UP Fintech Holding Ltd (TIGR) Q2 2026 Earnings Call Transcript

Ladies and gentlemen, thank you for standing by. Welcome to Art Fintech Holdings 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 a conference over to your first speaker today, Mr. Aaron Lee, the Head of Investor Relations. Thank you. Please go ahead.

And thank you for joining us for the call today. AlphaFintech Coding Limited's second quarter 2026 earnings release was distributed earlier today and is available on our IR website at ir.itiger.com as well as Globe News or our services. On the call today from AlphaFintech, Mr. Wu Tianhua, Chairman and CEO, Mr. Zhang Zeng, our CFO, and Mr. Huang Lei, CEO of U.S. Tiger Securities. Mr. Wu will give an overview of our business operations and discuss corporate highlights. Mr. Dung will then discuss our financial results. They will both be available to answer your questions during the Q&A session that will follow the remarks. Now, let me cover the state power. The statements were about to make content forward-working statements. Within the meeting of the U.S. Private Security Dedication Reform Act of 1995, a number of factors could cause extra results to differ materially from those in any forward-looking statement. For more information, please report our Form 6K finished today and our annual report on Form 20S built 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 joining the Tiger Brokers' second quarter, 2026 earnings conference call. 去年同期均实现显著提升 本季度公司总收入达到1.82亿美金 创价率有新高 环比增长17.7% 同比增长31.4% 实现经营利润5680万美金 环比增长19.5% 同比增长12.6% 归属于老母国际的GAAP和LongGAAP经利润分别达到3940万美金 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 at 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. Gap and non-gap net income attributable to Fintech reached $39.4 million U.S. dollar and $42.8 million U.S. dollar respectively, returning to profitability from net loss in the previous quarter. Excluding the impact of approximately $59.7 million U.S. dollar one-off penalty incurred in the first quarter, second quarter of gap and non-gap net income attributable to Fintech both increased about 20% quarter over quarter.

Hong Kong 等市场的零售用户持续贡献稳健的进入金 规模超过15亿美金 那同时受益于客户资产市值的一个上涨 截至第二季度末 公司客户总资产达607亿美元 环比增长3.1% 同比增长16.7% 我们很高兴的看到 第二季度 在公司进入的所有市场 客户资产均实现了环比的增长 展现出强劲的增长韧性与广阔的市场空间 在香港市场 我们推出了更多线下推广活动 并扩大品牌的曝光 带动本地扣资产环比增长近30% 延续的公司进入香港零用市场以来 扣资产持续高速增长的良好势头 澳新市场及美国市场扣资产也分别实现了超过30%和近50%的环比增长 This shows us that, as one of the largest global market companies of international trade, by using the multilateral development of international trade, we will continue to gain trust and trust in the world in the world. It will allow us to be proud of the future.

32,600 new funded accounts this quarter, up 12.7% quarter per quarter, with the great majority coming from Singapore and Hong Kong market. As of the end of the second quarter, our total funded 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 $60.7 billion at the end of the second year, a 3.1% quarter per quarter, and 16.7% year-over-year. That's to see that client assets grew quarter per quarter across all the markets we operate in this quarter. Indicating strong growth, resilience, and tremendous market potential, we rode out more offline promotion activities and expanded our brand by nearly 30% sustained growth in client assets we have delivered since entering the Hong Kong retail market. Australia, New Zealand market and the U.S. market grew by more than 30% and nearly 50% quote-over-quote respectively. This clearly demonstrates that with internationalization as the core of our strategy by the 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 perspective. 交易的准入门槛 让本地投资更加出手可及

对新有投资者也更加友好 此外 为了简化用户的合规成本 降低报税的复杂度 我们在香港 新加坡及新鲜推出了专属的报税工具 升级后的工具优化了三道端的报税体验 那用户可以通过我们的app及官网的个人中心 直接查看并下载年度的报税参考文件 全面覆盖了交易盈亏 股息收入以及利息于票据收益等关键的税务数据 在香港市场 我们在第二季度加大了品牌投入于本地化的运营地图 那本季度我们重年打造了一场以SpaceX为主题的品牌营销活动 通过户外广告 社交媒体传播 新用户专属里域 以及香港机场的广告投放等多渠道的联动 In the third quarter, we continued to focus on localized function 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 operations 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 placements 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.

