Good morning. Thank you for joining today's call. We will now begin Mirae Asset Securities Q3 2026 earnings call. Right after the presentation from Mirae Asset, there will be a Q and A session. If you have a question, please press the star key and number one on your phone. Now, we'd like to begin Mirae Asset Securities Q3 2026 earnings call.
Good morning. I am Mirae Asset Securities Head of ESG and IR Team, Dong-ho Shin. I would like to welcome everyone joining our Q3 2026 earnings call. For today's Q3 earnings call, Mirae Asset Securities CFO, Kang-hyuk Lee, Head of Business Innovation Division, is present. For our overseas investors, we are providing English simultaneous interpreting. The earnings call will cover Q3 business performance and results by business, our shareholder return policy for the next three years, and the plan for merger-acquired treasury shares, followed by a Q and A session.
The presentation deck is available on our website under the Financials and Reports menu, and the recording and call script will be posted on our website at a later date. Please take note that forward-looking statements included in this call may differ from actual results, subject to changes in the market conditions and our strategy. Next, our CFO will give the presentation. Please refer to page two of the earnings release.
Good morning. I am Head of Business Innovation Division, Kang-hyuk Lee. To all of you joining our Q3 2026 earnings call, thank you. Today, I will walk you through our Q3 preliminary results and then explain our shareholder return policy and plan for merger-acquired treasury shares. Let me now go over our Q3 results. Please refer to page three of the earnings release.
In Q3, as market trading activity slowed and valuation losses on investment assets were reflected, earnings declined significantly QoQ. However, on a cumulative basis through Q3 this year, both pre-tax profit and net profit increased YoY. To look at this in more detail, in Q3, consolidated pre-tax loss was KRW 520.6 billion and net loss was KRW 405.6 billion. On a cumulative Q3 consolidated basis, pre-tax profit and net profit were KRW 3.3657 trillion and KRW 2.5016 trillion respectively, up 156% and 148% YoY. Based on cumulative net profit, annualized ROE was 24%, up 13% YoY. In Q3, we recognized a pre-tax loss of KRW 514 billion related to SpaceX, and due to the high basis effect of strong trading gains in Q2, our separate basis PI investment positions also recognized a pre-tax loss of KRW 380 billion.
However, excluding SpaceX and PI investment losses, Q3 consolidated pre-tax profit was approximately KRW 380 billion, demonstrating our recurring earning power remains solid. Our overseas subsidiaries recorded in Q3 a pre-tax loss of KRW 139.3 billion, along with valuation losses on SpaceX. As the Hong Kong and China stock markets declined from Q2, valuation losses were incurred on PI investment positions. Excluding SpaceX and PI investment losses, however, pre-tax profit of the overseas subsidiaries was approximately KRW 59 billion, proving solid recurring earnings capacity. Although there were valuation losses in Q3, on a cumulative basis, we have recorded a pre-tax profit of KRW 2.0309 trillion from SpaceX and investment gains of KRW 212 billion from separate basis PI investment.
Regarding yesterday's announcement on the penalty surcharge imposed by KFTC, Korea Fair Trade Commission, we are currently reviewing the accounting treatment and the timing of its reflection in the financial statements. Once the review is finalized, we will make corrections through disclosure. On page four, we have the financial summary for Q3 for your further reference. Next, let me go over the detailed performance by business. Brokerage, IB, trading, and other financial income are on a separate basis, while SpaceX and overseas subsidiaries' performance will be explained on a consolidated basis. Let me start with brokerage performance. Please refer to page five of the earnings release. The average daily trading value of the domestic stock market decreased 42% QoQ to KRW 52.4 trillion. Compared to the record high Q2, market trading fell sharply.
As a result, brokerage fee revenue decreased 47% QoQ, but increased 25% YoY to record KRW 330.6 billion. On a cumulative basis, it increased 109% YoY, recording the highest ever cumulative Q3 figure. Domestic stock brokerage fee revenue decreased 52% QoQ, but increased 42% YoY to KRW 215.9 billion. Overseas stock brokerage fee revenue decreased 36% QoQ, but increased 3% YoY to KRW 114.7 billion. The average commission rate for domestic stocks fell 0.4 basis points QoQ to 2.3 basis points, and for overseas stocks, the commission rate fell 0.1 basis points to 15.4 basis points. Total brokerage assets decreased 15% QoQ, but increased 40% YoY to KRW 375.3 trillion. Domestic stocks were down 15% QoQ. Up 45% YoY to KRW 320 trillion, and overseas brokerage assets were down 10% QoQ and up 11% YoY to KRW 55.3 trillion.
