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.

With that, I will now turn the call over to Leaf. Leaf will make his comments in Chinese, and I will translate.

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%。

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. 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，进一步巩固了富途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。

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. 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净增有资产客户数。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。

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. In the US, moomoo's prediction markets garnered significant traction, driving incremental new client acquisition and helping improve overall client engagement on our platform.

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。 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.

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。 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.

6月，富途证券获香港证监会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。

In June, Futu Securities became the first and today 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.

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。

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 toward 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 on-site audience and several hundred livestream participants, translating into meaningful follow-on subscriptions.

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，其中包括劲芯医疗、希智科技与极泰科技。

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.

We served as joint bookrunners for multiple high-profile listings, including those of Star Sports Medicine, Lightelligence, and Metis Tech

Bio. 接下来有请我们的首席财务官Arthur介绍我们的财务表现。

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

Thank you, Leaf and Michelle. Please allow me to walk you through our financial performance in the second quarter.

All the numbers are in Hong Kong dollars unless otherwise noted. 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% Q-o-Q. Total trading volume grew on both year-over-year and Q-o-Q basis, while blended commission rate declined due to stronger trading activities in higher-priced US stocks and options during the quarter.

Interest income was 3.1 billion, up 37%—up 37% year-over-year and 18% Q-o-Q. Both the year-over-year and Q-o-Q increase was mainly driven by higher interest income from margin financing, bank deposits, and securities lending.

Other income was 718 million, up 61% year-over-year and 27% Q-o-Q. Both year-over-year and Q-o-Q increase was primarily driven by higher currency exchange income and IPO financing service income.

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 50% Q-o-Q.

Both the year-over-year and Q-o-Q increase was mainly due to higher trading volume. Interest expenses were 513 million, up 36% year-over-year and 24% Q-o-Q.

Both the year-over-year and Q-o-Q increase was 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% Q-o-Q.

Both the year-over-year and Q-o-Q increase were primarily driven by higher cloud 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.

Gross margin was 86.3% as compared to 87.4% in the same quarter of 2025. Operating expenses were 1.8 billion, up 35% year-over-year and 11% Q-o-Q.

To break it down, R&D expenses were 501 million, up 13% year-over-year and 5% Q-o-Q. The year-over-year and Q-o-Q increase was primarily driven by the increased investments in strategic initiatives like AI and Web3.

Selling and marketing expenses were 657 million, up 53% year-over-year and 18% Q-o-Q. The year-over-year and Q-o-Q increase was mainly driven by the increase of new funded accounts.

G&A expenses was 593 million, up 40% year-over-year and 10% Q-o-Q. The year-over-year increase was primarily due to an increase in G&A personnel and professional fees.

As a result, income from operations was 4.5 billion, up 34% year-over-year and 26% Q-o-Q. Operating margin of 62% is largely flat compared to the second quarter of 2025.

Our 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.

Our effective tax rate for this quarter was 16.1%. That concludes our prepared remarks.

We now like to open the call to questions. Operator, please go ahead.

谢谢给我第一个提问的机会，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。那我这里有两个问题。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的流失？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，那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？那我翻译一下我的提问。So thank you for giving me the opportunity to ask the first question. Congratulations on the strong second quarter results.

Since the release of the new regulations on May 22nd, have you seen material changes in mainland client share across funded accounts, 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 the second quarter. Could management please share an update of the overseas market development and their contribution to the group?

Thank you.

好的，谢谢Emma。第一个问题我请Leaf来回答，我来回答第二个问题，谢谢。 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22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，那么客户累计的初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的一个限制落地之后，那么我们看到到了8月份他的流出节奏已经明显的放缓。那么二季度香港客户的留存率还是高于98%，海外市场的留存率环比都保持比较稳健。另外就是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。

I will translate for Leaf. Futu places very strong emphasis on the 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 regulations, the outflows were about mid-single-digit percentage of our total client assets, 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, 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.

Most of the mainland client outflows happened in June and July after we implemented the restrictions on our app, 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.

We continue to see steady growth in overseas new client additions. Going forward, we'll keep directing our resources and the growth focus toward advancing our international business.

