Thanks, operator. Thank you for joining us today to discuss our first quarter 2026 earnings results.

Joining on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer; Arthur Chen, Chief Financial Officer; and Robin Xu, Senior Vice President.

As a reminder, today's call may include forward-looking statements, which represent the company's beliefs regarding future events, which by their nature are not certain and are outside of the company's control. Forward-looking statements involve inherent risks and uncertainties.

We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual reports.

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

Thank you all for joining our earnings call today. In the first quarter, we added 225,000 net new funded accounts, bringing our total funded accounts to 3.59 million, up 34% year-over-year and 7% quarter-over-quarter.

Although subdued Hong Kong equity market weighed on client acquisition, Hong Kong still contributed the second-largest new account addition among all regions. We remain confident about sustaining client growth in Hong Kong.

Looking ahead, we will focus more on the growth of client assets and lifetime value, leveraging our strengths in product innovation, brand trust, and a one-stop platform to further unlock the commercial potential of the local market. 新加坡市场一季度净增有资产客户，实现环比双位数提升。过去三年，新加坡户均资产保持50%以上年化增长。考虑到当地客户人均财富水平，我们认为新加坡客户资产成长空间依然广阔。马来西亚市场又一季度领跑集团有资产客户增长。本季度强劲的获客表现，不仅受益于我们围绕美股的精准运营，Moomoo还凭借领先的打新能力，把握住了当季活跃的马股IPO窗口，进一步放大获客动能。马来西亚市场盈利能力同步增强，我们预计未来6至12个月有望实现盈亏平衡。

Singapore delivered double-digit sequential growth in net new funded accounts. Over the past 3 years, average client assets in Singapore grew at a CAGR of more than 50%.

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

Meanwhile, profitability in Malaysia continued to improve, and we expect the market to achieve break-even within the next 6 to 12 months. 在日本，Moomoo卓越的美股交易能力持续带动客户增长。一季度，日本市场的美股交易量实现双位数环比提升，美股期权交易张数翻倍。今年，我们将继续优化日股交易体验，更好地满足本地化投资需求，进一步打开客户增长空间。在美国，我们已经正式获得NFA批准开展预测市场经纪业务，并很快将面向当地投资者提供包括体育赛事等在内的事件合约交易，进一步增强Moomoo对活跃交易者的吸引力。

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

This year, we will continue to enhance our Japanese equity trading experience to better meet domestic investment needs and further unlock client acquisition potential. In the US, we officially received NFA approval to operate a prediction market brokerage business, and we'll soon begin offering event contracts, including sports-related products, to local investors, further strengthening Moomoo's value proposition to active traders.

受贵金属和地缘政治行情带动，客户市场参与热情高涨，净入金达到历史第二高的单季度水平。然而，股票持仓市值的下跌对客户资产造成明显拖累，期末客户资产环比基本持平，同比增长47%。日本、澳大利亚及加拿大市场的客户资产均实现双位数环比增长，三户——三地户均资产更创下历史新高，客户质量稳步提升。随着投资者风险偏好上升，期末融资融券余额按季增长8%至729亿港元。

Client engagement strengthened on the back of precious metal market volatility and geopolitical tensions, leading to the second-highest quarterly net asset inflow on record. However, mark-to-market losses in clients' equity holdings exerted a substantial negative impact.

Total client assets remained flat quarter-over-quarter, yet up 47% year-over-year. Client assets registered double-digit sequential growth in Japan, Australia, and Canada, and the average client assets across these three regions also reached all-time highs, underscoring improving client quality.

Rising risk appetite drew margin financing and securities lending balance up 8% sequentially to 72.9 billion Hong Kong dollars at quarter-end. 总交易量再创平台记录，达4.15万亿港元，同比增长29%，环比增长4%。美股交易量整体保持稳定，为3万亿港元。AI仍为最主要的美股投资主题，但客户投资兴趣逐步沿AI产业链下移，从芯片层延伸至基础设施标的。港股方面，市场波动性加剧，客户入市抄底，推动港股交易量环比增长22%至1万亿港元。中国科技股及新上市的AI相关股票交易活跃，抵消了消费板块相对疲弱的交易表现。

Total trading volume reached a record 4.15 trillion Hong Kong dollars, up 29% year-over-year and 4% quarter-over-quarter. US stock trading volume remained broadly stable at 3 trillion Hong Kong dollars.

