季度实现了稳健的增长，新增客户50家。截至2026年6月30号，公司累计服务ESOP客户数量已经达到840家。

Our 2B business continued to strong momentum in the second quarter of 2026. On the investment banking side, in Hong Kong, we underwrote 14 Hong Kong IPOs during the quarter, continuing uh to cover key sectors such as AI and hard tech, including major AI IPOs like Mobvoi, DeepZero, and VoneTech AI, and participating in the offering of intelligent manufacturing and mo automotive semiconductor companies such as Semi, RoboPhoenix, and SEER, further con consolidating our market influence in listing services for technology and innovation companies.

Meanwhile, we continued to expand our A+H listing business, participating in Hong Kong list of leading companies such as Huaxin Technology and Senior Technology, spanning key industries including smart hardware, new energy materials, and consumer electronics. On the US side, we participated in the distribution of four US IPOs, including DSC Holding, a digital platform from China automotive industry, and MaxWire, a Japan automotive software company.

Our ESOP business delivered steady growth during the quarter, with 50 new clients added. As of the end uh as of June 30, 2026, our total ESOP ESOP clients served reached 840.

现请CFO John跟各位汇报下财务细节。

Now, I'd like to invite our CFO John to go over our financials.

All right, thanks, Tianhua and Aaron. Let me go through our financial performance for the second quarter.

All numbers are in US dollar. Commission income was $78.3 million, increased 21% year-over-year and 17% quarter-over-quarter.

Interest income was $79.8 million, increased 36% year-over-year and 24% quarter-over-quarter. Together, total revenue reached $182 million, sitting an all-time high, up 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 US, 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. Interest expense was $21.5 million, increased 19% quarter-over-quarter and 24% year-over-year, in line with 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 in commission income. Employee compensation and benefits expense were $50 million, an increase of 39% year-over-year, primarily due to the severance cost associated with groups' reorg 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, an increase of 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 ac acquiring high-quality users and accelerate the expansion of our wealth management business. General and 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.

GAAP net income was $39.4 million, and the non-GAAP net income was $42.8 million versus a net loss in the previous quarter, and up 20% quarter-over-quarter after after excluding the impact of the one-off penalty in the first quarter. As of the close of the US 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 repurchases from time to time under the $50 million share repurchase program announced on June 2nd, 2026. Now I have concluded our presentation.

Operator, please open the line for Q&A. Thanks.

哎，好的。感谢管理层给我第一个提问的机会，我是中金公司的分析师樊优、Yoyo。那我这边的话有两个问题想要请教一下领导们。首先第一个的话是我们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一个不错的增长，但我也有注意到咱们这个季度Other’s Net这一项有一个224万224万的这么一个loss，可能想请教一下背后的原因，然后包括后续咱们怎么看这一项。与此同进的话，如果我们看二季度的所得税费用的相对来说也比较高。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？包括往后去看的话，咱们一个正常的Effective tax rate roughly大概应该在一个什么水平？然后第二个问题的话是想请管理层帮忙分享一下咱们观察到的三季度以来的一个经营趋势，包括像交易的活跃度，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 Yoyo Fan from CICC.

I have two questions here. Firstly, we have delivered a strong revenue growth and a solid operating profit expansion in Q2.

We noticed that there was also a loss of over $2 million under the other net uh line item. What's the reason behind and how it would be going forward?

We also see that uh income tax expense was a little bit high in Q2 with effective tax rate at nearly uh 28%. What's the reason behind, and what should we expect as the um normalized ex uh ex effective tax rate going forward?

Uh my second question, can you share the run rate of our operating trends in Q3, including uh metrics like uh trading velocity, client assets, and new funded account users? Uh these two questions.

Uh thank you.

Okay. 谢谢樊优。那我来回答你的第一个问题，然后请天华回答第二个问题吧。首先来讲呢是关于这个在Other’s Net这一项里面的200万美金的损失呢，主要是由于二季度人民币持续升值，美元相应贬值所产生的一个报表的汇兑损失，是一个non-cash 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。二季度的所得税呢是高于这个正常水平的，主要有两个原因。第一呢是员工股权激励带来的这个非现金递延所得税的调整。简单的解释一下呢，就是说公司授予员工的股权激励在财务上每个季度会按总额去摊销，计入人力成本，包括已经归属和没有归属的部分。但是在税务上呢，只有已归属的部分的摊销呢可以税前抵扣。未归属部分产生的费用呢是不可抵扣的，因此呢会形成一个递延所得税的资产。然后在5月22号之后呢，公司的股价下跌呢，未归属员工股票池的价值呢也随之下降。此前形成的对应递延税的资产呢也相应地减少。本季度呢因此就冲掉了差不多有100万美金的这个递延税资产，计入了所得税的费用。这也是个非现金的影响。未来如果股价回升呢，也会反向冲减当期的所得税费用。这是第一个原因。第二个原因呢，其实呢也是跟522的那个一次性罚款项罚款相关。这部分呢我们仍然在评估中，但是目前出于一个非常谨慎的一个考虑呢，二季度这部分罚款呢都作为不可抵扣的费用来处理了。因此当期额外增加了约600万美金的这个所得税费用。这不这部分呢目前也是非现金的一个影响。预计下半年呢我们会结合集团各地区的盈利情况呢持续地这个优化这个税务的安排，并且在符合规定的前提下呢，下半年逐步地争取逐步地可以冲减当期的所得税费用。那我翻译一下。First, on the roughly uh US$2 million loss in in in the other line item.

