UP Fintech Holding Limited

Ladies and gentlemen, thank you for standing by. Welcome to UpFintech Holding Limited fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a 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, March 19, 2026. 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, operator. Hello, everyone, and thank you for joining us for the call today. Our Pintech Holding Limited fourth quarter and full year 2025 earnings release was distributed earlier today and is available on our IR website at ir.itigerup.com, as well as Globe News Web Services. On the call today from our FinTech are Mr. Wu Tianhua, Chairman and CEO, Mr. Zheng Zeng, our CFO, Mr. Huang Lei, CEO of US Tiger Securities, and Mr. 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 statement we are about to make contains a forward-looking statement. Within the meaning of the U.S. Private Securities and Education Reform Act of 1995, a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. For more information, please refer to our Form 6-K furnished today and our annual report of Form 20-F filed on April 23, 2025. We undertake no obligation to update any forward-looking statement. except as required under applicable law. It is my pleasure to now introduce our Chairman and CEO, Mr. Wu. Mr. Wu will make remarks in Chinese, which will be followed by an English translation. Mr. Wu, please go ahead with your remarks.

Hello, everyone. I would like to thank all of you for attending Daohu International's fourth quarter and annual press conference in 2025.

Hello, everyone, and thank you for joining Tiger Brokers' fourth quarter and full year 2025 earnings conference call.

In 2025, with the growth of the number of users and the growth of the client's assets, the abundance of products and the improvement of localization functions, and the relative improvement of the overall market activity, the company's financial performance and operating performance in the past year have improved significantly. The annual total income reached US$6.12 billion, with a growth of 56.3% in 2024. In addition, we are very happy to see a further improvement in the company's net profit in 2025, with a growth of 181.4% and 164.7% in 2024. In the fourth quarter, the total income reached $1.76 billion, In 2025, supported by growth in our user base and client assets, continued enhancement of product offerings and localization, as well as supportive market environment,

we delivered substantial improvement in both financial and operating performance. Full-year total revenue reached $612.1 million, up 56.3% compared with 2024. We are also glad to see further improvement on profitability. For the full year, gap net income attributed to Fintech was $170.9 million, and non-GAAP net income was $186.5 million, both set record high, up 181.4% and 164.7% year-over-year, respectively. In the fourth quarter, total revenue was $175.6 million, an increase of 41.5% year-over-year. Fourth quarter GAAP and non-GAAP net income attribute of FinTech were US$45.2 million and US$48.9 million, up 61.3% and 60.5% year-over-year, respectively.

The total number of new users this quarter is 29,700. The total number of new users this year is 161,900, which exceeds our goal of 150,000 new users this year. By the end of 2025, the total number of new users will exceed 1.25 million, As of the end of 2024, it has increased by 14.8%. As of the end of 2026, until now, the number of new income users remains relatively healthy. In terms of ensuring the quality of the users, our goal for the new number of new income users in 2026 is 50,000. In terms of customer assets, the inflow of new assets continues to be strong. In 2025, the total income of the entire year is more than $1.1 billion, and the income of customers in the fourth quarter is also more than $3 billion. In the fourth quarter, we added 29,700 newly funded accounts.

That's the total number of newly funded accounts reaching 161,900 for full year 2025. surpassing our annual target of 150,000. As of the end of 2025, total funded accounts surpassed 1.25 million, representing a 14.8% increase from the end of 2024. Year-to-date, we continue to see healthy pay-in-client growth. We target to acquire 150,000 new funded clients in 2026 while prioritizing user quality. Our net asset inflow remains strong. For the full year 2025, net asset inflows exceeded $10 billion, with over $3 billion of net inflow in the fourth quarter alone. Hong Kong was the largest contributor to retail net asset inflow in the fourth quarter. Despite the impact of market losses on client assets, total client assets at the end of fourth quarter remained stable quarter over quarter at $80.8 billion. 45.7% year-over-year.

We are very happy that in the past year, our platform has gained the trust and love of new and old users from all markets. The scale of all markets' commercial assets has significantly improved. Among them, the commercial assets of the Singapore market and the Auxin market have achieved high double and triple growth. Especially in the Hong Kong region, we have achieved a more outstanding performance. Commercial assets have reached more than three times the same level as last year. In the fourth quarter, Hong Kong shares returned to the same market environment. Hong Kong's business assets are still growing at a rate of more than 20%. This is due to the excellent customer base of local customers and retail users in Hong Kong. It is worth mentioning that the number of new income users from the Hong Kong market in the fourth quarter is more than 43,000 US dollars on average.

