Ladies and gentlemen, thank you for standing by. Welcome to UpFintech Holding Limited second quarter 2026 earnings conference call. At this time, all participants are in 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 26, 2026. I would now like to hand the conference over to our first speaker today, Mr. Aron 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. Ops Fintech Holding Limited's second quarter 2026 earnings release was distributed earlier today, and is available on our website at ir.itiger.com, as well as global newsreel services. On the call today from Ops Fintech, Mr. Wu Tianhua, Chairman and CEO, Mr. Zhang Zeng, our CFO, and Mr. Huang Lei, CEO of US Tech Securities. 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 within the meaning of the U.S. Privacy, Security, 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 report our Form 6-K furnished today and our annual report on Form 20-X, filed on April 24, 2026. We undertake no obligation to update any forward-looking statement, except as required under applicable law. It is my pleasure to now introduce our CEO and Chairman, 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 attending the second quarter of the Tiger Brokers' 2026 earnings conference call. In the second quarter of the 2026 earnings conference call, the company's income and interest-related income and the same period last year have all made significant improvements. The total number of companies in this quarter has reached US$1.82 billion. The starting price is relatively high, with a net profit of 17.7% and a net profit of 31.4%. The operating profit is US$56.8 million, with a net profit of 19.5% and a net profit of 12.6%. Gap and non-Gap net profits belonging to Tiger International have reached US$39.4 million and US$4,280 million respectively. In the second quarter, we saw meaningful improvement in both commission income and interest-related income compared with the previous quarter and the same period last year. Our total revenue for the quarter reached 182 million US dollars, an all-time high

representing a sequential increase of 17.7% and a year-over-year growth of 31.4%. Operating profit reached $56.8 million, up 19.5% quarter-over-quarter and 12.6% year-over-year. GAAP and non-GAAP net income attributable to our fintech reached $39.4 million and $42.8 million respectively. returning to profitability from net loss in the previous quarter. Excluding the impact of approximately US$59.7 million one-off penalty incurred in the first quarter, second quarter gap and non-gap debt income attributed to us fintech both increased about 20% quarter-over-quarter.

In terms of user growth, the current user of this company is 300,600, with a 12.7% increase in net profit. The majority of new users come from the Singapore and Hong Kong markets. By the end of the second quarter of 2020, the total number of new users in the company has reached 1.31.5 million, which is a 10.3% increase compared to last year. In terms of business assets, in the second quarter, retail users in Singapore and Hong Kong and other markets continued to contribute more than US$1.5 billion in documents. At the same time, this is a rise in the value of business assets. By the end of the second quarter, We are very happy to see that in the second quarter, in all the markets that the company entered, the growth of retail has been achieved. It shows a strong growth resilience and a wide market space. In the Hong Kong market, we have launched more offline promotion activities and expanded the exposure of the brand. led to a 30% increase in local commercial assets. Since the company entered the Hong Kong retail market, commercial assets have continued to grow at a high rate. The Australian market and US market commercial assets have also achieved an increase of more than 30% and nearly 50% respectively. This shows that as an internationalized core strategy global business, with the diversification of core businesses and the rise of international strategies,

We added 32,600 new fined accounts this quarter, up 12.7% quarter-per-quarter, with the great majority coming from the Singapore and Hong Kong markets. As of the end of the second quarter, our total fined accounts reached 1.32 million, a year-over-year increase of 10.3%. In terms of client assets, retail users in markets such as Singapore and Hong Kong continue to contribute solid net asset inflows, exceeding US$1.5 billion this quarter. At the same time, fueled by marked market gains, total client assets stood at US$60.7 billion at the end of the second quarter. up 3.1% quarter per quarter and 16.7% year over year. We are glad to see that client assets grow quarter per quarter across all the markets we operate in this quarter, indicating strong growth, resilience, and tremendous market potential. In the Hong Kong market, we rolled out more offline promotion activities and expanded our brand exposure, driving local client assets up by nearly 30% quarter per quarter and extending the rapid sustained growth in client assets we have delivered since entering the Hong Kong retail market. Client assets in the Australian New Zealand market and the US market grew by more than 30% and nearly 50% respectively. This clearly demonstrates that as a global brokerage with internationalization as the core of our strategy and powered by the diversified development of our core business We continue to earn the trust and recognition of both new and existing users across all the markets. Give us strong confidence in our growth prospects ahead.

