Operator: Gentlemen, welcome to Futu Holdings second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. After management’s prepared remarks, there will be a question and answer session. Today’s conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host for today’s conference call, Michelle Lee, Investor Relations Manager at Futu. Ma’am, please go ahead.

Michelle Lee, Investor Relations Manager, Futu Holdings: Thanks, operator. Thank you for joining us today to discuss our second quarter 2026 earnings results. Joining me on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer, Arthur Chen, Chief Financial Officer, and Robin Xu, Senior Vice President. As a reminder, today’s call may include forward-looking statements, which represent the company’s belief regarding future events, which, by their nature, are not certain and are outside of the company’s control. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. For more information about the potential risks and uncertainties, please refer to the company’s filings with the SEC, including its annual report. With that, I will now turn the call over to Leaf. Leaf will make his comments in Chinese and I will translate.

Leaf Li, Chairman and Chief Executive Officer, Futu Holdings: Thank you all for joining our earnings call today. In the second quarter, we acquired 252,000 net new funded accounts, up 23.7% year-over-year and 12.2% quarter-over-quarter. Total funded accounts reached approximately 3.84 million, representing an increase of 33.6% year-over-year and 7% quarter-over-quarter.

Michelle Lee, Investor Relations Manager, Futu Holdings: Client acquisition in Hong Kong accelerated sequentially during the quarter, supported by a robust local IPO pipeline and strong performance in U.S. equities. In Singapore, registered users surpassed the 2 million milestone, further solidifying our leadership among local retail investors. The average revenue per new client in both markets improved sequentially, underpinned by our ongoing investor education initiatives across multiple asset classes, reinforced by our sustained investment in brand equity.

Leaf Li, Chairman and Chief Executive Officer, Futu Holdings: In Malaysia, our targeted marketing campaigns centered around local IPOs and the AI-driven rally catalyzed a record quarter of client acquisitions, leading all markets in net new funded accounts for the third consecutive quarter. In the U.S., Moomoo’s Prediction Markets garnered significant traction, driving incremental new client acquisition and helping improve overall client engagement on our platform.

Michelle Lee, Investor Relations Manager, Futu Holdings: As of quarter end, total client assets stood at HKD 1.4 trillion, up 43.6% year-over-year and 14.5% quarter-over-quarter. The growth was mainly attributable to higher market valuation of client stock holdings and, to a lesser extent, net asset inflow. Period end margin financing and securities lending balance rose 31% quarter-over-quarter to HKD 95.1 billion, supported by an active Hong Kong IPO market, along with broader positive market sentiment that encouraged clients to take on more leverage.

Leaf Li, Chairman and Chief Executive Officer, Futu Holdings: Thanks to favorable market conditions, total trading volume rose 78.8% year-over-year and 54.6% quarter-over-quarter to HKD 6.42 trillion, setting a new record high.

Michelle Lee, Investor Relations Manager, Futu Holdings: U.S. stock trading volume grew 67.2% sequentially to HKD 5.02 trillion, driven by client interest in AI-related names. Hong Kong stock trading volume increased by 15.9% quarter-over-quarter to HKD 1.17 trillion, largely attributable to heightened trading activity in semiconductor, China internet, and newly listed companies.

Leaf Li, Chairman and Chief Executive Officer, Futu Holdings: 6月，富途证券获香港证监会1号牌照升级，成为香港首家也是目前唯一一家推出证券抵押融资交易虚拟资产的券商。同时，我们正积极探索将虚拟资产纳入统一购买力控价，以进一步提升传统资产和数字资产市场的资金使用效率。

Michelle Lee, Investor Relations Manager, Futu Holdings: In June, Futu Securities became the first and to date only broker in Hong Kong to launch securities-backed margin financing for virtual assets under an upgraded Type 1 license approval from the SFC. We are also exploring extending our unified buying power framework to cover virtual asset holdings, further enhancing capital efficiency across traditional and digital asset markets.

Leaf Li, Chairman and Chief Executive Officer, Futu Holdings: 财富管理客户资产达1,802亿港元，同比增长10%，环比增长1%。本季度，受股票市场强劲表现推动，我们观察到客户偏好从货币市场基金转向股票基金。在香港，我们面向零售投资者举办了首次线下基金路演，聚焦商业航天主题。投资者对该主题兴趣浓厚，活动现场满员，线上直播吸引数百人在线参与，并带动了后续显著的认购。

Michelle Lee, Investor Relations Manager, Futu Holdings: Wealth management client assets were HKD 180.2 billion, up 10% year-over-year and 1% quarter-over-quarter. During the quarter, we observed a shift in client preference from money market funds towards equity funds on the back of strong equity market performance. In Hong Kong, we held our first offline fund roadshow for retail investors centered on the commercial space theme. Amid heightened investor interest, the event drew a full onsite audience and several hundred livestream participants, translating into meaningful follow-on subscriptions.

