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spk04: Ladies and gentlemen, thank you for standing by and welcome to the UP FinTech Holding Limited third quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session. I must advise you that this conference is being recorded today, Tuesday, November 30th, 2021. I would now like to hand the conference over to your first speaker today, Mr. Clark S. Soucy. Thank you. Please go ahead.
spk00: Thank you, Operator. Hello, everyone, and thank you for joining us for the call today. UP FinTech Holding Limited's third quarter 2021 earnings release was distributed earlier today and is available on our IR website at ir.itiger.com as well as Globe Newswire Services. On the call today from UpFintech are Mr. Wu Tianhua, Chairman and Chief Executive Officer, Mr. John Zong, Chief Financial Officer, Mr. Huang Lei, CEO of U.S. Tiger Securities, and Mr. Kenny Zhao, our Financial Controller. Mr. Wu will give an overview of our business operations and discuss corporate highlights. Mr. Zong 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 about factors that could cause actual results to materially differ from those in the forward-looking statements, Please refer to our form 6K, furnished today, November 30th, 2021, and our annual report on form 20F, filed on April 28th, 2021. 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 Chief Executive Officer, Mr. Wu. Mr. Wu will make remarks in Chinese, which will be followed by an English translation. Mr. Wu, please go ahead with your remarks.
spk06: Hello, everyone, and welcome to the Tiger Broker's third quarter 2021 earnings conference call.
spk00: Due to the development of the Tiger Broker, in the third quarter of this year, there will be an increase of 80,000 to 2,900 people, of which more than 80% come from overseas markets.
spk06: The total number of new customers in the first three seasons has reached 350,000, which has completed 350,000 new customers in the whole year in advance. Until the end of the third season, the number of global opening customers has increased by 11.8 million to 176.7 million, which is nearly twice as much as at the end of last year. The number of new customers worldwide has also increased to 612,000, which is nearly three times as much as at the same time last year.
spk00: Our global expansion is progressing well. We added 82,900 new accounts in the third quarter, of which over 80% came from outside mainland China. Total new funded accounts for the first three quarters of this year numbered 353,300, already surpassing our 350,000 annual guidance. Total customer accounts at the end of the third quarter increased by 118,000, and totaled $1.77 million, almost double year-over-year. Total funded accounts stood at 612,000, triple that of the same period of last year.
spk06: In terms of finance, the total revenue of the third quarter was $60.78 million, with a growth of 60% in the same period. Non-Gamper's net profit was $5.26 million. Compared to the second quarter of this year, there were no losses. The size of the stock market is 205.5 billion US dollars, with an increase of 88%, but a drop of 14% compared to the second quarter of this year. The main reason for the decline in the size of the stock market is that the market is affected, and the market value of the securities held by the client has dropped. But from the perspective of entry, whether it is a new user or an old user, in the third quarter, it is all capital inflow.
spk00: Total revenue for the third quarter was $60.8 million, an increase of 60% year over year. Non-GAAP net income was $5.3 million, an improvement from the loss in the second quarter. Total client assets were $20.6 billion, up 88% year over year, but a drop of 14% from the second quarter of this year. The quarter over quarter decline in total client assets is primarily due to the drop in client position values caused by subdued market conditions. The firm continued to see healthy net asset inflows from both new and existing clients.
spk06: An important milestone
spk00: for Tiger Brokers is that we've obtained a Hong Kong broker dealer license last month. This license will have a big impact on Tiger's business going forward. For example, we may start acquiring users in Hong Kong. Hong Kong is a true global financial center with a substantial number of high quality investors, both retail and institutional. With the HK license, we will be able to generate more income from margin loans Hong Kong IPOs and commissions, among others, to improve revenue per user. We may also further improve the user trading experience for Hong Kong securities, as trade execution and clearing will be integrated into Tiger's system.
spk06: At the same time, the company is eligible to join the Singapore Stock Exchange Association and officially obtain a new exchange account, a new stock exchange, We also decided to set up a global twin headquarters in Singapore
spk00: In addition to Hong Kong, the company was admitted to the Securities Association of Singapore. We also reached a notable landmark in Singapore. Tiger Brokers Singapore became the first online broker to be admitted as a trading member of Singapore Exchange Securities Trading, Singapore Exchange Derivatives Trading Limited, and a clearing member of the Central Depository. Tiger Brokers has obtained 46 licenses and qualifications in 36 categories in Hong Kong, Singapore, New Zealand, the United States, and Australia. We also decided to set up a global dual headquarters in Singapore to expedite our international expansion. I would now like to take this opportunity to give updates on four other key business initiatives.
