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spk_0: good morning and good evening ladies and gentlemen thank you for setting by will come to high when holdings ltd first half of this year two thousand twenty two earnings conference call at this time all participants are to elicit only mode we will be hosting a question and answer session after that management's be paired them more a third call over to the first eager to gee mister ryan tank investor relations director apply when these go ahead sir
spk_1: they get operator thank you all for joining they call for highways are audited financial results for the first half of fiscal year twenty twenty two before we start i refer you to the safe harbor statement in the company's earnings release which also applies to the coppers call today at our management will me
spk_2: take forward looking statements
spk_1: on the call with me today our director and a sea of madam one been an hour see apple miss dolores luck men won't will review the company's fullness for the first half of fiscal year twenty twenty two middle luck with happily for madden one you may refer to our financial results of first half of physical year twenty twenty two on the company's i our website at i are not hiring wealth become i will now to the car over to director and a ceo of high when met madam along the and
spk_3: the way positive didn't think should put them in that your queen that death and yeah hi you think will on are tiny a champagne in the eg found the when taking him that they want wage out were young people hanging single party are hanging show money and i need to be our he beat it yet opposite sides and you drank important out on go to india with some hundred we are to get to call came in with actual he'd have won the league ancient yummy me the a shot or the art hanging shopping mannion death penalty
spk_4: hi everyone welcome to high when holdings earnings call for the first half of fiscal year twenty twenty two on today's call i will review our first half results and update you on a significant progress across our business segments i will also share some highlights from our ongoing strategic transformation after that i will turn the car over to mr lawrence lock our chief financial officer to provide greater details on the company's first half financial performance
spk_3: arnie arnesen change anything he rang and he twenty do any really kind of went into a pumpkin that will shoot people do what you go then i change your to reacting to gm foods which it one can not counting the think even down to would have money honey about energy that an authentic pumpkin he mecca he's the jingle for the the shoot you to go on to leech and showed the are that have one she town good and foothold hand agree more if you don't already own young young to poison by thanks human ingenuity aren't voting shootings in have a bunny she killed he has an issue that young for twenty one now how you cope with the way to alleviate while they do that have one he can pay your young which he should eat from either team we've i don't
spk_4: than twenty twenty one the covert pandemic was still raging across the world however china achieved earlier economic recovery thanks to its policies china's strong growth momentum became an important backdrop for the wealth management industry based on statistics compiled by mckinsey china now the second largest what management market globally with household investable assets exceeding three hundred and thirty trillion rehman be by twenty twenty five as a result find that what individuals and china expect and expanding range of sophisticated and professional services from there what managers as high winds platform covers a full spectrum of asset classes and klein services five when as well positioned to capture the long term wealth creation opportunities in china
spk_3: arnie are hanging in there showman country pretty that we'll find that he and it usually different than kinda ajit and hanging on for that team showed that on up i've been banging and be pompey and down the path and you can get to controller when don't show holiday evening he here too many of the your way he didn't kill you eat any be pony be assumed passenger for them do you do we often you know what indeed whole weekend how good he he for tricky that editorial will be honest about antibiotic what is shaping up political when he he he told you that landing time
spk_4: in the first half of fiscal year two thousand and one to we continued to benefit from diversification and all discuss makes a we've delivered resilience financial results in the first time i was reported in net revenue of eight hundred and eighty one point three million rather be increasing by one point four percent the year which demonstrates i'll institutional resilience in a challenging and bottle external environment operating costs and expenses were seven hundred ninety two point nine million rather be increasing four point five percent your new this increase with like to our continued investment in advisory capabilities and technology platform which on the pin our ambition to build a world class investment advisory and asset management infrastructure