Leaf Li, Chairman and Chief Executive Officer, Futu Holdings: 截至期末，我们的IPO及IR客户达683家，同比增长32%。二季度香港IPO市场延续强劲势头，期间近六成新上市公司选择与富途合作。我们担任了多家知名上市项目的联席账簿管理人，其中包括天星医疗、曦智科技与剂泰科技。

Michelle Lee, Investor Relations Manager, Futu Holdings: We concluded the quarter with 683 IPO distribution and IR clients, up 32% year-over-year. The Hong Kong IPO market sustained strong momentum in the second quarter, with nearly 60% of newly listed companies choosing to partner with Futu. We served as joint bookrunners for multiple high-profile listings, including those of Star Sports Medicine, Lightelligence, and 剂泰科技.

Leaf Li, Chairman and Chief Executive Officer, Futu Holdings: 接下来有请我们的首席财务官Arthur介绍我们的财务表现。

Michelle Lee, Investor Relations Manager, Futu Holdings: Next, I’d like to invite our CFO, Arthur, to discuss our financial performance.

Arthur Chen, Chief Financial Officer, Futu Holdings: Thank you, Leaf and Michelle. Please allow me to walk you through our financial performance in the second quarter. All the numbers are in HKD, unless otherwise noted. Total revenue was HKD 7.2 billion, up 36% from HKD 5.3 billion in the second quarter of 2025. Brokerage commission and handling charge income was HKD 3.4 billion, up 30% year-over-year and 27% Q-over-Q. Total trading volume grew on both year-over-year and a Q-over-Q basis, while blended commission rate declined due to stronger trading activities in higher priced U.S. stocks and options during the quarter. Interest income was HKD 3.1 billion, up 37% year-over-year, and 18% Q-over-Q. Both the year-over-year and the Q-over-Q increase was mainly driven by high interest income from margin financing, bank deposits, and secured lending.

Other income was HKD 718 million, up 61% year-over-year and 27% Q-over-Q. Both year-over-year and the Q-over-Q increase was primarily driven by higher currency exchange income and IPO financing service income. Our total costs were HKD 985 million, up 47% compared to the second quarter of 2025. Brokerage commission and handling charge expenses were HKD 248 million, up 54% year-over-year and 50% Q-over-Q. Both the year-over-year and the Q-over-Q increase was mainly due to higher trading volume. Interest expenses were HKD 513 million, up 36% year-over-year, and 24% Q-over-Q. Both the year-over-year and the Q-over-Q increase was mainly driven by higher interest expenses associated with our margin financing business. Processing and servicing costs were HKD 225 million, up 70% year-over-year and 32% Q-over-Q.

Both the year-over-year and the Q-over-Q increase were primarily driven by higher product service fees. As a result, total gross profit was HKD 6.2 billion, an increase of 34% from HKD 4.6 billion in the second quarter of 2025. Gross margin was 86.3% as compared to 87.4% in the same quarter of 2025. Operating expenses were HKD 1.8 billion, up 35% year-over-year and 11% Q-over-Q. To break it down, R&D expenses were HKD 501 million, up 13% year-over-year and 5% Q-over-Q. The year-over-year and the Q-over-Q increase was primarily driven by the increased investments in strategic initiatives like AI and Web3. Selling and marketing expenses were HKD 657 million, up 53% year-over-year and 18% Q-over-Q. The year-over-year and the Q-over-Q increase was mainly driven by the increase of new fund accounts.

G&A expenses was HKD 593 million, up 40% year-over-year and 10% Q-over-Q. The year-over-year increase was primarily due to an increase in G&A personnel and the professional fees. As a result, income from operations was HKD 4.5 billion, up 34% year-over-year and 26% Q-over-Q. Operating margin of 62% is largely flat compared to the second quarter of 2025. Our net income increased by 42% year-over-year to HKD 3.6 billion. Net income margin expanded to 50.6% in the second quarter, compared to 48.4% in the same quarter last year. Our effective tax rate for this quarter was 16.1%. That concludes our prepared remarks. We’d now like to open the call to questions. Operator, please go ahead.