We are very pleased that over the past year, Tiger's platform has continued to win the trust and recognition of both new and existing users across our market. And client assets in all regions have increased meaningfully. In particular, client assets in Singapore and the Australia-New Zealand market deliver strong double-digit and even more than doubling year-over-year growth. Hong Kong was a standout, client assets there more than tripled year-over-year. Even in the fourth quarter, marked by a pullback in the Hong Kong stock market, client assets from Hong Kong still increased by more than 20% quarter over quarter. This performance benefited from our continued investment in the local client acquisition, as well as the high-quality user base in Hong Kong. Notably, the quality of newly funded users continued to improve in the fourth quarter in Hong Kong, with the average net asset inflow of newly acquired clients exceeding US$43,000.

reaching a historic high. We also remain focused on enriching our product offerings and enhancing user experience.

In the fourth quarter, we made an important upgrade to our options combo trading feature by adding support for combined orders involving options and underlying cash equities. This allows investors to deploy more sophisticated strategies to navigate market volatility. While real-time combination codes significantly improve order execution theory when users trade based on combination price movements, As our presence in the Australian market has expanded in recent years, our user base and investment appetite there have become more diversified. In response, in the fourth quarter, we launched margin accounts in the Australian market. This has significantly strengthened our product competitiveness locally and further completed our trading service ecosystem.

In the fourth quarter, we launched an international 2B business development programme. Our 2B business continues to perform well. In the investment banking business,

We underwrote a total of 22 U.S. and Hong Kong IPOs in the fourth quarter, including Pony Air Inc. and Hushkey. Bring the total number of U.S. and Hong Kong IPOs underwritten for the year to 47. In our ESOP business, we added 39 new clients in the fourth quarter. Bring the total number of ESOP clients served to 848 as of the end of 2025. Let's hear more from CFO John. Now I'd like to invite our CFO, John, to go over our financials.

Great. Thanks, Tianhua and Aaron. Let me go through our financial performance for the fourth quarter. All numbers are in US dollar. Total revenue for this quarter reached $175.6 million. reflecting a year-over-year increase of 42% and a snag order quarter increase of 0.2%. For the full year, total revenue were $612.1 million, increased of 56% compared to the previous year. Both quarterly and full-year top-line rates are an all-time high in our operating industry. The cash equity take rate this quarter was 6.4 bps, down from 7.1 bps in the previous quarter, as the figure normalized in Q4 due to less meme stock trading compared to third quarter. Within commission revenue, about 65% comes from cash equities, 29% from options, and the rest comes from futures and other products. Regarding cost, interest expense was 19 million, increased by 14% from same quarter last year, due to the increase in margin financing and securities lending activities. Execution and clearing expense were $5.3 million, decreased 13% from the same period of last year, primarily due to lower SEC regulatory fees. Employee compensation and benefits expense were $50.3 million, an increase of 35% year over year due to an increase of global headcounts. Occupancy depreciation and amortization expense increased 34% to $2.9 million due to the increase in office space and the relevant fiscal improvements. Communication and market data expense were $14.5 million, an increase of 23% year-over-year due to the increase in user base and IT-related services. Marketing expense were $15.8 million this quarter, increased 67% year-over-year, as we increased the marketing and branding spending under a more favorable market backdrop. General and administrative expenses were $14 million, an increase of 118% year-over-year, due to an uncollectible underwriting fee and an increase in professional service fees. Total operating costs were $113 million, or $2.9 million, an increase of 41% from the same quarter of last year. As a result, in the first quarter, gap-led income at $45.2 million, non-gap-led income at $48.9 million, both increased 61% year-over-year. For the full year of 2025, total gap profit was $171.2 million, and non-gap-led income was $186.8 million. Both are all-time high and increased of 182% and 165% respectively compared to last year. Now I have concluded our presentation. Operator, please open the line for Q&A. Thanks.

Thank you. We will now begin the question and answer session. To ask a question on the phone, please press star 11 and wait for our name to be announced. To cancel your request, you can press star 11 again. One moment for the first question. Our first question comes from the line of Dennis Bai from UBS. Please go ahead.