AI continued to be the dominant investment theme, with client interest gradually shifting down the value chain from semiconductor names towards AI infrastructure beneficiaries. Hong Kong stock trading volume rose 22% sequentially to 1 trillion Hong Kong dollars, as heightened market volatility drove stronger bottom-fishing activities.

Active trading in China technology and newly listed AI-related companies more than compensated for softer momentum in the consumer sector.

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

In March, PantherTrade officially obtained second-phase approval for the Hong Kong SFC VATP license and commenced full operations. Since launch, a portion of Futu Securities' crypto trading volume and AUM has migrated to PantherTrade.

Looking ahead, we plan to introduce security-backed margin financing for virtual assets in Hong Kong to further enhance capital efficiency across asset classes. At the same time, we will continue to expand the capabilities of our crypto exchange, including OTC trading, broader token support, and staking services.

We are also actively exploring new institutional service use cases, with the goal of making PantherTrade a key infrastructure within the Hong Kong Web3 ecosystem.

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

wealth management client assets were 178.4 billion Hong Kong dollars, up 28% year-over-year and broadly stable quarter-over-quarter. In the first quarter, client asset allocation partially rotated from money market funds into equity funds amidst improving risk appetite.

In response to evolving client demand, we further expanded our fund selections. In Hong Kong, we became one of the first brokers to offer space economy-themed mutual funds, while in Singapore, we rolled out local equity funds under the MAS Equity Market Development Programme.

We also launched gold- and oil-linked structured notes and onboarded new issuers. Total retail subscribers for structured products doubled sequentially.

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

In the first quarter, 12 IPOs each saw over 100 billion Hong Kong dollars in subscription amount on our platform, while 6 issuers appointed us as overall coordinators for their Hong Kong listings, underscoring our strong distribution and underwriting capabilities. During the quarter, we also acted as joint bookrunners for several prominent Hong Kong IPOs, including those of Zhipu AI, MiniMax, and Biren Technology.

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 Alan. Please allow me to walk you through our financial performance in the first quarter.

All the numbers are in Hong Kong dollars unless otherwise noted. Total revenue was 5.9 billion, up 25% from 4.7 billion in the first quarter of 2025.

Brokerage commission and handling charge income was 2.6 billion, up 14% year-over-year and down 5% Q-over-Q. Total trading volume grew on both year-over-year and Q-over-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 2.7 billion, up 28% year-over-year and down 13% Q-over-Q. The year-over-year increase was mainly driven by higher interest income from margin financing and bank deposits, while the Q-over-Q decrease was primary attributable to lower interest income from securities borrowing and lending business as well as bank deposits.

Other income was 564 million, up 88% year-over-year and down 10% Q-over-Q. The year-over-year increase was primary driven by higher currency exchange service income and IPO subscription service charge income.

The Q-over-Q decrease was mainly due to lower enterprise's public relationship service charge income and IPO subscription service charge income. Our total cost was 749 million, flat compared to the first quarter of 2025.

Brokerage commission and handling charge expenses were 164 million, up 16% year-over-year and 16% Q-over-Q. The year-over-year increase was broadly in line with the growth of our brokerage commission and handling charge income.

The Q-over-Q increase was mainly due to transaction fees rebate in the prior quarters. Interest expenses were 415 million, down 12% year-over-year and 5% Q-over-Q.

Both the year-over-year and Q-over-Q decrease was mainly driven by lower interest expenses associated with our securities borrowing and lending business. Processing and service costs were 170 million, up 25% year-over-year and 13% Q-over-Q.

Both year-over-year and Q-over-Q increase was primary driven by higher cloud service fees. As a result, total gross profit was 5.1 billion, an increase of 29% from 3.9 billion in the first quarter of 2025.

Gross margin was 87.2% as compared to 84% in the first quarter of 2025. Operating expenses were 1.6 billion, up 25% year-over-year and flat Q-over-Q.

R&D expenses were 479 million, up 24% year-over-year and down 5% Q-over-Q. The year-over-year increase was primary driven by higher R&D headcount to support strategic initiatives and the new markets.