Operator: Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. We ask that you please limit yourself to one question and one follow-up. One moment while we compile our Q&A roster. Our first question is going to come from the line of Emma Xu with BofA Securities. Your line is open. Please go ahead.

Michelle Lee, Investor Relations Manager, Futu Holdings: Thank you for giving me the opportunity to ask the first question. Congratulations on the strong second quarter results. Since the release of the new regulations on May 22nd, have you seen material changes in Mainland client share across funded accounts, AUM, and revenue contribution? Have you observed meaningful outflow of accounts or client assets? The second question is, against the regulatory backdrop, the group delivered resilient revenue and profit in the second quarter. Could management please share an update of the overseas market development and their contribution to the group? Thank you.

Arthur Chen, Chief Financial Officer, Futu Holdings: Okay. Thank you, Emma. For the first question, may I ask Leaf to answer. I will answer the second question. Thank you.

Michelle Lee, Investor Relations Manager, Futu Holdings: Futu highly emphasizes compliance and strictly implements all regulatory requirements. After the new regulations were issued on May 22nd, we promptly implemented the relevant compliance measures and maintained ongoing communication with the regulators. As for the cumulative asset outflows since the new regulations, the outflows were about mid-single digit percentage of our total client assets. We believe the bulk of the impact has already been absorbed in Q2. The outflows came from both our Mainland and Hong Kong client base, and the two are roughly about the same. The Mainland outflows were primarily compliance-driven adjustments under the new rules, while the Hong Kong outflows were more concentrated in the early period right after the announcement, which reflects some risk-off sentiment as the market digested the news. Most of the Mainland client outflows happened in June and July after we implemented the restrictions on our app.

The pace of client attrition started to moderate in August. For Q2, our Hong Kong client retention rate stayed above 98%, the retention across our overseas market remained stable quarter-over-quarter. We continue to see steady growth in overseas new client additions. Going forward, we will keep directing our resources and the growth focus towards advancing our international business.

Arthur Chen, Chief Financial Officer, Futu Holdings: 好的，那有关第二个问题我来回答一下，我觉得一个是从新客户的收入的贡献。那从目前来看，海外的多个市场在二季度新增的有资产客户的这个ARPU，其实都有比较明显的一些环比的改善。那其中比如说美国、新加坡，包括香港，这些市场的新客户的ARPU环比都是有一个双位数的增长。我想一方面可能反映比如像美国这些增长的这些市场，我们客户的质量是有一个结构性的迁移的。那同时呢，像香港，包括新加坡这一些对富途来说已经是一个比较成熟的一个市场，我们还是能够继续获得一些比较高价值的一些客户，从而去支持我们整个公司营收的增长。那么从客户的数量，包括客户的资产的这个角度来看，第二季度无论是马来西亚、澳洲、新西兰以及加拿大这些海外市场的有资产客户数环比也是有一个双位数的增长。那其实我们二季度所有海外市场的客均资产环比都实现了一个提升。那特别是接下来我们泰国牌照的获取，我相信可能在未来对于我们东南亚的区域的布局也提供了一个非常好的新的贡献增长点。那从利润的这个角度来看，我们现在海外不同的分公司处于不同的一些成熟的一个阶段。那新加坡其实因为早已经是盈利的，而且无论是从利润的绝对数，包括利润率的一个角度，持续都是在提升。我们能够看到持续的经营杠杆的一个正面的效应在新加坡市场发挥。那我也很高兴跟各位分享，就是说我们马来西亚市场在今年二季度也是首次达到了经营利润层面的一个break even。那我们相信可能在未来几个季度里面，会有更多的，我们的一些海外的市场能够逐步跨越盈亏平衡点。那目前来看，也会有一些海外的市场，现在还处于客户跟资产基础的一个积累的阶段。那随着客均资产以及留存率的一个提高，我们也相信在海外市场的一个长期利润率的转化，会有一个非常好的期待。那我也翻译一下。On the quality of new fund accounts, the average revenue per newly fund accounts improved sequentially across multiple markets in the overseas.

In particular, U.S., Singapore, and Hong Kong all posted double-digit growth. We think this both reflects a structural upshift in fund account quality in growing markets like U.S. and also continued acquisitions of higher value clients in mature markets like Hong Kong and Singapore, together supporting overall revenue growth. On the client asset perspective, all fund accounts in overseas markets, including Malaysia, Australia, New Zealand, and Canada, grew double digits sequentially in second quarter. Actually, the average client assets rose Q-over-Q across every overseas market we have the operations, showing that we are growing not just in the number of clients, but also the wallet share. Our recent securitizations of the Thailand license also give us a very additional important anchor for our ASEAN footprint down the road. In terms of profitability, our overseas markets are at different stage of maturities.