spk_3: tg on are you near sharia thank you wonder cope with were shooting down on a ship and the on wang and palm beach and ghana passenger shouting they are hanging from a new one down or you accomplish have trouble understanding london tom pieces in gonna pompey some got not a our shop see the it cool one for the pgd that on about and capacity didn't deal pompey some shown the audience and about them the tangibly to their hunger that johansson key cheap either cool we want them down la jolla to that newsham you find one of them for the truth or the your juice the time the shaking them eg talk he needed hands in the queen and me people should unionize hang on week how the she's home the team during a panel thing he could you show up a bank robber trying you gonna shoot you don't see it through the neutral and hundred billion that the temp agency pinky at don't have been issued media cook with a huge your one then you've got a cold would assume that seen that there are the iranian more quarterback to go should you that hum should keep i'm not sure you don't you know with i see when you're young team that to a gap hold without the eagle quit on comes to that we and handicap argued a couple think antler home guangzhou shoot yen panko the she how is it bad enough pull the key the army and the challenging woman you county and color vision home eg change your with have a whiny funny you can lead a meet he wears brace and asia my toppling he sent to tv yeah i didn't cheat sheet how about i'm tom cotton to cook who pose glante that he got beat yet to get people that put we should young lavishly time for cocoa keeble notion to the how he didn't feel like hinge on the kalma
spk_4: as of december thirty first twenty point one our total clients reached one hundred and thirty five thousand representing a year on year growth appalled point five percent and the first half of fiscal two one point to the number of active clients increased twenty two percent yawn on year to exceed thirty five point four thousand which is a new record high for us klein with he'd that's rate for the telling twelve months what eighty one point six percent which was six point three percentage points higher than the same period in twenty twenty this is a key metric were high when dominates the industry this continued growth of alcott client base as a strong client activity levels underscored a product sourcing capabilities and asset allocation expertise for the past sixteen years high when has been a trusted partner for chinese clients helping them navigate through economic cycles and capture investment returns out insights into clients and for sites on the mock markets have cemented opposition as a leading was manage you trusted by twenty points at the end of twenty twenty one we held a vip client conferences and sixteen cities in china to march out sixtieth anniversary our in house research team was joined by economists and strategists from leading financial institutions to analyze trends and help clients position for the coming year and in march two thousand twenty two psi when we're joined hands with our partners bp back and what breathing asia and jointly launch a report on the private market investments space in the asia pacific region this report or set lights on the players in the private market space including our clients fund managers portfolio companies and financial intermediaries and all the guidance to our clients on as exciting markets
spk_3: are they are hanging in the show money and have a whiny been hot cocoa the symptoms that have page report that on a sunday he sure yeah i mean be only them come back from sunday and cindy arnie arnesen seventy and how how me that and down you tell jokes one does it hand painted he he he he called of funky she each other up with oil casualties that to that hadn't seen them we bought on be sound young i can jews antecedents to you by audience by you and any be kosher lines your teeth potentially that hanky see them the way more ship home be sanctioned off by can shoot yoshida are driven by the ocean julian fleet enemy he what enticing the the temp agency essential the coffee and see who's the attention controller hilda some he and see much of that he'd either choose away answer to your thoughts and the that to me out and he lady it flew to hit crook through which and when he won the from be about our our church audience he added me be what you would are you ready to me neither seen them pay to be more pompey south which i'm sure about than just the bicep curl up as and you have a deal should you sure able should have turned on the show goes in been using them creature that we will be are succeeded for you and any be pumped be tricky kobe town he posted either know yeah yeah jackson showing pages comforting see the sun would have my she said trying to don't see the politically but champion boyle heights hoodie exciting i go to your tv the catwalk your to that one is included without with honda could home he brought home care how to cook who seem to love leap year shameful get comfy tell you why the ten cute usual each session emotion are they are hanging in there some onion one the become one he'll get the ah came down yet cope with the company way more ponies them dollar eyes injury he suffered the an adult french jargon cheat engine and be kenya what me away party either five and yeah by promotion you to see the preview change your hundred and it died since your family me yeah shit yoder court or the for backboard on the products are you have wouldn't change will not be cool eat fine cool
