Financial Data and Key Metrics Changes - Total revenue for the quarter reached $138.7 million, representing a 58.7% year-over-year increase and a 13.1% quarter-over-quarter growth [6][14] - Commission income surged to $64.8 million, reflecting a 90.1% year-over-year increase and an 11.1% quarter-over-quarter increase [6][14] - Net interest income amounted to $58.7 million, a 32.8% year-over-year increase [6][14] - Non-GAAP net income reached $44.5 million, increasing 23.5% sequentially and 8.6 times compared to the same quarter last year [6][18] - Non-GAAP net profit margin increased to 32%, marking a record high and has risen for four consecutive quarters [7][18] Business Line Data and Key Metrics Changes - The margin financing and securities lending balance expanded to $5.7 billion, reflecting a 65.3% year-over-year growth [6] - The company underwrote seven Hong Kong IPOs and four U.S. IPOs, contributing to a new quarterly high in other revenue [11] Market Data and Key Metrics Changes - The total number of funded accounts reached 1,192,700, representing a 21.4% year-over-year increase [8] - Client assets reached a record of $52.1 billion, up 13.5% quarter-over-quarter and 36.3% year-over-year [8] - In the second quarter, client assets in Hong Kong and Singapore experienced around 50% and 20% quarter-over-quarter growth, respectively [8][9] Company Strategy and Development Direction - The company aims to develop a comprehensive platform connecting traditional financial assets with digital assets, focusing on enhancing product functionalities [26][28] - Continued investment in the Hong Kong market is planned, with a focus on increasing brand awareness and customer engagement [35][37] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market turbulence due to a stable and healthier business model [7] - The effective tax rate dropped to around 15% due to a favorable tax rate in Singapore and a reduction in the weighting of the U.S. subsidiary's profit [23][24] - The digital asset trading volume increased by approximately 65% quarter-over-quarter, indicating strong growth in this segment [28] Other Important Information - The average net asset inflow of newly acquired clients exceeded $20,000, with Hong Kong and Singapore clients averaging around $30,000 [8][44] - The company has secured digital asset trading licenses in 14 U.S. states, with an application in Singapore actively progressing [28] Q&A Session Summary Question: What is the reasoning behind the decrease in effective tax rate and is it sustainable? - The effective tax rate decreased due to a rise in pretax profit across all licensed subsidiaries, reducing the U.S. subsidiary's weighting, and a favorable tax rate in Singapore [23][24] Question: How is the company's cryptocurrency business progressing? - The company is committed to expanding its presence in the digital asset market, with significant growth in trading volume and assets under custody [26][28] Question: Can you share early trends around trading volume and client asset growth in Q3? - Trading activity has been higher than the monthly average in Q2, with a high single-digit increase in client assets compared to the end of Q2 [33] Question: What are the plans for customer acquisition and advertising efforts in Hong Kong? - The company plans to enhance customer acquisition efforts in Hong Kong, with a focus on maintaining user quality and increasing brand awareness [35][37] Question: Can you provide a breakdown of newly added customers across different regional markets? - About 50% of newly funded accounts came from Singapore, 30% from Hong Kong, 15% from Australia and New Zealand, and 5% from the U.S. [42]

Financial Data and Key Metrics Changes - Total revenue for the quarter reached $138.7 million, representing a 58.7% year-over-year increase and a 13.1% quarter-over-quarter growth [8][16] - Trading volume surged to $284 billion, contributing to a 90.1% year-over-year increase in commission income, which reached $64.8 million [8][16] - Margin financing and securities lending balance expanded to $5.7 billion, reflecting a 65.3% year-over-year growth [8] - Net interest income amounted to $58.7 million, representing a 32.8% year-over-year increase [8] - Non-GAAP net income reached $44.5 million, increasing 23.5% sequentially and 8.6 times compared to the same quarter last year [8][20] Business Line Data and Key Metrics Changes - The 2B business maintained strong momentum, underwriting seven Hong Kong IPOs and four U.S. IPOs, contributing to a new quarterly high in other revenue [13] - The average net asset inflow of newly acquired clients exceeded $20,000, with Hong Kong and Singapore clients averaging around $30,000 [10][44] Market Data and Key Metrics Changes - As of the end of the second quarter, total client assets reached a record $52.1 billion, up 36.3% year-over-year [10] - Client assets in Hong Kong and Singapore experienced around 50-20% quarter-over-quarter growth [10] - The company added 38,900 new funded accounts in the second quarter, with Singapore and Hong Kong being the primary contributing markets [9][10] Company Strategy and Development Direction - The company aims to develop a comprehensive platform connecting traditional financial assets with digital assets, focusing on enhancing product functionalities [28] - Continued investment in the Hong Kong market is planned, with increased customer acquisition efforts and brand awareness initiatives [37][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market turbulence through a stable and healthier business model, with operating profit and net profit already exceeding last year's totals [9] - The effective tax rate dropped to around 15% due to a favorable tax rate in Singapore and increased pretax profit across subsidiaries [25] Other Important Information - The company launched new trading features in Singapore, allowing clients to utilize CPF savings for investments [12] - The average customer acquisition cost in Hong Kong is around $400, with a healthy payback period of about two quarters [39] Q&A Session Summary Question: Inquiry about the effective tax rate and sustainability - The decline in the effective tax rate is due to increased pretax profit across subsidiaries and a favorable tax rate in Singapore [25] Question: Update on cryptocurrency business development - The company is committed to expanding its digital asset market presence and has seen a 65% quarter-over-quarter increase in digital asset trading volume [30] Question: Trends in trading volume and client assets in Q3 - Trading activity has been higher than the monthly average in Q2, with a high single-digit increase in client assets compared to the end of Q2 [35] Question: Breakdown of new customers by region - Approximately 50% of new funded accounts came from Singapore, 30% from Hong Kong, and 15% from Australia and New Zealand [43]