Selling and marketing expenses were 557 million, up 21% year-over-year and 10% Q-over-Q. Both the year-over-year and Q-over-Q increase was mainly driven by higher customer acquisition costs.

G&A expenses were 541 million, up 30% year-over-year and flat Q-over-Q. The year-over-year increase was primary due to increase in G&A personnel.

As a result, income from operations was 3.5 billion, up 31% year-over-year and down 15% Q-over-Q. Operating margin increased to 60.3% from 57.2% in the first quarter of 2025, mostly due to strong top-line growth and operating leverage.

On May 22nd, 2026, the company received an administrative penalty preliminary notification letter from the China Securities Regulatory Commission Shenzhen Bureau in aggregate amount of approximately RMB1.85 billion, which has been fully reflected in our first quarter financial statements as an adjusted subsequent event under US GAAP. This amount does not impact our business fundamentals or financial stability.

We remain focused on long-term growth across international markets. As a result, our net income decreased by 61% year-over-year and 75% Q-over-Q to 831 million, with net income margin at 14.2%.

Prior to giving effect to this adjustment, our net income would have increased by 36% year-over-year and down 13% Q-over-Q to 2.9 billion, with net income margin at 49.9%. As of the close of the US markets on May 27th, 2026, we have accumulatively repurchased approximately US$418 million worth of ADSs, reflecting management's strong confidence in the company's future growth prospects and the commitment to deliver shareholder value.

Subject to market conditions, we may continue to execute repurchases from time to time under the US$800 million share repurchase program announced in November 2025. That concludes our prepared remarks.

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

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

I have two questions here. The first one is about the regulation.

Would you please share more on your understanding of the latest regulatory requirements published by CSRC and SFC last Friday, and what's the impact on Futu? The second question is about our regional breakdown.

Would you please share more data on the regional breakdown of the net new added paying clients, the existing paying clients in Q1, and also the AUM breakdown by regions as of Q1? These are my two questions.

Thank you.

好的，谢谢Yoyo。那第一个问题我请Leaf来回答，我来回答第二个问题。 你好，Yoyo，我来回答第一个问题。CSRC与SFC上周五发布了关于内地投资者跨境证券期货及基金业务的行业性指引更新，我们第一时间关注并积极响应。那么此次规则的调整是属于面向全行业的统一要求，公司将积极拥抱监管，并严格按照指引稳步推进后续合规工作。那么作为持牌金融机构，富途始终将合规经营放在首位。此前，我们已经全面停止为内地身份客户开户，并持续加强开户审核与反欺诈机制，对造假行为保持零容忍。过去两年我们已经累计驳回了数以万计的不合规开户申请。那么截至一季度末，内地有资产客户占比是约13%，客户资产占比约17%，对应收入贡献约20%。并且内地客户两年集中处置期并不是要求清退账户，而是限制在境内的入金与买入行为。富途业务在过去几年也都更加多元化，当前面向香港本地客户，我们在激烈竞争的市场环境中仍然保持了超过50%的市场占有率。同时公司的国际化也都进入了全面加速期，一季度海外独立品牌Moomoo在海外所有市场均录得收入年对年高比例增长，其中5个国家的收入增速是超过了100%。海外有资产客户超过200万人，客户质量逐年提升，人均AUM约1.8万美元，显著高于当地其他在线投资平台。未来公司预计还将进入更多国际市场，目前监管牌照申请进展顺利，我们也正在同步推进前期准备工作。我们相信全球化布局将进一步提升集团业务结构的韧性与未来增长空间。总体而言，目前公司在香港及海外市场的业务运营一切正常，各项新业务也在有序推进中。我们预计此次监管更新不会对全年80万获客指引产生实质影响。富途将继续坚持合规经营与国际化战略，不断提升产品与服务能力，推动公司长期稳健增长。谢谢。

CSRC and SFC released updated industry-wide regulatory updates last Friday regarding cross-border securities, futures, and fund-related activities involving Mainland Chinese investors. We paid close attention to the updates immediately and responded proactively.

This regulatory adjustment applies uniformly across the industry, and the company will continue to actively embrace regulatory requirements and steadily advance subsequent compliance matters in strict accordance with the guidance. As a licensed financial institute, Futu has always placed compliance operations as its top priority.

