UP Fintech Holding Limited

Ladies and gentlemen, thank you for standing by. Welcome to the OPS FinTech Holding Limited First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. There will be a presentation followed by question and answer session. I must advise you that this conference is being recorded today, May 30th, 2023. I would now like to hand the conference over to your first speaker today, Mr. Aaron Lee, the Head of IR. Thank you. Please go ahead.

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

AppFintech Coding Limited's fourth quarter 2023 earnings release was distributed earlier today, and it's available on our IR website and ir.ithyperapp.com, as well as global use for our services. On the call today from us FinTech, Mr. Wu Tianhua, Chairman and Chief Executive Officer, Mr. Zhang Zeng, Chief Financial Officer, 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 questions during the Q&A session that follows the remarks. Now let me cover the safe harbor. The statements we are about to make contain forward-looking statements within the meaning of the U.S. Private Security Legislation Reform Act of 1995. A number of factors could cause actual results to differ materially from those containing any forward-looking statement. For more information about factors that could cause actual results to materially differ from those in the forward-looking statement, please refer to our Form 6K, furnished today, May 30, 2023, and our annual report on Form 20F, filed on April 26, 2023. 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 English translation. Mr. Wu, please go ahead with your remarks.

Hello, everyone. Thank you for joining the Tiger Broker First Call for 2023 Earnings Conference Call. In the first quarter, we see that the overall performance of the market has risen significantly, but due to the long-term high inflation that has led to the slow down of the momentum, the return of the market has not been clearly seen. Under such a market environment, Lao Wu International continues to expand its planning strategy and carry out cost-efficiency-oriented economic operations. In the first quarter, the group's pension income and interest-related income have improved significantly in the fourth quarter of last year. Overall income The share price rose by 3.9% and the share price rose by 26%, reaching 6,630 million US dollars. At the end of this year, with the optimization of the company's income structure and the efforts to reduce the cost-effectiveness, the first quarter achieved a sharp increase in the profit and loss of the exchange rate, which was separated from the GAM and non-GAM profits of the parent company by 80 billion US dollars and 1,030 million US dollars. Compared to last year, there is a loss and a gain. Compared to the previous year, it increased by 541% and 129%. We are also very happy to see that the 1G exchange rate and the non-gain net profit of the parent company are the highest in recent years. This proves that we can still achieve good performance in the case of financial market weakness and financial impact.

In the fourth quarter, we saw a moderate rebound in the market condition. However, the high inflation expectation in the U.S. and continuous flat tightening still hampered investor confidence and market activities. Under this market backdrop, we remain committed to our internationalization strategy and optimizing our revenue mix and expense management. In the first quarter, commission income and interest-related income further improved sequentially, with total revenue increased by 3.9 percent quarter-over-quarter and 26 percent year-over-year, reaching 66.3 million U.S. dollars. GAAP and non-GAAP net profits attributed to up in tax were 8 million and 10.3 million U.S. dollars respectively, an increase of 541 percent and 129 percent compared to the previous quarter. and a big turnaround compared to the net loss in the same quarter of last year. Now, gas bottom line in the fourth quarter was the highest into the past two years. Demonstrating our execution strategy can weather challenging market conditions and regulatory headline news.

The first quarter saw an increase of 30,392 users. The previous quarter saw an increase of 11.2%. The total number of new users in 2021 is more than 100,000. The total number of new users in 2021 is more than 810,000. The total number of new users in 2021 is more than 810,000. In terms of the stock market, the trend of short-term assets still remains the same. The first quarter recorded nearly $1.2 billion. Among them, Singapore and mainland China are the main contributing areas. At the same time, with the return of the market, the not-too-much game came. This quarter, the stock market compared with the fourth quarter last year, rose by 15.2%, reaching $16.1 billion. In addition, we are also very happy to see that the increase in income in the first quarter has improved further, while the cost of goods has also been greatly improved. In the first quarter, the average income of the sales users in the first quarter of the fifth quarter is more than $17,000. At the same time, the average cost of goods in the first quarter is $171. Compared to last year, the average cost of goods in the fourth quarter was $271, down by 37%. This shows that we continue to obtain any needs of high-end users in various regions during the global expansion. At the same time, AOA also maintains its leading level of industry.

