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

UP Fintech Holding Limited's fourth quarter and full-year 2025 earnings release was distributed earlier today and is available on our IR website at ir.itigerup.com, as well as GlobeNewswire services. On the call today from UP Fintech are Mr.

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

Huang Lei, CEO of US Tiger Securities; and Mr. Kenny Zhao, our Financial Controller.

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 their remarks. Now let me cover the safe harbor.

The statements we are about to make contain forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from those contained in 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 23rd, 2025. We undertake no obligation to update any forward-looking statement, except as required under applicable law.

It is my pleasure to now introduce our Chairman and CEO, Mr. Wu.

Mr. Wu will make his 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2025年第四季度及全年财报发布会。 Hello, everyone, and thank you for joining Tiger Brokers fourth quarter and full-year 2025 earnings conference call.

2025年，随着公司用户数量和客户资产体量增长，以及产品丰富度和本地化功能提升，加上整体市场活跃度相对较好，使得公司在过去一年的财务表现和运营表现都取得了较大幅度的提升。全年总收入达到6.12亿美元，较2024年增长56.3%。此外，我们很高兴看到2025年公司净利润端有了进一步的提升，全年实现归属于母公司的净利润和Non-GAAP净利润分别为1.71亿美元和1.86亿美元，均创下历史新高，较2024年分别上升181.4%和164.7%。第四季度总收入达到1.76亿美元，同比上升41.5%。第四季度归属于母公司的净利润和Non-GAAP净利润分别为4,520万美元和4,890万美元，同比分别增长61.3%和60.5%。 In 2025, supported by growth in our user base and client assets, continued enhancement of product offerings and localization, as well as supportive market environment, we delivered substantial improvement in both financial and operating performance.

Full-year total revenue reached $612.1 million, up 56.3% compared with 2024. We are also glad to see further improvement on profitability.

For the full year, GAAP net income attributable to UP Fintech was $170.9 million, and non-GAAP net income was $186.5 million, both set record high, up 181.4% and 164.7% year-over-year respectively. In the fourth quarter, total revenue was $175.6 million, an increase of 41.5% year-over-year.

Fourth quarter GAAP and non-GAAP net income attributable to UP Fintech were $45.2 million and $48.9 million, up 61.3% and 60.5% year-over-year respectively. 本季度新增入金用户29,700人，全年入金用户数达到161,900人，超过了我们的15万年度入金用户数的目标。那截至到2025年末，总入金用户数超过了125万人，较2024年的年末增长了14.8%。那2026年截至到目前，新增入金用户数依然保持较为健康。在保障用户质量的情况下，我们暂定2026年全年新增入金用户数的目标为15万人。在客户总资产方面，净资产的流入持续强劲，2025年全年净流入超过100亿美元，四季度的客户净流入也超过了30亿美元。那香港为零售用户净流入的最大贡献市场。那尽管受到客户资产市值损失的一些影响，四季度末客户的总资产仍稳定在608亿美元，同比增长45.7%。

In the fourth quarter, we added 29,700 newly funded accounts, with the total number of newly funded accounts reaching 161,900 for full-year 2025, surpassing our annual target of 150,000. As of the end of 2025, total funded accounts surpassed 1.25 million, representing a 14.8% increase from the end of 2024.

Year to date, we continue to see healthy paying client growth. We target to acquire 150,000 new funded clients in 2026 while prioritizing user quality.

Our net asset inflow remains strong. For the full-year 2025, net asset inflows exceeded $10 billion, with over $3 billion of net asset inflow in the fourth quarter alone.

Hong Kong was the largest contributor to retail net asset inflow in the fourth quarter. Despite the impact of mark-to-market losses on client assets, total client assets at the end of fourth quarter remained stable quarter-over-quarter at $80.8 billion, up 45.7% year-over-year.