Previously, we had already fully ceased account opening for Mainland Chinese identity holders while continuously strengthening our account review and anti-fraud mechanism. We maintain zero tolerance towards fraudulent activities, and over the past 2 years, we have cumulatively rejected tens of thousands of non-compliant account opening applications.

As of the end of the first quarter, Mainland China-funded accounts represent approximately 13% of our total funded accounts, while related client assets accounted for around 17% of total client assets, contributing approximately 20% of total revenue. In addition, the 2-year rectification period of Mainland Chinese clients does not require forced account closure, but rather restrictions on deposits and security buying activities while clients are physically located within Mainland China.

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

Meanwhile, the company's international expansion has entered a phase of full acceleration. In the first quarter, Moomoo, our overseas independent brand, delivered strong year-over-year revenue growth across all overseas markets, with revenue in 5 countries more than doubling.

Overseas funded accounts surpassed 2 million, while client quality continued to improve steadily, with average AUM per client reaching approximately $18,000, significantly higher than that of other local online investment platforms. Looking ahead, the company expects to expand into more international markets.

Regulatory license applications are progressing smoothly, while we are also advancing related preparations in parallel. We believe our global expansion strategy will further enhance the resilience of the group's business structure and broaden its long-term growth potential.

Overall, the company's operations in both Hong Kong and overseas markets remain fully normal, and various new business initiatives are progressing in an orderly manner. We do not expect this regulatory update to have any material impact on our full-year guidance of 800,000 net new funded accounts.

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

好的，谢谢Leaf。那有关这个第二个问题，有——净增有资产客户的一个拆解呢，我来回答一下。那在一季度，马来西亚和香港两个地区呢，合计贡献了超过一半的我们的净增有资产客户，其余的市场里面的新加坡的贡献是最大的。那么，截至到一季度末呢，整个客——集团在这个有资产客户当中，海外品牌Moomoo的贡献超过55%，其中以新加坡、美国和马来西亚为主。截至一季度末，整个集团的客户资产当中，富途证券香港的主体占比是最大的。海外品牌Moomoo的客户资产当中，以新加坡和美国为主。Malaysia and Hong Kong together contributed more than half percent—half of the net new funded accounts in the first quarter, while among the remaining markets, Singapore contributed the largest share. As the end of the first quarter, over 5—over 55% of the group's funded accounts were under our overseas brand Moomoo, primarily from Singapore, US, and also the Malaysia.

As the end of the personal quarter, Futu Security Hong Kong entity contributed the largest share of the group's total assets. Within Moomoo, total client assets was primarily contributed by Singapore and the US.

Thank you.

好的，非常辛苦，感谢管理层。Thank you very much.

哎好的，非常感谢给我这个提问的机会。我是中信里昂的里昂Qi。今天有两个问题想请教管理层。那第一呢是想请教管理层在最新的监管指引更新之后，我们公司也披露了相关的行政处罚事项，是否可以给我们更新一下我们公司与银行等资金提供方的最新合作关系？比如说在银行授信额度、融资成本以及信用评级方面，是否仍然是大致维持平稳的？那我第二个问题是关于我们境外成熟市场的发展。那我们富途在香港和新加坡市场其实已经建立了比较领先的市场地位，在接着往前看的话呢，管理层如何看待这两个市场持续的增长空间？Thanks management for taking my questions. This is Leon Qi from CLSA.

I will recap my questions in English. I have two questions.

My first question is on the regulatory aspect. With the recent regulatory updates as well as the administrative penalty disclosed, we would like to understand your latest cooperations with the banks and other funding partners, for example, our credit lines with the banks, funding costs, or credit ratings.

Are they generally remained stable? Some color around that will be very helpful to us.

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

How do you think about the runway ahead for continued growth in these markets? Thanks a lot.

好的，谢谢Leon，我来回答一下这两个问题。那第一个有关这个授信还有信贷评级这边，确实我这周和我的同事跟我们的信贷评级机构，包括我们全球的商业银行的合作伙伴，有非常紧密的沟通。那也非常高兴可以跟你分享，目前我们整个的银行授信的一个额度保持稳定，没有任何的一些变化。那此外，在未来几周，我们也有可能会公布我们每年一度的信贷评级，我对于获得一个好的一个结果也是非常充满信心的。For first questions, regarding the credit facility and also the credit rating, actually this week, I and my teams had a very constructive discussions with our credit rate agency and commercial bank partners around the global. I'm very happy to share that our credit facility remain intact.