At quarter end, the retail margin loan balance was up KRW 93.4 billion QoQ to KRW 6.7 trillion. Margin loan income, which is reflected in interest income in the earnings report, decreased 21% QoQ to KRW 71.4 billion. We maintain a margin trading policy aimed at protecting client AUM and fostering a stable trading environment. Combining our wealth management capabilities, global network, and digital technology, we are actively pursuing a global investment platform business. To that end, last October, we rebranded M-STOCK as MAPS and are integrating assets, improving customer convenience, and expanding portfolio-centric services. In Q3, usage and trading indicators declined, but among traditional securities firms and MTS, we maintained the number one position in MAU for 10 consecutive months.
Through a newly launched digital asset menu, we provide market information, education, and research content, and we are preparing to launch tokenized MMF products and to build a platform linked with the Korea Securities Depository, getting ready for the implementation of the new regulatory framework. Next, let me go over WM performance. Please refer to page six of the earnings release. Financial product sales fee revenue was down 6% QoQ but up 35% YoY to KRW 123.6 billion. On a cumulative basis, it increased 49% YoY, recording the highest ever cumulative Q3 figure. WM client assets, due to the stock market decline, decreased 2% QoQ, but increased 21% YoY to KRW 250.2 trillion. Brokerage assets included, total client AUM was down 10% QoQ but up 31% YoY to KRW 625.5 trillion.
Total pension assets, due to lower valuations from the market correction, were KRW 49.9 trillion in retirement pensions and KRW 26.3 trillion in personal pensions, down 6% QoQ but up 46% YoY to KRW 76.2 trillion. Our retirement pension market share was 9.2%, ranking fifth across all financial sectors, and in DC, with a 14.7% share, we maintained the number one position. The number of pension accounts through Q3 this year recorded a net increase of around 580,000 accounts. Of total pension assets, the share of ETFs is about 58%, similar to the previous quarter. We are focusing on converting our expanded pension client base into users of our financial products and wealth management services. Retirement pensions generate fee revenue on accumulated assets, and for personal pensions, ETF trading leads to brokerage fee revenue.
We are also expanding asset allocation services such as model portfolios, robo-advisors, and default options, translating the growth of pension plans and assets to sustained revenue. We have been steadily building wealth management competitiveness, which is hard to establish in a short period by expanding client AUM. Total domestic and overseas client AUM over the last three years and nine months grew at an average annual rate of 18%, and compared to end of 2017, increased by KRW 312 trillion, expanding about 1.8 x. Wealth Management fee revenue also increased about 2.2 x compared to 2017, as the growth in client AUM is leading to stable expansion in revenue. Total pension assets also increased about 7.4 x since 2017. Asset allocation that considers clients' entire portfolios and pension management have been our focus, and this has helped us retain client and AUM even during this kind of correction phase.
This provides a foundation for wealth management fee revenue that can better weather market fluctuations. Next is trading and other financial income. Please refer to page seven of the earnings release. This item, on a separate basis, consists of income from equity, bond, and derivatives management, sales and trading, flow trading, and others, and also includes FX income as well as separate basis PI and IB asset valuation and disposal income. Trading and other financial income due to the Q2 base effect decreased 76% QoQ and 17% YoY to KRW 199.5 billion. However, on a cumulative Q3 basis, it increased 38% YoY, reaching a record high. After Q2, due to the sharp correction in the stock market, our Q3 separate basis PI investment positions incurred a loss of approximately KRW 380 billion.
In bond management, we preemptively reduced the interest rate sensitivity of our Korean won and foreign currency bond portfolios, strengthened hedges, and increased the share of floating rate notes, FRNs, defending against rising interest rates, and delivered relatively good performance compared to market movements. The balance under management was KRW 42.4 trillion, similar to the previous quarter. In Q3, mostly regarding semiconductors, which led the market in the first half, the domestic stock market went through a correction. As investor trading participation declined and liquidity and volatility fell, arbitrage opportunities in the sales and trading business also decreased. The domestic ETF average daily trading value was KRW 22.5 trillion, down 21% QoQ.