A shem眼智能, 中科文科等AI領域的重點IPO, 並參與了商米科技 、 易廢科技 鮮功智能 經歷電子等智能製造 與汽車半導體企業的發行 進一步巩固了公司 在科技創新企業上市伺服領域的 適量影響力 同時公司持續拓展 AGIH的上市業務 參與了滑行技術 心願材質 以及领域制造等行业盟头企业的赴党商势 项目覆盖了智能硬件 新能源材料及消费店等重点的产业 那每一方面 它有四中IPO的项目分销 包括了中国汽车产业速度化平台的大搜车 和日本汽车软件公司 Mikwell E-SOP业务方面 本季度实现了稳健的增长 新增客户50家

To be business continued to strong momentum in the second quarter of 2026. On the investment banking side, in Hong Kong, we underwrote 14 Hong Kong IPOs during the quarter, continuing to cover key sectors such as AI and hard tech, including major AI IPOs like Manicor, Deep Zero, and WenGue AI, and participating in the offering of intelligent manufacturing and automotive semiconductor companies such as Semi, RobotPhoenix, and 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 list of leading companies such as Huaxin Technology and Senior Technology, spanning key industries including smart hardware, new energy materials, and consumer electronics. On the U.S. side, we participated in the distribution of four U.S. appeals, including DSC Holding, a digital platform from China Automotive Industry, and Magwire, a Japan company. Our useful business delivered steady growth during the quarter with 50 new clients added. As of June 30, 2026, our total use of clients served reached 840. Now I'd like to invite our faithful John to go over our financials.

All right, thanks Tianhua and Aaron. Let me go through our financial performance for the second quarter. All numbers are in U.S. dollar. Commission income was 78.3 million, increased 21% year-over-year and a 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, setting an all-time client up 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 U.S. However, most of this uptake in trading volume didn't translate into commission revenues, as in the U.S. 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 24% year-over-year, in line with an increase in interest income. Execution and clearing expenses were $6.8 million, an increase of 25% from the same period last year, in line with an increase in commission income. Employee compensation and benefits expenses were $50 million, an increase of 39% year-over-year, primarily due to the severance costs associated with group's 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-based and IT-related service fees. Marketing expenses 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 percent from the same quarter of last year. As a result, our bottom line increased on both GAAP and non-GAAP basis quarter-over-quarter. GAAP-led income was $39.4 million and non-GAAP-led income was $42.8 million versus the lead loss in the previous quarter and up 20 percent quarter over quarter after excluding the impact of the one-off penalty in the first quarter. As of the close of the U.S. market yesterday, we have cumulatively repurchased approximately U.S. $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 2nd, 2026. Now I have to conclude our presentation. Operator, please open the line for Q&A.

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 our name to be announced. One moment for our first question. The first question comes from the line of Yo-Yo Fan of CICC. Your line is open. Please go ahead.

Thank you. 然后包括后续咱们怎么看这一项,与此同时的话,如果我们看二季度的所得税费用的话,相对来说也比较高,我算下来大概有效税率是接近28%,也是高于一个正常的水平,可否请管理层也帮忙解释一下背后的原因,包括如果往前去看的话,咱们一个正常的effective tax rate有效税率大概应该在一个什么水平。 然后第二个问题的话是想请管理层帮忙分享一下咱们观察到的三季度以来的一个经营趋势,包括像这个交易的活跃度,然后包括客户的资产,新增的入金用户数等等各方面的一些表现。那我这边快速翻译一下。 Thanks for taking my questions. This is Yoyo Fan from CICC. I have two questions here. Firstly, we have delivered a strong revenue growth and started operating profit expansion in Q2. But we noticed that there was also a loss of over $2 million under the other net 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 rates at nearly 28 percent, so what's the rhythm behind and what should we expect as the normalized effective tax rate going forward?