In the second quarter, we continue to take advantage of the localization function, improve user experience, and continue to expand the brand exposure, and deepen user awareness. For the Singapore market, we will further strengthen the localization of the trading function. The emerging Singapore stocks, as well as RIS's shale trading function, have effectively reduced the threshold of trading, making local investment more affordable and more friendly to new investors. In addition, in order to simplify the cost of the user and reduce the complexity of the tax return, we have launched a special tax return tool in Singapore and Singapore. The upgraded tool has optimized the experience of tax return. Users can directly view and download annual tax return reference documents through our app and official website, covered the key tax data such as trade profits, stock revenue, and ticket revenue. In the second quarter of the Hong Kong market, we increased our brand investment in localization. This quarter, we built a brand marketing event with SpaceX as the main theme. Through outdoor advertising, social media broadcasting, new users' exclusive domain, and advertising in Hong Kong airport, we increased the brand's volume. In the second quarter, we continue to focus on localized functions and enhance the user experience.

while stepping on our brand exposure to deepen user awareness. In the Singapore market, we further strengthened our localized trading capability by launching fractional share trading for Singapore listed stocks and rates, which effectively lowered the trading entry barriers, making local investment more accessible and friendly to beginners. In addition, to simplify users' compliance costs and reduce the complexity of tax declaration, We wrote out a dedicated tax reporting tool in Hong Kong, Singapore, and New Zealand. The upgrade is to optimize the end-to-end tax filing experience, enabling users to directly view and download annual tax reference documents through our app and official website, comprehensively covering key tax data, including trading profits and losses, dividend income, as well as interest and coupon earnings. In the Hong Kong market, We scaled up our brand investment and localized operation during the second quarter. Our flagship marketing campaign of the quarter was built around SpaceX, amplifying our brand voice through an integrated mix of out-of-home advertising, social media, exclusive new user rewards, and advertising placement at Hong Kong Airport. At the same time, we launched CPOE index option trading in Hong Kong and hosted a dedicated launch event for TigerX CPOE index option alongside a series of investor education initiatives, further enriching the range of trading products available to local investors.

In the second quarter of the year, we will continue to maintain a good development trend. In terms of investment and trade business, we have sold Shizhong Hong Kong IPO Project Continuous coverage of artificial intelligence, hardware technology and other key channels Including group technology, deep-eye intelligence, Chinese science, literature and science, etc. AI-based key IPOs And participated in the launch of commercial technology, disposable technology, artificial intelligence, advanced electronics, etc. Intellectual production and automotive semiconductor companies It has further consolidated the market influence of companies in the field of technology innovation companies At the same time The company continues to expand the listed business of AGIH. Participated in Huaching Technology, Xingyuan Materials, and Linyi Manufacturing, etc. The project covers smart hardware, new energy materials, and consumer electronics, and other key industries. In the U.S., it participates in four types of IPO project marketing, including the Chinese automotive industry digital platform DaSouChi, and Japanese automotive software company Mikuel. Our to-be business continues to strong momentum in the second quarter of 2026. On the investment banking side, in Hong Kong, we enrolled 14 Hong Kong IPOs during the quarter, continuing to cover key sectors such as AI and hard tech.

including major AI ICOs like MoneyCore, Deep Zero, and Wenguo AI, and participating in the offering of intelligent manufacturing and automotive semiconductor companies such as Semi, Robot Phoenix, and Sears, further consolidating our market influence in listing services for technology and innovation companies. Meanwhile, we continue to expand our A-plus-H listing business participating in Hong Kong list of leading companies such as Huaqing Technology and Senior Technology, spanning key industries including smart hardware, new energy materials, and consumer electronics. On the US side, we participated in the distribution of four US IPOs, including DSC Holding, a digital platform from China automotive industry, and Magwire, a Japan automotive software company. Our ESOP business delivered steady growth during the quarter, with 50 new clients added. As of June 30, 2026, our total ESOP clients served reached 840. Now I'd like to invite our CFO, John, to go over our financials.