我们很高兴在过去的一年中，老虎平台赢得了来自各市场的新老用户的信任和喜爱。各市场客户资产规模均显著的提升。那其中，新加坡市场和澳新市场的客户资产，实现了高双位数和翻倍的同比增长。那特别是在香港地区，我们取得了更为亮眼的表现，客户资产到达去年同期的三倍以上。在第四季度港股回调的这样的一个市场环境下，香港客户资产依然环比增长超过20%，这得益于我们持续加强当地的获客力度，以及香港零售用户的优质的客户基础。那值得一提的是，第四季度来自香港市场的新增入金用户，当季度平均净入金超过了43,000美元。

We are very pleased that over the past year, Tiger's platform has continued to win the trust and recognition of both new and existing users across our market, and client assets in all regions have increased meaningfully. In particular, client assets in Singapore and Australia-New Zealand market delivered strong double-digit and even more than doubling year-over-year growth.

Hong Kong was a standout. Client assets there more than tripled year-over-year.

Even in the fourth quarter, marked by a pullback in the Hong Kong stock market, client assets from Hong Kong still increased by more than 20% quarter-over-quarter. This performance benefited from our continued investment in the local client acquisition, as well as the high-quality user base in Hong Kong.

Notably, the quality of newly funded users continued to improve in the fourth quarter in Hong Kong, with the average net asset inflow of newly acquired clients exceeding $43,000, reaching a historic high.

此外，公司不断致力于丰富产品功能，以提升用户的使用体验。在第四季度，我们对于期权组合下单功能进行了重要升级，新增了支持用户进行期权加正股合约的组合下单功能，使投资者能够通过更为复杂的交易策略，灵活应对市场的变化。那同时，我们还提供了实时的组合行情报价，从而显著提升了用户在参考组合行情变化时的下单成功概率。那随着公司近年来在澳洲市场的不断拓展，那我们的用户群体也愈发的多样化，展现出了不同的投资需求。那为此，在第四季度，我们特别为澳洲市场上线的margin的账户功能，这不仅极大的提升了我们在当地市场的产品竞争力，也完善了我们的交易服务生态。

We also remained focused on enriching our product offerings and enhancing user experience. In the fourth quarter, we made an important upgrade to our options combo trading feature, by adding support for combined orders involving options and underlying cash equities.

This allows investors to deploy more sophisticated strategies to navigate market volatility, while real-time combination quotes significantly improve order execution fill rate when users trade based on a combination price movements. As our presence in the Australia market has expanded in recent years, our user base and investment appetites there have become more diversified.

In response, in the fourth quarter, we launched margin accounts in the Australia market. This has significantly strengthened our product competitiveness locally, and further completed our trading service ecosystem.

第四季度，老虎国际的2B业务发展迅猛。投行业务侧，第四季度我们承销了22个港美股IPO项目，包括了像小马智行和HashKey等。那2025年全年，我们共承销了47个港美股IPO项目。那ESOP业务方面，今年第四季度新增了39家ESOP客户，累计服务客户已经达到了748家。

Our 2B business continues to perform well. In the investment banking business, we underwrote a total of 22 US and Hong Kong IPOs in the fourth quarter, including Pony AI Inc.

and HashKey, bringing the total number of US and Hong Kong IPO underwritten for the year to 47. In our ESOP business, we added 39 new clients in the fourth quarter, bringing the total number of ESOP clients served to 848 as of the end of 2025.

下面请CFO John跟各位汇报一下财务细节。

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

Thanks, Tianhua and Aaron. Let me go through our financial performance for the fourth quarter.

All numbers are in US dollar. Total revenue for this quarter reached $175.6 million, reflecting a year-over-year increase of 42% and a slight quarter-over-quarter increase of 0.2%.

For the full year, total revenue were $612.1 million, increased of 56% compared to the previous year. Both quarterly and full-year top line reached an all-time high in our operating history.

The cash equity take rate this quarter was 6.4 bps, down from 7.1 bps in the previous quarter, as the figure normalized in Q4 due to less meme stock trading compared to third quarter. Within commission revenue, about 65% comes from cash equities, 29% from options, and the rest comes from futures and other products.