好的，那有关第二个问题我来回答一下。一个是从，我觉得一个是从这个新客户的收入的这个贡献。那从目前来看，海外的多个市场在二季度新增的这个有资产客户的这ARPU其实都出现了都有这个比较明显的一些环比的一些改善。那其中，比如说美国、新加坡，包括香港，这一些市场的新客户的ARPU环比都是有一个双位数的一个增长。我想一方面可能反映比如像美国这些增长的一些市场，我们的客户的一个质量是有一个结构性的一个上移的；那同时呢像香港，包括新加坡，这一些对富途来说已经是一个比较成熟的一个市场，我们还是能够继续获得一些比较高价值的一些客户，从而去支持我们整个公司的一个营收的一个增长。那么从客户的数量，包括客户的资产的这个角度来看，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的一个增长。那这个其实所有我们二季度所有海外市场的这个客均资产环比都实现了一个一个提升。那特别是这个接下来我们这个泰国牌照的一个获取，我相信可能在未来对于我们东南亚的这个区域的一个布局也提供了一个非常好的一个新的一个贡献增长点。那从利润的这个角度来看，我们现在海外的不同的分公司处于不同的成熟的一个阶段。那新加坡其实因为早已经是盈利了，而且无论是从利润的绝对数，包括利润率的一个角度，持续都是在提升，我们能够看到持续的经营杠杆的一个正面的一个效应在新加坡市场发挥。那我很高兴跟各位分享，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一个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一些海外的一些市场能够逐步跨越盈亏平衡点。那目前来看，也会有一些海外的一些市场现在还处于客户跟资产基础的一个积累的一个阶段。那随着客均资产以及留存率的一个提高，我们也相信在海外市场的一个长期利润率的一个转化会有一个非常好的一个期待。那我翻译一下。On the quality of new funded accounts, the average revenue per newly funded accounts improved sequentially across multiple markets in the overseas, in particular like US, Singapore, and Hong Kong, all posted double-digit growth. We think this both reflect a structural upshift in funded 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.

Then on the client asset perspective, all funded accounts in overseas markets, including Malaysia, Australia, New Zealand, and Canada, grow double-digit sequentially in second quarter. Actually, the average client assets rose Q-o-Q across every overseas market we have the operations, showing that we are growing not just in the number of clients, but also the wallet share.

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.

For instance, Singapore has already passed the break-even, couple of years ago, and the absolute level and also the net profit margin continue to expand thanks to the operating leverage benefit kicking in. I'm also very happy to share Malaysia has recently achieved the break-even in the operation levels as well, while our other overseas markets are still building out their client and asset base.

As the rising average client assets and client retentions, we think the groundwork for our long-term profitabilities for the overseas market will be very likely. Thank you.

Thank you. That's very helpful.

好的，感谢管理层。我是摩根士丹利的黄驰耀。请教两个问题。第一个也想关于这个泰国市场的选择，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这个正式的展业和获客？那同时在目前在这个东南亚已经布局了好几个市场的情况之下，咱们在这不同的市场之间是否有一定的这个协同效应？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这个下滑了，刚才CFO也有大概谈到一些，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，还是这个定价有一些变化？谢谢。Let me briefly translate. The first questions is regarding the Thailand.

What's the strategic thinking about choosing this market? When do we expect Futu to officially launch the business here?

Do we see any synergy among 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're seeing behind this drop? Thank you.

好的，谢谢驰耀。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。 好的，感谢提问啊。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这持续的增长。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moomoo在泰国已经拿到了SEC颁发的这个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这个海外监管的认可。那整体海外业务扩张的节奏是保持稳定。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一个准备情况完成检查，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一个时间表，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。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.

According to the Stock Exchange of Thailand, as of the first half of 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.

As for the timing of the official launch, we still need to go through the regulator's readiness inspection to receive final approval, 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.

好的，那第二个问题有关综合佣金率的这个环比稍微有一些下降的这个原因我来回答一下。那首先呢我们在这一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的一些交易的一些行为的一些变化。那第一呢是在这个季度里面，大家交易衍生品的这个占比呢是稍微有一些下降，但绝对的这个衍生品的这个占比依然还在一个非常健康跟良好的一个水平。那第二呢就是确实在第二季度有更多的一些客户在交易美股，其中呢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一些合约，特别是像闪迪、美光、特斯拉这些AI以及科技的一些龙头，平均的一个股价在二季度因为也有一个明显的一个走高，这个在一定程度上是影响了我们的一个这个隐含的佣金的一个收费率。First, there was no any price manual change in the second quarter across all our markets, 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 is slightly down Q-over-Q, but on the absolute level, the contribution 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 led our implied commission rate down a little bit. Thank you.