For instance, Singapore has already passed the break even a couple of years ago. The absolute level and also the net profit margin continue to expand, thanks to the operating leverage benefit kicking. I am also very happy to share, Malaysia has recently achieved the break even in the operation levels as well. While our other overseas markets are still building out their client and asset base of the rising average clients assets and the client retentions, we think the groundwork for our long term profitability for the overseas markets will be very likely. Thank you.

Michelle Lee, Investor Relations Manager, Futu Holdings: Thank you. They are very helpful.

Operator: Thank you. One moment for our next question. Our next question will come from the line of Chiyao Huang with Morgan Stanley. Your line is open. Please go ahead.

Chiyao Huang, Analyst, Morgan Stanley: 好的，感谢管理层。我是Morgan Stanley的黄奇瑶，请教两个问题。第一个想关于泰国市场的选择，想请教管理层主要是基于什么样的战略考量？然后预计什么时候可以开始正式的展业和获客？那同时在目前在东南亚已经布局了好几个市场的情况之下，咱们在不同的市场之间是否有一定的协同效应？第二个问题也想追问一下，关于这个佣金率确实看到环比还是有一定程度的下滑了，刚才CFO也有大概谈到，想具体再请教一下，这里面它可能反映出来哪些交易结构的变化，还是这个定价有一些变化？谢谢。

Michelle Lee, Investor Relations Manager, Futu Holdings: Let me briefly translate. The first question is regarding Thailand. What is the strategic thinking about choosing this market? When do we expect Futu to officially launch the business here? Do we see any synergy in the ASEAN market we are already in? The second question is about the commission rate, which is dropping a little bit Q on Q. What kind of structural changes are we seeing behind this drop? Thank you.

Arthur Chen, Chief Financial Officer, Futu Holdings: 好的，谢谢齐瑶。那第一个问题我请我的同事Robin来回答，我来回答第二个问题。谢谢。

Robin Xu, Senior Vice President, Futu Holdings: 好的，感谢提问。首先，泰国是东南亚的第三大经济体，本地投资者的数字化程度是比较高的。对于全球的资产配置和数字化投资工具的需求也在持续地增长。根据泰国证券交易所的数据，截止到2026年上半年，泰国通过线上开户的投资者已经达到450万人。所以进入泰国对Moomoo来说，其实是我们继新加坡和马来西亚之后，在东南亚市场的一个自然的延伸。也可以跟我们现有的市场的一些基础设施和用户运营经验形成非常好的协同。目前Moomoo在泰国已经拿到了SEC颁发的Type A证券业务牌照，再加上我们在其他海外市场的持牌运营经验，公司在多地合规能力也得到了海外监管的认可。整体海外业务扩张的节奏也是保持稳定。至于最终在泰国的展业时间点，我们还需要等泰国监管方面对我们的准备情况完成检查，并且给予最终的批准。所以现在还没有一个非常明确的时间表，我们会严格按照当地的监管节奏，扎实做好展业前的各样准备工作。好，谢谢。

Michelle Lee, Investor Relations Manager, Futu Holdings: I will translate. Thailand is the third largest economy in Southeast Asia. The local investors there are quite digitally savvy with growing demand for global asset allocation as well as digital investing tools. According to the Stock Exchange of Thailand, as of the first half of 2026, over 45 million investors had opened accounts online. For Moomoo, entering Thailand is really a natural next step in the Southeast Asia market after Singapore and Malaysia. It allows us to leverage the infrastructure and the operations that we have already built in that region. Moomoo has already obtained the Type A securities license from the Thai SEC. Combined with our licensed operations in other overseas markets, this reflects the ongoing recognition from regulators of our ability to operate compliantly across multiple jurisdictions. The overall pace of our overseas expansion remains steady. As for the timing of the official launch, we still need to go through the regulators’ readiness inspection to receive final approval. We do not really have a specific timeline to share at this point. We will continue to work closely with the local regulator and make sure all the pre-launch preparations are thoroughly in place.