Regarding cost, interest expense was $19 million, increased by 14% from same quarter last year due to the increase in margin financing and securities lending activities. Execution and clearing expense were $5.3 million, decreased 13% from the same period of last year, primarily due to lower SEC regulatory fees.

Employee compensation and benefits expense were $50.3 million, an increase of 35% year-over-year due to an increase of global headcounts. Occupancy, depreciation and amortization expense increased 34% to $2.9 million, due to the increase in office space and the relevant leasehold improvements.

Communication and market data expense were $14.5 million, an increase of 23% year-over-year due to the increase in user base and IT-related services. Marketing expense were $15.8 million this quarter, increased 67% year-over-year as we increase the marketing and branding spending under a more favorable market backdrop.

General and administrative expense were $14 million, an increase of 118% year-over-year due to an uncollectible underwriting fee and an increase in professional service fees. Total operating costs were $102.9 million, an increase of 41% from the same quarter of last year.

As a result, in the fourth quarter, GAAP net income at $45.2 million, non-GAAP net income at $48.9 million, both increased 61% year-over-year. For the full year of 2025, total GAAP profit was $171.2 million, and non-GAAP net income was $186.8 million, both are all-time high and increased 182% and 165% respectively compared to last year.

Now I have conclude our presentation. Operator, please open the line for Q&A.

Thanks.

你好，我是瑞银的Dennis，感谢领导给我第一个提问的机会，也恭喜公司取得亮眼的业绩。我有两个问题，第一是有关于2026年给出的15万的获客指引，可否请公司帮忙拆解一下对于不同市场的预期贡献？这里面会否包含我们计划潜在新市场的拓展计划？另外就是Q4的新获客，也客气请公司帮忙拆解一下不同市场的贡献。第二，公司对于今年一季度末所要到期的可转债是否有明确的应对计划，是转股还是还款？可否分享一下，这会否对公司的现金流和资本金产生一些压力？那我来自己翻译一下。This is Dennis from UBS. Thank you for giving me the opportunity to ask questions, and congratulations on the solid results.

I have two questions. First, regarding the 150,000 client acquisition guidance for 2026, could you please break down the expected contribution by market?

Does this include any plans to enter new markets this year? Also, could you please share a market breakdown of new client acquisition in the fourth quarter of last year?

Second question, does the company have a clear plan for the convertible bonds maturing around the end of the first quarter this year, conversion or repayment, and could this create any pressure on your cash flow or capital? Thank you.

谢谢，我回答第一个问题，John回答第二个。首先关于全年的目标，需要说明的是我们从2025年开始，我们在制定获客目标的时候就本着质量和这个ROI优先的这个原则，我们加大了对于高净值用户群体的拓展力度，而并不是简单一味地追求人数的一个增加。那我们过去也很好地践行了这样的一个战略。那从结果来看，2025年全年实现了超过100亿美元以上的净入金，那其中大部分是来自于零售用户。来自零售用户的净入金相比2024年是翻倍的，也是历史最高的年度。那使得公司整体的客户资产从2024年底的400亿美金级别，这个跳升到了2025年末的600亿的这个美金级别。那这样也使得整个公司整体的盈利水平也更加稳健。那因此我们在制定2026年的新增15万入金用户目标的时候，那同样也是遵循这样的一个战略和原则。那我们也有信心在获客方面，在这个客户的资产、活跃度上能够这个延续过去一年的这个用户质量。那第四季度新增的这个入金用户当中，来自新加坡市场和香港市场的比例大概各占35%左右，澳新市场的这个贡献呢是在这个25%左右，那剩下的5%是来自于这个美国市场。2026年的15万入金用户目标，在我们暂时不考虑新市场的情况下，我们预计地区的分部会跟第四季度的结果是类似的，香港和新加坡依然是最主要的这个贡献地区。

I'll translate. First, in terms of our full-year target, starting from 2025, our acquisition strategy has been set with a clear focus on quality and ROI.

We've been putting more emphasis on expanding our high-net-worth client base rather than merely pursuing user numbers, and we have executed firmly with this strategy. In 2025, full-year net asset inflow exceeded $10 billion, and the majority of which came from retail clients.