喂，好的，谢谢。我是UBS瑞银的分析师周成。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。第一呢我们注意到这个综合获客成本环比二季度还是有一定波动，所以想问问这个主要是哪些因素？如果展望后续几个季度，这个趋势大概是怎么样？第二呢就是能不能给我们也分享一下，就是这个季度净增有资产客户以及这个期末存量客户按地区分布的情况是如何的？特别是海外几个市场的一个贡献的情况。好，那我翻译一下。So first of all, congrats to the management on the very excellent results and also I think so strong beat to the market consensus. This is Charles Zhou from UBS, and I have two questions.

First, can we maybe get some colors on the trajectory of your CAC in the second quarter and what the key drivers were? Should 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-end funded accounts by markets, in particular, the contribution mix from your overseas markets? Thank you.

好的，谢谢Charles。那第一个问题我请我的同事Michelle来回答，我来回答第二个问题。 那在2Q我们的这个集团的综合获客成本环比有个上升，到了2600港元左右，那其实仍然是处于全年的这个2500到3000港元的指引区间的。这个2Q的CAC环比上升呢主要是受到监管事件的影响，那客户的流失导致了这个净增有资产客户数偏低。那与此同时公司还是继续维持了一定体量的这个品牌建设投入，来支持各个市场的长期增长，还有这个客户价值的持续提升。对，然后7月份的这个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. 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 maintained 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.

好的，那有关第二个问题就是各个市场的一些breakdown，就是说在就是从新增的这个有资产客户来看呢，马来西亚已经是连续三个季度领跑我们这个集团里面有有资产客户的一个增长；那紧随其后的是香港，那整个马来西亚跟香港在本季度贡献了大概差不多差不多一半以上的一个有资产净增的有资产客户。那其余的这个市场里面呢，相对贡献比较大的是新加坡市场。那截止到二季度末呢，我们整个现在海外品牌moomoo的有客户有资产客户的占比已经提升到接近60%，那其中贡献比较大的这个市场主要是新加坡、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 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.

诶好的，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尤悠悠。那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3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美国预测市场也上线了一段时间，可否请管理层给我们分享一下上线以来一个表现情况如何，包括可能展望后续的话怎么去看待这个预测市场业务的一个商业化路径，包括未来的一个增长的机会？我这边快速翻译一下。Thanks for taking my questions and congratulations on the outstanding results. This is You 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 the new funded accounts, the trading volume, the net asset inflow, 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 two questions. Thank you.

好的，第一个问题还是请我同事Michelle来回答，我来回答第二个问题。 按着我们的这个3Q的quarter-to-date的一个run

rate来看呢，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这个承压的一个趋势。那净增的有资产客户数环比2Q是有一些回落的；然后从净入金的维度，按照3Q的这个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准；然后交易量的话环比是有一些下降的，主要也是反映出这个3QQTD市场情绪比起2Q是稍微有一些降温。So 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 asset inflow, in Hong Kong and our overseas markets, net asset inflows have returned to a more 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.

好的，那有关预测市场，我们是在5月份的时候拿到FCM FCM的这个牌照，然后moomoo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这个交易服务。那就像这个Leaf之前在opening remarks说的，我们整个这个预测市场上线上线一个月，总成交是突破了2亿张，也反映出美国的这个零售投资者对于合规化的预测市场产品的一个强劲的一个需求。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。整个的一个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。那一些我们能够看到一些交易事件合约的一些用户，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在这个里面。那moomoo在美国进行相关的这个业务布局，我觉得主要是有两个目的：一方面呢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一个机会；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一些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好这个相应的一个一个准备。We got the license in May from, FCM license from CFTC, and moomoo US officially launched the prediction market trading service for our retail clients in the US in in early June. The number of the event contracts, as Leaf mentioned in the opening remarks, trade exceed 200 million within one month of the launch, reflecting a very strong demand for from the US retail investors for prediction markets products.

Event contracts has 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, user who trade event contracts are more active in security trading, showing that event contracts are not substitute for security trading, but rather a drive of it.

The purpose for our US prediction market roll-out, I think serve two purpose. Number one is definitely to capture the near-term opportunity as prediction markets took off locally.

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.

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.