In the next couple of weeks, we are very likely to get our annual credit rating issued by S&P, and I'm very confident there would be a good result, go ahead. 那第二个问题是有关这个香港跟新加坡两个这个成熟市场的，那确实我觉得富途在香港和新加坡两地从用户覆盖人数上来看，已经是处于一个很高的一个水平，但从客户的资产的渗透和挖掘上，我们还有非常大的一个空间。那比如最近波士顿咨询公司最近其实刚刚发布了一个报告，那香港已经正式超越瑞士，成为全球最大的跨境财富管理中心。在这个报告里面呢，新加坡也是排在第三位的。那么根据香港证监会的公开统计，截止2024年年底，香港金融理财资产是超过35亿的港元——35万亿的港元。那根据新加坡金管局2024年底的统计，新加坡金融理财类的资产也是超过34万亿港元。相比之下，富途集团目前总的客户资产才1万亿港元出头一点。那在香港跟新加坡两个国际金融中心，伴随品牌影响力的持续提升，我们对两地数10万亿港元的巨民财富的深度服务布局，现在才刚刚起步，天花板还非常高，赛道的一个空间也是非常广阔的。我们经过11年持续的一个打磨，已经建立起非常丰富的产品矩阵，优异的客户服务能力以及不断拓展的金融服务生态。向前看，我们保持一个非常强劲的一个信心，我们将不断精进，然后持续深耕去开拓这两个成熟的一个市场。While Futu has achieved a very extensive user coverage in Hong Kong and the Singapore, there remain enormous potentials for further penetrate and grow client assets.

A recent report issued by BCG states that Hong Kong has overtaken Switzerland to become the world's largest cross-border wealth management hub, with Singapore ranking the third. According to the public data by SFC, Hong Kong's wealth management assets exceed 35 trillion Hong Kong dollars by the end of 2024.

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

As two major international financial hub, Hong Kong and Singapore boasts trillions of Hong Kong dollars in resident wealth. With our brand influence continue to grow, our in-depth wealth service in these two markets are still in the early stage.

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

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

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

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

One is on the US prediction market. What is the main opportunity that the company is focusing on and what's the planning here?

Is there any synergy with our business in the US, and how the management see the margin and the TAM of this business in the US? Second question on the crypto business in Hong Kong, especially regarding the VATP.

Is there any update on the product and strategies, and also potentially what kind of synergy could we have between the Hong Kong crypto business with that in the Singapore and the US? Also wondering how does management think about, at what level of client asset should be in crypto in order for us to see a meaningful monetization opportunities, and roughly what time it's going to take, and the time we're spending is more on the building our own infrastructure and product offerings or just for the acceptance of the client to grow?

Thank you.

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

Alongside the license application process, we have also completed the development of product and system capabilities and expect to launch prediction market trading service to our US retail clients in the near future. Compared with traditional derivatives such as futures, prediction market products are generally more intuitive, easy for clients to understand, and offer more flexible participation mechanisms.

This not only help improve retail participation in financial markets and promote broader financial inclusion, but also have the potential to become the important driver for client acquisition, trading activation, and client conversion on the platforms. We also witness in the past couple of months a lot of major US players such as Kalshi, Polymarket, and Robinhood make a huge progress in terms of new client acquisition through this new product offerings.

Also for prediction market product linked to the financial events, market makers' hedging activities around the underlying assets could further enhance liquidity in both spot and derivative markets, while also strengthening the overall price discovery efficiency across security markets. Our expansion into the prediction market business in US is not only intend to capture the rapid growth opportunity in the local market, but I think more importantly is to accumulate core know-how in areas such as product design, operational management, and the risk control.

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

Thank you.