spk06: First, the direction of internationalization. Today, Laohou Securities holds the economic interests of countries and regions such as the United States, Australia, Singapore, New Zealand, Hong Kong, investment banks, and self-management. In these countries, there are offices. Due to the development of the third quarter of internationalization, the number of current customers in the current quarter exceeds 80% from overseas. Laohou internationalization has only been in progress for more than a year. Tiger Brokers presently has offices and holds licenses pertaining to brokerage, investment banking and asset management in the United States, Australia, Singapore, New Zealand and Hong Kong. As previously stated,
spk00: Our firm is rapidly internationalizing. And in the third quarter, 80% of our accounts came from outside mainland China. Tiger Brokers has only been executing on our internationalization strategy for a little over a year. Being able to acquire so many international users in such a short period of time validates our capability to compete in global markets. We remain confident in our internationalization strategy. We already exceeded our 350,000 annual guidance for new funded accounts in 2021, and we expect that next year we will exceed the 1 million mark for total funded accounts.
spk06: With regards to corporate and institutional services,
spk00: we continue to invest in scaling our investment banking and ESOP business, which augments our brokerage business.
spk06: ESOP, 员工机员管理业务,发展迅猛。 2021年第三季度,老虎ESOP签单46家,其中A股5家,美港股及微商市41家,实现同比翻倍。前三季度累计新增客户同比增长266.7%, ESOP remains in a rapid state of expansion.
spk00: In the third quarter, we added 46 new clients, of which five were A-share companies and 41 were Hong Kong and U.S. listed companies, as well as unlisted companies. The scale of our ESOP business has more than doubled in the last year, and the cumulative number of corporate clients added in the first three quarters of this year was 266.7% higher than the same period last year. Our enterprise account service in the Tiger community which corporates use to directly connect with investors and build their brands, also added 53 new accounts in the third quarter. On the investment banking side, we participated in four U.S. IPOs, three of which were SPACs, and one of which was a local American company. We were also grateful to serve Xpeng as an underwriter for its dual primary listing in Hong Kong. Third, self-sufficiency.
spk06: All new clients are having their US cash equity trades cleared by TradeUp, formerly known as MarsCo, a self-clearing broker we acquired in 2019. As of the end of the third quarter,
spk00: 70% of our clients were using TradeUp to self-clear U.S. cash equities.
spk06: Fourth, the digital currency direction. As we communicated before, we are applying for the corresponding license in the U.S. and Singapore regions to provide digital currency trading services to local investors. I am also very happy to announce that I have just received the Money Transmitter License from the United States of America.
spk00: As previously communicated, we are applying for cryptocurrency trading licenses in the U.S. and Singapore so we may provide local residents with crypto access. I am pleased to announce U.S. Tiger Securities just received approval as a money transmitter from the state of New Jersey, which enables us to provide crypto trading for New Jersey residents. We look forward to obtaining more crypto licenses in the future. I would now like to invite our CFO, John, to go over our financials.