spk_4: in the first half of the school twenty twenty two total klein transaction value in our world measures segments which thirty seven point five billion the be increasing three point five percent the on you in response to the changing environments in the real estate sector our as allocation methodology and institutional risk management proved to be effective plus actual value from long term as back products declined by thirty seven point four percent you're on here to thirteen point seven billion when the be whereas the that and value from short term as back products increased by sixty point two percent your new to sixteen on nine billion rehman be which was a calibrated rotation in our clients asset allocation and as a result of all adaptive asset allocation as strong climber stickiness all business demonstrated resilience and this period we also made progress on the diversification of revenue mix as the transaction values from had been products and private equity products reached two point nine seven billion when the be and nine hundred and nineteen million really be was actively going four hundred and forty percent and two hundred and ninety six percent your new respectively meanwhile as china's domestic asia stock market saved volatility in this period the transaction value from mutual funds stayed largely flat at two point seven billion remedy notably we have been stealing bias towards long term investing principles and helping them allocated towards longer tenor private market products and extend extended investment horizon can help clients capture strong returns across market cycles are product sourcing are for continued to expand across as that classes and across strategies which are the building blocks for constructing segmented and tailored portfolios for clients in the first half of the school twenty twenty two all as a management business continued to scale up with a you and growth of seventy four point two percent the on year retain three point three billion rehman be and twenty one two we will continue to build up our family office offerings execute on our globalization strategy and expand partnerships with international asset management partners in order to enrich our global solutions for clients
spk_3: one the and booties on me and eg on a new shiny new wonderful guy the to get there to to shoot from partial with i'm gonna bash a banker happen to think on e bay cheap gas and yeah knowing that she's about badger longing heap and for gathered from or coordinates and she can not come cheap they can find yeah he has are asking feet from a don't achieve them to ya the time for that to an honor to get from that he can count mission home we that hanging google young python and cheaper one bush didn't put any food on kinda cheap hotels or you'll eat cheap either ten it i'm sure that patchy change or your the title tv showing him that the which he on the keep ops and vanilla couldn't keep pumping jump me
spk_4: by december thirty first one point one hour distribution network has grown to one hundred and seventy eight while surfing centers and eighty eight cities including most of the top thirty cities in china right by economic output our nation wide presence covers all of china's major world clusters namely the young the river delta the great a bay area the bowl high economic ruin and central and western china with penetration into lowered what he had cities where the local well paused or a sizable going forward five when would use the bull high economic ruin and the grey the bay area as al two regional house together without eighteen strategic cities where we will focus on increasing our market share and and building our brand power
spk_3: hidden page will leave on me and future arnie arnesen hang in a shopping it wasn't that he has you to reading surely you can you buy this offending pompey even should he doesn't eat i see that changing tottenham and on that the kids and i'm sure some mind and pony i'm gonna happen to see them coming to me on the show you fucking themed i said that he will cuddle and be he shot me at that meeting easy calibers and shoot to you in the that county eighteen an iranian woman has the advantage and had he did a ensure punk was shot don't i think and had to pay young which will they set out how the talk on high school i'm finding them to be patient oh the thing is a key a that on a about competition in two million he hung up on i keel mean sure that you don't like a the building leaf and that have a plan to how he began she didn't angela merkel three years in how to go to the pink gown lead to taunt me i shudder julia would home year with your tongue trying in no need for your gf include from me like go get be patient league with a patient wtc to learn that night judy too for the time he he he showed with the a building your
spk_4: our talent based remain strong and the first half of the school twenty two on to the total number of relationship managers were sixteen hundred and forty three one thousand six hundred and forty three largely unchanged from the previous year productivity improved significantly as the average transaction value per relationship manager reached twenty three point five million run be growing seven point five percent yawn year the elite segments of our relationship managers continued to be hiding table with a turnover rate of less than five percent for the previous twelve months which beats our peers and as important metric meanwhile we intensified efforts to nurture young talents with campus recruitment at leading universities in china we believe a strong middle back office support system is also crucial to efficiency gains and advisory quality so we continuously adopt that practices and twenty twenty one the p b o c the the people people's bank of china published a key hold up that practices for the world management industry with clear guidance on professional standards are training centers occasion and tape yeah would gm have therefore incorporated this code from the p b o c
