老虎国际 2023Q4及全年业绩会议回放 $老虎证券(TIGR)$
业绩会个人投资者问答
转场
尊敬的投资者，老虎社区的虎友们大家好，即将进入个人投资者问答环节，我们预留5分钟给大家提问，大家可以将关心的问题留在直播间评论区。
Dear investors, friends on Tiger Community. Thank you for your time. Before the Q&A session for individual investors, we will give you all 5 minutes to leave your questions on the comment board in our live streaming room. Your questions will be collected by my colleagues.
开场
尊敬的投资者，老虎社区的虎友们大家好，下面进入个人投资者问答环节，在线的仍然是我们的CEO 巫天华先生。
Thank you for sending over your questions. Our CEO, Wu Tianhua will be online during this Q&A session.
第一个问题是用户十分关心的新加坡业务，我们将相关问题合并。
The first question that users are highly concerned about is related to Tiger Brokers' business in Singapore, and we consolidate them together.
Q1 看到老虎最近在新加坡上了debit card，是出于什么定位、未来还有什么新产品？新的一年对新加坡业务的规划是怎样的？公司如何保持新加坡的竞争优势？
Tiger Brokers launched a debit card in Singapore, what's the positioning of the Tiger Boss Card?
Apart from this, are there any other new products coming up? What's the plan for Tiger' business in Singapore in the upcoming year? How do you maintain Singapore's competitive advantage?
是的，我们近期在新加坡推出了当地第一张消费就返碎股的debit card，老虎账户的余额可以直接转到卡账户进行日常消费，使得消费更加便捷。这张卡提供很好的外汇汇率，支持主流电子钱包，包括Apple Pay和Google Pay。
与现金返现、loyalty积分和里程等其他奖励类型相比，碎股没有使用期限，没有到期日或锁定期，灵活性更高。此外，我们也希望碎股可以激发或培养一些年轻客户群体投资观察和兴趣。从结果看，上线一来，老虎的debit card获得了挺多投资者的关注，口碑表现也不错。
新加坡是老虎最重要的市场之一，新加坡入金客户持续稳健增长，且客户质量较高，Q4平均每位入金客户的平均净入金达到1.6万美元。Q4老虎新加坡及周边地区新增入金环比增长70%，涨幅还是比较可观的。
产品方面，去年我们在美股期权体验上做了很多优化，上线了组合期权、期权链增加了策略模式、上线了期权移仓功能等等，本周还上了提前行权和放弃行权功能。除了美股正股外，我们也希望老虎成为更多本地用户进行美股期权等交易的首选平台。
除此之外，我们也上架了美债，让投资者可以在宏观不确定增强、高利率的情况下有更多稳健收益的选择。
新的一年，我们会去继续深挖不同类型用户的需求，让产品选择更广、产品体验更好，比如，Contra 账户也将很快对全量新加坡用户开放。这也是我们根据本地特色专门为新加坡开发的产品。总体而言，我们希望通过不断洞察用户需求，加强产品力，提升客户的活跃度及粘性。
Tiger Brokers recently launched debit card function in Singapore that offers fractional stock rewards for convenient and flexible spending.
Singapore is an important market for Tiger Brokers, with steady growth in depositing customers and a significant increase in new deposits.
The company has made improvements to the US stock options experience and introduced US Treasury bonds for stable returns.
In the new year, Tiger Brokers plans to expand product offerings and enhance the user experience, including the upcoming launch of the Contra account for all Singapore users. The focus is on understanding user needs and increasing customer engagement and loyalty.
非常感谢巫总对于debit card和新加坡业务的解答。除此之外，虚拟货币也是现在市场上大热的话题。用户们也很关心。
Thank you so much for Mr. Wu's info on the debit card and Singapore business. Besides that, crypto is also a hot topic in the market right now, and users are curious.
Q2 看老虎在香港已经有交易虚拟资产牌照，什么时候会开放数字货币交易？会给散户开放吗？我还不能交易比特币ETF，什么时候可以交易？
I heard Tiger got the license for trading virtual assets in Hong Kong.
When will crypto trading kick off in HK? Will it be open to retail investors? Also, I'm itching to trade Bitcoin ETFs, when can we expect that?
今年1月份老虎香港获得香港证监会提升第一类牌照条件，允许专业投资者客户可以在Tiger Trade上进行虚拟资产交易，成为互联网券商中较早获得该牌照升级的公司之一。符合条件的投资者仅可以在老虎便捷地交易包括比特币和以太币在内的虚拟资产，以及股票、期权、期货、基金和ETF等产品，一站式管理投资。
预计4月会开放给香港的合格投资者。未来，公司也计划在符合监管要求的前提下，将虚拟资产交易开放给零售投资者。
Tiger Brokers Hong Kong obtained an upgraded Type 1 license from the Securities and Futures Commission in January, allowing professional investors to trade virtual assets on Tiger Trade.