In the future, based on the market environment, and dynamic adjustment or strategy, we will maintain the space and possibilities provided to you. With the fourth quarter, we added 30,392 new funded accounts, increased 11.2% quarter-over-quarter, We are confident to deliver our annual guidance of acquiring at least 100,000 new funded accounts in 2023. The total number of funded accounts at the end of the fourth quarter reached 810,000, representing a growth of 15.4% compared to the same quarter of last year. In terms of total client assets, the trend of asset inflow remains strong, with net inflows of nearly $1.2 billion in the fourth quarter, mainly contributed from Singapore and mainland China. With the market recovery leading to market-to-market gains, total planned assets in the first quarter increased by 15.2% compared to the last quarter, reaching $16.1 billion. In addition, we are very glad that we can keep acquiring high-quality users while optimizing our customer acquisition costs. The overall average net asset inflow of the newly acquired retail clients exceeded $17,000 for the first quarter. An average CEC in the first quarter was $171, a 37% drop over the quarter. This indicates our ongoing international expansion efforts have been recognized by local investors in various regions, and ROI remains at an industry-leading level, giving us flexibility to dynamically adjust our customer execution strategy while maintaining reasonable unit economics.

We continue to increase our investment in research and development, as well as deep-sealing operations and user experience. Thanks to our long-standing U.S. stock calculation capability, the calculation cost has always maintained a leading level in the industry. In fact, in February of this year, we have completed a part of the shareholding calculation, which has led to an increase in the efficiency of human capital calculation. The cost of B-class calculation accounts for a total revenue gain of 16.1% in April last year, down to 9.6% in this year's B-class. In addition, we have recently launched the KITVT function. At present, it is in the middle stage. This function is based on the bottom-layer model of 1000G. It will integrate financial industry information and market data from many years of international experience. It will provide users with better user experience and assistance in the field. At the same time, it can greatly reduce the number of new users and use them in the process. In the right-hand side of the Taifu management, after the expansion of the market, we have been in contact with the old stock market in the Hong Kong market since April. Our group of management products will use the functions of automatic buying and redeeming. Realizing the old stock market capital can continue to use the investment of stocks, funds, investors and ITO in the old stock market. The realization of cash management products is related to other activities.

We continue to invest in research and development to improve operational efficiency and to enhance user experience. Benefiting from SaaS clearing availability in the U.S., our SaaS clearing efficiency has consistently maintained at a leading level in the industry. In the fourth quarter, the execution and clearing expenses as a percentage of the commissions further decreased from 16.1% in the previous quarter to 9.6% as we started to SaaS clear more Hong Kong activities since February. In addition, we launched beta test of TIGER GTD. This feature based on the underlying model of TIGER GTD combined with financial industry information and market data accumulated by TIGER brokers over the years. It allows experienced users to quickly extract and then analyze investment-related data to help them with their investment research. Also significantly reduces the learning curve for new users. In Wealth Management business, following the Singapore market, we launched Tiger Road, our wealth management product in Hong Kong in April, to help users diversify their portfolio and enhance synergy by combining cash management and other investment products. R2B business continues to perform well. In investment banking, we enrolled eight U.S. and Hong Kong IPOs in the first quarter, including Contesting Group Limited and YH Entertainment Group. In our ESOP business, we added 29 new clients in the first quarter, bringing the total number of ESOP clients to 448 by the end of the first quarter of 2023, increased by 33% year-over-year. Now, I would like to invite our fellow John to go over our financials.

