Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were HKD 6.4 billion, up 45% from HKD 4.4 billion in Q4 2024, with full year revenue growing to HKD 22.8 billion, up 68% year-over-year [13] - Net income increased by 80% year-over-year and 5% quarter-over-quarter to HKD 3.4 billion, with a net income margin expanding to 52.3% [18] - Total client assets were HKD 1.23 trillion at quarter end, up 66% year-over-year and flat quarter-over-quarter [7] Business Line Data and Key Metrics Changes - Brokerage commission handling charge income was HKD 2.8 billion, up 35% year-over-year but down 5% quarter-over-quarter [13] - Wealth management client assets reached HKD 179.6 billion, up 62% year-over-year and 2% sequentially [10] - Total trading volume climbed to a record HKD 3.98 trillion, up 38% year-over-year and 2% quarter-over-quarter [8] Market Data and Key Metrics Changes - In Hong Kong, net new funded accounts recorded a high double-digit year-over-year increase, while in Malaysia, significant share gains were observed [3][4] - In the US, trading volume for US stocks was up 17% sequentially to HKD 3 trillion in Q4 [8] - Crypto trading volume remained resilient at approximately HKD 20 billion despite market headwinds [9] Company Strategy and Development Direction - The company aims to acquire 800,000 net new funded accounts in 2026, supported by strong growth opportunities in established and new markets [3] - The company is enhancing its technology infrastructure and user experience while exploring synergies between AirStar Bank and the group [11] - The focus is on expanding wealth management products and improving compliance and risk management capabilities [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving client acquisition targets despite market volatility, citing strong bottom fishing activities from clients [27] - The company anticipates a double-digit sequential increase in net asset inflows in Q1 2026, with expectations for total client assets to increase modestly [26] - Management highlighted the importance of maintaining a competitive edge through product offerings and brand trust in various markets [4][64] Other Important Information - The company provided investment banking services to over half of the newly listed Hong Kong Main Board companies in 2025 [12] - The share buyback program of up to $800 million has not yet been executed, with management monitoring market conditions for potential opportunities [62] Q&A Session Summary Question: Insights on first quarter business trends and commission fee rate trends for 2026 - Management expects net new funded accounts and trading volume to be flattish quarter-over-quarter, with a blended commission rate remaining stable [26][27] Question: Developments in the crypto business and AI empowerment - Management is awaiting regulatory approvals for VATP licenses in Hong Kong and has expanded crypto offerings, with a significant increase in client trading [31][33] - AI investments have been ramped up, enhancing product experience and operational efficiency [34] Question: Guidance on new funded accounts target and Airstar Bank's strategic planning - The target of 800,000 funded accounts includes contributions from a new market, with a focus on enhancing user experience and compliance in Airstar Bank [39][41] Question: Regional breakdown of client growth and asset inflow - Malaysia and Singapore contributed over 50% of new client additions in Q4, with Hong Kong remaining the largest market for client assets [45][47] Question: Competitive landscape in Hong Kong and share repurchase program update - The competitive landscape remains stable, with strong client growth in Hong Kong, while the share buyback program is being monitored for market opportunities [63][62]

Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were HKD 6.4 billion, up 45% from HKD 4.4 billion in Q4 2024, with full year revenue growing to HKD 22.8 billion, up 68% year-over-year [13][19] - Net income increased by 80% year-over-year and 5% quarter-over-quarter to HKD 3.4 billion, with a net income margin expanding to 52.3% [19] - Total client assets reached HKD 1.23 trillion, up 66% year-over-year and flat quarter-over-quarter [6] Business Line Data and Key Metrics Changes - Brokerage commission handling charge income was HKD 2.8 billion, up 35% year-over-year but down 5% quarter-over-quarter [13] - Wealth management client assets reached HKD 179.6 billion, up 62% year-over-year and 2% sequentially [10] - Total trading volume climbed to a record HKD 3.98 trillion, up 38% year-over-year and 2% quarter-over-quarter [8] Market Data and Key Metrics Changes - In Hong Kong, net new funded accounts recorded a high double-digit year-over-year increase, while in Malaysia, significant share gains were observed [3][4] - In the US, trading volume for US stocks increased by 17% sequentially to HKD 3 trillion in Q4 [8] - Crypto trading volume remained resilient at approximately HKD 20 billion despite market headwinds [9] Company Strategy and Development Direction - The company aims to acquire 800,000 net new funded accounts in 2026, supported by strong growth opportunities in both established and newer markets [3] - The company is enhancing its technology infrastructure and user experience while exploring synergies between AirStar Bank and the group [11] - The company is focusing on expanding its crypto offerings and integrating AI capabilities into its product experience [34] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving client acquisition targets despite market volatility, citing strong bottom fishing activities from clients [27][39] - The company anticipates