My second question, can you show the run rate of our operating trend since Q3, including metrics like trading the lofty client assets and new funded account users are these two questions thank you ok thank you that I will answer you the first question then I will answer the second question ok first let's talk about 这个在R的这个none item里面的这个200亿美金的损失呢 主要是由于二季度人民币持续升值 美元相应贬值所产生的一个报表的汇兑损失 是一个non-cash的item 然后关于所得税呢 首先来讲了我们认为公司正常的effective tax rate呢 应该是在10%到15%这个区间是比较合理的水平 二季度的所得税呢 是高于这个正常水平的 主要有两个原因 第一是员工股权基利带来的非现金地业所得税的调整 简单的解释一下就是说公司授予员工的股权基利 在财务上每个季度会按总而去摊销 记录人力成本 包括已经归属和没有归属的部分 但是在税务上只有已归属的部分的摊销可以税前抵扣 未归属部分产生的费用是不可抵扣的 因此会形成一个地业所得税的资产 然后在5月22号之后 公司的股价下跌 未归属员工股票时的价值 也随之下降 此前形成的对地缘税的资产 也相应的减少 本季度因此就冲掉了 差不多有100万美金的地缘税资产 进入了所得税的费用 这也是个非现金的影响 未来如果股价回升 也会反向冲减当期的所得税费用 这是第一个原因 第二个原因 其实也是跟52的一次性罚款相关 这部分我们仍然在评估中 但是目前处于一个非常谨慎的考虑 二季度这部分罚款都作为不可抵扣的费用来处理了 因此当期额外增加了约600万美金的所得费用 这部分目前也是非现金的一个影响 预计下半年我们会结合集团各地区的盈利情况 持续的优化是税务的安排 并且在符合规定的前期下 In the next few years, you can quickly increase the amount of cash in the next few months. Now, let me翻译一下. First, on the roughly U.S. 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 U.S. 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 purposes, however, only the amortization of the vested award is deductible. The expense from unvested award is non-deductible and gives rise to a deferred tax asset. When our share price dropped after May 22nd, the value of the unvested employee stock pool declined. Thus, the previous recognized deferred tax asset came down accordingly. As a result, we wrote down about $1 million of deferred tax assets this quarter, which was recorded as income tax expense. This is a long cash item, and if the share price requires going forward, it will reverse and reduce tax expense in that period. The second reason is 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 U.S. $6 million to income tax expense this quarter. For now, this is a non-cash item. Looking ahead, we expect to keep optimizing our tax arrangement in light of the profitability across the group's various reasons. And we're consistent with the rules. We will aim to gradually reverse this against income tax expense in the second half. Okay,先放.

The current level of digital capital growth is prolonged. Compared to the second year, the current level of digital capital growth has performed high weight loss of the economy. For a daily rate, the current level of the third year of global capital growth has had higher education. In turn, the two-week level became more than a lower level of economic capital. 这个处在高位形成的一个较高的基数 那进入第三季度后市场有所回调 回度相应有所回落 新增入金用户的这个方面 主要贡献市场依然是香港和新加坡 那从数字上看 那我们预计第三季度新增入金用户于第二季度 食品或有所上升 那因为我们在第二季度 在香港新加坡当地都加强了品牌活动 三季度来看效果还是不错的 I will translate regarding the run rate of our third quarter.

First, on client assets, Q3 quarter today, both net asset inflow and market market gain has each contributed more than one billion US dollar so current asset has kept up a steady growth. Quarter to date, we've seen the high single-digit quarter-over-quarter increase on current assets compared to the end of the second quarter. And second on trading activity, quarter to date trading volume and commissions are running slightly below the same point in Q2. This mainly reflects a high base when the market rally kept trading activity elevated. With some pullback in the market heading into Q3, activities have eased accordingly. And last, new funded accounts remain our key contributors. We expect the number of newly funded users to come in flat 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 um net asset inflow for new funded user has risen further worth 25 000 us dollar which is in line with our operator please move on to the next 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有 还会有其他新的政策的变化 然后第二个就是说 关于大陆的用户的行为 是否已经趋于稳定 比如说像交易的活跃度 客户流失的情况 以及出入基因是否已经回稳 那目前来看大陆的零售用户在客户资产和收入中的占比是否有看到比较明显的一个变化 那第二个想请教一下 公司我们目前看到整体的blended take rate其实是保持相对稳定的 但刚才这个财务长又说到这个cash equity的take rate 环比有出现了比较大幅度的一个下降 那能否说明一下这个背后的原因 以及未来我们怎么看这个趋势 那我很快翻译一下我的问题 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 tech rate has remained relatively stable but the cash equity take rate has decreased significantly compared to the previous quarter so could you uh could you explain the reasons behind this and what's the trend looks like thank you uh well now when you are jinguan jins for a

and the second phase of the policy is definitely in the case of the 2nd rule, to ensure that the media has been and the other phase, the second phase, we are going to have a great conversation to ensure that the media has been in the future and the other phase, the two phase, and the second phase, the number of countries has already been 资金流动方面,第二季度大陆零售用户合计净出金约5亿美金左右,且大多数集中于5月22号到6月12号之间,那规模仅相当于大陆零售用户总资产的高个位数的百分比,整理是可控的,那进入到下半年,这个出金的趋势已经逐步放缓,那第三,这个占比的这个变化。 That was the impact of the impact on the above. The U.S. market market share of the entire company's total value has increased to the 10% of the total value. From the 2015 year and the 20th year of the 20% of the 25% to the second year of the 15% to the 20% of the total value of the 20% In general, the U.S. has caused the impact of the 2nd year of the 21st year.