spk_5: pretty for know she issue with
spk_3: i think the midway i use needs an immobile on our new sharia remains in into hiking show may consider shows and he's going deep with yeah foolish and ah new we should have a dandy thankfully i and record what i are i should you don't high yeah she kinda cool cool for the shoe the one btc food that to them why do you mean that can happen coda a peep you don't tell you how you treated you should let us finish on the phone and be your farmer you will for that yet she kinda you or your foot ponies and them gather purchase issue because your for do that year for seat home he a baby houses and it will cook for cooking want of food he will not been here the ghomeshi sure you leave in getting back into back you will yield home shopping for part with and patriots you should be a leviathan drawback the here a lot from what i've been to partially that you future to change with them aside you go you will need a kosher yeah you shoulda coulda been viewed t and me
spk_4: technology and digitization are crucial and enablers in high winds strategic transformation in december one point one we appointed mr to far as our chief technology officer to accelerate our digital transformation all collaboration with idea also continued to yield results as we digitized outline services our relationship manages portals and i'll operational prophecies the highland mobile app which has declined portal also continued to improve and client experience and service capabilities daily active users day you have the i saw your new growth of forty percent in this period i'll provide sorry decision and neighbors system for relationship managers have achieved adoption rate of nearly one hundred percent and as now supporting our staff across point acquisition klein surfacing and portfolio customization now hundred percent of our tailored at the allocation proposals are now has dropped to online and more than eighty percent of our businesses can now be digitally executed
spk_3: oh yes i did get up with the incoming eat we could handle high for cry syncing the phone to think of who hang with that then have one who's handling from hanging tricky son and she the lucky to shop party that he eats either yeah he that and it yeah yoshi type of plenty of it would be easier time finding income blindingly hit home that had and young each would completely continuity tweet adding home and harder thinking she took that on a our union honeycomb combined income she showed he left hanging to ensure that income hunger prototyping with you may cocoa night hometown the comfort each mean cookie them either opposed potent ghannouchi yet he want young change your him kinda the concord eating come from ooh says he knew that uncle the talk with a couple to be suffering cope with about you to cohort i turned out here she the high for him on the gadget
spk_4: we also expanding and laying the foundation to expand into health care as well and health or to over arching goes for most high net worth families in china our vision as to leverage alcor wealth management business while building out asset management and health management as to strategic leavers to grow and monetize i'll high net worth client base as an opening shot in our entry into health care and late twenty twenty one we launched the high when global health care fun the objective of this fund as twofold investing into global opportunities in healthcare and life sciences on one hand while potentially introducing selective global cutting edge health management technologies and services for our high know what clients in china on the other hand
spk_3: quibble arnie arnesen one home that hand painted anything to do you find out how you can see the shins he thought he takes you to see the being to say the hanging pool propulsion hatching the poor guy prefer to towards her being v show couple from time to get him he an unusual mean a woman you should have keys cheaper property julie teaching cheat in that tiny the symphony function the team to eat the the key through that every night when they if we can see the johan have a one year with a nation petion fish have plenty here with we more some town for a penny see why don't you mean he he actually coming in see what me a county he's home being at would i got them down phone tongue been a plan for your selling from turkey to fool young young young be didn't that the cuckoo cuckoo don't come down for treaty that the actually that he had again