Okay. Thank you, Tianhuai and Aaron. Let me go through our financial performance for the first quarter. All numbers are in US dollar. Total revenue were 66.3 million this quarter, an increase of 26% year-over-year and 3.9% quarter-over-quarter, primarily due to a 13% jump in interest-related income versus last quarter. Cash equity take rate was 6.3 this quarter. slightly decreased from 6.9% from last quarter. Rating commission revenue, about 60% comes from cash equities, 30% from options, and the rest from futures and other products. Now onto CODA. Interest expense was 8.4 million, increased by 130% from the same quarter of last year, as interest expense and securities lending expense both increased in line with the rate hike. Execution and clearing expense were $2.4 million, decreased 46% from the same period of last year, primarily due to more efficiency in self-clearing for U.S. and Hong Kong securities. Given we only started to move Hong Kong equities positions to Tiger Broker Hong Kong this February, we expect cash equity clearing expense as percentage of commission could further go down. Employee compensation and benefits were $24.4 million, a decrease of 11.2% year-over-year, as we adjusted our HECOM in response to challenging market conditions. Occupancy depreciation and amortization expense increased 19% to $2.4 million due to an increase in overseas office space and relevant fiscal improvements. Communication and market data expense were $7 million, an increase of 9.2% year-over-year due to the increase in user base. Marketing excellence were 5.2 million this quarter, decreased 48% year-over-year. Average CSE dropped 37% quarter-over-quarter from 271 to 171. We focus on quality of new users, don't see current market conditions suitable for major marketing campaigns, so we scale back marketing spending. That being said, we will dynamically adjust our marketing strategy based on the market sentiment in different regions. CAC could go up as long as we see payback from newly acquired users still attractive. General and administrative expense were $4.5 million, planned year-over-year. Total operating costs were $46 million, decreased by 16% from the same quarter of last year. As a result, bottom line increased on both GAAP and the non-GAAP basis Gap-led income turned positive to $8 million versus a gap-led loss of $5.9 million in the same quarter of last year. Long-gap-led income also turned positive to $10.3 million from a long-gap-led loss of $1.9 million in the same quarter of last year. Now I have concluded our presentation. Operator, please open the line for Q&A. Thanks.

Thank you, Sal. As a reminder, to ask a question, you need to press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again. Once again, please press star 1 and 1 if you have any questions or comments. We are now going to proceed with our first question. And the questions come from from CICC. Please ask a question. Hey, .

Thank you, Manager Chen, for giving me the opportunity to ask this question. I am Fan You, an analyst at Zhongjin Company. First of all, congratulations to the company on creating a new high in the industry in two years. I have three questions to ask Manager Chen. First of all, the first question is to ask if you can ask Manager Chen to help us analyze the regional distribution of new customers in the first quarter. The second question is that we see that we are in the position of the top 3 among the retail merchants in the Singapore market. I also want to ask, if we go back to the end of the first quarter, what is the overall situation of our users' income in Singapore, including customer base assets? Including if you look at it in a dynamic way, it may be like when we entered Singapore as early as the earliest, these customers, after more than three years, what is the overall situation of their customer assets? Okay, I will translate. Thanks management and congratulations on the results achieved this quarter. This is Yoyo Fan from CICC. And I have three questions here. The first one is on the original breakdown of the newly added funded account in this quarter. And the second one is about the clients in Singapore. We know that Tiger has been in leading possession since entering the market. So how is the current net asset inflows and the average asset balance of the clients in Singapore? And after ramping up for over three years, how is the assets balance of the clients that we acquired early when we first entered the market? And the third question is on the progressing on the Hong Kong retail market. Will the management give us more color on this? These are my questions. Thanks.

The first question is about Breakdown. In the first quarter, about 60% of our new users are from Singapore, and more than 15% are from Australia and New Zealand. About 20% are from the United States, and nearly 5% are from Hong Kong.

In the fourth quarter, around 60% of newly funded accounts came from Singapore, about 15% from Australia and New Zealand, about 20% from the United States, and nearly 5% from Hong Kong.

Second, Singapore. Singapore is one of the countries with the largest number of international users. We have always paid great attention to the experience of users in the region and the stability of the market position. In the first quarter, there were about 3.2 billion new users in the first quarter. For the second question,

For Singapore, where we have the most existing and new users, we attach great importance to the user experience and solidify our market position. Of the US$1.2 billion net asset inflow in the first quarter, about two-thirds came from Singapore. At the end of the first quarter, the average planned asset of all funded accounts in this region was about US$15,000. We officially entered the Singapore retail market in the fourth quarter of 2020, and we see that the average client assets of the fourth quarter in the first half of 2020 reached nearly $25,000 at the end of the fourth quarter of 2023, which was three to four times the increase compared to the first 20th quarter.