Hello, I'm Dennis from Ruiyin. Thank you for giving me the opportunity to ask the first question. Congratulations to the company for its outstanding performance. I have two questions. The first one is about the 150,000 customers that Q4 gave in the year of 2026. Can you ask the company to help analyze the expected profits for the different markets? This includes the expansion plan of our potential new markets. The other is Q4's new customers. This is Dennis from UBS. Thank you for giving me the opportunity to ask questions and congratulations on the solid results. I have two questions. First, regarding the 150,000 client acquisition guidance for 2026, could you please break down the expected contribution by market? Does this include any plans to enter new markets this year? Also, could you please share a market breakdown of new client acquisition in the fourth quarter of last year? Second question, does the company have a clear plan for the convertible bonds maturing around the end of the first quarter this year, conversion or repayment? and could this create any pressure on your cash flow or capital? Thank you.

Thank you. I will answer the first question and Joy will answer the second one. First of all, regarding the goal of the whole chain, what I need to explain is that from the beginning of 2015, when we were designing the target of the goods and services, we were against the principle of quality and priority of ROI. We have increased the expansion of the high-end users, but it is not a simple pursuit of an increase in the number of people. In the past, we have also developed such a strategy very well. From the point of view, in 2025, there will be more than $1.1 billion of income over the whole year. Most of it comes from retail users. The income from retail users is tripled compared to 2024, which is also the highest year in the history. This makes the company's overall equity level jump from the $4 billion level at the end of 2024 to the $6 billion level at the end of 2025. This also makes the company's overall profit level is also more stable. Therefore, when we set the goal of adding 150,000 new users in 2026, we also followed such a strategy and principle. We are also determined to continue the user quality of the past year on the return of the client's assets. Among the new users in the fourth quarter, the ratio of Singapore market and Hong Kong market accounts for about 35%. Okay, I'll translate.

First, in terms of our full year target, Starting from 2025, our acquisition strategy has been set with a clear focus on quality and ROI. We've been putting more emphasis on expanding our high net worth client base rather than merely pursuing user numbers. And we have executed firmly with this strategy. In 2025, full-year net asset inflow exceeded $10 billion, and the majority of which came from retail clients. Necessary inflow from retail users doubled compared with 2024, and reached an all-time high on a four-year basis. This helped total client assets jump from a $40 billion range at the end of 2024 to a $60 billion range by the end of 2025, which in turn has made our overall profitability more resilient. So when we set this 150,000 new-funded user target for 2026, We are following the same strategy and principles. We are confident that in terms of asset contribution and volatility, the quality of newly acquired users in the coming year will remain consistent with what we saw in 2025. For the regional breakdown of new funded accounts in the fourth quarter, Singapore and Hong Kong each contributed 35%. The Australian New Zealand market contributed around 25%. and the remaining roughly 5% came from the U.S. market. And looking at the 150,000 new funded user target for 2026, excluding any impact from the new markets, we expect the regional mix to be similar to what we saw in the Q4, with Hong Kong and Singapore as the main contributor.

Thank you, Dennis, for your question. I would like to inform you that we have released $1.55 billion of Privacy Bits in 2021. We will continue to release Privacy Bits before mid-April this year. The latest progress is that two long-term investors are willing to continue to hold the total amount of about $5,000. So we have done two consecutive years. The remaining $100 million will be returned to investors in mid-April to mid-April. From the company's current financial situation, CB's repayment will not have an impact on the company's liquidity and business. Let me briefly translate it. We issued a US $155 million private CB back in 2021. All of this will mature by April. Two strategic investors have upgraded to extended holding around $50 million in USD for another two years. We will repay the rest of $100 million to investors. Given our current financial profile, we don't think the repayment of the CBE will have a meaningful impact on our liquidity or business operations. Thanks.

Thank you for the questions. One moment for the next question. The next question comes from the line of MSU of Bank of America Securities. Please go ahead.

Thank you for giving me the opportunity to ask this question. I also have two questions here. The first question is to ask how the business performance has been in the first quarter, including the increase in the number of asset users, customer assets, and user activity. Can the management level share with us the latest progress? The second question is to ask, we see that the average cost of goods and services in the fourth quarter has been greatly improved. What is the main reason behind this? The first question is that how has the operating performance been since the first quarter, including the number of new founded customers, client assets, and trading activities? The second question is about the CAC. Your average customer acquisition cost rose significantly in the fourth quarter. What are the reasons behind this increase? and what is the target average customer acquisition cost for 2026?

