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    Judy Zhang

    Vice President and Equity Analyst at Citigroup

    Judy Zhang is a Vice President and Equity Analyst at Citigroup, specializing in coverage of Chinese financial technology firms and online brokers. She has provided ratings and research on companies such as Futu Holdings, UP Fintech Holding, FinVolution Group, Qifu Technology, OneConnect Financial Technology, LexinFintech Holdings, Lufax Holding, and Noah Holdings, achieving a 42.11% success rate and an average return of 12.98% across 23 ratings. Zhang has been with Citigroup since at least 2022 and her career is focused on the financials and technology sectors, with performance tracked by platforms like StockAnalysis. Her professional credentials and securities licenses are not publicly listed, but her role and output reflect deep expertise in Chinese fintech equities analysis.

    Judy Zhang's questions to UP Fintech Holding (TIGR) leadership

    Judy Zhang's questions to UP Fintech Holding (TIGR) leadership • Q2 2025

    Question

    Judy Zhang from Citi asked for an update on the company's operational run rate for the third quarter to date, focusing on trading volume, client assets, and new customer growth. She also inquired about the progress of the Hong Kong market expansion, the quality of local clients, and the potential impact of increased customer acquisition efforts on the Customer Acquisition Cost (CAC).

    Answer

    A company representative stated that Q3-to-date performance is satisfactory, with average monthly shares traded exceeding the Q2 average and client assets showing high single-digit growth. CFO John Zeng added that the company has stepped up its investment in Hong Kong, resulting in average net asset inflows of around $30,000 per new user and a 50% QoQ increase in total client assets in the region. He noted the CAC in Hong Kong is around $400+ with a healthy payback period of about two quarters, and it is expected to remain at this level.

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    Judy Zhang's questions to UP Fintech Holding (TIGR) leadership • Q2 2024

    Question

    Judy Zhang from Citi inquired about the progress of UP Fintech's Hong Kong business, covering both traditional brokerage and the new virtual asset trading for retail investors, including plans for pricing and customer acquisition. She also asked for an update on the wealth management business, its current scale, and product offerings.

    Answer

    CEO Tianhua Wu highlighted strong progress in Hong Kong, noting high client ARPU and a doubling of client assets quarter-over-quarter. He also mentioned the successful launch of retail crypto trading with a competitive 'zero commission, zero platform fee' pricing strategy. An executive added that the wealth management business saw assets and users grow over 20% QoQ, with product upgrades like T+0 settlement for the Tiger Vault product to enhance user experience.

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    Judy Zhang's questions to Lufax Holding (LU) leadership

    Judy Zhang's questions to Lufax Holding (LU) leadership • Q3 2024

    Question

    Judy Zhang of Citigroup Inc. requested more details on Lufax's recent asset quality performance, delinquency trends since Q3, and any plans for shareholder returns like a special dividend.

    Answer

    Chairman and CEO Y.S. Cho reported that asset quality was stable in Q3, with the Puhui loan C-M3 flow rate at 0.9% and the consumer finance NPL ratio improving to 1.2%. He expressed confidence in future improvements. Regarding shareholder returns, Mr. Cho stated there are no new specific plans following the recent special dividend, but management remains committed to exploring all options to deliver long-term value.

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    Judy Zhang's questions to ONECONNECT FINANCIAL TECHNOLOGY (OCFT) leadership

    Judy Zhang's questions to ONECONNECT FINANCIAL TECHNOLOGY (OCFT) leadership • Q2 2024

    Question

    Judy Zhang of Citigroup inquired about OneConnect's potential dividend payout plans following its first-half profitability and asked for an update on its overseas business strategy and revenue growth targets for the year.

    Answer

    CFO Yongtao Luo responded to the dividend question, stating that while achieving profitability was a significant milestone, the company is prioritizing reinvestment for sustainable growth in third-party revenue, R&D, and overseas expansion. Chairman and CEO Chong Feng Shen addressed the overseas business, expressing confidence in achieving double-digit revenue growth. He outlined a strategy focused on markets like Southeast Asia, Hong Kong, and the Middle East, with key product exports including the smart credit lending system and omnichannel insurance solutions.

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    Judy Zhang's questions to ONECONNECT FINANCIAL TECHNOLOGY (OCFT) leadership • Q2 2024

    Question

    Judy Zhang from Citigroup inquired about OneConnect's potential dividend payout plans following its first-half profitability and its strategy and growth targets for the overseas business.

    Answer

    CFO Yongtao Luo explained that while the company achieved its first-ever profit, driven by a one-off gain, the current focus is on reinvesting capital into growth areas like R&D and overseas expansion rather than issuing a dividend. Chairman and CEO Chong Feng Shen detailed the overseas strategy, highlighting strong momentum and confidence in double-digit revenue growth for the year. The strategy centers on markets in Southeast Asia, Hong Kong, South Africa, and the Middle East, with a focus on exporting proven solutions like the smart credit lending system and omnichannel agent platforms.

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