This conference call focused on the financial performance of Futu Holdings in the first quarter. The management gave a detailed interpretation of the performance and invited investors to ask questions. The meeting mentioned forward-looking statements and potential risks of the company's future development.

In the first quarter, the total number of asset customers of the group reached 3.59 million, up 34% year-on-year and 7% month-on-month. Although the Hong Kong market is under pressure, it has contributed the second most new customers. The Singapore market has an annualized growth of more than 50%, and the Malaysian market has increased profitability. It is expected to achieve a break-even in June-December. The ability to trade U.S. stocks in the Japanese market has led to client growth, and the U.S. market has been approved by the NFA to conduct forecasting market economy business, increasing the attractiveness of active traders. In the future, we will focus on the scale of customer assets and life cycle value enhancement, relying on product innovation, brand trust and one-stop platform advantages, and continue to release market business value.

Affected by precious metals and geopolitical conditions, customer market participation enthusiasm is high, and customer assets in Japan, Australia and Canada have achieved double-digit growth. Client assets were essentially flat at the end of the quarter, up 47% year-on-year, despite the decline in the market value of equity positions dragging down assets. The total trading volume reached a platform record of HK $4.15 trillion, up 29% year on year. Hong Kong stock trading volume increased by 22% month-on-month, with active trading in China's technology and newly listed AI related stocks.

Cheetah Exchange successfully passed the second phase of the Hong Kong Securities Regulatory Commission ATP license approval, plans to launch virtual asset services for securities financing transactions, continues to expand OTC trading and pledge capabilities, and is committed to becoming an important infrastructure for Hong Kong's Web3 ecosystem. Wealth management client assets reached HK $178.4 billion billion, up 28% year-on-year, with a rich product line, including space economy-themed public funds and structured notes linked to gold and oil. IPO distribution GIR customers reached 625, 12 new shares subscription amount of more than 100 billion Hong Kong dollars, showing a strong distribution and underwriting strength.

The report details the company's financial results for the first quarter, including changes in key indicators such as total revenue and net income, as well as an analysis of the reasons for the increase or decrease in revenue and costs, as well as confidence and strategy for the company's future growth and shareholder value creation.

Analysts raised questions about the latest cross-border securities regulatory requirements and their impact on the company, and management responded that the company would strictly abide by the new regulations and continue to strengthen compliance measures, while stressing that the company had completely stopped opening accounts for mainland identity customers and strengthened its anti-fraud mechanism. Management also shared the diversified development of the company's business in Hong Kong and overseas markets, pointing out that the annual growth rate of overseas independent brand revenue is significant, overseas asset customers more than 2 million, per capita AUM is higher than other local platforms, it is expected that the global layout will further enhance the company's business resilience and growth potential.

The company's revenue from overseas independent brands increased significantly in the fourth quarter, doubling revenue in five countries and improving customer quality, with an average AUM of $18000. In the future, we will expand more international markets and promote regulatory licensing applications. Malaysia and Hong Kong contributed more than half of the net increase in asset customers in the first quarter, with overseas brands accounting for 55%, with Singapore, the United States and Malaysia as the main contributors. In the future, we will continue to strengthen our compliance and international expansion strategies, enhance our product and service capabilities, and promote long-term sustainable growth.

The dialogue discussed the company's bank credit, financing costs and credit rating after the regulatory update, emphasizing the stable cooperative relationship with banks and other fund providers. At the same time, the company's continued growth potential in the mature markets of Hong Kong and Singapore is discussed, and it is pointed out that despite the extensive user coverage, there is still huge room for development in terms of customer asset penetration.

The dialogue focused on deepening wealth management services in the two international financial centers of Hong Kong and Singapore, emphasizing the huge potential of in-depth wealth services for residents of the two places after the brand influence is enhanced. After more than ten years of development, has built a rich product matrix and high-quality customer service capabilities, is continuing to optimize services, deep into mature markets, looking forward to the future with confidence.

Business opportunities in the US forecast market, product placement and its synergies with existing businesses, as well as the latest developments and future linkage strategies for the Crypto business in Hong Kong were discussed. Management's expectations of Crypto assets as a percentage of total assets to enable meaningful realisation opportunities, while assessing customer acceptance versus time allocation for system construction.

By acquiring the CM license, the company plans to launch a predictive market trading service in the United States, aiming to take advantage of the rapid growth of the market, while accumulating core experience in product design, operations management and risk control, laying the foundation for future expansion in other regions. The company is actively engaged with regulators to explore the scope and feasibility of predictive market products to promote broader participation and inclusion in financial markets.

The fully developed virtual asset exchange plans to strengthen internal collaboration and flow capacity, enrich virtual asset products, explore industry infrastructure construction, build a long-term ecology, and strive to become an important infrastructure platform for foreign investment in Hong Kong.

The dialogue emphasized strengthening internal collaboration and flow transformation, deepening virtual asset business cooperation, and planning to introduce core functions such as OTC trading, increasing token lists and security services, with the aim of building a comprehensive virtual asset solution. At the same time, it explores innovative products such as market trading and ETF insurance, and strives to become a key infrastructure platform for Hong Kong's financial ecosystem, demonstrating confidence in the future growth potential of the cryptocurrency market.

The dialogue discussed the reasons for the decline in interest income in the first quarter, including a decrease in cash interest income and interest income from borrowings, as well as an increase in financing interest income. At the same time, the analysis of the second quarter interest income remained stable, and business updates, such as new accounts, asset management scale, fair value changes and trading volume trends.

Based on the current second quarter performance, net new asset clients are expected to maintain steady growth. Although Friday's events affected inflows in the short term, the overall impact was manageable. Double-digit growth in asset management and trading volume is expected, benefiting from market performance and active client trading.

The dialogue discussed the increased competition in Hong Kong's financial market due to new entrants and policy changes, expressed confidence in the long-term potential of the Hong Kong market, and revealed plans to launch Korean stock trading strategies to enhance product supply.

Futu announced that it will launch the Korean stock trading function in Hong Kong and Singapore in June. Customers can indirectly invest in Korean stocks through leveraged ETF and other products, especially AI the core targets of the industrial chain. Futu is committed to providing global asset allocation options and high-quality trading experience, and will continue to focus on the potential of global stock markets and evaluate more market intervention opportunities.