This was mainly a FX loss, driven by the continuous appreciation of the RMB and the corresponding depreciation of the US dollar during the second quarter. Uh it's a non-cash item.

On income tax, uh first of all, we believe our normalized effective tax rate is in the 10 10% to 15% range. Uh the second-quarter tax expense was notably above that level for two reasons.

Number one is that uh there is a non-cash deferred tax asset adjustment tied to employee share-based compensation. The share-based award we grant to employees are amortized quarterly on a gross basis as part of our compensation cost, covering both vested and unvested portions.

For tax purpose, however, only the amortization of the vested award is deductible. The expense from unvested award is non-deductible and gives rise to a deferred tax asset.

When our share price dropped after May 22nd, the value of the unvested employee stock pool declined. Thus, the previously recognized deferred tax asset came down accordingly.

As a result, we wrote down about like um $1 million US dollar of deferred tax asset this quarter, which was recorded as income tax expense. This is a non-cash item.

If the share price recovers going forward, it would reverse and reduce tax expense in that period. The second reason uh it's uh 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 US dollar $6 million to income tax expense this quarter. For now, this is a non-cash item.

Looking ahead, we expect to keep optimizing our tax arrangement in line of the profitability across the group's various regions. Where consistent with the rules, we will aim to gradually reverse this against income tax and expense in the second half.

Okay, 天华。 好，我来说下第二个问题。客户资产方面，第三季度截止到目前，净入金和资产的升值两项贡献都在10亿美金以上，那客户资产延续了稳健增长的态势。那相比于第二季度末，客户资产第三季度截止到目前已经实现了高个位数的环比增长。那交易活跃度方面，第三季度截止到目前的交易额和交易佣金较第二季度的同期略有回落，那主要还是由于这个二季度的市场行情比较强劲，交易活跃度处在高位，形成了一个较高的基数。那进入第三季度后，市场有所回调整，活跃度相应有所回落。新增入金用户的这个方面，主要贡献市场依然是香港和新加坡。那从数字上看，那我们预计第三季度新增入金用户与第二季度持平或有所上升。那因为我们在第二季度在香港、新加坡当地都加成了品牌活动，第三季度来看，效果还是不错的。那此外值得一提这个地方是，那截止到目前，第三季度新增入金用户的当季度的人均净入金相比第二季度有了进一步的明显提升，达到了2.5万美金左右。这与我们以用户质量优先策略是一致的。

I'll

translate regarding the run rate of our third quarter. Um first, on client assets.

Q3 quarter to date, both net asset inflow and mark-to-market gain have each contributed more than $1 billion. Client assets has kept up its steady growth.

Quarter to date, we've seen a high single-digit quarter-over-quarter increase on client assets compared to the end of the second quarter. Second, on trading activities.

Quarter to date, trading volume and commissions are running slightly below the same point in Q2. This mainly reflects a high base from a strong second quarter when the market rally kept trading activity elevated.

With some pullback in the in the in the market heading into Q3, activity has eased accordingly. Last, on new funded accounts.

Um Hong Kong and Singapore remain our our key contributors. Uh 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 and Singapore in the second quarter, and the result has looking good so far in Q3. On top of that, it's worth noting that um so far in 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 next question.

谢谢给我这个提问的机会，然后也恭喜公司取得一个不错的业绩。那我这边有两个问题想请教。第一个的话，想跟进一下5月22号监管更新之后的一个状况。能否跟我们说一下第一个就是关于近期是否还有还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金是否已经回稳？那目前来看，大陆的零售用户在客户资产和收入中的占比是否有看到比较明显的一个变化？那第二个想请教一下，公司我们目前看到整体的Blended take rate其实是保持相对稳定的，但刚才这个财务长也有说到这个Cash equity的take rate环比有出现了比较大幅度的一个下降。那能否说明一下这个背后的原因，以及未来我们怎么看这个趋势？那我很快翻译一下我的问题。Thanks for taking my call. I have two questions.

