spk_0: ladies and gentlemen thank you for expanding by and welcome to year and a bitch without third quarter twenty twenty earnings conference call i've defined operative events are now listen only knows after the speakers presentation the there will be a question and answer session at which time if you wish to ask a question you will need to press sar one on your telephone please be advised with at a conference is being recorded i would know like the and the conference over your media you think you'd be go ahead thank you and welcomed the earrings the hell third quarter twenty twenty or a conference call it a coffee for a presentation by the founder chairman and the of credit you and see all of are filled with learning how to see as oh of your answer home monday and cr a last year and or columnist or my could see let's lay down interview
spk_1: p of appears eat a whole and the third of some director of years at home will join to present hurts like you're a person before beginning we would like to remind you that with government during the coffin for looking statements made a murder they've harvard versions of the us private security for the geese are we from lot of ninety nine five such thing as i have suffered some bread of their and the buckner the can cause actual results to differ materially from don't contain any such statements were admitted that got a potential risk of thirty two factors that included and and withheld sally the us securities and exchange commission gilded know that's not under any obligation about the any for looking into and as that of required on uncle law during the call we will be referring to several non cup winners are measured with that woman oh bugger review and us that are upward you perform these non gaap another measures are not intended to be considered an isolation or as his weapon into of as mix of the threat of abundant in accordance of us up wherever they can about the sunken measured americans believe that got measures leave for for for a press release i would not have an aunt in funding for opening remarks
spk_2: hi everyone
spk_3: thank you all for joining our third quarter twenty twenty or news conference call today we are very pleased to be a solid quarter and we continue to make progress in our business transitions and a strategic repositioning as we drive are all i awoke management business into scale and run pop our new party type product offerings we have achieved the profitability and a meaningful go on both our wealth management and a credit card business lines for our wealth management business we are seeing promising grow momentum you wild man from products and services and at a demand remains strong as of end of september total a way of wealth management products increased by seventy one percent quarter over quarter to arm be four point three billion and the total sales volume of wealth management products increased by one hundred ten percent quarter over quarter to arm be four point six medium new you masters of wealth management products on his own well in the quarter stood over
spk_2: fifty eight thousand and two hundred representing a two hundred fifty five percent world compared to last quarter
spk_3: more specifically mutual fund products continue to enjoy strong popularity among customers with a you a reaching and be one point four billion op thirty four percent from last quarter the average a you a pretty master for mutual funds stood at on be fifty eight thousand improving five fifteen percent from a plant quarter if worth mentioning that are fund portfolio products see remarkable popularity among investors which took more than eighty percent of the total fun sales volume this quarter and are becoming a strong driver of our wealth management business as we continue to make strong efforts the into new product be and sourcing meanwhile our insurance business has gone rapidly exceeding our expectations as mansion and our last call we completely be acquisition of the insurance broker militia an ass off september month and fills lawyer and the revenue of this segment have already exceeded our for your target and the began to contribute meaningful in caught due to our wealth management businesses saw his life and the property insurance offerings an accelerated growth is expected to our insurance business as hodja and begin operation in this full swing for them off our security is business in this final stage for product and service launch and the will provide are you bastards with quality stop treating service and the easy access to both hong kong and the us capitol and the financial markets soon apart from that will also establishing an online investor education channel which will further enrich our wealth management full spectrum service offerings to our mass awful and him as their based on edo well platform
spk_4: next
spk_3: to onto our quite a pack business lemmy a highlight three key initiatives as we continue to drive our sales volume growth first all new product offering an expansion our new products continued to show strong growth as we shift towards small revolving loans and autos secured loss for the small revolving loans we have seen a quarter the increase of close to one hundred percent accounting for nineteen percent of the total long volume of the quarter meanwhile all to secured doors girl seventy six percent compared to the last quarter and took almost half of the total sales volume leveraging our nation wide offline now work to provide high quality services to these a settlement we expect our all to secure loans to continue their strong growth in queue for and will be the main goal driver to our quite a pack revenue was superior party
spk_5: a brisk performance
spk_3: ah a bar acquisition strategy we are continuing to strengthen our cooperation with large traffic platforms such as show me and the fifty eight call we also begin to work calls leave his channel partners to provide customized a small revolving consumption long products and the potentially expand our partnership from cps based model to profit sharing model father diversifying our product offerings and even reaching consumption scenarios of the credit ecosystem driven by the effective channel partnerships we have cut our online customer acquisition cost of too low single digit percentage of long volume in the third quarter secondly are transition to financial institution or funding i'm pleased to announce that starting in september we funded one hundred percent of long business with financial institution of funding successfully completed the for transformation of our credit business into long facilitate a model for the quarter ninety eight percent of our loans were funded by financial institutions compared to sixty three percent of last quarter and we are further that was it via our partner base lastly on risk performance with our product miss mix shifting to inherently lower quite a lot product offerings and ongoing effort to upgrade our bar or base and pitre credit policy we have seen significant improvement in as a quality and a sharp decline in delinquency which already outperforms the pre pandemic level looking into the fourth quarter and of that year ahead our pub for our is will be to grow our online wealth management business into scale with multiple product and service offerings to provide a holistic him after experience to our math affluent customer base and to execute our quite a pad business transition into financial institution funded business model with strong channel partnerships for customer acquisition well migrating our barbies tobacco credit quality spectrum to optimize our product pricing and cried