a historic high in quarterly net asset inflows in Q1 2026, driven by strong client engagement [60] - Management noted that the competitive landscape in Hong Kong remains stable, with continued strong performance expected [64] Other Important Information - The company has streamlined AirStar Bank's account opening processes and launched new wealth management products [11] - The share buyback program of up to $800 million has not yet been executed, with management monitoring market conditions for future opportunities [63] Q&A Session Summary Question: Insights on first quarter business trends - Management expects net new funded accounts and trading volume to be flattish quarter-over-quarter, with a double-digit sequential increase in net asset inflows anticipated [26][27] Question: Developments in the crypto business - Management is awaiting regulatory approvals for VATP licenses and plans to offer crypto trading using stock as collateral [31] Question: Guidance on new funded accounts target - Management indicated that Hong Kong will continue to be a strong contributor, with an expected customer acquisition cost of HKD 2,500-3,000 [58] Question: User regional breakdown and asset inflow - Malaysia and Singapore contributed over 50% of new client additions in Q4, with Hong Kong remaining the largest market for client assets [45][47] Question: Competitive landscape in Hong Kong - Management noted no significant changes in the competitive landscape, with strong client growth and net asset inflow expected to continue [64][65]

Financial Data and Key Metrics Changes - The company concluded Q3 2025 with 3.13 million funded accounts, a 43% year-over-year and 9% quarter-over-quarter increase [3][5] - Total client assets reached HKD 1.24 trillion, up 79% year-over-year and 27% quarter-over-quarter, driven by robust net asset inflow and appreciation in client stock holdings [10] - Total revenue was HKD 6.4 billion, an 86% increase from HKD 3.4 billion in Q3 2024 [21] - Net income increased by 143% year-over-year and 25% quarter-over-quarter to HKD 3.2 billion, with a net income margin of 50.1% [26] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income was HKD 2.9 billion, up 91% year-over-year and 13% quarter-over-quarter, primarily driven by higher trading volume [21] - Interest income was HKD 3 billion, up 79% year-over-year and 33% quarter-over-quarter, driven by higher interest income from securities borrowing and margin financing [22] - Crypto trading volume surged 161% sequentially, with Ethereum trading volume quadrupling during the quarter [14] Market Data and Key Metrics Changes - Hong Kong remained the largest contributor to new funded accounts for four consecutive quarters, with the highest quarterly net client acquisition since Q1 2021 [5][6] - In Singapore, new funded accounts posted steady sequential growth, leading peers in daily active users [7] - The U.S. business experienced high double-digit sequential growth in new funded accounts, with increased activity in derivatives trading [9] Company Strategy and Development Direction - The company aims to enhance brand recognition and product experience across all markets, focusing on sophisticated active traders in the U.S. [52] - The integration of Airstar Bank is expected to improve client stickiness and wallet share, positioning the company as a one-stop financial services platform [60] - Continued investment in crypto and AI capabilities is planned to optimize product offerings and enhance operational efficiency [47] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding client acquisition costs and momentum, despite recent market pullbacks [32] - The company anticipates continued strong performance in client asset inflows and trading activity, driven by favorable market dynamics [31][39] - Management highlighted the potential for significant growth in the crypto business, contingent on regulatory approvals and product offerings [40] Other Important Information - The company hosted its annual flagship offline investor event, Moof Fest, attracting over 28,000 investors [7] - The average customer acquisition cost in Q3 was around HKD 2,300, slightly up quarter-over-quarter but still within the full-year target range [31] Q&A Session Summary Question: Breakdown of client assets performance and customer acquisition cost trends - Management indicated that one-third of asset growth came from net client inflows, with the remaining two-thirds from market fluctuations. The customer acquisition cost was slightly higher than Q2 but remains within the full-year target [29][31] Question: Drivers behind strong interest income growth - Interest income growth was attributed to client idle cash, margin financing, and securities borrowing, with strong momentum observed in the market [34][36] Question: Insights on crypto business contribution and future growth drivers - The crypto business saw broad-based growth across markets, with new functions and token offerings driving increased trading volume and AUM [38][40] Question: Plans for investment in R&D and G&A costs - Management noted that R&D and G&A expenses increased due to investments in crypto and AI capabilities, as well as preparations for new market entries [46][47] Question: Client profile of new customers in Hong Kong - New clients in Hong Kong showed a continued upward trajectory in average client assets, with robust net asset inflows from existing clients [66][68] Question: Regional mix of client AUM and net inflow - Hong Kong's contribution to net asset inflow slightly decreased, with strong inflows from Singapore and Malaysia, and an increase in high net worth clients [56][58]