Group 1 - Tiger Securities (TIGR) opened up by 4.96% on August 25, reaching $13.34 per share, with a trading volume of $13.01 million and a total market capitalization of $2.357 billion [1] - As of March 31, 2025, Tiger Securities reported total revenue of $123 million, representing a year-over-year growth of 55.3%, and a net profit attributable to shareholders of $30.42 million, reflecting a significant increase of 146.71% [1] Group 2 - On August 27, Tiger Securities is scheduled to disclose its mid-year report for the fiscal year 2025 before the market opens (Eastern Time) [2] - UP Fintech Holding Limited is recognized as a leading online brokerage firm focused on global Chinese investors, providing a self-operated trading platform that allows investors to trade stocks and other financial instruments across multiple exchanges [2]

Core Viewpoint - The company, Jin Ying Fund Management Co., Ltd., has entered into an agency sales agreement with Shen Gang Securities Co., Ltd. to enhance investor services by allowing the sale of certain funds through Shen Gang Securities starting from August 22, 2025 [1]. Group 1: New Fund Sales - The company will begin selling specific funds through Shen Gang Securities, which will also facilitate fund conversion and regular investment plans [1]. - Investors can perform various transactions such as account opening, subscription, redemption, conversion, and regular investment through Shen Gang Securities, adhering to the relevant regulations and legal documents [1]. Group 2: Important Notices - Certain funds, including Jin Ying Tian Run and Jin Ying Tian Xing, are currently in a closed period and will not allow subscription, redemption, or conversion until further notice [2]. - The regular investment plan allows investors to set up automatic deductions for fund purchases at specified intervals [2]. - Fund conversion is not applicable for certain funds, including those with backend fee structures and FOF products, which cannot convert with non-FOF funds [2]. Group 3: Fee Discounts - The minimum discount for subscription and regular investment fees for applicable funds through Shen Gang Securities is set at 10%, with additional promotional activities determined by Shen Gang Securities [2][3]. - If the original subscription fee is fixed, it will be applied without any discount [2]. Group 4: Investor Consultation - Investors can contact Shen Gang Securities or Jin Ying Fund Management for inquiries regarding the new fund sales and related services [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 茲提述本公司日期為二零二四年十月七日、二零二四年十月八日、二零二四年十月十七 日、二零二五年二月七日、二零二五年二月十日、二零二五年二月十八日、二零二五年 二月十九日、二零二五年二月二十八日、二零二五年四月一日、二零二五年五月十六日 及二零二五年八月十二日之公告（統稱為「該等公告」），內容有關（其中包括）(i)本公司股 份（「股份」）自二零二五年二月十九日起暫停買賣；(ii)恢復股份買賣之復牌指引及額外 復牌指引（統稱為「復牌指引」）；及(iii)有關復牌狀況之季度更新資料。除另有指明外，本 公告所用詞彙與該等公告所界定者具相同涵義。 * 僅供識別 1 有關本集團業務營運之更新資料 本公司為投資控股公司，而本集團之主要業務為提供及經營旅遊業務、財資管理業務、 放債業務、提供證券、資產管理業務及財務諮詢業務。 自二零二五年年初以來，本集團持續面臨充滿挑戰及波動之經營環境。難以預測之經濟 及政治狀況導致香港股 ...

