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Record trading volumes were driven by intense retail interest in AI-related U.S. equities and a robust Hong Kong IPO pipeline, which supported higher leverage through margin financing.

Client acquisition leadership shifted to Malaysia for the third consecutive quarter, catalyzed by targeted marketing around local IPOs and the broader technology rally.

The company achieved a significant regulatory milestone as the first Hong Kong broker to launch securities-backed margin financing for virtual assets, aiming to enhance capital efficiency via a unified buying power framework.

Management attributed the sequential decline in blended commission rates to a structural shift in trading behavior toward higher-priced U.S. tech stocks and options.

Wealth management dynamics shifted as clients rotated from defensive money market funds into equity funds to capture strong market performance.

Operating leverage is beginning to materialize in international markets, with Singapore expanding margins and Malaysia reaching operational breakeven.

Third-quarter metrics are trending modestly softer as market volatility cools retail sentiment and moderates net new funded account additions.

The Thailand market entry is positioned as a natural extension of the ASEAN footprint, though the official launch timeline remains dependent on final regulatory readiness inspections.

Management expects the bulk of regulatory-driven asset outflows to have been absorbed in the second quarter, with attrition rates beginning to moderate in August.

Future growth resources are being prioritized toward international business expansion to diversify the revenue base away from legacy markets.

The U.S. prediction market launch serves as a pilot for global rollout, intended to drive core brokerage engagement rather than acting as a product substitute.

New regulations released on May 22 resulted in cumulative asset outflows representing a mid-single-digit percentage of total client assets.

Outflows were split roughly equally between Mainland clients making compliance-driven adjustments and Hong Kong clients exhibiting temporary risk-off sentiment.

Selling and marketing expenses rose 53% year-over-year, reflecting sustained brand investment despite regulatory challenges to protect long-term client lifetime value.

R&D investments were intentionally increased to support strategic pivots into AI-driven tools and Web 3 infrastructure.

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Management confirmed mid-single-digit asset outflows but noted that Hong Kong client retention remained resilient at over 98%.

The pace of attrition moderated significantly by August after the initial implementation of app-based restrictions in June and July.

Thailand was selected due to its digitally savvy investor base and high volume of online account openings (4.5 million as of mid-2026).

The launch will leverage existing Singaporean and Malaysian infrastructure, though a specific date is withheld pending final Thai SEC approval.

The blended CAC rose to HKD 2,600 primarily due to lower net new funded accounts following regulatory developments.

Management maintained brand spending levels to support long-term growth, resulting in a higher per-head cost in the short term.

The platform saw over $200 million in event contracts traded within the first month, showing high demand for non-traditional products.

Data indicates that prediction market users are more active in traditional security trading, suggesting a strong cross-sell synergy.