Alright, thanks Tianhua and Aron. Let me go through our financial performance for the second quarter. All numbers are in U.S. dollars. Commission income was $78.3 million, increased 21% year-over-year and 17% quarter-over-quarter. Interest income was $79.8 million, increased 36% year-over-year and 24% quarter-over-quarter. Together, total revenue reached $182 million, sitting at an all-time high of 31% year-over-year and 18% quarter-over-quarter. Cash equity take rate was 3.6 bps this quarter, down from 5.9 bps a quarter ago. The main driver was a quarter-over-quarter increase of roughly $15 billion in trading volume from Tiger Broker US. However, most of this uptake in trading volume didn't translate into commission revenues, as in the US we offer zero commission to local users. Within commission revenue, about 71% comes from cash equities, 24% from options, and the rest from futures and other products. Now on to cost. Interest expense was 21.5 million, increased 19% quarter over quarter, and then 24% year over year. in light with the increase in interest income. Execution and clearing expense were 6.8 million, an increase of 25% from the same period last year, in light with the increase in commission income. Employee compensation and benefits expense were 50 million, an increase of 39% year over year, primarily due to the severance costs associated with groups rework of business units. occupancy, depreciation, and amortization expense were 2.8 million, a slight increase of 3% year-over-year. Communication and market data expense were 16.2 million, an increase of 56% year-over-year due to the increase in user base and IT-related service fees. Marketing expense were 18.4 million this quarter, increased 87% year-over-year as we focused on acquiring high-quality users and accelerated the expansion of our wealth management business. General and administrative expenses were $9.8 million, increased 45% year-over-year due to an increase in professional service fees. Total operating costs were $103.9 million. an increase of 47% from the same quarter of last year. As a result, our bottom line increase on both GAAP and non-GAAP basis quarter over quarter. GAAP lead income was $39.4 million and the non-GAAP lead income was $42.8 million versus the lead loss in the previous quarter and up 20% quarter over quarter after excluding the impact of the one-off penalty in the first quarter. As of the close of the US market yesterday, we have cumulatively repurchased approximately US $5 million worth of ADS under our buyback plan announced on June 2, 2026. We may continue to execute repurchase from time to time under the $50 million share repurchase program announced on June 2, 2026. 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. If you'd like to ask questions, please press star 1 and 1 and wait for a name to be announced. One moment for our first question. The first question comes from the line of Youyou Fan of CICC. Your line is open. Please go ahead.

Hello. Thank you for giving me the first chance to ask a question. I'm Fan Youyou, a programmer at Zhongjin. I have two questions for you, leaders. First of all, we see that the income growth of the second quarter is very strong, including business profits, which is actually a good growth. But I also noticed that there is a loss of 2.24 million this quarter. I would like to ask about the reasons behind it, including how we look at it later. In the same time, if we look at the income tax of the second quarter, it is relatively high. I calculated that the effective tax rate is close to 28%, which is also higher than a normal level. Could you please help to explain the reasons behind it? Including if we look forward, our normal effective tax rate should be at a certain level. And then the second question is that I would like to ask the management to help share one of the business trends that we have observed in the past three seasons, including the activity of this transaction, and then including the assets of customers, the increase in the number of new users, and so on. I will quickly translate it here. Thanks for taking my questions. This is Yo-Yo Fan from CICC. I have two questions here. Firstly, we have delivered a strong revenue growth and solid operating profit expansion in Q2, but we noticed that there was also a loss of over $2 million under the other net, this large item. So what's the reason behind and how it would be going forward? and we also see that the income tax expense was a little bit high in Q2 with effective tax rate at nearly 28%. So what's the reason behind and what should we expect as the normalized effective tax rate going forward? My second question, can you show the run rate as our operating trend since Q3? including metrics like trading velocity, client assets, and new founder account users. Are these two questions? Thank you.