OK. The third question is about the progress in Hong Kong. Let me answer it. At present, there are not many entry-level customers in Hong Kong. In the first quarter, the total number of entry-level customers may be around 5. There are several reasons. One is that the current market is still quite choppy, so we don't want to spend too much money to make sure that we can get over the U1. The second point is that we are still experimenting with different back-end strategies to get feedback from users, and then make some adjustments to our rewards and promotions. In the second quarter, we will cooperate with Tiger's 9th anniversary event to add some offline promotion after promotion. In the short term, it may increase some CAC, but we will focus on the balance of payback and investment. At the same time, in February, as I mentioned in the financial section, we gradually transferred IB's position to Tiger Hong Kong, because we have already started to do custodian and settlement in Tiger Hong Kong. Therefore, you can see that C-Cast, Tiger's holding scale is gradually growing, and it also helps our company to reduce EQ's settlement cost from 16% to 6% overall. In the first quarter, in terms of user acquisition, Hong Kong only accounted for low single digits of new funded accounts. A couple of reasons. First, we didn't want to spend too much when market backdrop is still weak. We want to make sure UE remains attractive within our internal hurdle. Second is we are still testing new customer acquisition strategies and fine-tuning those strategies based on user feedback. In the second quarter, we will do more of like campaign to celebrate Tiger's 19th anniversary, which might increase CAC in the short term, and we will keep a close eye on payback. And in the second quarter, we start to transfer more positions, customizing IB to Tiger. So you can see CAC has more positions under Tiger Broker Hong Kong. More Hong Kong equity trades are cleared through Tiger Broker Hong Kong, help total clearing expense as a percentage of commission decrease from 16% in the first quarter to 9.1% in the first quarter. We expect further reduction in clearing expense for Hong Kong cash equities. We also launched Tiger Raw, our wealth management platform in April. We will add more wealth management product to Tiger Raw to increase users' stickiness and offer value-added services. Thanks.

As a reminder, once again, if you have any questions or comments at this time, please press star 1 and 1 on your telephone and wait for your name to be announced. Once again, it's star 1 and 1 if you have any questions or comments. We are now going to proceed with our next question. And the questions come from the line of Cindy Wang from China Renaissance. Please ask your question.

So how will the management process be done? Thanks, Benjamin, for taking my call, and congrats for the great first quarter results. So I have two questions. First question is, what kind of the function of the Tiger GPT provide, and when will this be officially launched? And what's the R&D cost for Tiger GPT? And my second question is related to the customer acquisition cost and self-clearing efficiency. So for customer acquisition costs, they drop in first quarter sequentially. However, we see the number of the new customers with deposits actually up a quarter of a quarter. So could management provide some color how to achieve this result? And will our customer to maintain at the same level for the next few quarters in 2023? And for the self-cleaning efficiency, we see it actually increased quite a lot in first quarter. So how should we expect the query expenses in the second quarter on both. Is there still room for further decline? Thank you.

Thank you. Regarding the ITP, artificial intelligence has improved efficiency in many life and work scenarios, such as programming, such as writing and design. The mission of Tiger International has always been to make science and technology more beautiful, and has always been very concerned about the combination of technology and finance. We are very optimistic that the interactive form of ITP and natural language can greatly improve the natural language experience. There are a lot of good data, information, and related content on the app, but there are a lot of customers who may not know which path they are in. A natural language of the form of ITP is more suitable for everyone's business habits. We are also honored to be the first to launch the base function on the blockchain. It is a product that focuses on answering financial investment issues. It establishes a bridge between the user problem and the old investment content library and data. It helps users greatly improve the efficiency of information acquisition, including company data, industry survey, third-party market and customer opinion, and financial knowledge, etc. At the same time, it can greatly reduce the learning cost when using apps in various functions. We believe that it will become a development feature for optimized user experience. There will also be a corresponding contribution in NAS, in memory and so on. Currently, this product is still in this state. We expect that by the end of the second quarter of this year, it will be open to more market users. As for the cost, because it is only in the area of capital investment and financial investment, it is not a universal model, so the cost is very controllable. It will not have a significant impact on our revenue table.