Eligible investors can conveniently trade virtual assets, including Bitcoin and Ethereum, along with other financial products, all in one platform.
The service is expected to be opened to qualified investors in Hong Kong in April, with plans to eventually offer virtual asset trading to retail investors, subject to regulatory requirements.
非常感谢对于虚拟资产的解答和更新。看起来香港用户接下来可以期待一下在老虎交易相关资产。
今年还有一个非常重要的投资主线就是美联储降息。
Thanks for the update on crypto assets. Looks like Hong Kong users can get excited about trading those on Tiger soon.
Another big investment theme this year is the Fed rate cut.
Q3 如果美联储今年降息，会不会对目前的货币基金和财富管理业务有很大影响？公司上线了美债，目前销售情况如何?
If the Fed does cut rates this year, will money market funds and wealth management businesses get hit?
I noticed the platform launched US Treasuries. How are they selling now?
今年有降息预期，预计美债的吸引力会变强，因为face value会因为降息而上升。去年我们上线美债，提供更高效的交易体验，包括T+0交易、本息T+1到账，USD1000起投的交易门槛以及全市场具备竞争力的费率，受到了很多投资者的关注。
Expectations of interest rate cuts increase the attractiveness of US Treasury bonds, and our platform offers efficient trading with features like T+0 trading and competitive fees.
Q4 除了美债，去年底平台上了不少新的理财产品，公司对整个财富管理业务的规划是怎样的？
Apart from US Treasuries, Tiger also rolled out many new wealth products last year. What's the company's plan for the whole wealth management business?
未来财富业务的布局包括在2C侧继续以tiger vault和基金超市去吸引客户。在香港，tiger vault的美元货基平均回报在5.5%左右，比友商高。Q4香港vault的持仓人数环比增长28.8%，AUM环比增长61.2%，已成为更多港人进行理财的产品选择。
同时，我们针对不同类型的投资者也上线了更多的产品，比如针对专业投资者的资产配置需求，我们也上线了FCN结构化票据。底层能力也在逐步提升，Q4老虎已通过深证通系统与平安、易方达等多家基金公司达成合作，接入第一批优质公募基金，进一步丰富投资者产品选择。
2B侧，我们正在开拓EAM业务。现在很多客户的痛点包括线下开户繁琐、通过私行开户可能要等几个月到半年不等；EAM机构进行内部管理及客户管理时也缺乏高效的管理平台，可能需要通过不同的私行去查看不同客户的不同资产；受制于牌照和系统，一些机构可能也无法交易多市场的不同资产。而就老虎而言，首先我们的多牌照让我们可以支持多市场多资产；其次在效率上，老虎是线上开户制度与流程，通常1-2周就可以完成开户，节省了时间和精力；再者平台上，我们支持多账户结构，提供多种分析模块等，让机构管理客户更方便。
We continue to attract customers through Tiger Vault and the Fund Supermarket for wealth management.
We have launched products targeting different investor types, such as FCN structured notes.
We are expanding our EAM business, offering efficient online account opening and a platform that supports multiple account structures for institutions.
相信财富业务可以更好的赋能用户，提供更多的选择。下一个问题是关于澳新市场。
I believe the wealth business can empower users better and offer more choices. Next up is about the Aussie and Kiwi markets.
Q5 澳大利亚新西兰现在占比多少？这两个市场能给我们更多增量信息吗？今年有什么新的市场规划？
How much business do we have in Australia and New Zealand right now?
Can the two markets give us more growth insights? Any new market plans for this year?
Q4新增入金客户中，澳新地区占到10%左右。
过去一年我们在澳新做了很多本地化的动作，比如高息环境下推出闲置资金收益计划、合作Sharesight自动更新交易报表，让客户的处理税务更省心。相比本地竞品，我们的价格也更有竞争优势。今年我们上线澳股CHESS sponsored模式，投资者通过Tiger Trade买卖和持有的股票会直接以客户名字和持有人识别号码（HIN）在ASX登记，进一步保障客户的资金安全，让投资更放心。在新西兰，除了美股正股，因为我们提供更深入的数据和更多的分析工具，我们的美股期权体验也受到了很多客户的好评。我们在两个市场也持续受到行业认可，多次收获比如Canstar、moneyhub等颁发的奖项。
从人数上来看，澳新的交易客户数都是环比增长的，Q4客户资产也在环比10%以上，都是稳步增长的。
In Q4, the Australasia region accounted for around 10% of new depositing customers.
