We will go to to view our responsibility and obligation as brokers and to issue the safety of our clients’. Okay. Regarding your second question, Tiger Brokers has always high emphasis on complying with global regulation and requirements. Recently on December 30 of last year, the CSRC released the announcement. As further clarified on regulations for China domestic investors to participate activities. While this announcement resulted in a short-term decline in stock price. As entrepreneurs, we take this as a milestone in cross-border securities regulations and will facilitate industry development in an orderly manner, and prevent that money . In response to this update, Tiger Broker have asked decisively to fully cooperate with CSRC. We have stopped accepting new clients from Mainland China immediately at midnight of December 30.
As a matter of fact, in 2022, around 90% of our new funded clients from the overseas market. So, this policy update will not have material impact on our business. In addition, we have completed on price inspections in collaboration with the Beijing Securities Regulatory Bureau, and are currently awaiting positive guidance from the regulator. On February 15, in the press conference, the CSRC mentioned that the relevant brokers have fully and accurately understand the regulatory requirements and comply rapidly. As we stated, the key requirement to prohibit the increments of funds. Domestic investors are allowing existing investors to continue trading through their original overseas accounts. We will speak to this policy until further guidance from the regulator.
Thank you.
Operator: Thank you. We’ll now move on to our next question. Please standby. Our next question comes from the line of Brandy Wang from Citi. Please go ahead. Your line is open.
Brandy Wang: Thank you management for taking my questions. I have two questions here. First, we saw that income tax in fourth quarter increased a lot by around 38% quarter-over-quarter, which is driving the effective tax rate to over 65%, any reason behind this? And my second question is regarding the business outlook. As the market sentiment was weak in 2022, what’s management’s preview and guidance for 2023? And do we observe any business recovery lately? Thank you.
John Zeng: Okay. So, let me answer the first question regarding tax rate. Okay. Okay. So, in terms of the tax rate, the large portion of the 2.3 million, which is about 2 million was due to unrealized foreign exchange losses. This was caused by the continued appreciation of the U.S. dollar in 2022, which resulted in non-cash foreign exchange loss for subsidiaries in Singapore and New Zealand. According to local tax regulation, those losses cannot be deducted as expense before tax. Therefore, we have to add them back as a tax basis, which resulted in the current context of our 2 million in the consolidated P&L in the fourth quarter. Of course, those expense are allowed to be reversed with the depreciation of the U.S. dollar in the future and vice versa. Thank you. You go for the next question.
Wu Tianhua: Okay. So we go to our second question about the preview and guidance of the coming year. With the challenging and uncertain market of 2022, we still achieved a non-GAAP profit of US$12.7 million for the year, gain over 100,000 new funded accounts and saw net asset inflows exceed US$7 billion. These results demonstrate the trust they’ve earned from users globally, the profitability of our business model, and the effectiveness of our financial operations. As we all know that the online brokerage industry has done very strongly in fact. And it gave our relatively recent entry into the market of Australia, New Zealand, and Hong Kong. With this uncertainty being that our target is to acquire at least 100,000 new funded accounts this year in 2023.