Regarding the first question about TigerGPT, we think the AI technology can significantly improve productivity in many aspects of our lives and work, such as programming, copywriting, design, and more. Our mission is to make investment better through technology, and we have always paid close attention to the synergy between technology and finance. We have high expectations for TigerGPT's language interaction capability in improving user experience. Well, our app offers excellent market data and information, but many users may not know just exactly where to find them, so Tiger GPT can help users improve their efficiency in this scenario. We are glad to have this opportunity to become the first technology-oriented broker to launch GPT functionality. Tiger TPT is a product dedicated to answering questions in the field of financial investment. It can act like the bridge between user inquiries and Tiger's numerous investment content and paid market data. So this product can help our users greatly improve information collecting efficiency, including like market data, industry insights, third party market data, individual stock option, and financial knowledge. It can also greatly reduce the learning cost for new users by adapting various functions of our app. We believe that Tiger GPT will become a differentiated function that optimizes the user experience and will contribute accordingly to user acquisition and retention. Currently, this product is still in the internal testing phase and we expect to open it to more market users at the end of the second quarter of this year. As for the cost, sustainability only serves the financial sector instead of being a general purpose model. The cost is very controllable and will not have significant impact on our P&L.

The next question, we are very happy to see that after the new policy of 1.2 trillion yuan in the whole of China, the number of incoming users in the world is still rising. At the same time, our human resources cost has also dropped from $271 in April last year to $1.7 billion in the first quarter. On the one hand, it shows that we have achieved a certain result in expanding our international strategy. Our brand has received a lot of love from local customers in the Singapore market. We have also gained more natural gas from overseas. This is because we have reduced some of the cost of goods. At the same time, we have taken into account the effect of the discount, and we have re-signed the cooperation between the brand and the supplier. We have given priority to suppliers that can produce nuclear RIA. We are glad to see the number of new-funded accounts increased while average CEC dropped substantially for the quarter after CSRS's updates on Dec. 30.

Couple of reasons. Firstly, with our brand being better received by the local user in Singapore market and attracting more organic traffic from overseas could save us some customer acquisition costs. Secondly, we have re-evaluated our cooperation with partner vendors in terms of advertising and branding and terminated the cooperation with those cannot generate a reasonable ROI. So in the future, we will continue to adjust our customer acquisition costs dynamically based on market condition and payback. Generally, our current low customer acquisition cost provides us with flexibility to expand into new markets, such as our recently launched Hong Kong market, while maintaining a healthy unit economics.

Regarding the cost-efficiency ratio, Laos has gained the ability to calculate the cost-efficiency ratio of U.S. stocks. The cost-efficiency ratio of U.S. stocks is basically 3% to 5% which makes our overall cost-efficiency ratio to be at a leading level in the industry. By the end of February this year, we have continued to complete the calculation of some Hong Kong stocks in Hong Kong. In the first quarter, we have not yet received a complete outline. However, the overall calculation cost has been reduced. The calculation cost is still below 1.1% of the average income. The future calculation cost will be affected by market fluctuations and user interactions in many aspects.

Thanks to our self-clearing capability in the U.S. stock market, the clearing cost as a percentage of total commission for U.S. cash equity was around 3% to 5%, keeping our overall self-clearing efficiency at an industry-leading level. Since late February of this year, we have graduated more Hong Kong stocks with our launch in the local retail market. Let the clearing cost as a percentage of commission income drop to below 10% in the first quarter. Future clearing costs will be affected by factors such as market volatility and user trading behavior, but we expect that our overall clearing efficiency will further improve along with fully self-clearing of Hong Kong stocks. Thank you.

We are now going to proceed with our next question. And the questions come from from Citi. Please ask a question.

Thank you for giving me the opportunity to ask a question. I have two questions. The first question is about our commission rate. Because we see that the U.S. stock market is fluctuating, but our commission rate is still going down. What is the reason for this? The other one is that we see that our interest income has increased quite a bit. Can you provide us with a specific breakdown of interest income? The second question is about supervision. We saw that our recent app has dropped in the application market. Now, can you go to the management team and tell us how to understand and how much impact it has on the number of customers? Let me translate. I have two questions. The first question is regarding the take rate. We saw the U.S. stock market rebound, but the take rate decreased. Can you explain the key reason behind? And also, we saw the interest income increase continuously during the rate hike cycle. What is the breakdown of the interest income? And the second question is regarding the regulations. We saw Tiger APP has been removed from the App Store. How can we understand the current situation and how much it will impact on the existing customers? And also, did the regulator give us any further clarification on what kind of criteria the onshore investors need to meet to open the overseas brokerage account? Thank you.

