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    Cindy Wang

    Director at China Renaissance

    Cindy Wang is a Director at China Renaissance specializing in equity research for the Financials and Consumer Discretionary sectors, with a notable focus on companies such as NIKE, UP Fintech Holding, and Futu Holdings. She has demonstrated a strong performance track record, achieving a 100% success rate and an average return of 36.48% on her stock ratings, ranking her among the top analysts. Cindy began her career as a Marketing Intern at Microsoft in 2007, then held analyst and associate roles at ROTH Capital Partners, Seven Voyagers Capital, and CLSA before serving as a Research Director at DBS Bank from 2017 to 2021, joining China Renaissance in December 2021. She holds a Bachelor of Science in International Trade and Finance from Fu Jen Catholic University and an MBA in Finance/Investment from the University of California, San Diego; additional securities licenses or FINRA registrations are not explicitly listed.

    Cindy Wang's questions to UP Fintech Holding (TIGR) leadership

    Cindy Wang's questions to UP Fintech Holding (TIGR) leadership • Q2 2025

    Question

    Cindy Wang of China Renaissance inquired about the reasons for the sequential drop in the effective tax rate to 15% and its sustainability. She also asked about the drivers of the strong growth in other revenue and the progress of the company's cryptocurrency business, including plans for licenses in Hong Kong, Singapore, and the United States.

    Answer

    CFO John Zeng explained the lower tax rate was due to a shift in profit mix away from the high-tax U.S. subsidiary and securing a more favorable 13.5% rate in Singapore. He confirmed investment banking was a major driver for other revenue growth, alongside increased foreign exchange and wealth management income. A company representative added that UP Fintech is committed to digital assets, partnering with strategic investors to enhance its Web3 products. They noted digital asset trading volume grew 65% QoQ in Hong Kong and that the company holds licenses in 14 U.S. states with an application pending in Singapore.

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    Cindy Wang's questions to UP Fintech Holding (TIGR) leadership • Q1 2025

    Question

    Cindy Wang of China Renaissance inquired about UP Fintech's Q2 2025 performance trends, including trading volume, client assets, and new accounts, given market volatility. She also asked for the outlook on costs, particularly headcount and customer acquisition costs (CAC).

    Answer

    Arun Li, Head of Investor Relations, noted a strong start to Q2, with record trading volume in April exceeding $100 billion and client assets reaching a new high. He anticipates fewer new funded accounts than in Q1 but remains confident in meeting the annual target of 150,000. CFO John Zeng added that compensation expenses are expected to grow 10-20% annually, and the average CAC is projected to rise from $150-180 to $250-300 as the company invests more in high-value markets like Hong Kong and brand awareness.

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    Cindy Wang's questions to UP Fintech Holding (TIGR) leadership • Q2 2024

    Question

    Cindy Wang of China Renaissance asked for details on the $13.2 million loss provision, including the reason for the allowance, the potential for a future write-back, and the risk of recurrence. She also requested a regional breakdown of the strong new funded account growth and the acquisition strategies employed.

    Answer

    CEO Tianhua Wu explained the impairment was linked to a legacy Hong Kong stock pledging business, which the company had already ceased since 2023. He noted that while a repayment agreement is in place, the full amount was prudently written off. For user growth, Wu detailed that approximately 65% of new clients came from Singapore and Southeast Asia, driven by a 45% QoQ increase in marketing spend and the successful launch of new products like the Tiger Vault debit card.

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    Cindy Wang's questions to FinVolution (FINV) leadership

    Cindy Wang's questions to FinVolution (FINV) leadership • Q2 2025

    Question

    Cindy Wang of China Renaissance inquired about the potential impact of new loan facilitation regulations on FinVolution's China business and whether it would slow loan volume. She also asked about the recent performance of the international business and any changes to the target customer profile.

    Answer

    Chief Financial Officer Jiayuan Xu explained that the new regulations, effective in October, will likely promote industry consolidation and have a manageable impact on FinVolution due to its focus on high-quality assets. He anticipates a low single-digit quarterly decline in China's transaction volume. For the international segment, Mr. Xu confirmed strong momentum continued into July and August, highlighting a positive regulatory update in Indonesia that maintains the current interest rate cap, providing stability for long-term planning.

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    Cindy Wang's questions to Futu Holdings (FUTU) leadership

    Cindy Wang's questions to Futu Holdings (FUTU) leadership • Q2 2025

    Question

    Cindy Wang of China Renaissance inquired about the drivers behind the strong net asset inflow in the first half of the year and the strategy to sustain this momentum. She also asked for details on cryptocurrency trading performance, including client numbers, volume, and plans for new products or market launches in the second half.

    Answer

    CFO Arthur Yu Chen attributed the robust asset inflow to favorable market conditions, an enriched product suite (wealth management, crypto, fixed income), and successful overseas marketing, such as the NY Mets sponsorship. For the second half, he highlighted plans for physical store rollouts and new product offerings. Regarding crypto, Chen noted strong momentum with asset values increasing over 40% quarter-over-quarter and confirmed plans to introduce crypto transfer functionalities and explore new exchange licenses.

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    Cindy Wang's questions to Futu Holdings (FUTU) leadership • Q1 2025

    Question

    Cindy Wang inquired about Futu's trading velocity, volume, and margin financing balance for the second quarter, and asked for details on the new membership program's business model, subscriber numbers, and long-term benefits.

    Answer

    Daniel Yuan, Head of Strategy & IR, projected a sequential increase in Q2 trading volume and high net asset inflows, while expecting a decrease in new funded accounts from a high Q1 base. CFO Arthur Yu Chen explained the membership program targets high-value wealth management clients and is in its early stages with minimal penetration.

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    Cindy Wang's questions to Qfin Holdings (QFIN) leadership

    Cindy Wang's questions to Qfin Holdings (QFIN) leadership • Q2 2025

    Question

    Cindy Wang of China Renaissance inquired about the company's ABS issuance target for the second half of 2025 and the outlook for further reductions in funding costs.

    Answer

    CEO Haisheng Wu stated that H1 2025 ABS issuance was strong at RMB 14.4 billion, nearly matching the full-year 2024 total, with costs at a record low. He expects the pace to slow in H2 due to tighter market liquidity but anticipates full-year 2025 ABS issuance to grow by over 30%, leading to a meaningful decrease in overall funding costs for 2025 compared to 2024.

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