First, I would like to follow up the regulatory update after May 22nd. First, are there any other new policy changes?

Then uh second is whether uh mainland clients have stabilized, such as uh trading activity, customer churn, and asset outflow? Currently, have you seen any significant changes in the percentage of customer assets and revenue from mainland uh retail clients?

Second, uh the second question is um the company's overall blended take rate has uh remained relatively stable, but the cash equity take rate has decreased significantly compared to the previous quarter. Could you uh could you explain the reasons behind this and what's the trend looks like?

Thank you.

我来回答第一个问题，一会儿请John回答第二个。那关于522监管政策的影响，我们从政策和用户行为两方面来看。那第一，政策层面，我们严格按照国内监管的相关要求，迅速响应，全面遵从，并且于6月12号上线了相关的监测机制，对中国大陆用户在境内的开仓、入金等行为进行限制。那此外，我们还没有再收到进一步的政策变化或者调整。那第二，用户行为的层面，那整体来看，相关影响主要集中在第二季度，那目前已经大部分消化完毕。资金流动方面，第二季度大陆零售用户合计净出金约5亿美金左右，且大多数集中于5月22号到6月12号之间。那规模仅相当于大陆零售用户总资产的高个位数的百分比，整体是可控的。那进入到下半年，这个出金的趋势已经这个逐步放缓。那第三，这个占比的这个变化。那受到上面的这个进出金的一个影响，那大陆零售用户的客户资产占整个集团整体的比例已经进一步下降到10%以内，收入贡献也从2025年全年和今年第一季度的20%到25%回落到第二季度的15%到20%的区间。那总的来讲，受监管而造成的出金影响已经基本消除。那更重要的是，公司的核心增长动能来自于全球市场。那第二季度我们所有进入的这个国际化的市场的客户资产都实现了环比的增长。那因此本次调整对于整个公司中长期的全球业务基本面，从目前的数据和时间维度来看，并没有实质性的影响。谢谢。 Um

let me take this from two angles: the policy and the client behavior. Um first, on policy.

We moved quickly and are in full compliance with the regulator's requirement. On June 12th, we rolled out the necessary monitoring mechanism to restrict to um restrict onshore activities by mainland users, such as opening positions and making deposits.

Since then, we haven't received any further policy changes or adjustments from regulators. Second, on 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 second quarter, most of them between May 22nd and June 12th.

This is a high single-digit percentage of uh this users' total client assets before the regulatory update. We think it's manageable.

Heading into the second quarter, the pace of outflow has been gradually easing. With those net asset inflows, mainland retail users now account for under 10% of our total client assets, down further from before.

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. 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-over-quarter across every market we operate in.

Based on the number and the the the actual results we are seeing so far, um this matter has had no meaningful impact on the medium- to a medium- to long-term fundamentals of our global business.

好的，Cindy，我来回答你第二个问题，关于这个Take rate。正如我前面提到的，就是Cash equity的take rate从一季度的5.9 bps下降到三季度的3.6 bps，主要有三个原因。第一个原因呢是二季度市场对AI、半导体板块的关注度较高，这类股票呢在我们平台上的交易量呢占比明显上升。而且像美光、闪迪这类股票的股价呢也相对较高，Take rate呢基本不到一个bps，因此拉低了整体美股正股的Take rate。第二个原因呢是纳斯达克指数二季度也是大幅上涨的，涨幅超过20%，带动个股平均成交价格相应上升。由于我们按每股来收取佣金，成交价越高，Take rate越低，因此也拉低了正股的这个Take rate。第三个原因呢是在二季度呢，老虎美国呢也新增了一些质量不错但交易风格比较偏高频的用户，拉高了该牌照在二季度的这个Trading volume。而老虎美国按照当地市场惯例呢是采取零佣金的，因此使得整个整体的这个Take rate看起来偏低。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 to date的股价呢是整体有一些回调的，大概率会对Take rate呢形成形成一些正面的影响。我们预计正股的这个Take rate在三季度呢会有所回升。至于Blended take rate呢环比保持相对稳定，主要是因为二季度正股和期权的交易量占比上升，期货的交易量占比下降。由于期货是按名义本金来计算Trading volume的，期货占比越低呢，Blended take rate呢就越高，因此呢正好对冲了正股Take rate下降的影响。那我翻译一下。As I mentioned earlier, cash equity take rate went down from 5.9 bps in the first quarter to 3.6 bps in the second quarter uh for several reasons. Number one, uh in the second quarter, AI and semi sector trading volume accounted for a larger share on our platform.