We have implemented localized strategies in Australasia, including high-yield idle fund programs and partnerships for streamlined tax management.
The launch of CHESS sponsored mode for Australian stocks enhances client fund security.
Our options trading experience for US stocks in New Zealand has received positive feedback.
Client numbers and assets in Australasia have shown steady growth in Q4.
结束语
That's it for this Q&A session for our individual investors. Thank you all for your questions and your time. If you have any questions, please do raise them in our Tiger Community. We hope you enjoy a smart and efficient investing journey with Tiger Brokers. Have a good day!
今天的个人投资者问答环节就到这里，有更多问题可以在老虎社区提问。感谢大家的参与，祝大家投资顺利！
业绩会分析师问答
接线员
我们正在整理问答队列，请稍候。我们的第一个问题来自华兴资本的Cindy Wang。 请继续，您的线路已开通。
Operator
Please stand by while we compile the Q&A queue.Our first question comes from the line of Cindy Wang from China Renaissance. Please go ahead, your line is open.
Cindy Wang
感谢您给我这个提问的机会。 我有两个问题。
第一个问题，2023年老虎利润大幅增长，但第四季度盈利能力环比下降，主要是因为外汇损失。 那么，根据目前的Runrate，您认为今年第一季度有什么改善吗？
第二个问题，您能否给我们介绍一下2024年新入金账户以及各地区的细分情况和业务发展战略？ 今年您将进入哪些新市场？ 谢谢。
Thanks for giving me this chance to ask questions. I have two questions.
First one is, the net profit has increased significantly in 2023, but profitability in Q4 was dropped sequentially, mainly because of the FX loss. So have you seen any improvement in first quarter this year based on the current run rate?
And the second is, could you give us guidance on new funded accounts in 2024 as well as the breakdown of each region and business development strategy? Any new markets you will enter this year? Thank you.
Wu Tianhua
与第三季度相比，第一季度的非GAAP底线有所下降。有几个因素。
首先，我们的总收入与上一季度持平，但由于加息周期，我们在第一季度产生了更多的利息支出。因此，总净收入环比下降了 400 万美元。
第二个因素是，在第一季度，有更多的成本将冲抵账面，例如专业服务费，这导致成本飙升 300 万美元。
第三个原因是外汇损失。在第一季度，美元兑人民币和新加坡元贬值。因此，我们在第一季度产生了 700 万美元的非现金外汇损失，而第三季度则获得了 200 万美元的相应收益。将这两个因素结合起来，因此它会导致非现金的收益环比减少约900万美元。
在runrate方面，我们看到今年前两个月的交易活动有所增加，我们也看到了非常强劲的客户资产流入。鉴于第一季度外汇汇率相对稳定，我们预计第一季度的盈利能力将远好于第四季度。谢谢。
So the non-GAAP bottom line decreased in the first quarter versus the third quarter. There are several factors.
So, first one is, our total revenue is flat quarter-over-quarter, but we incurred more interest expense during the first quarter due to the rate hike cycle. So the total net revenue decreased $4 million quarter-over-quarter.
The second factor is that in the first quarter, there are more costs will hit the book such as professional service fees, which results in $3 million jump in the cost.
The third reason is foreign exchange losses. So in the first quarter, the U.S. dollar depreciated against RMB and Singapore dollar. So we incurred a non-cash $7 million in foreign exchange losses in the first quarter versus $2 million gain in the third quarter. So, combine those two factors, so it leads to a non cash decrease of about $9 million on a sequential basis.
And in terms of run rate, so we have seen an increase in trading activities during the first two months of this year, and we also saw very strong client-led asset inflow. So given the foreign exchange rate was relatively stable in the first quarter, we expect the profitability in the first quarter will be much better than the fourth quarter. Thanks.
我将解答第二个问题。
到 2024 年，我们的目标是增加 150,000 个新的资金账户。约60%将来自新加坡和东南亚。澳洲、新西兰市场及美国各占15%，香港市场占10%。
这个区域细分与我们 2023 年的实际结果非常相似，我们将根据每个地区的市场机会和投资回报率调整投入。当然，随着目标从 2023 年的 100,000 增加到 2024 年的 150,000，我们预计每个市场的增量 PUE 数字也会相应增加。
我们相信，我们已经进入的市场具有巨大的潜力。以新加坡为例，老虎证券（Tiger Broker）已经拥有相对较高的市场份额。然而，仍有很大的增长空间。这可以从我们第四季度在新加坡新获得的客户的数量和质量中看出。
在澳大利亚、新西兰和香港等市场，我们还有更大的改进和扩展空间。因此，在2024年，我们的重点仍将放在他们已经进入的市场上，优化研发资源的效率，引入更多产品功能，包括虚拟资产交易，以提高我们的ARPU和盈利能力。此外，我们还将根据市场情况寻找进入新市场的机会。谢谢。
I’ll translate the answer for the second question.