spk05: Hello, everyone. Thanks, Tianhua and Clark. So let me walk you through Tiger's financial performance for the third quarter. All numbers are in US dollar. Commission for the third quarter was $33.5 million. increased 72% year-over-year, in line with the year-over-year increase in trading volume. We saw slightly lower trading volume in the third quarter versus the second quarter, but we still managed to grow commission by 8% quarter-over-quarter with more derivative trading such as US options and more volume from Hong Kong. Tech rate also increased from 3 bps in the second quarter to 3.6 bps in the third quarter. Interest-related income. which combines financing service fee and interest income, was $20.1 million, an increase of 105% year-over-year and 5% quarter-over-quarter. The year-over-year increase was in light of its higher margin and security lending balance. The quarter-over-quarter increase is primarily due to a more efficient self-clearing margin operation given lower margin balance in the third quarter versus the second quarter. Other revenue, mostly our underwriting revenue, was $7.2 million, down 19% year-over-year and 30% quarter-over-quarter due to a weaker IPO market, especially no Chinese ADR listing in the third quarter. The drop in underwriting revenue partially offset the growth in commission and interest-related income. As a result, total revenue was $60.8 million in the third quarter, increased 60% year-over-year and a flat quarter-over-quarter. Now on the cost. So interest expense increased 44% year-over-year to 4.2 million, in light with user growth and increase in margin balance. Execution and carrying expense were 9.5 million this quarter, increased 145% year-over-year, and 45% quarter-over-quarter. The increase is primarily due to more custodian fees in Singapore. Before Tiger became a SGX trading and carrying member in October, we used an external custodian to custody client assets, and the custodian expense grows in line with user growth. We expect such custodian expense to gradually go down as we will self-custody more assets in Singapore. Employee compensation increased 71% year-over-year to $21.8 million. as we keep adding headcounts in R&D self-clearing to support our global expansion. Along with headcount increase, this quarter occupancy expense increased 39% year-over-year to 1.66 million. SCNA increased 30% year-over-year to 5 million. Communication and data usage also increased 116% year-over-year to 5.3 million this quarter, as a result of rapid user growth. Marketing expense was 11.2 million in the third quarter, up 200% year-over-year, but down 53% quarter-over-quarter. Given the choppy market backdrop in the third quarter, we scaled back on marketing to be prudent with customer acquisition costs. That being said, we will increase marketing spending when we see the right window. So lead income for third quarter was $20.5 million. And just for fair market value change on private CB and other long gap items, our long gap income for this quarter was $5.3 million. Now I have concluded our presentation. Operator, please open the line for Q&A.
spk04: Certainly. If you wish to ask a question, please press star 1 on your telephone keypad and wait for your name to be announced. If you wish to cancel the request, please press the pound or hash key. Please note there may be a short pause while we compile the Q&A roster. Your first question comes from the line of Pan Pu from CICC. Please ask your question.
spk02: Thank you for giving me the opportunity to ask this question. I'm Pan Pu from CICC. 我这里有两个问题想请教。 第一个是可否请管理层就最近的监管环境和潜在影响做一个解读。 第二个是从目前四季度的经营情况来看, 此前的一些新闻报道是否对我们当前的一些货客已经产生了一定的影响? 那截止当前四季度的经营情况如何? 我翻一下我的问题。 Thanks for taking my question. This is Han from SICC. And I have two questions. First, can you imagine to give us more color on the current regulatory environment? and the potential impact to our business. Secondly, could you give us some updates on the operation of Q4? Have we already seen some impact on the user acquisition, given previous regulation-related news? Thanks. Thank you.
spk06: First of all, recently, many people have been concerned about the relevant media. some of the contents of the supervision. We have always been in the whole business model, including the legal and legal side, with traditional Hong Kong stockholders, with traditional American stockholders, there is no fundamental difference. Our main innovation is that we pay attention to the industry as a good product. That is also because Thanks to our excellent product experience, we have gained a lot of users' attention and support. Since the establishment of the company, we have always treated He Gui as a lifeline for our entire company. With the help of external lawyers, internal He Gui, and other experts, we have been able to improve the entire company's We also did a lot of repeated self-examination to ensure that our business complies with the relevant laws and regulations. Under the current situation and the current situation, if in the future, if the industry has some relevant controls and details, then we also believe that as the leading enterprise in the industry, we can comply with the controls as soon as possible. to ensure that we comply with the latest relevant rules. Of course, we also continue to pay attention to some relevant dynamics to ensure the satisfaction and compliance of relevant requirements. At the same time, on the side of the personal security law, the Personal Security Law has already been implemented on October 1 this year, emphasizing the user's personal security rights. We have been working closely The law is also highly valued. In fact, before the implementation of the Constitutional Law, we, as a state-of-the-art brokerage company, have been in multiple courts and industries. We have already, according to local laws and industry requirements, implemented and implemented very high personal protection and tax safety-related policies and procedures. Before the implementation of the Constitutional Law, we have also made very thorough preparations. We have hired top experts and lawyers in the industry to conduct self-examination of Tiger's personal information protection, and to implement the latest regulations in all ways, even and comprehensively, to ensure the maximum benefit of users, including data security policy and personal information. In the future, we will also pay attention to the relevant actual details of this policy. So let me just quickly translate what Tianhua just mentioned regarding the latest regulatory news in the media.