Amid market fluctuations and differences in liquidity across products, managing premium or discount to NAV and hedging became more difficult. In this environment, we focused on securing returns through arbitrage trading and captures price differences between ETFs and their underlying assets and through algorithm-based hedging. Next, I will discuss the profit and loss of major consolidated PI assets. The pre-tax loss of major consolidated PI assets in Q3 was approximately KRW 520 billion, of which pre-tax loss related to SpaceX, including the hedge portion, was KRW 514 billion. SpaceX was evaluated based on the closing price of $150.86 at the end of September. A valuation loss was incurred as share price declined by approximately 12% compared to the $170.86 at the end of the previous quarter, along with the impact of the Korean won appreciation in the year-to-date daily average exchange rate.
The applicable exchange rate for Q3 P&L was KRW 1,463 against the dollar, down by KRW 21 from the FX rate applied in Q2. However, gains realized from the hedging transaction executed during the quarterly profit partially offset the loss. The previously mentioned SpaceX-related pre-tax loss of KRW 514 billion is a consolidated figure that includes both the holdings and overseas subsidiaries and hedging gains and loss. The cumulative valuation gain recognized this year is approximately KRW 2,030,900,000,000 . The total acquisition cost is approximately KRW 1.1 trillion, and the valuation amount as the end of Q3 is roughly KRW 4 trillion. As the value of the investment asset increased significantly compared to our acquisition cost and the holding size expanded, the impact of share price fluctuations on our quarterly profit and loss also broadened.
However, compared to the acquisition price of $34, we continue to maintain cumulative valuation gains since the initial investment, and our views on holding SpaceX based on its mid-to-long-term growth potential still stands. SpaceX's differentiated competitiveness lies in its vertically integrated business structure encompassing launch vehicles, satellite communication Starlink, AI computing, and infrastructure. When the demand for robotics and AI computing expands, semiconductor demand is bound to surge. Unlike big tech companies that are undervalued due to this cost burden, SpaceX is a unique company with a structural capable of internalizing the relevant demand on its own. In particular, in the Starship 15th flight test targeting November 13th, a challenge will be undertaken for the first time to recover both the first stage booster and the upper stage spacecraft at the launch site. If successful in recovering both vehicles, a key stage required for full reusability will be passed.
If launch costs can be substantially lowered and through repeated flights, the Starlink satellite network can be expanded more economically, and over the long term, the feasibility of space data center concept deploying large-scale AI computing equipment into orbit will also increase. The growth of AI and communication business is already manifesting in earnings performance, and Q3 revenue reached approximately $14.6 billion, up 161% YoY, and net income successfully turned into profit of $4.4 billion from a net loss of $1.1 billion in the same period last year. Revenue from the AI segment exceeded $7.6 billion, driving overall growth and demonstrating tangible growth path momentum. Over a longer horizon, if TeraFab, pursued jointly with Tesla, proceeds as planned, there is also the possibility of in-house production of the AI semiconductors required for space data centers and robotics.
Elon Musk mentioned in a recent earnings release, an IR event, that annualized run rate revenue ARR as of end of 2027 could reach $500 billion-$1 trillion. This reflects mid-to-long-term growth potential following the expansion of AI computing infrastructure, and we evaluate such earnings visibility and growth path positively. There may be short-term price volatility due to supply and demand changes. However, we expect volatility to gradually ease once the lock-ups are fully released soon, and multiple global IBs have recently released positive opinions regarding SpaceX's mid-to-long-term business plan and presented an average target price of around $275. As we recorded losses in certain investment positions, including SpaceX in Q3, we are monitoring price fluctuations and P&L impacts in real time, managing the portfolio, taking into account holding amounts, concentration, and realization possibility.
While closely observing the market conditions, we will focus on managing volatility through position adjustments and hedging. New investments are being selectively executed in areas where structural growth is expected, such as AI, after reviewing company competitiveness, business execution capabilities, and investment terms. Next, I will present the IB performance. Please refer to page eight of the presentation material. IB fee revenue recorded KRW 28.5 billion, down 34% QoQ and down 30% YoY, and decreased 22% year-on-year based on a YTD basis. The main reason for the earnings decline is a decrease in IPO fees. As the IPO market contracted due to stock market adjustments, fee income in the IPO segment, where we hold strength, decreased significantly. By revenue composition, domestic real estate PF-related revenue accounted for 68%, underwriting and syndication-related revenue accounted for 25%, and others accounted for 6%.