In 2024, our target is to add 150,000 new funded accounts. About 60% will come from Singapore and Southeast Asia. Australia, New Zealand market and the United States account for 15% each, and Hong Kong market accounts for 10%.
This regional breakdown is quite similar to our actual result in 2023 and we will adjust the input based on market opportunity and ROI of each region. Of course, with the target increase from 100,000 in 2023 to 150,000 in 2024, we will expect the incremental PUE [ph] number to increase from each market accordingly.
We believe that the markets we have already entered have tremendous potential. Take Singapore for example, where Tiger Broker already has a relatively high market share. However, there's still significant room for growth. This can be seen from the number and the quality of our newly acquired clients in Singapore in the fourth quarter.
In markets like Australia, New Zealand and Hong Kong, we have even more room to improve and expand. So in 2024, our focus will remain on the markets they've already entered by optimizing the efficiency of our R&D resources, introducing more product features, including virtual assets trading to enhance our ARPU and profitability. Additionally, we will also look for opportunities to enter new markets based on market conditions. Thank you.
接线员
谢谢。 请稍候。 我们的下一个问题来自花旗银行的 Judy Zhang。 请继续。 您的线路已开通。
Operator
Thank you. Please stand by. Our next question comes from the line of Judy Zhang from Citi. Please go ahead. Your line is open.
Judy Zhang
感谢您回答我的问题。 我有两个问题。
第一个问题是关于佣金和营业额。 我们看到第四季度客户AUM大幅增长，但佣金成交额并没有改善那么多。 这背后的根本原因是什么？
第二个问题是关于新资助的客户。 新增付费客户环比大幅增长，但 CAC 却创历史新低。 管理层能否与我们分享并介绍一下公司的新客户获取策略？ 谢谢。
Thank you for taking my question. I have two questions.
The first question is regarding the commission and the turnover. We saw the customer AUM has increased significantly in the fourth quarter, but the commission turnover did not improve that much. What are the underlying reasons behind this?
And second question is regarding on the new funded customers. The new paying customer has increased a lot, Q-on-Q but the CAC reached the record low level. Can the management share with us and give us some color on the company's new customer acquisition strategy? Thank you.
Wu Tianhua
好的，第一个问题。 第四季度末，流动资产总额较上季度增长62%，较去年年底增长一倍多，达到306亿美元。 有两个因素促成了这种增长。 首先，纳斯达克和龙头股在第四季度大涨，我们的资产总额按市值计算的回到 35 亿美元。 这意味着，即使不考虑净资产流入，我们的流动资产总额也将比上季度增加15%左右。
此外，我们还通过员工持股计划、投行业务等，服务了大量的机构投资者。 在第四季度，机构投资者转户到我们的平台，这对第四季度 82 亿美元的净资产流入总额做出了巨大贡献。
但其中一些机构投资者是一级市场北京，与个人投资者或对冲基金相比，交易活跃和换手比较低。 因此，截至第四季度，此类机构投资者增加的流动资产对我们佣金收入的贡献相对有限。
Okay, for the first question. At the end of the fourth quarter, total current asset increased by 62% compared to the previous quarter and more than doubled compared to the end of last year to USD $30.6 billion. There are two factors contributing to this growth. Firstly, the rise in NASDAQ index and [inaudible] in the fourth quarter, back to a mark-to-market gain of USD $3.5 billion on our total current asset. This means that even without considering net asset inflow, our total current asset will have been increased of around 15% compared to the previous quarter.
Additionally, apart from focusing on the retail market, we have been serving a large number of institutional investors, through efforts such as ESOP and investment banking. In the fourth quarter these efforts gain more trust and recommendation from global investors, who transferred their provision to our platform. This significantly contributed to the total $8.2 billion net asset inflow in the fourth quarter.
However to be honest, some of this institutional investors are Venture Capital and Private Equity are primary market, which have lower velocity compared to retail investors or hedge funds. Therefore, as of the fourth quarter, the contribution of current assets increased by such institutional investors to our commission income is relatively limited.