Net asset inflow from retail users doubled compared with 2024 and reached an all-time high on the full-year basis. This helped total client assets jump from a $40 billion range at the end of 2024 to a $60 billion range at the end of 2025, which in turn has made our overall profitability more resilient.

When we set this 150,000 new funded user target for 2026, we are following the same strategy and principles. We are confident that in terms of asset contribution and volatility, the quality of newly acquired user in the coming year will remain constant with what we saw in 2025.

For the regional breakdown of new funded accounts in the fourth quarter, Singapore and Hong Kong each contributed 35%, the Australia-New Zealand market contributed around 25%, and the remaining roughly 5% came from the US market. Looking at the 150,000 new funded user target for 2026, excluding any impact from the new markets, we expect the regional mix to be similar to what we saw in the Q4, with Hong Kong and Singapore as the main contributor.

谢谢Dennis的提问，我来回答你关于这个可转债的问题。也跟大家更新一下，就是我想大家都知道我们在2021年的时候发行了1.55亿美元的这个private CB，那在今年4月中旬前都会陆续到期。那最新的进展是有两家长线的投资者，他们总共的金额在5,000万美金左右愿意继续持有，所以说我们做了两年的续期。剩下的一亿美金左右，我们会在3月末到4月中旬陆续归还给各位投资者。从公司目前的财务情况来看，CB的偿还不会对公司的流动性和业务产生影响。我简单的翻译一下。We issued a US $155 million private CB back in 2021. All of this will mature by April.

Two strategic investors have agreed to extend their holding around $50 million USD for another two years. We will repay the rest $100 million to investors.

Given our current financial profile, we don't think the repayment of the CB will have a meaningful impact on our liquidity or business operations. Thanks.

谢谢给我这个提问的机会。我这边也有两个问题，第一个问题是想问一下一季度以来的经营表现如何，包括新增有资产用户数、客户资产以及用户活跃度等主要指标，管理层能不能够跟我们分享一下最新进展？第二个是想问一下，就是我们看到这个四季度的平均获客成本有一个大幅的提升，这个背后的原因主要是什么？那展望2026年的话，我们这个平均获客成本的目标是多少？我翻译一下我的两个问题。The first question is that how has the operating performance been since the first quarter, including the number of newly funded customers, client assets, and trading activities? The second question is about the CAC.

Your average customer acquisition cost rose significantly in the fourth quarter. What are the reasons behind this increase, and what is the target average customer acquisition cost for 2026?

谢谢。一季度以来这个从入金用户这个方面来看，一季度截至到目前，获客的进度受到市场波动的影响较小，那我们预计第一季度和去年第四季度的环比是持平的状态。那在用户的这个活跃度方面，那我们看到的趋势是一季度截至到目前，市场波动和地缘政治等相关的一些影响，这个美股的换手相对第四季度是有小幅的下降。那港股在经过此前的这个回调之后，这个活跃度是这个有所上升的。那截至目前已经达到了去年第四季度整体的水平。那第一季度整体的情况还要看这个最后两周的表现来看。那客户资产方面，美港股在这个第一季度依然在这个持续的回调，客户资产在第一季度会有些mark-to-market loss。那不过今年前两个月，那我们也看到这个用户补仓带来了这个比较强劲的一个净入金，那尤其是这个来自于零售用户的这些群体。那加上公司2025年的这个持续的市场投入，也带来了更多的这个高净值的用户。那因此，截至到2月末的时候，客户资产环比还是这个比较平稳的。那整体第一季度客户资产的环比变动还要看这个3月份的情况。谢谢。

For your first question. On the number of newly funded accounts, the recent market volatility did not have a lot of impact on our acquisition pace.

We expect Q1 new funded accounts to be roughly flat versus Q4. On user activity, we are seeing the following trends so far in Q1.

Due to market volatility and geopolitical factors, the US equity turnover has declined slightly compared with Q4. In contrast, after a previous pullback, Hong Kong equity has seen a pickup in trading activity and trading volume.