Arthur Chen, Chief Financial Officer, Futu Holdings: 好的，那第二个问题有关综合佣金率的环比稍微有一些下降的原因，我来回答一下。那首先呢，我们在这个季度里面是没有任何收费价格的调整的，所以综合的take rate的下降，主要反映了我们的一些用户的交易行为的变化。那第一呢，是在这个季度里面，大家交易衍生品的占比是稍微有一些下降，但绝对的衍生品的占比依然还在一个非常健康跟良好的水平。那第二呢，确实在第二季度有更多的客户在交易美股，其中特别是一些单价比较高的正股，跟金额比较大的期权合约，特别是像闪迪、美光、特斯拉这一些AI以及科技的龙头的平均股价，在二季度也有一个明显的走高，这个在一定程度是影响了我们的整个银行的佣金的收费率。First, there was no any price manual change in the second quarter across all of our markets. So the take rate change Q on Q is mainly driven by our customers’ behavior. Number one is the contribution from the derivative in the second quarter compared with the first quarter slightly down Q over Q. But on the absolute levels, the contribution is still very healthy. Secondly is more clients are trading the US stocks in the second quarter with a very high concentration on some high-value AI themes and tech leading names, which let our implied commission rate down a little bit. Thank you.

Operator: Thank you. One moment for our next question. Our next question is going to come from the line of Charles Zhou with UBS. Your line is open. Please go ahead.

Charles Zhou, Analyst, UBS: [Foreign language] First of all, congrats to the management on the very excellent results and also strong beat to the market consensus. This is Charles Zhou from UBS. I have two questions. First, can we maybe get some colors on the trajectory of your CAC in the second quarter? What the key drivers were if we think about the CAC in the coming quarters? My second question is also could you maybe provide some breakdown on the newly added funded accounts and the period and funded accounts by markets, in particular, the contribution mix from your overseas markets. Thank you.

Arthur Chen, Chief Financial Officer, Futu Holdings: 好的，谢谢Charles。那第一个问题我请我同事米邵来回答，我来回答第二个问题。

Senior Management (CAC Discussion), Futu Holdings: 在二季度，我们的集团的综合获客成本环比有个上升，到了HK$2,600左右，其实仍然是处于全年的这个HK$2,500到HK$3,000的指引区间的。这个二Q的CAC环比上升呢，主要是受到监管事件的影响，客户的流失导致了净增有资产客户数偏低。与此同时，公司还是继续维持了一定体量的品牌建设投入，来支持各个市场的长期增长，还有客户价值的持续提升。然后七月份的获客成本环比是有一定幅度的上升的。In the second quarter, the blended CAC rose sequentially to around HK$2,600, which is still within our full year guidance range of HK$2,500 to HK$3,000.

Michelle Lee, Investor Relations Manager, Futu Holdings: The quarter-on-quarter increase in CAC for Q2 was mainly driven by the relatively lower net new funded accounts as a result of the regulatory development. At the same time, we maintain a certain level of brand investment to support the long-term growth and the higher client lifetime value across our markets. Additionally, the CAC trended higher in July relative to Q2.

Arthur Chen, Chief Financial Officer, Futu Holdings: 好的，那有关第二个问题，就是各个市场的一些breakdown。从新增的这个有资产客户来看呢，马来西亚已经是连续三个季度领跑我们这个集团里面有资产客户的一个增长，那紧追其后的是香港。那整个马来西亚跟香港在本季度贡献了大概差不多一半以上的新增有资产客户。那其余的市场里面呢，相对贡献比较大的是新加坡市场。那截止到二季度末呢，我们整个现在海外品牌Moomoo的有资产客户的占比已经提升到接近60%，那其中的贡献比较大的这些市场主要是新加坡、马来西亚和美国。Malaysia has led all markets in terms of new funded accounts growth for three consecutive quarters, followed by Hong Kong.

Together, these two markets make up for more than 50% of net new funded accounts acquired in this quarter, with Singapore being the next largest source among the remaining markets. By the end of the second quarter, Moomoo’s share of total funded accounts has increased to nearly 60%, led by Singapore, Malaysia and the U.S. Thank you.

Operator: Thank you. One moment for our next question. Our last question is going to come from the line of Yu Fan with CICC. Your line is open. Please go ahead.