Okay. Thank you, Fan You. Let me answer your first question, and then Tianhua will answer the second question. Okay. First of all, about the loss of US$200 in Argonite, mainly due to the continued rise in RMB in the second quarter. are all non-cash items. First of all, we think that the company's normal effective tax rate should be at a reasonable level between 10% and 15%. The second is that the tax rate is higher than the normal level. There are two main reasons. The first is the adjustment of the non-currency land tax rate brought by the employee equity fund. To put it simply, the company's shareholding of employees' shares will be taxed in total on every quarter of the wealth, including the cost of human resources, including the part that is already owned and the part that is not owned. However, on the tax side, only the part that is owned can be taxed before tax, and the amount generated for the part that is not owned cannot be taxed, so it will form a property taxed on land. Then, after May 22, the company's stock price fell, and the value of the unowned employee stock market also dropped. This is the first reason. Second reason. This is also related to the 5.2 one-off fine. We are still evaluating this part, but it is currently under very careful consideration. In the second quarter, this part of the fine was dealt with as an indisputable cost. Therefore, the current additional cost of about $6 million has been increased. This part is currently a non-credit impact. We expect that in the second half of the year, we will combine the situation in various regions of the group to continue to optimize the tax arrangement. First, on the roughly US$2 million loss in the other line item, this was mainly an FX loss driven by the continued appreciation of the RMB and the corresponding depreciation of the US dollar during the second quarter. It's a long cash item. On income tax, first of all, we believe a normalized effective tax rate is in the 10% to 15% range. The second quarter tax expense was notably above that level for two reasons. Number one is there is a non-cash deferred tax adjustment tied to employee share-based compensation. The share-based award we grant to employees amortized quarterly on a gross basis as part of our compensation costs, covering both vested and unvested portions. For tax purpose, however, only the amortization of the wasted award is deductible. The expense from un-wasted award is non-deductible and gives rise to a deferred tax asset. When our share price dropped after May 22nd, the value of the un-wasted employee stock pool declined. Thus, the previous recognized deferred tax asset came down accordingly. As a result, we rolled down about $1 million of deferred tax asset this quarter. which was recorded as income tax expense. This is a non-cash item, and if the share price recovers going forward, it will reverse and reduce tax expense in that period. The second reason, it's tied to the one-time penalty from May 22nd rectification. We are still assessing this and for now, purely out of prudence, we have treated the entire penalty as a non-deductible expense in the second quarter, which added about Okay, Tianhua. Okay, let me answer the second question.

In terms of commercial assets, up to now, the income and asset growth of the third quarter has contributed more than US$1 billion. Commercial assets have continued to grow steadily. Compared to the end of the second quarter, the third quarter of commercial assets has achieved a high rate of net growth. In terms of return on investment, the third quarter up to now, The second quarter of the same period has a slight decline, mainly due to the second quarter of the market. The market is relatively strong, and the exchange rate is at a high position, forming a high technology. After entering the third quarter, the market has been adjusted, and the return rate has been reduced accordingly. In terms of new income users, the main supply market is still Hong Kong and Singapore. From the source, we expect the third quarter to add new income users to the second quarter. Video goods have risen. Because in the second quarter, we have strengthened the brand activity in Hong Kong, Singapore, and local areas. In the third quarter, the effect is still good. In addition, it is worth mentioning that as of now, compared to the second quarter when the number of new users in the third quarter increased, the number of new users in the third quarter has improved significantly, reaching about US$25,000. As for us, we have the same priority strategy in terms of user quality.

Okay, I'll translate regarding the run rate of our third quarter. First, on client assets, Q3 quarter today, both net asset inflow and market gain have each contributed more than one billion U.S. dollar, so client asset has kept up its steady growth. Quarter today, we've seen a high single-digit quarter-by-quarter increase on client assets compared to the end of the second quarter. And second, on trading activity, In the quarter to date, trading volume and commissions are running slightly below the same point in Q2. This mainly reflects the high base from a strong second quarter when the market rally kept trading activity elevated. With some pullback in the market heading into Q3, activity has eased accordingly. And last, on new funded accounts, Hong Kong and Singapore remain our key contributors. We expect the number of newly funded users to come in flat or increase versus Q2. As we stepped up our brand activity in both Hong Kong and Singapore in the second quarter and the result has been looking good so far in Q3. On top of that, it's worth noting that So far in Q3, the average net asset inflow per new funded user has risen further versus Q2 to around $25,000, which is in line with our quality first approach to client acquisition. Thank you. Operator, please move on to the next question.

One moment for our next question. Our next question comes from the line of Cindy Wang of China Renaissance. Please ask your question.

谢谢给我这个提问的机会 然后也恭喜公司取得一个不错的业绩 那我这边有两个问题想请教 第一个的话想跟进一下 5月22号监管更新之后的一个状况 能否跟我们说一下 第一个就是关于近期是否还有 还会有其他新的政策的变化 Q&A Q&A Thanks for taking my call. I have two questions. First, I would like to follow up the regulatory update after May 22nd. First, are there any other new policy changes? And then second is whether mainland clients have stabilized, such as trading activity, customer churn, and asset outfall. And currently, have you seen any significant changes in the percentage of customer assets and revenue from mainland retail clients? Second, The second question is the company's overall blended take rate has remained relatively stable, but the cash equity take rate has decreased significantly compared to the previous quarter. So could you explain the reasons behind this and what the trend looks like? Thank you.