In the Q1 quarter to date, Hong Kong share trading volume has already exceeded Q4 entire trading volume. With about two weeks remaining in the quarter, we will continue to monitor closely.

As for the client asset, both US and Hong Kong equity markets have continued to pull back in Q1, which will lead to some mark-to-market losses in client assets. That said, in the first two months, we saw strong net asset inflow driven by client position covered, especially from retail users.

In addition, our continued marketing and branding input in 2025 have brought in more high-net-worth clients. As a result, at the end of February, client assets have remained relatively stable quarter-over-quarter, and we're closely monitoring market activity throughout March.

好的，Cindy，那我来回答你的第二个问题吧，关于这个CAC。首先我们来看四季度的整体的市场费用，跟三季度环比有个差不多400万美元的上升，主要有这么三个原因：第一呢是新加坡市场在四季度结合元旦和圣诞做了更多的活动和广告，譬如与共享单车品牌Anywheel合作推广了健康出行，更深度的融入当地的生活场景。同时呢为了和当地的社区连接更加紧密呢，在年底举办了Tiger Trade Experience 2025年度旗舰活动，共吸引了超过4,000多位本地用户参加，然后也获得了非常好的积极评价。老虎新加坡呢还携手当地的非营利组织Football Plus举办首届慈善筹款活动，筹集资金支持本地青少年发展项目，惠及超过400多名当地的青少年。从投资服务到社区公益，我们在新加坡呢是以更多元的方式融入本地社区，持续扩大在当地的品牌影响力。然后在香港市场呢，我们还是持续加大市场投入的，包括各项当地社区的活动以及人拉人的获客奖励等。像之前提到的，就是香港用户的质量还是很好，回本周期也是各牌照最快的。因为四季度虽然港股市场回调，但我们在当地的这个获客进度呢也没有受到影响，为集团入金用户增长贡献了35%左右。而且用户质量进一步提升，当季度新入金用户的平均净入金从之前的3万美元左右上升到了历史新高的4.3万美元。第三个原因呢就是说公司最近一年的财富管理业务呢也有很好的发展，大家从公司的其他收入增长也可以看出来。因此为了吸引更多高净值用户来到老虎平台，我们在财富管理业务中和一些优质的渠道进行合作，因此相应的一些渠道的反佣成本呢在四季度也有所上升。同时四季度的增加入金用户数相比三季度有小幅的下降，因此这两个因素combine在一起呢就使得人均的CAC有了较大幅度的上升。一季度来看，获客成本和新增用户数环比都比较稳定，因此人均CAC人均CAC还会保持在一个相同的水平，但同时回本周期也是非常健康的。当然了，我们也会根据市场环境来动态调整，确保ROI在合理的水平。OK，那我简单翻译一下。So total marketing expense include increase around $4 million US dollar quarter-over-quarter, primarily due to the below three reasons. First, in Singapore, we stepped up campaigns and advertising in the fourth quarter around New Year and Christmas.

For example, we partnered with Anywheel to promote healthy commuting and further embed Tiger into local daily life. To deepen connection with the local community, we hosted our flagship Tiger Trade Experience 2025 event at the year end, which attracted more than 4,000 local users and received very positive feedback.

Tiger Singapore also co-organized its first charity fund charity fundraising event with local non-profit organization Football Plus, raising funds to support youth development programs that benefit over 400 local teenagers. From investment service to community initiative, Tiger is integrating into local communities through different angle and expand our brand influence.

In Hong Kong, we continue to increase marketing activities, including local community events and referral-based acquisition programs. As we mentioned before, Hong Kong clients are of very high quality, and the payback period is the shortest across our licensed markets.

Even though Hong Kong market experienced pullback in Q4, our acquisition pace was not slowed down. Hong Kong contributed about 35% of the group's newly funded accounts in the quarter, and the user quality further improved, with the average net asset inflow of newly acquired clients rose from around US $30,000 to a record high of about $43,000.