Yu Fan (Yoyo Fan), Analyst, CICC: 好的，感谢管理层给我这个提问的机会，也恭喜公司取得了如此亮眼的一个业绩表现。我是中金公司的分析师樊优 Yoyo。那我这边也是两个问题想要请教一下。首先第一个的话，可否请管理层给我们分享一下看到的三季度以来整体的一个经营趋势情况如何？包括可能像新增的获客、客户的入金、交易量、AUM 等等这些维度的情况。然后我的第二个问题是关于预测市场，因为我们看到 Moomoo 美国，可否请管理层给我们分享一下上线以来的一个表现情况如何？包括可能展望后续的话，怎么去看待这个预测市场业务的一个商业化路径，包括未来一个增长的机会。我这边快速翻译一下。Thanks for taking my questions and congratulations on the outstanding results. This is Yoyo Fan from CICC and I have two questions here. Firstly, would you please share more color on our Q3 trend such as the run rate of the new funded accounts, the trade flow and also the client AUM?

Secondly, since Moomoo has launched the Prediction Markets in the U.S., can you share more on this business trend and how to view the future monetization and growth opportunities of Prediction Markets? These are two questions. Thank you.

Arthur Chen, Chief Financial Officer, Futu Holdings: 好的，第一个问题还是请我同事米邵来回答，我来回答第二个问题。

Senior Management (CAC Discussion), Futu Holdings: 按照我们的这个3Q的quarter to date的一个run rate来看呢，因为受到市场行情的波动，那么这个指标可能整体呈现了一些小幅度的承压的一个趋势。那净增的有资产客户数环比2Q是有一些回落的。然后从净入金的维度，按照Q3的这个run rate来看，香港和海外市场的净入金已经恢复到了一个比较正常的水平。然后交易量的话，环比是有一些下降的，主要也是反映出这个3Q QTD市场情绪比较起2Q是稍微有一些降温。On the Q3 quarter to date run rate basis, our key metrics are trending modestly softer against a backdrop of market volatility. The net addition of funded accounts moderated compared with Q2.

Michelle Lee, Investor Relations Manager, Futu Holdings: As for net asset inflow in Hong Kong and our overseas markets, net asset inflows have returned to a normalized level. As for the trading volume, total trading volume was down modestly sequentially. This is primarily reflecting a cooling of the retail sentiment in the Q3 quarter to date relative to the previous quarter.

Arthur Chen, Chief Financial Officer, Futu Holdings: 好的，那有关预测市场，我们是在五月份的时候拿到FCM的牌照，然后Moomoo美国在六月初的时候正式向美国的零售投资者推出了预测市场的交易服务。那就像Liv之前在opening remarks说的，我们整个预测市场上线一个月总成交是突破了两亿张，也反映出美国的零售投资者对于合规化的预测市场产品的一个强劲的需求。那事件合约我们认为在拉新跟促活方面都有非常不错的一些效果，整个的一个事件合约跟证券主业之间出现了比较明显的一些协同效应，交叉销售的一些机会。那我们能够看到一些交易事件合约的一些用户，在证券品类的活跃度也会更高。说明这两个品类之间不是一个互相替代，而是一个互相带动的一个作用在这个里面。那Moomoo在美国进行相关的业务布局，我觉得主要是有两个目的。一方面当然是希望我们能够把握当地的一个预测市场快速发展的这样的一个行业的机会。另一方面我觉得可能更重要的是希望能够借此去积累我们在产品设计、运营管理，包括风险控制这些方面的一些核心的内耗，为未来集团里面有更多的一些地区开展预测市场这个业务去做好相应的一个准备。We got the license in May, FCM license from CFTC and Moomoo US officially launched the prediction market trading service for our retail clients in the US in early June.

The number of the event contracts as Liv mentioned in opening remarks, trade exceeds 200 million within one month of the launch, reflecting a very strong demand from the U.S. retail investors for Prediction Markets products. The event contracts has delivered great results, in our observation, in both acquiring new clients and driving engagement with clear cross-sell synergy with our core brokerage business. For instance, users who trade event contracts are more active in security trading, showing that event contracts are not substitute for security trading, but rather a drive of it. The purpose for our U.S. production market rollout, I think serves two purposes. Number one is definitely to capture the near-term opportunity as Prediction Markets took off locally.

More importantly, it let us build up the product design, operational, and the risk management expertise that will support our ability to bring Prediction Markets to other regions we have the operation down the road. Thank you.

Michelle Lee, Investor Relations Manager, Futu Holdings: 好的，谢谢。Thank you.

Operator: Thank you. I would now like to hand the conference back over to Michelle Lee for closing remarks.

Michelle Lee, Investor Relations Manager, Futu Holdings: That concludes our call today. On behalf of the Futu management team, I would like to thank you all for joining us today. If you have any further questions, please do not hesitate to contact me or any of our investor relations representative. Thank you and goodbye.

Operator: This concludes today’s conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.