Let me answer the first question. Later, please, John, answer the second one. On the impact of the 5.2 monitoring policy, we look at the policy and the use of it in two ways. On the first policy level, we strictly follow the relevant requirements of domestic supervision, respond quickly, and fully comply, and on June 12, we launched relevant monitoring mechanisms to limit the entry and entry of Chinese mainland users in China. In addition, We haven't talked about further policy changes or adjustments. Second, user behavior. In general, the main impact is in the second quarter. Most of them have already been consumed. In terms of capital movement, the second quarter, the number of domestic retail users is about $5 billion. Most of them are between May 22 and June 12. The scale is equivalent to the number of domestic retail users are all eligible for the high percentage of the total assets of the users. By the second half of the year, the trend has slowed down. Third, the change in the ratio. Due to the impact of the net profit and loss, the overall proportion of the entire group of mainland retail users' client assets has fallen further down to 10%. The revenue contribution has been reduced from 20% in the first quarter of the year to 15% to 20% in the second quarter. In general, the initial impact caused by supervision has been basically eliminated. More importantly, the core growth momentum of the company comes from the global market. In the second quarter, all of our international shopping assets have achieved a steady growth. Okay, let me take this from two angles, the policy and the client behavior.

First, on policy. We moved quickly and are in full compliance with the regulator's requirements, and on June 12th, We rolled out the necessary monitoring mechanism to restrict onshore activities by mainland users, such as opening positions and making deposits. Since then, we haven't received any further policy changes or adjustments from regulators. Second, client behavior. Broadly speaking, the impact was concentrated in the second quarter and has largely been reflected at this point. Mainland retail users saw net asset inflow of about $500 million in the second quarter, most of them between May 22 and June 12. This is a high single-digit percentage of this user's total current assets before the regulatory update. So we think it's still manageable, and heading into the second quarter, the pace of outflow has been gradually easing. So with those net assets inflows, mainland retail users now account for under 10% of a total client asset, down further from before. And their revenue contribution has come down from the 20 to 25 range in full year 2025 and Q1 to a 15 to 20% range in Q2. So that being said, the outflow impact from regulatory change has largely run its course. More importantly, our core growth engine is our global business. In the second quarter, client assets grew quarter-by-quarter across every market we operate in. So based on the number and the actual results we are seeing so far, this matter has had no meaningful impact on the medium to long-term fundamentals of our global business.

Okay, Cindy, let me answer your second question about TakeRate. As I mentioned earlier, Cash Equity's TakeRate has increased from 5.9 bps in the first quarter to 3.6 bps in the third quarter. There are three main reasons. The first reason is that the second quarter market has a higher attention to AI semiconductor blocks. This type of stock has a significant increase in trading volume on our platform. And the share price of this type of stock, like U.S. Light and Lightning, is also relatively high. TakeRate is basically less than 1 bps. The second reason is that the Nasdaq index has also risen significantly in the second quarter, with an increase of more than 20%, leading to an increase in the average trading price of each share. Since we collect commission from each share, the higher the trading price, the lower the take rate, so the take rate of the stock has also dropped. The third reason is that the second quarter, the old stock of the United States has also added some quality users, but the trading style is relatively flat. have increased their trading volume in the second quarter. According to the local market, the U.S. stock market has taken a 0.5%. Therefore, the overall take rate seems to be low. The first two reasons are market driven. It is not easy to predict the future trend. But as of now, the share price of the quarter's day in the third quarter has been adjusted. It will probably have a positive impact on the take rate. Let me translate this. As I mentioned earlier, cash equity take rate went down from 5.9 bps in the first quarter to 3.6 bps in the second quarter for several reasons. Number one, in the second quarter, AI and the semi-sector trading volume accounted for a larger share on our platform. Stocks like Micron and Sandisk were traded at high share price, with take rate of well below 1 bps, which dragged down the overall US cash equities take rate. In addition, the NASDAQ index rose sharply in the second quarter, up more than 20%, pushing up the average trading price of individual stocks. Since we charge commission on a per share basis, a higher trading price translates into lower take rate. The third reason is some high frequency users were trading through our US subsidiaries in the second quarter, which lifted the trading volume, but since we charge zero commission for local US clients, This also drags down cash equity take rate. The first two factors are market driven, so the trend is hard to predict. Let's say quarter today, in the third quarter, we have seen some pullback in share price, which should be positive for the cash equity take rate. We expect the cash equity take rate to recover somewhat in the third quarter. As for the blended take rate, it stayed relatively stable quarter over quarter, mainly because the share of future are trading in decline while cash equity and option trading went up. Since future trading volume is calculated on a lotional basis, a lower future trading volume leads to the blended tech rate. Thanks.