spk_4: over the past year we achieved significant results across multiple fronts from diversification of revenue next to the upgrade of our research and advisory platform to enhancing our talent management and perform his delivery to the expansion of the high when ecosystem into new domains these achievements are rooted in our market leadership and out dedication to clients are strategic direction is clear and we expect strong momentum to continue looking forward we will continue to enrich our both men a lot management business skill up our asset management franchise remain the premier brad that find out what kinds of china trust to guide them across market cycles and across borders we seek to unlock growth by expanding our boundaries increase profitability from caught discipline and drive efficiency to technology creating sustainable value for clients and for shareholders is always our first priority thank you all for your support and with that i would like to try to call over to out the of or large laugh thank you madam long thank you all for joining us today please note that unless otherwise stated all financial numbers presented to they are in rehman be and comparisons are made on your on your bases during the first half of how this goes on trying to and that december thirty first twenty twenty one our total net revenues increased by one point four percent yawn year to eight hundred and eighty one point three million overall we believe the stability in our top line and as period it's a testament to highlands with silly despite ongoing uncertainties in the macroeconomic environments both and china as well as globally revenues from the wealth management segments were eight hundred and fifty five point four million remaining flat from the same period in fiscal twenty twenty one revenues from the asset management segments word nine point zero million up thirty five point one percent you on you as we continue to strengthen our investment management capabilities and realized greater investment gains for all clients we expect i'll add the medical segments to continue delivering strong growth going forward on the costs and expenses side total operating costs and expenses for the reporter six months worth seven hundred and ninety two point nine million up four point five percent yawn year amongst that compensation and benefits were four hundred and ninety four point one million which was last year on year and was in line without distributed transaction value and the stability in our relationship manage a team meanwhile all as dna expenses were two hundred and ninety four point seven million and eleven point four percent increase your the year as as we for the built out how technology and i'll tell platform while increasing our share based compensation expenses on the balance sheet side as of december thirty first twenty point one out cash and cash equivalents increased by nine point six percent to four hundred and eighty one point five million also as a result of our continued optimization how total account with the boss was with used to five hundred and sixty one point one million as of december thirty first one point one during this period we also made an investment to purchase the office space about had quarter and taught in shanghai which we view as essential for the long term development of our had caught it we continue to maintain a healthy liquidity pull back and financial position or liability to add that racial for the fell to forty eight percent as of december thirty first one point one compared to fifty three percent on june thirtieth overall we believe this with point period once again demonstrated pilots resilience in the midst of an uncertain economic environment where there was considerable capital markets volatilities it was reassuring though that during this have our customers continued to show strong demand for all services are advisory and our investment products we believe our ongoing strategy execution including our product every patient strategy i'll platform strategy and i'll tell spa that will help us in capturing the dynamic opportunities in china's fast growing what management industry thank you everyone this concludes our prepared with marks for today and operator will now ready to take questions
spk_0: as a reminder to answer question you will need to press or one on you tell them to withdraw your question friends to powerhouse when asking the question please state your question in chinese first then immediately repeat the question in english for the convenience of everyone is a call your first question comes from the line of jogging son from or insecurities bees as your question
spk_6: hello i'm taj are you bomb or and figurative bad go it the other our house led the wonder know has a idaho a dp and year cod ghosts or when she sounds under exaggerated announces on every unsound six i do share on yelling at somebody canyon of i kinda wanted to ask you to shoulder laugh more tantalum be make handed a pr sente much hundred ships that as essential ways haggle with as a girl will either to go out onto the and on the thorny that actually system and the most amulet that oh if a shot to shit in the first half of the fetal year twenty twenty one of the performance of the fundraising and the top night or almost the fan as compared to the and period of the math the year so my question is what other drivers of our for the growth of the company and mountain
spk_3: can you the high teacher to go into trouble how i emailed ziegler any idea how many hanging seat and agree more he showed would i not comedian a short guy can just keeping the good where are you sure you are you sure are are you near the having your you showed you the showing engine for the young or caputo care how you're fighting the that be for you or me a shelley cow don't agree that would have hated a vehicle and ghana chemical chandra id should have traded him he that the patriot it is your shower campaign to you about off what she'd outta wasn't a somewhat oceanic flight similar kant hadn't even get out on a bad she acted as a jody