Thank you. Since the first quarter, from the point of view of entry-level users, until now, the price has been affected by market fluctuations. We expect that the first quarter and the fourth quarter of last year will be in a stable state. In terms of the return of users, The trend we see is that since the first quarter until now, the market fluctuation and the related impact of the land dispute, the exchange rate of U.S. stocks has dropped significantly compared to the fourth quarter. After the recovery of Hong Kong stocks, the activity has increased. So far, it has reached the level of the fourth quarter overall last year. The overall situation of the fourth quarter also depends on the performance of the last two years. In terms of commercial assets, the U.S. stock market is still continuing to recalibrate in the first quarter. Commercial assets will have some market loss in the first quarter. However, in the first two months of this year, we also saw that the user compensation brought a relatively strong income, especially from the group of retail users. The continued investment of the company in the second five years has also brought in more high-quality users. Therefore, until the end of the second quarter, it is still relatively stable to deduct assets. The overall change in the first quarter of deducting assets depends on the three-part situation.

Thank you. Okay, your first question. On the number of new funded accounts, the recent market volatility did not have a lot of impact on our acquisition pace. They expect Q1 new funding accounts to be roughly flat versus Q4. On user activity, we are seeing the following trend so far in Q1. Due to market volatility and geopolitical factors, the U.S. equity turnover has declined slightly compared with Q4. In contrast, after previous pullback, Hong Kong equity has seen a pickup in trading activity and trading volume. In the Q1 quarter today, Hong Kong share trading volume has already exceeded Q4 entire trading volume. With about two weeks remaining in the quarter, we will continue to monitor closely. As for the client assets, both US and Hong Kong equity markets have continued to pull back in Q1, which will lead to some market losses in client assets. That said, in the first two months, we saw strong net asset inflow driven by client position covered, especially from retail users. In addition, our continued marketing and branding input in 2025 have brought in more high-net-worth clients. As a result, at the end of February, Glenn assets have remained relatively stable quarter-by-quarter and will closely monitor market activity throughout March.

Cindy, let me answer your second question about CAC. First of all, let's take a look at the overall market cost of the fourth quarter. Compared to the third quarter, there is an increase of almost $4 million. There are mainly three reasons. The first is that the Singapore market has done more activities and advertisements in the fourth quarter in combination with the New Year and Christmas. For example, the collaboration with the shared single brand Holowire to promote healthy travel and more deeply integrate the local living scene. At the same time, in order to connect with local communities more closely, Tiger Tree Experience, a flagship event in 2025, was held at the end of the year. More than 4,000 local users participated in the event, and received very good positive reviews. Laohu Singapore also joined the local non-profit organization, Fubo Plus, to hold its first charity fundraising event. To this day, it supports local youth development projects and gathers more than 400 local youth. From investment services to community services, In Singapore, we have integrated local communities in a more diversified way to continue to expand the influence of local brands. In the Hong Kong market, we continue to increase market investment, including local community activities and people-to-people customer rewards. As mentioned before, the quality of Hong Kong users is still very good, and the return cycle is also the fastest in each brand. Because of the four seasons, although the Hong Kong stock market has returned, we have not been affected by the progress of local customers, and have contributed about 35% to the growth of group entry users. And the quality of the users has been further improved. The average income of new users has increased from $30,000 to $430,000 historically. The third reason is that the company's financial management business has developed very well in recent years. You can also see from the company's other income growth. Therefore, in order to attract more high-quality users to the Tiger platform, we cooperate with some high-quality channels in financial management business. Therefore, the cost of using the same channels has also increased in the fourth quarter. At the same time, the number of new users in the fourth quarter has decreased significantly compared to the number of new users in the third quarter. Therefore, the combination of these two factors has caused the increase in the number of new users in the first quarter. In the first quarter, the cost of customers and the number of new users are relatively stable. Therefore, the number of new users in the first quarter will remain at the same level. At the same time, the return cycle is also very healthy. So total marketing expense increased around $4 million US dollar quarter-over-quarter, primarily due to the below three reasons. First, in Singapore, we stepped up campaigns and advertising in the fourth quarter around New Year and Christmas. For example, we partnered with Colorado Riot to promote healthy commuting and a further embedded the tiger into local daily life. To deepen connection with the local community, we hosted our flagship Tiger Trail Experience 2025 event at the year end, which attracted more than 4,000 local users and received very positive feedback. Tiger Singapore also co-organized its first charity fundraising event with local nonprofit organization, Google Plus, bringing funds to support youth development programs that benefit over 400 local teenagers. From investment service to community initiative, Tiger is integrating into local communities through a different angle and expanding our brand influence. In Hong Kong, we continue to increase marketing activities, including local community events and referral-based acquisition programs. As we mentioned before, Hong Kong clients are of very high quality, and the payback period is the shortage across our licensed markets. Even though Hong Kong market experienced pullback in Q4, our acquisition pace was not slowed down. Hong Kong contributed about 35% of the group's newly funded accounts in the quarter, and the user quality further improved, with the average net asset inflow of newly acquired clients rose from around US$30,000 to a record high of about $43,000. In addition, our wealth management business has also developed very well over the past quarter. To attract more high-level clients to Tiger platform, we have been partnering with high-quality channels, which led to higher channel rebates cost in the fourth quarter. At the same time, the number of newly funded users in Q4 was slightly lower than in the third quarter. Those factors combined, there's a significant increase in average CAC. Looking ahead in the first quarter, we expect both marketing experience at the number of new users to be quite stable, quarter over quarter. Therefore, the average CSE we expect to remain at the same level, but we are comfortable with the payback period and the user quality. Looking forward, we will adjust our strategy based on market conditions to ensure that our ROI remains healthy. Thank you.