OK, so operator, let's proceed to the next question.

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

谢谢给我这个提问的机会。 我是美银证券的分析师Emma。 那我这里也有两个问题。 第一个问题是详细管理层给我们拆分一下二季度新增入金用户的区域构成。 第二个是想问一下关于这个市场的费用的。 我们看到二季度的这个市场费用包括人均CAC环比都有一个比较大幅度的上升。 So the first question is, could you break down the geographic mix of the new founded account in the second quarter? Second, we noticed a notable sequential rise in the marketing expense, including the CAC. Could you elaborate on the key drivers behind this increase? Specifically, what is the split between user acquisition versus re-engagement spend? And in which market have you ramped up investment? Please also share your outlook for the approximate range of CSE in the second half of this year. Thank you.

After new funded accounts were added in the second quarter, Singapore and Hong Kong together accounted for over 70%, split roughly even between these two.

Australia and New Zealand contributed around 25% with the rest coming from the U.S. market.

Okay, let me answer your second question. Regarding the rise of CFC, I will explain it from three levels. First, part of the market cost is FCN's rebate, not direct customer cost. So to kick off FCN's VBA, which is a part of our wealth business, the cost of marketing in the second quarter increased by about $2.5 million. The CAC increased from about $420 per quarter in the first quarter to about $450 per quarter in the second quarter. From the structure point of view, Laxin, which is the main part of the Korean brand investment, accounts for about 60% to 70%. This increase mainly leads to the construction of brands in Hong Kong and Singapore, which does bring high quality users. Aron Lee, Qing Fei Zeng, Tianhua Wu Airport Advertisement, Social Media, etc. We have done a multi-channel link and significantly enlarged the brand's volume. In terms of Singapore, we continue to consolidate the brand reputation and market leadership through a series of online and offline activities, including participating in the local largest outdoor food music festival, GastroBeats2026, and promoting the Where's Your Next Step brand activity. Lian Dong Taobu and Pique Ball and other local communities and using FIFA World Cup to put on TV ads. These activities are closely related to the life scene of young customers, helping us to build a more warm and confident brand connection in addition to traditional financial marketing. Looking forward to the second half of the year, we will adjust the dynamics of the market and the revenue of the customers. According to the current situation, the CAC is estimated to be between 450 to 500 US dollars. So let me break down the increase in our marketing spending and average CAC in the second quarter in three parts. First of all, some marketing expense were FCM rebates, not really tied to user acquisition. Excluding the FCM rebates, marketing spending was up about US dollar 2.5 million quarter over quarter. and average CSC rose from around US dollar 420 in Q1 to about US dollar 450 in Q2. Under split, client acquisition including branding accounted for roughly 60% to 70% of our total marketing expense. The incremental spending went mainly into brand building in Hong Kong and Singapore and it's clearly bringing high quality users average net asset inflow per new funded account from under $20,000 in the first quarter to over $25,000 in the second quarter. In Hong Kong, our client assets have now grown double digits for five straight quarters, up nearly 30% quarter-over-quarter and roughly tripled year-over-year in Q2. We launched a SpaceX-themed campaign during its IPO to amplify our brand awareness through different venues and channels. In Singapore, we kept reinforcing our brand and marketing leadership through a mix of online and offline campaigns. From taking part in GastroBeats 2026, the city's largest outdoor food and music festival, to rolling out our Where Is Your Next Step campaign with local running and applicable communities, to World Cup TV advertised them. Those campaigns helping us stay close to our user base, especially the younger ones, and build a warmer, more trusted brand connection that go beyond traditional financing marketing. Looking beyond the second quarter, we will keep adjusting our acquisition spending based on the market condition. Based on what we have seen so far, We expect the average CSE to be around US$450 to $550 range. Thanks.

Thank you for the questions. At this time, there are no further questions on the line. I would like to hand the call back to Mr. Aron Lee for closing.

Thank you. I would like to thank everyone for doing 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 first questions, please reach out to our IR team. This concludes the call, and thank you very much for your time. Bye-bye.

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