In addition, our wealth management business has also developed very well over the past quarters. To attract more high-net-worth clients to Tiger platform, we have been partnering with high-quality channels, which led to higher channel rebate costs in the fourth quarter.

At the same time, the number of newly funded users in Q4 was slightly lower than in the third quarter. Those factors combined resulted in a significant increase in average CAC.

Looking ahead in the first quarter, we expect both marketing expense and the number of new users to be quite stable quarter-over-quarter. Therefore, the average CAC we expect to remain at the same level, but we are comfortable with the payback period and the user quality.

Looking forward, we will adjust our strategy based on market conditions to ensure that our ROI remains healthy. Thank you.

谢谢管理层给我这个提问的机会，那我这边有两个问题想请教。第一个是我们看到2025年第四季度的一个营收基本上是持平，但净利润环比下降了17个百分点。那主要原因就是说看到本季度的一个成本有一个大幅的增加，那可否跟我们讲一下这背后的原因是什么，然后我们今年应该要怎么去展望这个成本这一块？那第二个的话想请问一下，就是公司的这个其他业务收入从2025年的一下半年开始有明显的一个增长，那我们看大致上可能主要的贡献就是来自于这个财富业务跟IPO，那可否请这个管理层分享一下目前这个财富业务的一个发展和体量，那以及投行业务的一个进展？那我很快翻译一下我的问题。Thanks for taking my question. I have two questions here.

First, 4Q 2025 top line has been quite flat-ish, but the bottom line dropped 17% quarter-over-quarter, as we've seen costs increase a lot in this quarter. What is the reasoning behind it, and any guidance for costs this year?

Second, we have seen a significant increase in other revenue since second half of last year, mainly contributed by wealth management and IPO service. Could management share some color on the wealth management business development and current AUM, and as well as the progress of the investment banking business?

Thank you.

OK，好的，我来回答你的第一个问题。第一个问题呢就是说四季度相比三季度收入端呢是环比持平，利润端下降了差不多1,000万美元左右。除了之前提到的市场费用上升了400万美元带来的影响外呢，其他导致利润端下降呢主要是这么几个原因：一个是呢在四季度communication和market data呢环比上涨了差不多260万美元，主要因为公司在四季度进行了crypto行情页的升级，以及提升Tiger AI的交互体验呢所产生的额外的研发的成本，还有一些年底统一采购的海外云服务。第二呢我们可以看到呢公司的管理费用呢在四季度也有比较明显的上升，除了年末会计提更多的一些专业服务费之外呢，主要是我们在四季度计提了大概300万美元的坏账准备，原因呢是有两笔前几年已经确认收入的IPO承销业务呢，目前对方就是说还没有付还没有付款，然后呢我们也在进行必要的这个催收程序，这是一次性的影响，并且在未来如果收到款项后呢也会冲抵掉现在的计提。所以说这几个这两个事项加上市场费用呢，一共带来了差不多1,000万美元的费用上升，造成了4Q的利润呢环比有所下降。那我来翻译一下。So revenue was roughly flat quarter-over-quarter, while our bottom line declined for around US $10 million. In addition to the roughly US $4 million impact from higher marketing expense mentioned earlier, there are two factors behind the profit decline.

Number one, in the fourth quarter, communication and market data expense increased by about 2.6 million quarter-over-quarter. This was mainly due to the upgrades we made to the crypto market data and the additional R&D cost for improving the interaction experience of Tiger AI.

We also had some expense related to overseas cloud services we purchased at the end of the year. The quarter-over-quarter increase in G&A is primarily due to we booked around US $3 million in bad debt provision in the quarter.

This relates to IPO underwriting deals from previous years when revenue had already been recognized, but the counterparty has not yet paid. We are doing all the necessary collection procedures.

This is a one-off impact, and if we recover the payment in the future, the amount will offset expense in the period when it's received. Those two items, together with higher marketing expense, added up to about US $10 million in additional costs, bottom line declined quarter-over-quarter while top line is flat.

Thanks.

