UP Fintech Holding Limited

Ladies and gentlemen, thank you for standing by. Welcome to the OptinTech Holdings Limited Second Quarter 2024 Earnings Conference Call. At this time, all participants are in the 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, August 30, 2024. I would now like to hand the conference over to your first speaker today, Mr. Aaron Lee, the Head of Investor Relations. Thank you. Please go ahead.

Thank you, Desmond. Hello, everyone, and thank you for joining us for the call today. UpFintech Coding Limited's second quarter 2024 earnings release was distributed earlier today, and it's available on our IR website at ir.ithigerup.com, as well as Globe Newswire Services. On the call today from UpFintech are 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 your 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. This is the meaning of the U.S. Private Securities Education Reform Act of 1995. A number of factors could cause actual results to differ materially from those containing any forward-looking statements. 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 6-K furnished today, August 30, 2024, and our annual report on Form 29 filed on April 22nd, 2024. 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 Brokers Second Quarter 2024 Earnings Conference Call. The gross income reached $34.1 million. The net profit rose to $22.7 million. The net profit rose to $54.9 million. This is the second-highest quarter of the company's history. The net profit of the second quarter reached $87.4 million. The net profit rose to 10.8%. The net profit rose to 32.4%. The net profit rose to 32.4%. The net profit rose to 32.4%. The net profit rose to 32.4%. The net profit rose to 32.4%. The net profit rose to 32.4%. The net profit rose to 32.4%. The net profit rose to 32.4%. respectively $2.6 million and $5.2 million. Mainly because the company has always used Hong Kong stock as a suppressor to carry out financing and funding business, the company based on the principle of cautiousness should raise the amount of $1,320 million in the second quarter, so it has a greater impact on the profit end of this quarter. Since 2023, the company has stopped the stock price suppression and funding business in Hong Kong stock market In the second quarter, the US stock market continued to perform well, and overall market activity further improved compared to the first quarter.