spk_7: he added me beach and what you would you are he indeed eddie the heathen page agree more
spk_8: pay to a comedy tobacco shop show up as she bad injured by sir philip hensher age of should be them are you suppose you what you say that solution that could hamper army he got antarctica sure the flat clicking poll yeah he told she she you should uphold to begin to heighten your daddy dot com should have posted
spk_3: handy no one of those young woman that he got that he calico that we then i saw what he found here don't wait a day like of that a gadget to be issued a book feel that oil hot and him page it out to which he show called a good have plenty of we for you with that we're gonna put up numbers that you tell me she's in love with him showed that and gap between our county to wait to board symptom she it's your the showing
spk_4: foreign up we should the elementary the shoulder with a been get them down for a vehicle to your flat let me translate this are so first of all a in the first have all of this put twenty point to given that there was external might have volatilities and arm changes in the regulatory environment are there were also changes right in the client demand ah in the underlying asset classes or sector allocation right but tom of you know what we saw what that client demand for at the allocation services as a whole continue to be very strong for us so we acted ahead of the market and adjusted i'll as allocation guidance is that we gave to our pipes and that's that's one point and then the other point that we wanted to make was in order to have appliance continuously capture returns from long term at the allocation regardless of market environments what we also did was we the expanded our partnerships with leading fund managers in the industry in order to increase of equities products lot of equities products including out especially all private ip products as well as some some of our secondary market has been products which as he saw it is now
spk_9: we've we presented palm grew four hundred and forty percent and two hundred and ninety six percent respectively
spk_4: arm and furthermore
spk_10: i'm our in house as a medical segments will also growth as we continue to strengthen our investment management and research capabilities and expand our asset management team
spk_4: so we believe that all of these going forward will create long term value of time as there will be further diversification and i'll walk manage the product offerings as wallace a going scale of alpine you an outline as and the management and we should therefore see our recurring revenue growth time as well which will have a positive snowball effect the i will benefit both growth as well as revenue visibility
spk_0: i'm afraid that next question please
spk_11: so your next question comes from the line of junk from no more please answer question what with the new orleans which alone
spk_4: you know and lily tomlin she closes and
spk_12: a woman
spk_13: we'll keep you are to go
spk_14: with them
spk_15: ah thank you thank you for the question so let love yazidis one off
spk_4: yeah sorry please oh okay proceed with with ali they noted of emerging decline your own year with personal cause accounting concern for over fifty percent of the revenue so what does that compare to climb going forward to increase operating margins profitability yeah thank thank you thank you very much for the question so let libya has this been so i'm so a couple points we we we we can make year i'm number number one right first let me emphasize that you know cause control and efficiency improvements continue to be a key priority for or all senior management that hasn't changed that that this year what we did was we strategically invested more and all people and our infrastructure in particular to strengthen our core platform and all technology which we believe will benefit our long term profitability i'm second as we have celebrate our digitization strategy as we are we we discussed just now right our leisure manages we believe will be increasingly and powered by technology to improve their client acquisition efficiency as well as improve the overall kind experience from clients which we also believe will help us obtain high productivity
spk_0: up from the relationship manages overtime so that our future growth will come with lower marginal cost as well as higher profit margin
spk_16: and then the last point we want to make his arm as all revenue makes will further diversify as we talked about just now at a great a portion of our revenue will be coming from long the tenor longer duration products we expect to grow our with her revenues and i'll performance based revenues and higher repairing weapons in the long run should also benefits on both our revenue visibility as well as a profit margin overtime ah thank you and our next question please
spk_4: your next question comes from line of send a message from evaluate research speed answer question yes or good afternoon how much will your results impacted by the volatility within the real estate investment products it's been happening in china and most the end it's most of the client turn or reallocation or teams investments that the learn to elicit is that now are behind you thank you
