Financial Data and Key Metrics Changes - Total revenue reached $175.2 million, representing a year-over-year increase of 73.3% and a quarter-over-quarter increase of 26.3% [5][15] - Net income attributable to UP Fintech was $53.8 million, up 30% from the previous quarter and three times the same quarter last year [5][17] - Non-GAAP net profit reached $57 million, growing 28.2% quarter-over-quarter and 2.8 times year-over-year [6][17] - Total client assets reached a new record of $61 billion, up 17.3% quarter-over-quarter and 49.7% year-over-year [9][15] Business Line Data and Key Metrics Changes - Commission income was $72.9 million, increased 77% year-over-year and 13% quarter-over-quarter [15] - Interest income was $73.2 million, increased 53% year-over-year and 25% quarter-over-quarter [15] - The ToB business significantly boosted other revenue, doubling quarter-over-quarter [13] Market Data and Key Metrics Changes - 31,500 new affiliate accounts were added in the third quarter, with Singapore and Hong Kong being the primary contributing markets [7] - The total number of affiliate accounts reached 1,224,200, representing an 18.5% year-over-year increase [7] - Client assets in overseas markets delivered double-digit quarter-over-quarter growth of above 20% [9] Company Strategy and Development Direction - The company continues to prioritize user quality and product experience, which has improved ROI and laid a solid foundation for ongoing profit growth [5] - The company is enhancing product offerings, including waiving custody fees in Singapore and introducing new services in Hong Kong [10] - The focus is on improving product offerings and increasing market share in Hong Kong, despite the competitive landscape [41] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the Greater China market, highlighting the potential for global asset allocation among high net worth individuals [30] - The trading volume for the first two months of the fourth quarter is on par with the entire third quarter, indicating continued market activity [33] - Management expects net asset inflow to remain robust and slightly better than Q3, despite some users experiencing mark-to-market losses due to market volatility [33] Other Important Information - The average net asset inflow for newly acquired clients in Hong Kong was around $30,000, while in Singapore it surpassed $60,000 [8][7] - The company underwrote five US IPOs and five Hong Kong IPOs in the third quarter, reflecting robust growth in the IPO subscription business [13] Q&A Session Summary Question: AUM breakdown and net asset inflow sources - Client assets increased by about 17%, with roughly 30% from net asset inflow and 70% from market gain, primarily from retail clients [20] Question: Reasons for increasing take rate - Cash equity take rate increased from 6.4 basis points to 7.1 basis points due to active trading in US meme stocks [21][22] Question: Breakdown of new funding accounts by region - 40% of new accounts came from Singapore, 35% from Hong Kong, 20% from Australia and New Zealand, and 5% from the US [28] Question: Contribution of Hong Kong market - Hong Kong accounted for about 35% of new users and approximately one quarter of net asset inflow [41] Question: Client acquisition cost trends - Average CAC in Singapore rose to over $400, while in Hong Kong it remains stable around $300-$400 [47][48] Question: Interest income growth drivers - Interest income increased due to a rise in client idle cash and a shift towards higher spread businesses [49]

Financial Data and Key Metrics Changes - Total revenue reached $175.2 million, representing a year-over-year increase of 73.3% and a quarter-over-quarter increase of 26.3% [4][13] - Net income attributable to UP Fintech was $53.8 million, up 30% from the previous quarter and three times the same quarter last year [4][15] - Non-GAAP net profit reached $57 million, growing 28.2% quarter-over-quarter and 2.8 times year-over-year [4][15] - Total client assets reached a new record of $61 billion, up 17.3% quarter-over-quarter and 49.7% year-over-year [7][15] Business Line Data and Key Metrics Changes - Commission income was $72.9 million, increased 77% year-over-year and 13% quarter-over-quarter [13] - Interest income was $73.2 million, increased 53% year-over-year and 25% quarter-over-quarter [13] - The ToB business significantly boosted other revenue, doubling quarter-over-quarter [10] Market Data and Key Metrics Changes - 31,500 new affiliate accounts were added in the third quarter, with Singapore and Hong Kong being the primary contributing markets [5] - Hong Kong accounted for over 30% of quarterly new affiliate users, becoming a key growth engine alongside Singapore [5] - Total client assets in overseas markets delivered double-digit quarter-over-quarter growth of above 20% [7] Company Strategy and Development Direction - The company continues to prioritize user quality and product experience, which has improved ROI and laid a solid foundation for ongoing profit growth [4] - The strategy includes enhancing product offerings and expanding into new markets, such as introducing Japanese market derivative services and cryptocurrency trading in New Zealand [8][9] - The company aims to maintain strong growth in Hong Kong by improving product offerings and increasing market share [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Greater China market, highlighting the potential for global asset allocation among high net worth individuals [24] - The company noted that market volatility in the fourth quarter could impact user assets, but inflows remain strong [27] - Management emphasized the importance of maintaining a healthy profitability model while growing user quality [28] Other Important Information - The average net asset inflow for newly acquired clients in the third quarter surpassed $60,000, a historical breakthrough [6] - The average client asset per user for both new and existing clients exceeded $30,000 [33] Q&A Session Summary Question: AUM breakdown and net asset inflow sources - Approximately 30% of the increase in client assets was from net asset inflow and 70% from market gain, with retail clients being the key contributor [18] Question: Breakdown of new funding accounts by region - About 40% of newly funded accounts came from Singapore, 35% from Hong Kong, 20% from Australia and New Zealand, and 5% from the US [23] Question: Early trends in Q4 operations - The trading volume and client assets for the first two months of Q4 are already on par with Q3, with strong inflows expected [27] Question: Reasons for decreased clearing costs - The SEC's announcement to eliminate transaction fees significantly reduced clearing costs, which are expected to remain sustainable [28] Question: Client acquisition cost trends - The average client acquisition cost (CAC) has increased, particularly in Singapore, due to a focus on attracting high net worth users [37] Question: Interest income growth despite flat margin financing - Interest income increased due to a rise in client idle cash and a shift in the balance of high spread business [39]