A：The company's first quarter 2025 results included adding approximately 260,000 new funded accounts year over year and ending with total funded accounts at 2.7 million, a 42% increase from a year ago and an 11% rise sequentially. The company is tracking well against its guidance for net new funded accounts in the quarter.

A：The Hong Kong market led new funded account growth, continuing a trend of risk opportunities for China equities and helped by an active IPO calendar that acquired new clients and reactivated previously dormant ones.

A：Malaysia experienced the fastest sequential growth in new funded accounts, propelled by effective marketing campaigns and a seamless Malaysian IPO subscription experience. In Japan, new funded accounts saw a strong sequential growth and reached a historic high, affirming the company's position as the preferred platform for US equity trading among Japanese retail investors.

A：The impact of the new AI offering, which is a smart investment assistant on financial data and investor community insight, was positive with a satisfaction rate of around 95%. The AI has demonstrated significantly higher accuracy and professionalism in answering investment-related questions. The company plans to roll out similar AI offerings to other international markets in the second quarter to empower investors globally.

A：The company launched a brand new desktop version of Fu on a new framework compatible with Windows, MacOS, and Linux. This version features intuitive drag and drop tools for building quantitative strategies and includes multi-legged options strategies. In Japan, fractional shares trading was introduced in February to enhance accessibility, followed by the launch of US options trading in April to help clients better capture opportunities.

A：Total client assets reached HK$830 billion, marking a 60% increase year over year and a 12% increase quarter over quarter. Total revenue was HK$4.7 billion, an increase of 81% from 2024. Key drivers for revenue included higher trading volume and robust inflow, despite a decline in blend commission rate year over year.

A：The total trillion volume reached HK$3.22 trillion, 140% year over year and 11% quarter over quarter. US equity trading rose 14% sequentially to HK$1.4 trillion supported by bottom-fishing of semiconductor and technology stocks. Trading volume in Hong Kong equities advanced 21% quarter over quarter to HK$916 billion, bolstered by a resurgence in investor sentiment.

A：Client assets in Hong Kong and Singapore expanded, with a big part of the inflow being driven by money market funds as clients sought haven assets amid market volatility. There was a further sequential increase in client assets, with rising allocations into bond funds and strong demand for structured notes.

A：The company had 498 IPO distribution and IR clients as of the quarter end, up 16% year over year. In the first quarter, the company participated in several landmark Hong Kong listings as Joint Lead Manager, including those of Block Group and GME Holdings.

A：The increase in interest income was driven by high interest income from security borrowing and the lending business, margin financing, and bank deposits. The quarterly increase was primarily due to higher margin financing income and interest income from security borrowing and the lending business, partially offset by lower interest income from bank deposits.

A：The year-over-year increase in processing and servicing costs was largely due to higher market information and data fees for enhanced market data coverage. The quarterly decline was mainly driven by lower system usage fees and lower market information and data fees.

A：New funded accounts in the second quarter saw a double-digit sequential decrease due to a very high base in the first quarter. However, the company maintained strong client acquisition momentum and is confident in achieving its 800,000 new paying clients guidance for the year. The volatile market led to continued active trading, with total trading volume expected to increase sequentially. Clients deposited significant assets onto the platform, resulting in high net asset inflows similar to the first quarter, coupled with a positive impact from marking to market since the second half of April.

A：The recently launched membership program is designed for web management product clients, particularly those with substantial assets or high trading velocity, who may have specific risk appetites for alternative wealth management products. The program will cater to different clients based on their risk appetite, assets, and product needs. Although the program has been recently launched, the number of members and the proportion of the total client base who have subscribed are still relatively small.

A：The pullback in crypto prices since the first quarter affected the enthusiasm of crypto investors on the platform. Nevertheless, the monthly trading volume and the number of crypto traders remained at a high level. Since May, with the rebound in crypto prices, there has been a renewed interest in crypto trading, resulting in a rebound in daily trading volume. The company will continue to build crypto-related product capabilities and has recently launched crypto deposit functionalities in Hong Kong and paper trading in the U.S. states, among other initiatives.

A：The speaker acknowledges the release of relevant regulations for stablecoins and mentions that Aaerostrat bank has invested in them. They have participated in the stablecoin sandbox and are exploring ways to do stablecoin custody.

A：The common reporting system (CRS) is an international standard for exchanging financial account information to combat tax evasion. It applies to all licensed financial institutions, including banks, insurance companies, and brokers. The United States is not part of CRS but has its own Faca system for tax information exchange with mainstream countries.