One moment for the next question. Our next question comes from Cindy Wang of China Renaissance. Please go ahead.

谢谢管理层给我这个提问的机会。 那我这边有两个问题想请教。 第一个是我们看到2025年第四季度的一个营收基本上是持平, 但净利润环比下降有17%。 那主要原因就是说看到本季度的一个成本有一个大幅的增加, 那可不可以跟我们讲一下这背后的原因是什么? 然后我们今年应该要怎么去展望这个成本这一块? 那第二个的话想请问一下 就是公司的这个其他业务收入 从2025年的一个下半年开始有明显的一个增长 那我们看大致上可能主要的贡献 就是来自于这个财富业务跟IPO 那可否请这个管理层分享一下 目前这个财富业务的一个发展和体量 那以及投行业务的一个进展 Thanks for taking my question. I have two questions here. First, 4Q 2025 top line has been quite flattish, but the bottom line dropped 70% quarter over quarter as we've seen costs increase a lot in this quarter. So what is the reasoning behind it and any guidance for costs this year? Second, we have seen a significant increase in other revenues since second half of last year. so many contributed by wealth management and IPO service. So could management share some color on the wealth management business development and current AUM, and as well as the progress of the investment banking business? Thank you.

Okay, let me answer your first question. The first question is that the income end of the fourth quarter compared to the third quarter is even. The profit end has dropped by about US$10 million. In addition to the increase in market costs of 4 million US dollars, there are several other reasons for the decline. One is that in the fourth quarter, communication and market data have increased by almost 2.6 million US dollars. Mainly because the company has upgraded the crypto industry in the fourth quarter and improved the exchange experience of Tiger AI, the cost of external research and development has been generated, as well as some overseas cloud services that have been bought at the end of the year. Secondly, we can see that the management cost of the company has also increased significantly in the fourth quarter. In addition to raising more professional service fees at the end of the year, we mainly raised about $3 million in bad debt preparation in the fourth quarter. The reason is that there are two pre-series IPO sales businesses that have confirmed their income. At present, the other party has not paid yet. And then we are also doing the necessary collection process. This is a one-off effect. And in the future, if it receives a discount, it will also reset the current GT. So these two things, plus the market cost, a total of about $10 million of cost increase, resulting in a decrease in the profit of CQ. Let me translate it. So revenue was roughly flat quarter over quarter, while our bottom line declined by around US$10 million. In addition to the roughly US $4 million impact from higher marketing expense mentioned earlier, there are two factors behind the profit decline. Number one, in the first quarter, communication and market data expense increased by about $2.6 million quarter-over-quarter. This was mainly due to the upgrades we made to the crypto market data and the additional R&D costs for improving the interaction experience of Tiger AI. We also have a sign-in expense related to our cloud services we purchase at the end of the year. The quarter-on-quarter increase in GNA is primarily due to we booked around US $3 million in bad debt provision in the quarter. This relates to IPO underwriting deals from previous years when revenue had already been recognized, but the counterparty has not yet paid. We are doing all the necessary collection procedures. This is a one-off impact. And if we recover the payment in the future, the amount will offset expense in the period when it's received. So those two items together with higher marketing expense added up to about US $10 million in additional costs. So bottom line declined quarter over quarter while top line is flat sales.