Thank you, Judy. Let me answer your first question about take rate and interest breakdown. Our commission rate in the US has always been the same. Because we charge per share for US equities, In the first quarter, there was a rebound in the market, so the trading volume has increased in the same share. Therefore, it shows that the take rate of the cash equity has dropped significantly. But our commission rate has always been the same. In the interest income area, almost 30% came from the client's idle cash. The rest comes from our margin and securities lending. Okay, so commission rate actually remained unchanged during the first quarter. As we charge commission per share for U.S. stock trading, the trading volume increase in the market rebound, resulting in a decrease in cash equity take rates. As for the interest income breakdown, around 30% came from customers' idle cash. and the rest were from the margin financing and the securities and ending business. Thank you. I would like to add to Judy's second question first.

Okay. We have been paying close attention to global regulations and the requirements of supervision. We also maintain a good and direct communication with the supervision. China's foreign supervision has recently clarified the relevant details. The first point is to allow internal investors to open stocks that work or live abroad. The second point is that it is allowed to receive the bank accounts of other insurers. If the insurer's identity can prove that he has opened a bank account overseas or in Hong Kong, then he is an insurer in the industry. We can accept the insurer's identity and open a new bank account on the tiger's side, or carry out a relevant transfer of his property. The third point is to allow the service to store the producer's production system and the customer team in the market. The fourth point is to limit the price of domestic financial markets and limit the number of domestic investors outside the market. We believe that these features make it possible for the long-term development of the industry to avoid the loss of 2B. After the announcement of the China General Assembly on December 3 last year, Lao Wu, with an attitude of full support, stopped all China-based customers from opening up and operating at midnight that night. This time, the app has been downloaded from the Chinese market, which is also the announcement of the launch of the implementation. The company has adjusted the way of updating the customer list of domestic users on May 18. The app has also been downloaded from the domestic market. At the same time, we have provided a detailed download and update of the app for the number of users. We attach great importance to compliance and regulatory requirements globally and maintain direct communication with regulators. Recently, regulators have clarified some guidelines.

Firstly, allowing onshore users who live or work overseas to open new accounts with us. Secondly, for onshore users who can prove that they already opened brokerage accounts offshore, they will be considered as existing clients of the industry. Therefore, we can accept these investors to open new accounts with us or transfer their existing securities to us. The third one is allowing us to keep supporting teams and R&D facilities and systems within MedChina to serve our existing onshore investors. And the last one is recently requested to remove our app from the onshore application market to ensure we don't have onshore incremental clients apart from the aforementioned scenarios. These guidelines provide clarity to industry regulations, promoting long-term and orderly development while preventing bad money dressed as good. Following the announcement by CSRC on December 30th of last year, they have immediately stopped accepting new offshore clients from China into support and cooperation with regulatory requirements. The recent request to remove our app from the Chinese application market is essentially an implementation of the aforementioned announcement since May 18, 2023. We have removed our app from the onshore application market while providing detailed instructions for existing users to download and update the app. This adjustment does not affect existing clients, and we will continue to provide quality services and keep our clients' money safe.

We also noticed that at the end of December last year, users in the Mainland region of the first quarter of this year totaled 5% of their assets, which is about 10% higher than before, and the trend is still to keep the interest rate. At the same time, the exchange rate and salary income of the Mainland region has also increased significantly. This shows that the exchange rate of users in the Mainland region is more sensible in the face of the pandemic impact since December 3, and the exchange rate has not changed for the elderly.

We have also noticed that compared to the end of last year, the total planned assets of onshore clients increased by about 10% with the trend of net assets inflows in the fourth quarter of this year. Besides, the trading volume and commission income contributed by onshore clients has also slightly increased sequentially. These numbers indicate that our existing clients have a rational understanding regarding recent events since December 30th of last year, and their trading velocity and trust in Tiger Broker has not changed. Thank you.

We have no further questions at this time. I will now hand back the call to Aaron Lee for closing remarks.

Thank you, Arquita.

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. Thank you.

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect your lines. Thank you.