spk05: So basically, our business model is no different than overseas brokers servicing domestic investors. We follow the same KYC, AML procedures, and regulated by relevant security regulators in different regions. So our innovation is not on business model, but more on R&D, which brings unparalleled user experience so we can be more customers. We have always attached great importance to business compliance since our first inception. and we have conducted several rounds of self-examination on all business units and business nights with the support from external experts to ensure we are in compliance. If there will be policy coming out from the regulators, Tiger, as one of the leading players in the industry, definitely will develop the resource to make sure we are in compliance. And we definitely will keep monitoring the situation and make sure we will be in compliance with such policies put into effect. Regarding the personal information protection law, the law went into effect on November 1st. Actually, before the law, we as an international brokerage, we already formulated and implemented serious policies and procedures on personal information protection and data security with high standard. in accordance with applicable laws and industry requirements. Besides, we did a lot of preparation in advance before this new law. We hired top industry experts and lawyers to self-examine all the operations involving personal information and have reflected the rules under this new law into our current process, policies, and user agreement to ensure users' benefits maximize. You know, going forward, we will pay close attention to the development of this new law and making sure, you know, we can properly adjust when there is new guidance from the regulator. And regarding, just to say, the specific impact on the company's business, recently, I will speak in Chinese very quickly. Just to say, maybe you are worried about whether there is a cost to the client. During this period of time, when the news first came out, there were very few customers coming in, very individual phenomena, and there was no significant impact. At the same time, for Chinese customers, the funds still maintained a continuous inflow. For example, since October, the average first-time income of our Singapore Credit Department has been higher than the average first-time income of US$4,000 in the first two or three seasons at US$5,000 or more. So, we saw some lead outflow following the news, very small scale, and now it's already back to normal. For non-Chinese users, we keep seeing that as an inflow. And actually, since October, the average first-timer deposit from our Singapore users is actually around 5,000 or above. It's actually even more than the average initial deposit of 4,000 USD we saw for new users acquired in the second and third quarter, which shows our brand and service are still attracting high-quality international users. Thank you.
spk02: Thank you very much.
spk04: Our next question comes from Alan Kuang from Citi. Please ask your question.
spk03: Okay. 管理層好。 我這邊是花旗的 Julia。 感謝給我這個提問的機會。 我這邊有兩個問題。 首先我們很欣喜看到 首九個月的入境客戶數目 已經超過之前管理層的指引。 那能否給我們展望未來的 主要貨客地區還有增長呢? And in addition, can you share with us more about the operating situation in the fourth quarter, including customer assets and transaction volume, etc.? Thank you. Let me translate this first. Hi, management. This is Julia from Citi Research. Thank you for giving me the opportunity to raise the questions. I have two questions here. First, it's encouraging to see that the new front customer number in the first nine months has already surpassed the full year guidance of 350,000. Could you also share guidance about the key regions of focus in terms of customer acquisition and the future growth target? Also, could you give us more color in terms of the fourth quarter operational trend, including the customer access and trading volume? Thank you.
spk06: More than 80% of them are from overseas. Our current international focus is in Singapore. Last month, Hong Kong was listed. We look forward to entering the Hong Kong market as soon as possible. With our self-calculation, including the landing of Tuan Wan, we believe we can better serve local investors. Hong Kong is certainly the focus of future development. We are now focusing on some of the early basic construction. So far, we haven't done a large-scale promotion in the U.S. We have just mentioned the landing of Manchester, New Jersey. We are looking forward to more capital landings, including the currency. This will bring more opportunities for future U.S. product promotion. Currently, in the United States, we have more experience in the construction of infrastructure such as capital calculation, to ensure that we have higher competitiveness in a trading type such as U.S. stocks, because this is a very important trading type in all areas of the world. We are also looking at more opportunities in the region. We will comprehensively analyze local, including potential user rights, What kind of product value can we create? What kind of special competitiveness do we have in the local market? We believe that Tiger's experience and product development ability can strike down in more regions. Singapore has proven our ability. Singapore's past experience and teaching can be applied to more countries and regions. We look forward to having similar results in more countries and regions next year. 我们有信心通过规划保持一个高速的增长, 明年超过100万入金人数这样的一个目标。 谢谢。 Okay, so in the third quarter, we added 82,900 funded accounts, of which over 80% came from outside of China, which shows our international strategy is progressing really well.