spk_10: yeah thank you thank you sandy of our answer this question as well
spk_4: i'm so i think you're right and pointing out that there was arm market volatility and changes in in the environment right in in the overall met for the macro economic environment and in particular relating to the relative sector so what we did right in this period that was important was we had to act ahead of the market basically and and you know basically adjusted our at the allocation strategy in response right i'm to the changing of i'm so what we talked about just now in in the india main main part what that we felt that yeah overall our at the allocation ah methodology as well as well as our risk management methodology what well this this in this period right as we guy that points
spk_17: the problem you know i'm be some of these
spk_4: our underlying underlying sector exposures but directed them towards shorter duration and lower risk
spk_0: you know at at back products in that period and so we we saw that as effective as to your question on on whether he changes or the volatility in the underlying physical morgan or the underlying factor is is over i think it is it is perhaps premature birth
spk_18: to comment on that right but uniting was important for on is that we are offering right a full range of at that's right product that that our our clients right ten can now i'm you know him best into in their bodies and construct healthy and balanced portfolio portfolios that can capture he turns in the long run thank you all next question please
spk_7: your next person comes from the last one from and on these answer closed
spk_3: when it was nice you can season comes to the gym wasn't when he's out how you who can battle near the teams in to talk about like the handgun sound house and car duty to tighten when he goes eg easy i didn't i jog with was a time that a highway type of one it's you go the division it and then they repeat my question is indoors so and it is just one calling from damn investment my question is how do you ski the competition and coming some a competitor like bangs brokers and other independent wealth managers including those international player and during china thank you the high figure would you want me in a t shirt woman who tend to war that we're at doshi deeper singing for new england with you don't seem headed from data a teacher eat only thing that you don't even have a pretty tradition mean you do you youtube with home
spk_4: herb your voice elemental we got what he did have plenty people a woman she's actually couple that with the temp agency should send their my somebody from shall on from cook with our speech with account when i fat tissue for his hand and the ability to shave for oh she we want about and coaches watch him on we would have hated them publisher since i moved here in county recorder is an issue for catching them the she's you're not eating food easy samantha we pay for the them jukebox you are having a woman as she don't she probably don't seem pretty me down to your one proper the change for to he lived with him and he won't own data from for show for out home he cheated the cooking pilot hang on fool a visual or when they have a fever i mean crumble you that when a cheaper to come junction gonna show union he did that should union found on were meeting in gonna hug you and that injured or tbd it would i'm and go and wash it on the be a legitimate me a come to do offer the out here for with a food shop i did you know without impunity go by he t on and publisher fact i should the in in for tb the yoshi a fun and boyfriend and on i sure will me up with idea of abu musa that home she your way to tamper with one night he got a he go to yoga and they will the couple nights he goes tank yoda up with under your wonderful okay let me translate for met long so our view on competition and the market is that i'm firstly bob china's wealth management market is both a massive tab right both a massive total addressable markets as well as a fast growing markets rights so our view is that china's wealth management market is not a one size fits all industry but it is comprised of
spk_10: many different kinds segments that is that should be served by many different peers and types of financial institutions
spk_4: i'm so for independence wealth management players like high when
spk_19: i'm really what the core value proposition that we can provide is that we can always start from i'll find that what clients prospectus right understand our clients and provide payload as the allocate services
spk_20: so we do believe that high know what clients and family offices clients in china
spk_21: to see the value that a long term trusted advisor like high when is able to provide
spk_4: and then there are foreigners chooses or private banks and china are they may be wallet damaged in their service model and they all right
spk_22: but they may not be ftp local as we are are for us high when we've been we've been in this business right in this what management business for for over sixty years so outlines longstanding experience with us through the various macroeconomic and motorcycles
spk_23: those claws out deep penetration into the various local markets and china we believe will continue to serve as i'll competitive mode
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