哈喽Chiyao，你好，我是Allen。那正如Leaf在opening remarks当中提到的，我们在3月份的时候呢，猎豹交易所正式通过了香港SFC的VATP牌照的一个第二阶段的审批，现在已经全面展业了。那未来我们计划将围绕三个大的方面吧，去推进我们业务的发展。那首先呢，是想要去继续强化我们内部一个协同以及流量承接的一个能力。那目前富途证券部分的一个crypto的交易量以及AUM已经迁移到了我们的这个猎豹交易所。那未来随着我们在更多的一个地区这个虚拟资产服务牌照逐步落地，我们会在这个合规的框架下，积极探索各地的这个加密货币业务与我们的这个猎豹交易所做深度协同的这个可能性，对。那第二呢，是我们要去继续持续去丰富我们的虚拟资产产品能力。在监管框架允许下呢，我们计划将逐步推进这个OTC交易啊、更多的币种支持以及质押等等的一些核心功能，那为我们的高净值客户以及机构客户提供更加完整的虚拟资产的一个服务的能力。那同时拥有这个交易所的牌照，也能够让我们能够更直接的去参与行业的一个基础设施的建设，那探索包括永续合约在内的这种创新型的产品的机会。那第三呢，我们是想要构建一个更长期的生态能力。那未来我们希望进一步探索，那例如说这个代币化证券的二级市场交易，那又例如说对接就是第三方经纪商它的一个流量，以及为我们的这个虚拟资产ETF发行方呢，提供涵盖从这个IOT、交易、托管到质押在内的这种一站式的解决方案。那随着我们这个传统的金融与虚拟资产市场的一个逐步的融合，我们相信猎豹交易所是有机会成长为香港Web3生态的一个重要的基础设施的一个平台的。那对于香港和新加坡，我们相信两地的虚拟资产的这个行业都仍处于一个早期的发展阶段。那富途这边呢，我们将持续做好投资者教育以及持续的一个产品创新。那作为一个拥有brokerage和这个crypto exchange牌照的这样一个一体式的平台呢，我们对集团的crypto整体业务的发展充满信心。So let me quickly translate. In March, as Leaf mentioned in opening remarks, PantherTrade successfully passed the second-phase approval of the Hong Kong SFC's VATP licenses and officially commenced full operation.

Going forward, we will focus on advancing the business across three dimensions. Firstly, we will strengthen the internal synergy and traffic conversion capability.

Currently, a portion of Futu Securities' virtual asset trading volume and AUM has already migrated to PantherTrade. Looking ahead, as the group gradually secure compliant virtual asset licenses in additional regions, we will actively explore deeper collaboration opportunities between our regional cryptocurrency brokerage businesses and PantherTrade with applicable regulatory frameworks.

Second, we will continue to enhance our virtual asset product capability. Subject to regulatory approval, we plan to progressively introduce core functionalities such as OTC trading, additional token listings, and staking services, basically enabling us to provide more comprehensive virtual asset solutions for high-net-worth and institutional clients.

Meanwhile, holding an exchange license also allows the group to participate more directly in industry infrastructure development and actively explore innovative product opportunities, including perpetual futures. Thirdly, we aim to build a long-term ecosystem capability.

In the future, we plan to explore secondary market trading for tokenized securities, integration with third-party brokers, and one-stop solutions for virtual asset ETF issuers, covering IOP, trading, custody, and staking services. As traditional finance and virtual asset markets continue to converge, PantherTrade has the potential to evolve into a key infrastructure platform within the Hong Kong Web3 ecosystem.

We think Hong Kong and Singapore markets, especially for the crypto part, they're still in the early stage of development. For Futu, we will continue to do investor education and product innovations.

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

谢谢。

谢谢给我这个提问的机会。我有两个关于业务方面的问题，就是我们看到一季度的时候这个利息收入环比还是下降比较多的，降了12.8个百分点。那能不能帮——请管理层帮我们拆解一下，就是一季度利息收入按类型的拆分，然后各向环比变化的原因是什么？那利息收入目前二季度以来的趋势是怎么样？那第二个问题是想整体问一下二季度的经营情况的，包括这些净增有资产客户呀、净入金，然后这个公允价值的变动以及交易量的趋势是怎么样的？那我来翻译一下我的问题。So the first question is about the interest income. We saw that interest income declined 12.8% sequentially.

Could you please provide the breakdown of your interest income by category, drivers of the quarter-over-quarter changes for each item, as well as the quarter-to-date trends? The second question is about the operating trends in second quarter so far.

Could you update us the latest new funded accounts, AUM including the net asset inflows and mark-to-market changes, as well as the trading volume? Thank you.