spk05: Going forward, our focus right now, of course, will be in Singapore and Hong Kong. In Singapore, we just obtained a self-carrying depository license from SGX. These qualifications will help us better service Singapore local clients. We just got a license in Hong Kong, so Hong Kong is definitely another key area we will focus. Now we are devoting more resources to rain power or trading infrastructure in Hong Kong. In the U.S., we haven't really launched a big marketing yet. Focus now is still on the infrastructure, on self-clearing. We believe this will give us a more competitive advantage over our peers in the U.S. market. And of course, as Tianhua mentioned earlier, we just got the crypto trading, the money transmitter license in New Jersey. We feel this could be a lot of tool for us to tap into the U.S. market when we officially launch our marketing in the States. And of course, outside of those areas, we are also evaluating other markets. We will do a comprehensive analysis before entering a new market. We will review its time, competitive landscape, what value we can bring, and what kind of UE we can generate. Based on our experience in Singapore, we are confident our user experience R&D capability will give us an edge when entering new markets. And we are optimistic about internationalization growth outlook I will also briefly talk about the development of the four-season operation. First of all, in terms of user acquisition, we are actually still in a relatively cautious state. Because we think that the current market situation is not particularly favorable. So we will consider it in the middle. We will pay attention to a series of factors such as customer cost and payback. Of course, when we feel that a very good window appears, we will also increase the spending to the customer. And then the transaction volume is from October to now, we think that in general, it may be similar to the third quarter. OK, but due to the holiday period, the overall transaction volume may be a little less than the third quarter. But at present, it is a relatively high U1 product, such as the whole stock, each stock is complete, it should be similar to the third quarter, or there is a small growth. At the same time, in the fourth quarter, it means that after taking the Hong Kong stock market sign and the Singapore stock market sign, So regarding first quarter outlook, so right now, we still monitor the market condition to decide how much marketing we will spend on user acquisition. When we evaluate our user acquisition strategy, we will, of course, monitor the CSE, monitor the payback, So as of right now, given the market backdrop, we are still relatively scaled back and waiting for a right opportunity to ramp up our marketing. And trading volume so far is similar to third quarter. Total volume might be smaller than Q3, given more holidays in the fourth quarter. But higher UE product and cash equity options, we see similar value versus Q3. And for Q4, our focus is on R&D. So we will spend more resources in R&D to beef our infrastructure in Hong Kong and Singapore to make sure we can provide better trading experience for our users. Thank you.
spk04: Your next question comes from the line of Hanyang Wang from 86 Research. Please ask your question.
spk01: Hi, everyone. I'm Wang Haiyang, a researcher from Paris Research. Thank you for the opportunity to ask me this question. I have two main questions. The first question is about the Hong Kong industry. We got the Hong Kong license this quarter. We know that the competition in the Hong Kong region is also very intense. So what kind of strategy will the company adopt in Hong Kong? And how many new users can the market contribute to our company in the future? Thank you, management, for taking my questions. So I have two questions. The first one is regarding on the business expansion in Hong Kong. The company obtained the Hong Kong broker license through acquiring Ocean Joy Securities this quarter. So we know the competition is quite intense in Hong Kong. So what will be the strategy for your user acquisition in Hong Kong? And how shall we expect the incremental new users to come from Hong Kong going forward? Second question is about the IPO-related business. So we observed that the tech IPOs started to resume in Hong Kong this quarter, while the listing of the Chinese ADRs still face uncertainties. So what's your view on the development of the underwriting business? Thank you.