spk_5: good performance
spk_3: with the large going market opportunities in both wealth management and credit had businesses we believe eat and digital is well positioned as china's leading digital platform providing comprehensive personal financial services with that i will now turn the corner to our seattle not who will discuss our financial results for the quarter
spk_6: that
spk_7: hello our while the national update our focus on t either all of these new operation and the financial performers your car refer to the detail financial results you're or new really and hour that that had been posted all was that our wealth management i fell from hamburg thirteen twenty twenty year well as silver close to two points to a meeting was to accumulatively and along well hundred and seventy four thousand that he left her harm to the a hold of i was he was month cry for i felt of pembroke thirty twenty twenty total eight you're a for either wealth which will be twenty five point five leading both the physically a you're a for wealth management put up with his clothes out like flee pupil pilon growth of a few one percent fall clever called her pulling the you for contributing as also pemba thirteen twenty twenty on the clydeside law or good enough for the quarter with them be three point two billion rupees then he a increase of thirty three percent called her or called her the cure out alone and the ethiopia our own your mouth rewarding consumption moncada continue to be the main driver of are lonely growth is called her together a preventing close to seventy percent of low facility all funding we have made significant progress in translation for long facilities a model by pattern with financial chosen getting ninety eight percent alone were funding by financial fusion in called her and as new had a perfectly by sent all more facility is the pamper were all right wow hundred the founded by financial ocean onto our financial total revenue was and be one beating the of called her representing a increase of thirty six percent from clever called her in particular other romney or has included fifty eight percent from forever called her feet tall hundred and go great feeling hiding due to the web or wealth management up for the fact that foreign and a mutual fund oakland a a pen or flu hundred and eighty five meetings is called her representing fifteen point one percent are lonely or as compared to twenty one point two percent beloved called her your to increase the customer acquisition efficiency and our a bad her comfort of home for a lot for contra i said under refillable or for them be twenty five beating is called her equivalent to fill point eight percent of lonely or as compared to wouldn't be one hundred and fifty nine meeting back to called her which was equivalent to seven percent of memorial your for bad with couple former like didn't call for the called her or them be eighteen meeting representing a neither income camargo of them point eight percent how as comprised for on not love of them be two hundred and those looking to a meeting love to potter as we complete our business translation nice to your we've had all coffee lead you to significant info as we transition to higher margin put a forty figure out a lot of the price side and the usual product which ten or high commission revenue as we continue to grow up or the wealth management i although the macro environment in china is incomplete but then he could lead to receive life
spk_8: the pumpkin your to take a conservative than he with management with contribution twelve my the pool or for program where remaining and of them point eight percent of your called her to ensure adequate coverage
spk_7: al queda or for a problem remains and pretty founded with portobello equivalent to function for three percent of the total performing long as off the camera flirting plenty plenty of the been the she that are paid for glaciers image wrong with them be punctuate beating of courage i felt i was lent i
spk_9: self the pamper thirty twenty twenty
spk_10: leave that are now have to all the or or michael for at they are graduates
spk_11: thank you know hello everyone on quoted a performer we continue to execute uprooted ribbed merged with striped you are given group a roof of a show or come in your husband group into a muggy day delinquency have decreased to food or the paper or from like off the timber thirty twenty twenty from phylum harper said as of june thirtieth twenty twenty live with water our team a good down before you actually we completed the restructuring at our collection pm and continued drive new innovative collection project
spk_12: which are expected to result in a decline you okay i'll buy a were fifty percent
spk_11: at compared with our production at the beginning of the year we continued optimizing our aggravation rick merged models but you can relate flowers morning and out a foreigner businesses by minimizing the fraudulent work in the fourth quarter of a goal you mean to twenty two of you want we will continue to pride group are recruited risk management strategy and a guy the ready to adjust or but you have admitted he lied of the micro economic on the regulatory your mom and
spk_0: i will conclude am i prepared remarks gear or the give it to the operator operator we are ready for the cure late and you will be to a man if you refer to as a for from least breath far one hundred dollar phone keypad and wait for your name could be announced if you're a program for your request brief for of the pound or hatch p once again it is far one if you wish to ask a question
spk_13: once again can be for a bar one if you wish to ask a question
spk_0: you have any questions or comments please first are one thank you once again ladies and gentlemen if he risk for ask a question please spread star one on your telephone once again if you wish to ask questions and be pressed powder one hundred dollar phone keypad and wait for your name to be a now once again it is far one if you wish to ask the question her reminder beach or thar one if you wish ask a question ladies and gentlemen it is far one if you'd like to ask the question once again to ask a question please breasts are one on telephone keypad
spk_1: in just a reminder if you wish to as the action you may press sorry one on your toes on t said
spk_0: it seems we don't have any questions from the line presenters you may continue

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