Yes, the company's other income has been at the level of millions of dollars in each quarter. In the last two quarters, we have risen to the level of $25 million to $30 million per quarter. This has the help of ESOP. Since 2018, we have continuously served about 750 companies and established a very good reputation in the industry. Of course, The biggest help for other businesses is our financial management business and our investment business. In the investment business side, the company has always been in the IPO market for each stock. Whether it's the number of sales or the amount, it is relatively leading in the entire industry. In recent years, with the continued increase in the popularity of Hong Kong stocks, our Hong Kong stock IPO number has also continued to rise. We also gave the users more experience on the green and the new experience, and through this method, more Hong Kong users learned about our platform. In the fourth quarter, the IPO category of Hong Kong stocks continued to show strong performance. The IPO purchase volume of the platform doubled, and the number of purchases increased by more than 80%. The total purchase volume of 2025 reached 1.2 trillion Hong Kong dollars. For the first time, it broke through the milestone of one trillion dollars and created a new record in history. In terms of financial management business, the penetration rate of users is steadily increasing. Currently, there is a financial management service in all five new customers. In the fourth quarter of the short-term market, mainly in Hong Kong and Singapore, Whether it is the size of public-private funds or the natural scale of cash management tools in the previous generation, they are all close to the double of the same ratio. Structural ticket companies have also entered a rapid growth cycle. In the fourth quarter, the exchange rate has increased by more than 50%. The number of transactions has also achieved a double increase. The negative side of the product is also continuously expanding. At the same time, financial management This is

So for your second question, our other revenue have increased from only a few million US dollar quarterly to around 25 to 30 million US dollar per quarter in the past two quarters. ESOP business has certainly contributed. Since we launched the ESOP business in 2018, We have served around 750 companies and built a solid reputation in the industry. The main drivers of this step up is in other revenue. However, it's our wealth management and investment banking business. For the investment banking, Techger has long been among the industry leaders in the US type 1 rating in terms of both deal count and size. Over the past year, As the popularity of Hong Kong IPO subscription has increased, our Hong Kong IPO pipeline has also expanded steadily. We have offered users more attractive and inclusive terms in financing rates and subscription experience. And through IPO subscriptions, many more Hong Kong users have become familiar with our platform. In Q4, Hong Kong IPOs continued to perform strongly on our platform. Total IPO subscription amount doubled quarter-by-quarter. while the number of subscribers increased by about 80% quarter-to-quarter. For full-year 2025, total subscription amount reached HK$1.2 trillion, surpassing the trillion mark for the first time and setting a new record. As for our wealth management business, user penetration is ramping quite fast. Currently, among every five new-funded clients in our licensed markets, one uses our wealth management services. driven mainly by Hong Kong and Singapore. In Q4, both AUM for mutual funds and assets in cash management tools such as Tiger Vault delivered close to double year-over-year growth. Our structural notes feature has also entered a rapid growth phase. Trading volume in Q4 increased by more than 50% quarter-per-quarter. The number of trading accounts grew several-fold year-over-year, and product coverage continues to expand. In terms of product capabilities, we launched our strategy generation engine, Smart Fund AI. This tool helps fund managers quickly create investment suggestions based on fund selection criteria and clients' risk preference, significantly reducing research times and aligning more accurately with clients' investment goals. Thank you.

That concludes the Q&A session today. I would like to hand the call back to management for closing.

Thank you. I'd like to thank everyone for joining our call today. I'm now closing the call on behalf of the management team here at Tiger. We do appreciate 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. Bye-bye. Thank you.

That concludes today's conference call. Thank you for your participation. You may now disconnect.