好的，谢谢Emma。我来回答第一个有关利息收入的一个问题，那第二个问题我请我的这个同事Allen来回答。那整个第一季度呢，整个我们集团的利息收入的一个结构里面，现金利息收入跟融资的这个利息收入大约各自占40%，那其余的这个部分呢是来自于我们的这个借券业务。那利息收入环比下降主要有几方面的一个原因。那一方面是现金利息收入这块的一个回落，另外一块呢是借券利息收入这块的一个下降。两融的这个融资的这块利息收入呢，实际是环比是有上升的。具体来看呢，现金利息收入环比下降一方面是因为美联储在去年12月中旬的时候降息，这个降息的影响是在本季度是得到一个充分的一个体现。那另一方面呢，本季度因为市场波动比较加剧，整——整体我们客户入市抄底相对是比较活跃的，带动了我们整个日均现金余额环比是有一个下降，那这个对我们的一个现金利息收入这块呢会有一定的拖累。相反呢，因为大家抄底的这个动作比较活跃，反而是增加了我们在融资这块的一个利息的一个收入，这块利息收入是在本季度是有个环比的一个上升的。那借券的这个利息收入环比下降其实主要是因为市场的一个因素，特别是在这个季度在美股这边整体的是市场的一个波动性减弱，客户整体的一个做空的一个需求是有所下降的。同时呢，借券的一个收益率也有一个比较显著的一个——比较显著的一个回落。那二季度到目前为止，我们整个的一个利息收入是——目前来看是一个环比保持稳定的一个状态。Let me very quickly translate. In the first quarter, approximately 40% of group interest income was from idle cash, then another roughly 40% contributed by margin financing, the remaining mainly came from the stock borrowing and the lending business.

The Q-over-Q decline in interest income was mainly attributable to lower stock borrowing and idle cash interest income, while margin financing interest income achieved a sequential growth. Idle cash interest income declined due to two reasons.

Number one is Fed rate cut in mid-December last year was fully reflected in the first quarter. Then secondly, heightened market volatility during the quarter drove more active buying dip behaviors among clients, leading to sequential decline in average daily cash balance, which also weigh on idle cash interest income.

By contrast, supported by active margin trading activity in both the US and Hong Kong, our margin financing balance increased meaningfully on Q-on-Q basis, therefore contributed more margin financing interest income. At the same time, security borrowing interest income declined sequentially mainly due to market factors, as the implied volatility in the US equity market was going down in the first quarter.

Overall short-selling demand moderate, leading to a meaningful decline in security lending yield at the same time. Based on the current runway in the second quarter, we expect the overall interest income to remain broadly stable Q-on-Q.

Thank you.

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

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

Benefiting from positive quarter-to-date mark-to-market performance, as well as continued active client trading behavior, both AUM and trading volume have the potential to achieve double-digit sequential growth. Thank you.

各位管理层晚上好，我是UBS的Charles Zhou。我这边呢有两个问题。第一呢，我们看到近期蚂蚁收购耀才证券也落地了，同时微牛也密集的在香港打广告，蚂蚁银行和众安银行呢也陆续上线了港美股的交易。所以想问一下公司是如何看待整个香港市场的一个竞争格局？看起来竞争呢是在加剧的。第二个问题呢，就是今年以来韩国的这个科技股还是表现的非常火热，想问一下公司是否近期有上线韩股的计划？能不能具体谈一下，比如像时间线啊，包括计划在哪些市场推出等等。Good evening. This is Charles Zhou from UBS, I have two questions.

The first, we have seen recent developments such as Ant acquisition of Bright Smart Securities, intensive marketing by Webull, the launch of the Hong Kong, US stock trading function by Ant Bank and ZA Bank. How does the company view the intensifying competition in the Hong Kong markets?

My second question is related to South Korean markets. We also know that the Korean tech stocks have been performing very, very strong year-to-date.

Does the company have any plans to expand into the Korean equity markets? Would appreciate if you can share some details such as the timeline or maybe the target markets.

Thank you.