Summary of Key Points Core Viewpoint - 盛源控股 (00851.HK) reported a significant decline in revenue and profit for the first half of 2025, primarily due to reduced brokerage and custodial services [1]. Financial Performance - The company recorded commission and fee income of approximately HKD 12.1 million for the six months ending June 30, 2025, representing a year-on-year decrease of 14.8% [1]. - Net profit for the same period was approximately HKD 5.3 million, a substantial drop from HKD 29.8 million in the corresponding period of 2024 [1]. - Basic and diluted earnings per share for the first half of 2025 were approximately HKD 0.006, compared to a loss of HKD 0.0338 per share in 2024 [1]. Non-Recurring Income Impact - The decrease in net profit is mainly attributed to the absence of non-recurring income from the sale of debt instruments measured at fair value, which was recognized in 2024 [1].

Core Viewpoint - In order to better meet the investment needs of investors, Invesco Great Wall Fund Management Co., Ltd. has signed a sales agreement with multiple sales institutions, allowing them to sell certain funds starting from August 21, 2025 [1][5][9][15][22]. Group 1: Applicable Funds - The announcement specifies that certain funds managed by Invesco Great Wall will be available for sale through the newly appointed sales institutions [1][5][9][15][22]. Group 2: Sales Institution Information - Shanghai Zhongou Wealth Fund Sales Co., Ltd. is one of the newly appointed sales institutions, with its registered address in the China (Shanghai) Free Trade Zone [2]. - China Zhongjin Wealth Securities Co., Ltd. is another sales institution, with its registered address in Shenzhen [5][10]. - Shanghai Changliang Fund Sales Co., Ltd. is also appointed, with its registered address in Shanghai [15]. - Industrial Securities Co., Ltd. is included as a sales institution, with its registered address in Fuzhou [22]. Group 3: Business Operations - Subscription and redemption services are only applicable during normal subscription periods and specific open days [2][5][10][15][22]. - Regular investment plans allow investors to set up automatic deductions for fund purchases [2][5][10][15][22]. - Fund conversion services will be available, subject to specific conditions regarding the redeemability of the outgoing fund and the availability of the incoming fund [3][6][11][17][24]. - Discounts on subscription fees may be offered for certain funds, depending on the sales institution's arrangements [4][6][11][17][24]. Group 4: Investor Consultation - Investors can consult Invesco Great Wall Fund Management Co., Ltd. and the respective sales institutions for more details regarding the funds and services offered [4][7][12][23].

Financial Data and Key Metrics Changes - Total funded accounts reached approximately 2,900,000, representing a 41% increase year over year and an 8% rise quarter over quarter [5] - Total client assets hit a record HKD 974 billion, up 68% year over year and 17% quarter over quarter [9] - Total revenue was HKD 5.3 billion, up 70% from HKD 3.1 billion in the previous year [13] - Net income increased by 113% year over year and 20% quarter over quarter to HKD 2.6 billion, with a net income margin expanding to 48.4% [21] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income was HKD 2.6 billion, an increase of 87% year over year and 12% quarter over quarter [13] - Interest income was HKD 2.3 billion, up 44% year over year and 11% quarter over quarter [14] - Wealth management client assets were HKD 163.2 billion, up 104% year over year and 17% quarter over quarter [11] Market Data and Key Metrics Changes - The US business showed robust growth, with significant increases in trading volume and client engagement [6][10] - In Japan, total trading volume increased by over 50% quarter over quarter, indicating strong market engagement [39] - The Hong Kong IPO market gained momentum, with the company acting as joint book runners for multiple listings, attracting a record number of subscribers [12] Company Strategy and Development Direction - The company aims to become an influential global financial services platform, with over 50% of funded accounts from clients outside of Hong Kong [5] - Plans to enhance brand acquisition through physical store rollouts and new product offerings in wealth management and crypto trading [26] - The company is focusing on integrating AI capabilities into its services to improve client engagement and investment efficiency [32][40] Management's Comments on Operating Environment and Future Outlook - Management noted strong asset inflows due to favorable market conditions and enriched product offerings [24] - The company expects steady growth in client acquisitions and trading volume in the third quarter, driven by positive market sentiment [46] - Management expressed optimism about growth prospects in the US market, supported by strategic partnerships and product innovations [50] Other Important Information - The company launched cryptocurrency trading in most US states and plans to introduce new functionalities for crypto trading [26] - The average client assets in Singapore rose 1926% quarter over quarter, reflecting strong market performance [9] Q&A Session Summary Question: What is the reasoning behind the strong net asset inflow and how will the company maintain momentum? - Management attributed strong asset inflow to favorable market performance and enriched product offerings, with plans for more physical stores and new products in the second half [24][26] Question: Can you provide details on the crypto trading performance and future plans? - Management reported strong momentum in crypto trading, with significant increases in asset value and trading volume, and plans for new product offerings [26][27] Question: What are the strategic views on the crypto business and potential for monetization? - Management outlined a four-part strategy (RACE) focusing on real-world assets, advanced technologies, conversions between traditional finance and crypto, and exchange licensing [31][34] Question: What is the competitive landscape in Japan and how is the company addressing it? - Management acknowledged strong competition from incumbents but emphasized the unique value proposition for self-directed investors and ongoing branding efforts [37][40] Question: Can you provide insights on the third quarter expectations for client acquisitions and trading volume? - Management expects steady growth in client acquisitions and trading volume, supported by positive market sentiment and ongoing product development [46][48]