Let me take this from and our info can't receive any further policy changes or adjustments. Broadly speaking, the impact was concentrated largely being reflected in retail users on net asset inflows of about 500 million US dollars in the second quarter Most of them between May 22nd and this is a high single digit percent It's still manageable and heading into the second quarter the pace of outflow has been gradually easing So with those net asset inflows, men and retail users now accounts for under 10% of our 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 percent range in Q1. 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 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. 好的 新体我来回答你第二个问题 关于这个take rate 正是我前面提到的 就是cash equity的take rate 从一季度的5.9 BEEPS加上到三季度的3.6 BEEPS 主要有三个原因 第一个原因是 二季度市场对AI半导体板块的 关注度较高 这类股票在我们平台上的 交易量占比明显上升 而且像美光闪提 这类股票的股价也相对较高 Take rate 基本不到一个bps 因此拉低了整体美股正股的 Take rate 第二个原因是 纳斯达克指数二季度也是大幅上涨的 涨幅超过20% 带动个股平均成交价格相应上升 由于我们按美股来收取佣金 成交价越高 Take rate越低 因此也拉低了正股的 Take rate 第三个原因是 在二季度老股美国也新增了一些质量不错 但交易风格比较偏高频的用户,拉高了该牌照在二季度的trading volume,而劳股美国按照当地市场观念是采取零用金的,因此使得整体的take rate看起来偏低。 前两个原因都是market driven的,未来走势不太好预估,但目前来看三季度的quarter of the day的股价是整体有一些回调的,大概率会对take rate形成一些正面的影响。 我们预期正股的这个take rate在三季度呢会有所回升 至于blended take rate呢环比保持相对稳定 主要是因为二季度正股和期权的交易量占比上升 期货的交易量占比下降 由于期货是按民意本金来计算确定volume的 期货占比越低呢blended take rate呢就越高 因此呢正好对冲了正股take rate下降的影响 那我翻译一下 As I mentioned earlier, cash equity tick rate went down from 5.9 BIPs in the first quarter to 3.6 BIPs 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 a high share price, with tick rate of well below 1 BIPs, which dragged down the overall U.S. cash equity's tick 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 a lower take rate. The third reason is some high-frequency users were trading through our U.S. subsidiaries in the second quarter, which lifted the trading volume, but since we charge zero commission financing for local U.S. clients, this also drags down cash equity takeaway. The first two factors are market-driven, so the chain is hard to predict. Let's say, in the third quarter, we have seen some pullback in share price, which should be positive for the cash equity takeaway. We expect the cash equity takeaway to recover somewhere in the third quarter. As for the blended takeaway, it stayed relatively stable quarter over quarter. Many because the share of future trading declined 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.

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.

Thank you for the opportunity. 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 span? and in which market have you ramped up investment. Please also share your outlook for the approximate range of CAC in the second half of this year. Thank you.

After new funding accounts were added in the second quarter, Singapore and Hong Kong together accounted for over 70%, split roughly even between these two, where Australia and New Zealand contributed around 25%, with the rest coming from the US market. is FCN's Rebate, and not just the cash flow. the FCN's Rebate is our financial company.

Two-week-week marketing fee increased about 250 million yen. In the total CAC, from one-week-week-week-week-week-week-week-week-week-week-week-week-week-week-week-week-week-week-week. From the building to the US, the Lashin is the product of the product of the company. It's about 60%-70% 这笔增量主要投向了香港和新加坡的品牌建设 也确实带来了质量更高的用户 新增用户的当季人均进入金从一季度的不到2万美金提升到了二季度的2.5万美金以上 然后具体到两个市场 香港方面我们的客户资产已经连续五个季度实现双位数的增长 二季度环比上升了近30% 同比约翻了三倍 第二季度我们也抓住了市场窗口,回到SpaceX这个主题打造了一场重点营销的活动,在户外以及机场广告、市交媒体等方面做了多渠道的联动,显著放大了一个品牌的声量。 新加坡的方面,我们通过一系列线上线下的活动,持续巩固品牌口碑和市场的领先地位,包括参与本地最大的户外美食音乐节,Gastro Beach 2026,推进Where's Your Next Step品牌活动,联动跑步和匹克球等本土社群,以及借助FIFA世界杯投放电视广告, So let me break down the increase in our marketing system. spending and average CAC in the second quarter in three parts. First of all, some marketing expenses were FCN rebates, not really tied to user acquisition. Excluding the FCN rebates, marketing spending was up about US dollar 2.5 million quarter over quarter. And the average CAC 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 in 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 triple year-over-year in Q2. We launched a SpaceX 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 musical festival, to rolling out our Where is Your Next Step campaign with local running and pickable communities, to World Cup TV advertisement. 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 U.S. $450 to $550 range.

Thank you.

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. Aaron Lee for closing.

Thank you, everyone, for tuning our call today. I'm now closing the call on behalf of the management team here at Tiger. We do appreciate you participating 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.

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