A：Fidelity adheres to regulatory requirements and does not disclose client information and client data to any third parties, as mandated by the relevant laws and regulations of Hong Kong. This policy is in place to address rumors about Fidelity disclosing client data, which the company states are baseless. They have also conducted educational efforts in this area.

A：The drop in the high, assuming a 20 to 25 basis point rate cut, would lead to a decrease of 8 to 10 million in Fidelity's pre-tax monthly profit. However, the impact was mitigated by the average size of client idle cash balances offsetting the rate cut implications. Additionally, the decline in the Hang Seng triggered increased client trading activities, which benefits Fidelity from trading commissions. Whether the decline will continue at a low level is still uncertain.

A：Fidelity is positive about the overall inflow situation for the full year.

A：Fidelity is still analyzing data but has received good feedback on their Food for AI function, which has led to increased engagement and activity on their platform. They have also packaged AI functions into their membership programs to enhance net asset inflow and trading velocity.

A：The decline in average CAC to around HK$1800 in the first quarter is attributed to strong market tailwinds and Fidelity's marketing team capitalizing on those opportunities. Despite a lower-than-objectives CAC, Fidelity expects to continue focusing on client growth and invest in brand building. The company does not provide specific future guidance but maintains the full-year guidance on CAC and will revisit the assumption in the coming quarters.

A：The speaker provides details about entering the New Zealand market but the specific information is not included in the provided text. The inquiry is directed to the individual making the response, which is the speaker at the moment, but the content is not available to formulate an answer.

A：Momo's expansion into New Zealand is seen as a national extension due to brand equity and the popularity of Australian and US stocks among Kiwi investors. Momo has also built strong product capabilities for these stocks in Australia, allowing for minimal additional investments in licensing, personnel, R&D, IT infrastructure, and marketing resources. The incremental cost is manageable, and Momo expects a very favorable return on investment (ROI) for the news of the business in New Zealand.

A：The change in the effective tax rate in the first quarter to 18.6% is attributed to two factors: an increasing profitability in overseas markets that utilized historical accumulated tax credits and the implementation of Pillar 2 by the OECD in different markets, which impacts the group's overall effective tax rate. The forecasted medium to long-term effective tax rate is expected to maintain around 17% to 18% due to the sustained profitability in overseas markets and the effect of the implemented tax policies.

A：The slight uptick in the blended commission rate is primarily due to a product mix change, with more clients trading on certain derivatives such as US options. Future expectations indicate that the overall blended commission rate will remain stable as new products like crypto trading are launched. The commission rate is not expected to fluctuate significantly going forward.

A：Momo's market share in Hong Kong is quickly approaching the 40% target, with paying customer numbers nearly reaching 1 million. The fast pace of acquiring paying customers makes the long-term goal of a 40% market share in Hong Kong within reach within the next few quarters. Management believes the Hong Kong business has a significant runway for growth in client numbers and client assets. Despite an evolving competitive landscape with potential competition from N group and Robinhood, Momo's product innovation, superior user experience, and strong brand have allowed it to maintain a leading position in Hong Kong. High client stickiness, with consistently above 98% and 99% quarterly figures, further reinforces the brand's strength.

A：Interest income is generated primarily from idle cash and margin financing securities lending. In the first quarter, there was a strong robust increase in revenue from idle cash, which is attributed to net asset inflows from both existing and new clients and the market's volatility prompting clients to increase their cash positions. The increase in interest income reflects a 35% to 40% contribution from idle cash for the quarter.

A：The zero commission strategy has not been successful in acquiring new clients, and management believes that users are drawn to compliant platforms with high brand recognition and strong all-round capabilities. Momo's focus on product innovation, superior user experience, and competitive pricing has allowed it to gain user mind share and market share in Hong Kong. The client stickiness and the high net worth client additions in the quarter further support Momo's strong position in the market.

A：Despite being on a shortlist with other applicants for the VAP license by the Hong Kong SFC, Futu is still in the process of phase 2 and requires further validation by an independent consultant and completion of process testing work to obtain the final approval from SFC. In terms of AI strategy, Futu has assembled its own AI team, closely monitors industry developments, and applies AI to increase operating efficiency and develop new products for clients. Futu has utilized AI in various operational processes and aims to lower the investment threshold for active traders by enabling them to efficiently gather information and make informed investment decisions. Futu plans to continue innovating and bringing more AI-powered features to the market.