是的，这个公司的其他收入此前这个每个季度大概是在几百万美元的水平，那到最近这两个季度呢我们差不多单季度上升到了2,500到3,000万美元的这个水平。那这里面这个有ESOP业务的帮助，那我们从18年推出该业务以来已经陆续服务了大概750家公司，在业界树立了很不错的一个口碑。当然对这个其他业务收入帮助最大的还是我们的财富管理业务，以及我们的这个投行业务。那在投行业务这一侧，公司一直以来在美股的IPO承销当中，无论是承销的数量还是金额都是整个行业里面相对领先的。那最近一年随着港股的打新的这个热度的持续提升，那我们的港股IPO数量也在持续的攀升当中。我们在利率还有这个打新体验上也给了用户更多的普惠的体验，也通过该方式让更多的香港用户了解到了我们的平台。第四季度港股IPO品类我们持续表现强劲，平台IPO申购金额环比再翻倍，申购人数环比增长了80%以上。2025年全年的申购金额达到了1.2万亿港币，首次突破了万亿的大关，创造了历史新高的纪录。那在财富管理这个业务的方面，用户的这个渗透率在稳步的提升，那目前这个全牌照每5位新增的入金客户当中，就有一位使用财富管理服务。那以香港和新加坡为主要驱动市场，第四季度无论是公募基金的托管规模，还是老虎钱袋子这一类现金管理工具的资产规模，都是趋近同比翻倍的这个增速。那结构化票据的业务也进入了快速的增长周期，第四季度交易规模环比增长50%以上，交易的账户数同比实现数倍的增长，产品的覆盖面也在持续的扩大。那同时，财富管理这个产品的能力这个方面，公司也推出了专有的这个策略生成引擎这个SmartFund AI。这是我们的财富管理人基于机构选择基金的标准和客户的风险偏好，通过定制化提示词，即时生成一些相关的投资建议，能够显著缩短研究周期的同时，也实现了与客户投资目标更精准的匹配。

For your second question, our other revenue have increased from only a few million US dollars quarterly to around $25 to $30 million US dollars per quarter in the past two quarters. ESOP business has certainly contributed.

Since we launched the ESOP business in 2018, we have served around 750 companies and built a solid reputation in the industry. The main drivers of this step-up is in other revenue, however, is our wealth management and investment banking business.

For the investment banking, Tiger has long been among the industry leaders in the US IPO underwriting in terms of both deal count and size. Over the past year, as the popularity of Hong Kong IPO subscription has increased, our Hong Kong IPO pipeline has also expanded steadily.

We have offered users more attractive and inclusive terms in financing rates and subscription experience. Through IPO subscriptions, many more Hong Kong users have become familiar with our platform.

In Q4, Hong Kong IPOs continue to perform strongly on our platform. Total IPO subscription amount doubled quarter-over-quarter, while the number of subscriber increased by about 80% quarter-over-quarter.

For full-year 2025, total subscription amount reached 1.2 trillion Hong Kong dollar, surpassing the trillion mark for the first time and setting a new record. As for our wealth management business, user penetration is ramping quite fast.

Currently, among every five newly funded clients in our licensed markets, one uses our wealth management services, driven mainly by Hong Kong and Singapore. In Q4, both AUM for mutual funds and assets in cash management tools such as Tiger Vault delivered close to double year-over-year growth.

Our structural notes feature has also entered a rapid growth phase. Trading volume in Q4 increased by more than 50% quarter-over-quarter.

The number of trading accounts grew several fold year-over-year, and product coverage continues to expand. In terms of product capabilities, we launched our strategy generation engine, SmartFund AI.

This tool helps fund manager quickly create investment suggestions based on fund selection criterias and clients' risk preference, significantly reducing research times and aligning more accurately with client investment goals. Thank you.

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

I'm now closing the call on behalf of the management team here at Tiger. We do appreciate you participating in today's call.

If you have any further questions, please reach out to our investor relations team. This concludes the call, and thank you very much for your time.

Bye-bye.

Thank you.