We have seen an increase in organic traffic and month-to-month referrals and led to high number of new funded 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. Operator please move on to the next question.
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: [Foreign Language] 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 : [Foreign Language] 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. [Foreign Language] 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 professional investors to — sorry, 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.
Aaron Li : Thanks, Mel. Let’s move on.
Operator: Thank you. There are no further questions at this time, so I’ll hand the call back to Aaron for closing remarks.
Aaron Li : Thank you. I would like to thank everyone for joining our call today. I’m now closing the call on behalf of the management team here at Tiger. We do appreciate your participation in today’s call. If you have any further questions, please reach out to our Investor Relations team. This concludes the call and thank you very much for your time. Thank you.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