第二个问题
第四季度，我们通过建立或更多的在线广告在新加坡和东南亚市场提高了我们的品牌知名度。 我们看到自然流量用户和用户裂变的增加，提升了第四季度入金账户数量。
我们发现，不同获取方式的用户质量可能有所不同。 因此，展望未来，我们将根据客户的有效性动态调整客户获取策略，以确保他们拥有 ARPU 和盈利模型。
Second question
In the fourth quarter We have increased our brand awareness in the Singapore and Southeast Asian markets by establishing or more online advertising. We saw an increase in organic traffic users and user referrals, which increased the number of deposited accounts in the fourth quarter.
However we’ve seen the users from different acquisition approaches may vary in quality. So moving forward we will dynamically adjust our customer acquisition strategies based on their effectiveness to insure they have the ARPU and profit model. Thank you, Judy.
接线员
谢谢。 请等待我们的下一个问题。 我们的下一个问题来自中金公司的Han Pu。 请继续。 您的线路已开通
Operator
Thank you. Please stand by for our next question. Our next question comes from the line of Han Pu from CICC. Please go ahead. Your line is open.
Han Pu
感谢您回答我们的问题。 我是中金公司的Han Pu。 我有两个简单的问题。
请您分享一下第四季度新增资金账户的地区分布情况。
您能否给我们更多关于香港业务运营的信息，特别是加密货币交易业务？ 谢谢。
Thanks for taking our questions. This is Han Pu from CICC. I have two quick questions.
Firstly, could you please share the regional breakdown of newly funded accounts in Q4.
And secondly, could you please give us more color on the Hong Kong business operation, especially for the crypto trading business? Thanks.
Wu Tianhua
第四季度新增资金账户中，超过60%来自新加坡和东南亚，近20%来自美国，而来自香港和澳大利亚和新西兰地区的贡献各占10%左右。
Among the newly funded accounts in the fourth quarter, above 60% came from Singapore and Southeast Asia, nearly 20% came from the United States, while contributions from Hong Kong and Australia and New Zealand regions accounted for around 10% each.
第二个问题
我们进入香港零售市场已经一年了，目前为止进展比较满意。就我们在香港的竞争市场而言，我们为用户提供最友好的定价之一。 此外，我们在过去的一年里一直在优化我们的产品，我们对当前产品功能的改进水平非常满意。 第四季度，我们在香港推出了美国国债和交易分享功能。 今年第一季度，我们向证监会提升了 1 类牌照，允许 PI 用户在老虎香港交易加密货币。 我们预计该功能将在未来一两个月内上线。
我们本地的业务正在逐步扩大，用户质量也不断提高。 我们在香港处于早期阶段，也需要一些时间去了解当地用户。
第四季度，我们实施了更加本地化的客户获取策略。 受此影响，香港市场的资产净流入超过了今年前三季度的总量。 此外，第四季度新增客户的平均净资产流入超过5,000美元，表明香港市场的用户质量良好，是我们未来可探索的巨大增长机会。 谢谢。
Second question
We have entered Hong Kong retail market for one year, and so far we are relatively satisfied with our progress. So to the extent such as our competitive market in Hong Kong, we offer one of the most friendly pricing to our users. Until now Hong Kong users can still enjoy zero commission and zero plan fees when they are trading Hong Kong securities on Tiger’s platform.
Also, we have been optimizing our product offering over the past year, and we are quite satisfied with the level of improvement in our current product features. In the fourth quarter, we launched the U.S. T Bonds and the Trading Sparks features in Hong Kong. In the first quarter of this year, we uplifted the Type 1 License with SFC, allowing PI users to trade crypto on the Tiger Hong Kong platform. We expect this feature to go live in the next one or two months.
Our local business is gradually expanding, and the user quality also improved from time-to-time. In the early stage of our in Hong Kong, we were exploring the market and understanding our local users, which may took some time.
In the fourth quarter we implemented a more localized customer acquisition strategy. As a result, the net asset inflow in the Hong Kong market exceeded in the total for the first three quarters of this year. Additionally, the average net asset inflow from newly acquired clients in the fourth quarter exceeded $5,000 USD, indicating a good user quality in the Hong Kong market and a big growth opportunity for us to explore in the future. Thanks.
接线员
今天的电话会议到此结束。 感谢您的参与。 您现在可以断开连接。
Operator
This concludes today's conference call. Thank you for participating. You may now disconnect.
(这份记录可能不是100％的准确率，并且可能包含拼写错误和其他不准确的。提供此记录，没有任何形式的明示或暗示的保证。表达的记录任何意见并不反映老虎的意见)
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