A：Key performance indicators for the second quarter of 2026 include the acquisition of 25,200 non-new funded accounts, up 23.7% year over year and 12.2% quarter over quarter; total funded accounts reaching approximately 3.84 million, representing an increase of 33.6% year over year and 7% quarter over quarter; China acquisition and Hong Kong business accelerated sequentially; Singapore registered users surpassing the 2 million milestone; total current asset growth of 43.6% year over year and 14.5% quarter over quarter; total trading volume rising 78.8% year over year and 64.6% quarter over quarter; and fusu secur becoming the first and only broker in Hong Kong to launch charities back margin financing for virtual assets under an upgraded Type 1 license approval.

A：In the second quarter, the company's performance varied across markets. China and Hong Kong experienced accelerated acquisition rates, supported by a robust local IPO pipeline and strong performance in U equities. Singapore saw registered users surpass the 2 million milestone, while Malaysia recorded a record quarter of client acquisitions due to a targeted marketing campaign around local IPOs and AI-driven rallies. In the US, there was significant overall client engagement on the platform. Additionally, total trading volume rose across all regions, with US stock trading growing 67.2% and Hong Kong stock trading volume increasing by 15.9% quarter over quarter.

A：Market conditions had a positive impact on the company's trading volume and revenue. The total trading volume rose 78.8% year over year and 64.6% quarter over quarter to reach a record high. This was driven by client interest in EA-related names in the US and heightened trading activity in semiconductor, China Internet, and newly listed companies in Hong Kong. Consequently, total revenue increased to 7.2 billion Hong Kong dollars. The revenue growth was attributed to various income streams such as interest income from margin financing and securities lending, and other income, which saw significant year-over-year and quarter-over-quarter increases.

A：Fusu secur became the first and only broker in Hong Kong to launch charity-backed margin financing for virtual assets under an upgraded Type 1 license approval from the Financial Commission (FC). The company is also exploring extending its unified buying power framework to cover virtual asset holdings, aiming to enhance capital efficiency across traditional and digital asset markets.

A：Wealth management and client assets grew to 180.2 billion Hong Kong dollars, representing a 10% year-over-year increase and a 1% quarter-over-quarter increase. During the quarter, there was a notable shift in client preferences, with a greater focus on the commercial space. This shift was evident from the heightened investor interest, which drew a full audience and several hundred live stream participants, leading to meaningful follow-on subscriptions.

A：Key financial performance indicators for the second quarter include total revenue of 7.2 billion Hong Kong dollars, a year-over-year increase of 36% and a 5% increase in bonds. The revenue growth was attributed to various factors such as a 30% year-over-year increase in broker commission and handling charging income. Interest income grew by 37% year over year and 18% quarter over quarter due to higher interest income from margin financing, bank deposits, and secured lending. Other income also saw significant increases. Total costs were 858 million Hong Kong dollars, with a year-over-year increase of 47% and a quarter-over-quarter increase of 15%. Broke commission and handling charger expenses, interest expenses, and business processing and servicing costs all experienced notable increases attributed to higher trading volume and interest expenses related to margin financing.

A：The company's expenses evolved with operating quaking expenses increasing by 35% year over year and 11% quarter over quarter, driven by increased investment in strategic initiatives like AI and West 3. Selling and marketing expenses grew by 53% year over year and 18% quarter over quarter, primarily due to an increase in funded accounts. Q expenses also increased by 40% year over year and 10% quarter over quarter, mainly due to an increase in G&A personnel and professional fees. As a result, income from operations was 4.5 billion Hong Kong dollars, representing a 34% increase from the second quarter of 2025. Net income increased by 42% year over year to 3.6 billion Hong Kong dollars, with a net income margin of 5.6% compared to 4.8% in the same quarter last year. The effective tax rate for the quarter was 16.1%.

A：Since the release of the new regulations on May 19, there were no significant changes in many client share across founded account in AUM and revenue contribution. However, there were material outflows of client assets, with the outflows representing a mid-single-digit percentage of total client assets. These outflows occurred from both mainland and Hong Kong client bases, with the majority absorbed in Q2. Hong Kong client retention rate stayed above 98% and retention across over 60 markets remained stable.

A：Futu's strategic thinking behind choosing Thailand is based on the country's growing demand for digital investment tools and global asset allocation. The local economy and investing landscape are quite digital savvy. The entry into Thailand is a natural next step after Singapore and Malaysia, allowing Futu to leverage existing infrastructure and operations. Futu has obtained the Type A securities license from the Securities and Exchange Commission (SEC) and is in the process of final regulatory approval for the official launch, pending readiness and inspections by local regulators.

A：During the second quarter, the blended tax rose sequentially to around HK$2600 due to regulatory developments. Brand investment was maintained to support long-term growth and higher client lifetime value across markets. The outlook for the coming quarters indicates a higher tax trend in July relative to Q2.

A：Malaysia led all markets in terms of new funded accounts growth for three consecutive quarters, followed by Hong Kong. Together, these two markets account for more than 50% of net funded accounts in the second quarter. Singapore was the next largest source among the domestic markets. As of the end of the second quarter, Momo's share of total funded accounts has increased to nearly 60%, led by Singapore, Malaysia, and the US.

A：On the Q3 run rate basis, key metrics are trending modestly softer against the backdrop of market volatility. The net addition of funded accounts moderated compared with Q2, and Hong Kong and overseas markets experienced normalized net asset inflows. Trading volume was down modestly, reflecting a cooling of the retail sentiment in the third quarter.

A：Following the launch of the prediction market in the US, it has exceeded 200 million event contracts within one month, reflecting strong interest from US retail investors in prediction markets products. This has delivered great results in acquiring new clients and driving engagement with brokerage business. The goal is to capture the near-term opportunity as protection markets take off locally and to build expertise that will support the ability to bring prediction markets to other regions in the future.