Stocks like Micron, SanDisk were trading at high share price with take rate of well below 1 bps, which dragged down the overall US cash equities take rate. In addition, the NASDAQ index rose sharply in the second 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 in the second quarter, which lifted the trading volume.

Since we charge zero commission uh for local US clients, this also dragged down cash equity take rate. The first two factors are market-driven, uh so the trend is hard to predict.

That said, uh quarter to date in 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 equity take rate to recover somewhat in the third 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 notional uh basis, a lower future uh future trading volume leads to the blended take rate.

Thanks.

Operator, let's proceed to next question.

哎，谢谢给我这个提问的机会，我是美银证券的分析师Emma。那我这里也有两个问题。第一个问题是想请管理层给我们拆分一下二季度新增入金用户的区域构成。第二个是想问一下关于这个市场的费用的，我们看到二季度的这个市场费用，包括人均CAC环比都有一个比较大幅度的上升，想问一下管理层具体增长的原因是什么？然后在拉新和促活中的比例是怎么样子的？在哪些市场加大了投入？那展望下半年的话，我们预计CAC会在怎样的一个区间？那我翻译一下我的提问。So, the first question is, could you break down the uh geographic mix of the newly-funded accounts in the second quarter? Second, we notice 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 spend?

In which market have you ramped up investment? Please also share your outlook for the approximate range of CAC in the second half of this year.

Thank you.

谢谢，我来回答第一个问题，John回答第二个。第二季度的呃新增入金用户当中，来自新加坡和香港市场的贡献占到70%以上，那这两个市场各占一半左右。澳新市场贡献了25%左右，那剩余的是来自于美国市场。 Okay.

Uh

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. Um and Australia, New Zealand contributed around 25%, with the rest coming from the US market.

好的，我来回答你的第二个问题。就是关于CAC的上升呢，我从三个层面来说明一下吧。第一个呢，有部分市场费用呢是FCN的Rebate，并不是直接的获客费用。就是说剔除掉这个FCN的Rebate，就是我们财富业务的一部分，二季度Marketing的费用环比增加了约250万美金，人均CAC呢从一季度的约420美金上升到了二季度的约450美金。从结构来看呢，拉新，就是含品牌投入，仍是主要的部分，占比约60%到70%。这里增量主要投向了香港和新加坡的品牌建设，也确实带来了质量更高的用户。新增用户的当季当季人均净入金呢从一季度的不到2万美金呢提升到了二季度的2.5万美金以上。然后具体到两个市场呢，香港方面呢，我们的客户资产已经连续五个季度实现双位数的增长，二季度环比上升了近30%，同比约翻了三倍。在二季度呢，我们也抓住了市场窗口，围绕SpaceX这个主题呢打造了一场重点营销的活动，在户外啊以及机场广告、社交媒体等方面呢做了多多渠道的联动，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呢持续巩固口品牌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品牌活动，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、更有信任度的这个品牌连接。展望下半年，我们会根据市场的这个情况来动态地调整获客的投入。基于目前的情况呢，估计人均CAC大致在450到550美金区间。那我翻译一下。So let me break down the increase in our marketing spending and average CAC in the second quarter um in in three parts. Some marketing expense were FCN rebates, not really um tied to user acquisition.

Excluding the FCN rebates, marketing spending was up about uh US$2.5 million quarter-over-quarter. Average CAC rose from around US$420 in Q1 to about US$450 in Q2.

On the split, client acquisition, including branding, accounted for roughly 60 uh 6 60% to 70% of our total marketing expense. The incremental spending were mainly into branding uh brand building in Hong Kong and Singapore, and it's clearly bringing in high-quality users.

Average net asset inflow per new funded account uh from under $20,000 in the first quarter to over $25,000 in the second quarter. In Hong Kong, our client asset 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 its IPO to amplify our brand awareness through different venues and channels. In Singapore, we kept reinforcing our brand and marketing uh leadership through a mix of online and offline campaigns.

From taking part in GastroBeats 2026, the city's largest outdoor food and musical festival, to rolling out our Where's Your Next Step campaign with local running and pickleball communities, to World Cup TV uh advertisement, those campaigns helping us stay close to our user base, especially the younger ones, and build a warmer, higher uh more trusted brand connection that go beyond traditional financing uh marketing. Looking uh beyond the second quarter, we will keep adjusting our acquisition spending uh based on the market condition.

Based on what what we have seen so far, we expect the average CAC to be around US$450 to $550 range. Thanks.

Thank you. That's helpful.

Operator, please move on to next question.

Thank you. Um I'd like to thank everyone for attending our call today.

I'm now closing the call on behalf of the management team here at Tiger. We do appreciate your participation to this 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.