好的，谢谢Charles。那我来回答你第一个问题，那第二个问题请我的这个同事Robin来回答。那首先呢，我觉得我们觉得香港依然是一个具备长期增量空间的一个市场。那因为根据香港最近的，比如说行政长官2025年的一個施政报告，这个报告里面也提到从港府推出一系列新的输入人才政策以来，至今已经有超过23万的人人才到香港来工作和发展。那全球的一个宏观经济不确定性上升的一个背景下面，我们也相信越来越多的一些高净值的一些人士以及国际资本也会涌向香港。市场整体的资产规模和财富水平还会不断上升。那对于我们而言呢，我们对自身的一个竞争力是保持有非常强的一个信心的。过去即使有非常多家知名的友商进入香港，那我们依然是可以稳步去扩大我们的客户规模、客户资产以及市场份额。这背后的核心呢，是源于我们建立起来的有时间壁垒的多维度的这样的一个竞争的一个模型。那在产品服务方面，我们已经在香港打造了一站式的金融服务平台，并持续去升级我们比如说AI啊等等这些创新的能力的应用，在有竞争力的收费的情况下面，为客户提供业界一流的产品体验。那就像你刚才问到的第二个问题，我们实际也有计划去上线韩国的这样的一个交易，去提升我们的一个产品的一个供给。那在品牌方面，我们在过去十几年在香港的一个持续深耕，已经建立了非常强大的品牌认知跟用户信任，也有越来越多客户愿意将核心资产长期放在富途的平台，我们的高净值的客户的一个占比也是在过去几个季度持续提升。这方面的品牌积淀呢，我认为并不是一个短期营销就能很快能够复制出来的。那最后我觉得其实竞争也不是一个坏事，那香港本来就是全球竞争最充分的一个金融市场。那长期来看，竞争也会去推动整个的一个行业的创新。那对于具备产品能力、品牌能力以及生态优势的头部平台，反而有机会能够进一步去提升相应的市场份额。那更何况就是在香港这样的一个国际金融中心，随着我们一个品牌成熟的一个提升，就像我前面讲到的，相比香港地区几十万亿的个人投资者财富的一个深度，我们目前的一个金融服务的一个渗透度才刚刚开始，所以我们对于这个市场还是充满了信心。Let me very quickly translate. First, we think Hong Kong remains a market with significant long-term potentials.

According to the Hong Kong Chief Executive's 2025 Policy Address, since the launch of various talents admission initiatives, more than 230,000 professionals have relocated to Hong Kong for work and development opportunities. Against a backdrop of rising global macro uncertainties, increased number of high-net-worth individuals and international capitals are also flowing into Hong Kong, driving continued expansion in market wealth and asset pools.

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

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

This enable us to deliver industry-leading user experience to our clients. More recently, we have also planned to launch Korea stock trading as you just asked before.

From a branding perspective, we have spent more than a decade deeply cultivating Hong Kong market and has established very strong brand recognition and the client trust. Increasing number of clients are willing to place their core assets with Futu's platform over the long term, while the proportion of high-net-worth clients continued to rise in the past couple of quarters.

This type of brand equity cannot be replicate through short-term marketing spending alone. Finally, we do not view competition as a purely negative things, because Hong Kong has always been one of the world's most competitive financial markets.

Over the long run, competition drive industry innovations. For leading platforms with strong product capabilities, brand trust, and ecosystem advantage, competition may, in fact, create opportunities to further consolidate market shares.

More importantly, in Hong Kong as a global financial center, we believe our penetration into the tens of trillions of dollars of personal investable assets is still at a very early stage, while our brand continue to mature. Supported by our long-term accumulated strengths, we remain highly confident in our abilities to continue growth both in client and the clients' assets in the Hong Kong market.

Thank you.

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

Currently, many clients primarily gained exposure to South Korean equities indirectly through leverage ETFs and similar products. As of May 26th, Futu Securities' clients accounting for approximately 30% and 18% of the holdings in the CSOP 2x leverage ETF on Samsung Electronics and CSOP 2x leverage ETF on SK Hynix, respectively, reflecting strong client demand for South Korean equities, particularly names within the AI supply chain.

As a leading one-stop investment and trading platform, Futu remains committed to providing clients with diversified global asset allocation opportunities and best-in-class trading experience, and we will continue to monitor the potential of other international stock markets and dynamically evaluate additional market access opportunities based on the client demand and commercial value.

That concludes our call today. On behalf of the Futu management team, I would like to thank you for joining us today.

If you have any further questions, please do not hesitate to contact me or any of our Investor Relations representatives. Thank you, and goodbye.