spk06: Thank you. For us, this is extremely important. It can not only increase the number of people who come in, but also increase the value of the single user. In general, there are three steps in the order of time. The first step includes the investment business of the Hong Kong IPO. That includes some of the past Hong Kong stock market in the process of some competition that includes Hong Kong and institutions have this is our first step can immediately start to carry out can enjoy such a one after a photo of a profit that the second step is that we today this is not the stock of this transaction is through IB milk to calculate so that our this is very high performance Hong Kong stock this A lot of money is not earned. We hope to make the existing Hong Kong stock business able to provide such a self-calculation, instead of calculating through IB. We look forward to completing this in a relatively short time. The third step, at a certain point next year, we will start a sales business in the Hong Kong region that everyone is most concerned about. In this process, because some of them, including the connection test of the exchange, it takes a month or so. In general, we think that the Hong Kong market will not refuse any good products. We have always been able to make some difference in the value of our products. In addition, we are also proud to have a lot of space for products and services that can create value in this field, including places like Daxing and Ganggan. We are full of confidence in our market share in Hong Kong.
spk05: Let me translate first. First of all, as everybody knows, Hong Kong license is very important to us. So with the Hong Kong license, on the one side, we can tap into the Hong Kong local residents, which were missing out from the Tigers user base before. And on the other hand, we will be able to increase our proof from our user base. So our plan for Hong Kong basically will be three steps. First of all is on the institutional basis, no matter it's for serving the institutional investors or ESOP or Hong Kong IPO underwriting. So with the Hong Kong license, we'll definitely be more aggressive and more active in the institutional space. The second step will be gradually to move from IB clearing for Hong Kong securities to our own self-clearing Hong Kong. As a lot of you know, traditionally we use IB to clear Hong Kong trades, and the clearing expense is very expensive. So our UE for Hong Kong product was really low before. But this will be gradually changed once we're switching from IB clearing in Hong Kong to our own clearing in Hong Kong. The third step will be launching our retail marketing in Hong Kong. We know we have a lot of peers in Hong Kong, and we give them a lot of credit for what they have done, very good companies and apps. But we feel, you know, Tiger, you know, has our own, you know, competitive advantage. And especially a lot of Hong Kong products, for example, like Hong Kong IPO subscription, naturally, you know, will give us a chance to tap into more users. So we feel pretty confident we can grab a good market share in Hong Kong.
spk06: Back to the side of the kitchen. In the third quarter, we were indeed affected by the current big environment. China, China, China, China, China, China, Also, as we landed on the Hong Kong Stock Exchange last month, we were able to participate better in the IPO trading in Hong Kong than before. This is a good supplement to our trading income. In the past, we have participated in a series of Hong Kong listed projects of well-known TMT star companies. Here, I also take this opportunity to introduce the positioning of Tiger Head. The purpose of this business is not only to get such a discount fee. In our business, we see the economy business as our high-end category, and the related business such as investment and investment management, including investment and investment management, is surrounded by our category business. The combination of such a business that is beneficial to each other, We can have a very good interaction with our corporate-related staff management ESOP business, with our economy itself, with our community products. In this respect, there is a better connection to improve our user connection, to get more customers, including ESOP, including institutional customers, including some high-quality retail users of these distribution companies. So let me quickly translate.
spk05: So from financial perspective, yes, given the recent Sino-US relationship, we do see dropping underwriting revenue for third quarter. We don't know when the Chinese ADR IPO will resume, but we do believe both sides could reach an agreement, and hopefully by sometime next year, we will see more Chinese ADR back to the market. But in the meantime, given now we have Hong Kong license, we can be more active in Hong Kong IPO underwriting to drive underwriting revenue to compensate the potential loss from the U.S. underwriting market. I just want to reiterate how we see the Tiger Investment Banking business. Our underwriting business is different from traditional investment bank. Underwriting fee, of course, is important, but more important to us is the synergy generated by underwriting business with ESOP and the brokerage business. so we can provide more value-added service to our corporate and retail clients, and then increase user stickiness in our pool. In short, we understand in the short term there might be some heaven for our underwriting business, but we are committed to putting resources into Tiger underwriting business. to make sure, you know, we can provide more synergy to our other business units and provide more values to our corporate and retail users. Thank you.
spk01: Thank you, Tianhua Zong. Thank you, John Zong. Very clear and helpful.
spk04: At this point, I would now like to hand the call back to Mr. Clark, SUC, for the closing remarks.
spk00: I would like to thank everyone for joining our call today. I am now closing the call on behalf of the management team here at Tiger. We do appreciate your participation 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.
spk04: Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you for participating. You may now all disconnect.
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