In the corporate finance segment, we completed three KOSDAQ IPO listings and secured 17 new lead manager contracts. By responding to corporate financing demands with secure pipelines, we are laying the foundation for follow-up revenue. In the domestic real estate PF market, the decrease and new project site continues. Accordingly, we are selectively picking business opportunities centered on guaranteed financing from Korea Housing and Urban Guarantee Corporation and Korea Housing Finance Corporation, as well as prime bridge loans, while concurrently pursuing the recovery of existing positions and profit realization. Corporate loan revenue classified as net interest income on the earnings report recorded KRW 34.2 billion, down 6% QoQ. Next is overseas subsidiary performance. Please refer to page nine of the earnings report. Overseas subsidiaries turned to a loss QoQ, recording a pre-tax loss of KRW 139.3 billion in Q3.
However, Q3 year-to-date pre-tax profit increased 138% YoY, recording an all-time high for Q3 YTD. Annualized ROE based on YTD net income was 14%, down 11 percentage points from Q2. By region, developed markets turned to a loss, recording a pre-tax loss of KRW 182.9 billion. On the other hand, pre-tax profit in emerging markets recorded KRW 43.6 billion, down 15% QoQ, but up 12% YoY. The performance of overseas subsidiaries in developed markets reflect the valuation losses on SpaceX and PI alternative investment assets. The SpaceX valuation loss of KRW 157.2 billion recognized by overseas subsidiaries is included in the consolidated SpaceX P&L mentioned earlier. Due to the Q3 base effect in global markets, valuation losses occurred in PI investment assets as overseas subsidiaries.
However, excluding SpaceX-related P&L and PI investment losses, overseas subsidiaries generated approximately KRW 69 billion in recurring pre-tax profit in Q3, demonstrating steady profit-generating capability. Meanwhile, following the full-scale launch of the online WM business in Hong Kong, we are preparing market entry in Singapore, Japan, the U.S., and Australia, tailored to local conditions, and we are directing our full efforts toward elevating the online WM business to a full-fledged performance achievement stage in developed markets. Our Hong Kong subsidiary already supports U.S., Hong Kong, China, and Korea stock trading, as well as virtual asset trading on MAPS, launched in Q2, and is rapidly expanding its business foundation by commencing margin financing, structured product, and fund services. In the digital asset field, following virtual asset trading, we are securing differentiated competitiveness by phased introduction of marketplaces to trade real-world assets, tokenized products such as tokenized silver and funding notes.
In Japan, the acquisition of Sanko Securities is proceeding without issues, while in Singapore, we are pursuing MTS development and key local hiring alongside retail business license reviews. In the U.S., we are preparing to enter the online WM business, and our newly established Australian subsidiary is accelerating efforts to obtain licenses and secure key personnel. In China, we plan to reorganize our existing organization centered around Shanghai and Beijing to Shenzhen and Hong Kong to increase business efficiency and synergy. As this is a new business based on WM business know-how and experience accumulated in emerging regions, we will accelerate speed to advance the timing of profit realization and connect to tangible results in developed markets as well. Customer trust and networks accumulated locally over a long period are key competitive advantages of our overseas business.
Moving forward, profits generated by overseas subsidiaries through local investments and businesses will be remitted to the domestic headquarters via dividends to be actively utilized as resources for shareholder returns. I will now cover SG&A expenses. SG&A expenses on a separate basis decreased KRW 248.5 billion QoQ to KRW 421.9 billion. Due to decrease in net operating revenue, the SG&A ratio rose 25.6 percentage points QoQ to 70.2%. Next, I will discuss the new shareholder return policy to be applied from 2027 to 2029. Mirae Asset Securities, to enhance predictability, sustainability, and transparency of shareholders, has established a three-year shareholder return policy since 2018 and executed them consistently. Since 2021, we have returned more than KRW 2.2 trillion to shareholders through dividends and treasury share cancellations, continuing our efforts to enhance shareholder value.