Financial Data and Key Metrics Changes - Total funded accounts reached approximately 2,900,000, representing a 41% increase year over year and an 8% rise quarter over quarter [5] - Total client assets hit a record HKD 974 billion, up 68% year over year and 17% quarter over quarter [8] - Total revenue was HKD 5.3 billion, up 70% from HKD 3.1 billion in the previous year [13] - Net income increased by 113% year over year and 20% quarter over quarter to HKD 2.6 billion, with a net income margin expanding to 48.4% [21] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income was HKD 2.6 billion, an increase of 87% year over year and 12% quarter over quarter [13] - Interest income was HKD 2.3 billion, up 44% year over year and 11% quarter over quarter [14] - Wealth management client assets were HKD 163.2 billion at quarter end, up 104% year over year and 17% quarter over quarter [11] Market Data and Key Metrics Changes - Hong Kong continued to lead in new funded accounts, with elevated market volatility driving retail participation [6] - The US business showed robust growth, with a partnership with the New York Mets enhancing brand reach [6] - In Japan, the company hosted an investment event that attracted over 12,000 investors, strengthening brand recognition [7] Company Strategy and Development Direction - The company aims to become an influential global financial services platform, with over 50% of funded accounts from clients outside of Hong Kong [5] - Plans to enhance brand acquisition through physical store rollouts and new product offerings in wealth management and crypto [25] - The company is focusing on integrating AI capabilities into its services to improve client engagement and investment efficiency [31] Management's Comments on Operating Environment and Future Outlook - Management noted strong asset inflow due to favorable market conditions and enriched product offerings [24] - The company expects steady growth in client acquisitions and trading volume in the third quarter, with positive market sentiment [46] - There is optimism regarding the growth prospects in the US market, supported by product innovations and strategic partnerships [50] Other Important Information - The company launched cryptocurrency trading in most US states and plans to introduce new functionalities for crypto trading [25] - The average client assets in Singapore rose 1926% quarter over quarter, indicating strong growth in that market [8] Q&A Session Summary Question: What is the reasoning behind the strong net asset inflow and how will the company maintain momentum? - Management attributed strong asset inflow to favorable market performance and enriched product offerings, with plans for more physical stores and new products in the second half [24][25] Question: Can you provide details on the crypto trading performance and future plans? - Management reported strong momentum in crypto trading, with asset value increasing significantly and plans for new product offerings in the crypto space [25][26] Question: What are the strategic views on the crypto business and the competitive landscape in Japan? - Management highlighted the importance of traditional finance integration with crypto, advanced technologies, and the unique value proposition for self-directed investors in Japan [30][36] Question: Can you provide insights on the third quarter expectations for client acquisitions and trading volume? - Management expects steady growth in client acquisitions and trading volume, with positive market sentiment contributing to these trends [46] Question: What is the impact of new regulations on client acquisition? - Management indicated that new regulations have not significantly impacted client acquisition, maintaining confidence in achieving annual targets [54]

Core Viewpoint - Futu Holdings reported significant year-on-year growth in revenue and profit for Q2 2025, driven by increased user accounts and trading volumes, particularly in the U.S. stock market [3][4][6]. User Growth and Asset Scale - The number of funded accounts increased by 40.9% year-on-year to 2.877 million, with over half coming from markets outside Hong Kong [6]. - Total client assets grew by 68.1% year-on-year to HKD 973.9 billion, marking a historical high [7]. Trading Activity - Total trading volume surged by 121.2% year-on-year to HKD 35.9 trillion, with U.S. stock trading contributing the most [2][8]. - U.S. stock trading volume reached HKD 27.0 trillion, while Hong Kong stock trading volume was HKD 8.335 trillion [8]. Financial Performance - Q2 2025 revenue reached HKD 53.1 billion (approximately USD 6.77 billion), a 69.7% increase year-on-year, while net profit soared by 112.7% to HKD 25.7 billion [4][6]. - The operating profit margin improved significantly from 47.3% in the same period last year to 63.0% [4]. Revenue Drivers - Commission and fee income rose by 87.4% year-on-year to HKD 2.58 billion, driven by the substantial increase in trading volume [6]. - Interest income increased by 43.8% year-on-year to HKD 2.29 billion, benefiting from growth in securities lending, bank deposits, and margin financing [6]. Wealth Management Innovations - Total assets under wealth management reached HKD 163.2 billion, a 104.4% year-on-year increase [8]. - The company has introduced various bond products and became the first online broker to offer structured products to retail investors [8].