The currently applied policy was established in 2024, with main contents including the cancellation of at least 15 million common shares and at least 1 million preferred shares, along with a shareholder return ratio of at least 35% based on consolidated adjusted net income. This policy will apply through 2026. While flexibly responding to rapidly changing market environments, securing financial soundness and future growth investment capacity, in order to sustain long-term shareholder value and enhancement, we have established a new three-year shareholder return policy to be applied from 2027 to 2029. The core of the new policy, consistent with the existing policy, is to return at least 35% of the consolidated adjusted net income to shareholders through dividends and treasury share acquisitions.
Over the past two years, we have executed shareholder returns of over 40%, exceeding this threshold, and we will continue our consistent shareholder return stance based on business performance and capital capacity. Furthermore, to further raise shareholder value, we plan to review measures such as utilizing dividend received by controlling shareholders to purchase Mirae Asset Securities and to maximum extent possible, but this has to be done in relation to the relevant laws and regulations. SpaceX large-scale unrealized in consolidated net income is but when calculating distributed profit under Commercial Act, unrealized gains are deducted in accordance with relevant laws. Therefore, considering the legal and financial conditions, we plan to utilize the adjusted net income, excluding SpaceX-related unrealized gain and losses as a baseline for calculating the return scale.
If profits are realized in the future through the exit of SpaceX investment and relevant legal and financial requirements on actual distributable profit and shareholder return funding are satisfied, we plan to execute additional shareholder return using such realized profit as resources, separate from the existing 35% scale. Mirae Asset Securities will realize sustainable growth and long-term corporate value enhancement based on a balance among growth, investment, financial soundness, and shareholder returns. Next, I will discuss the plan to handle treasury shares acquired through merger. We have reviewed handling plans from various angles from the treasury share held since the merger in a direction that aligns with the Commercial Act and enhances shareholder value. As a result, we intend to handle the 108,338,501 common treasury shares, approximately 108 million shares, step-by-step under the two goals of expanding shareholder returns and enhancing long-term corporate value.
First, we plan to cancel 65 million shares, accounting for 60% of total treasury shares, immediately following next year's regular general meeting of shareholders. That's around KRW 1.4 trillion as of yesterday's ending price. We intend to pursue cancellation by comprehensively considering procedural conditions and institutional environment, such as amendments to the Corporate Tax Act scheduled to take effect next year. In order to minimize the financial impact caused by the cancellation of treasury shares acquired via merger and to further enhance our capital structure, we plan to seek approval at the next year's renewal meeting for shareholders for a treasury share disposal plan for purposes such as financial structure improvement. Disposal quantities approved at the general meeting of shareholders will be disposed of in installments over five years within a scope that minimizes market impact, therefore minimizing share price dilution and supply-demand burdens.
Regarding the remaining treasury shares, excluding the disposal quantity, we plan to handle them through the most suitable method to maximize shareholder value, including additional cancellations. The objective of the treasury share plan lies in protecting shareholder interest and elevating long-term shareholder value. While reviewing plans to prioritize the remaining treasury shares for shareholder returns, such as additional cancellation, if disposed off to offset equity reductions, we plan to reutilize them in ways that can contribute to company growth and profitability enhancement. Based on this, we will make every effort to connect increased profit to expand shareholder returns and ensure that corporate growth is reflected in share prices. This concludes the Q3 2026 earnings conference call for Mirae Asset Securities.
We will now move on to the Q and A session.
If you have a question, please press the star key and number one on your phone. To withdraw your question, please press the star key and number two. The first question comes from analyst Young jun Ahn from Kiwoom Securities. Please ask your question.
Good morning. I am Analyst Youngj un Ahn from Kiwoom Securities. I have a question on your overseas expansion. Of course, it was mentioned earlier that we are advancing into multiple foreign markets, and I would like to know what kind of businesses are you planning to conduct in overseas markets. Could you provide some detail on that? Thank you.
Thank you so much for that question. As I mentioned just now, in advanced markets, we are pursuing acquisitions of securities firms, and this is to enter the online wealth management business targeting local retail investors.
Recently, news of our acquisition of Sanko Securities in Japan was announced, and we are now carrying out the necessary next steps. In the U.S. and other markets as well, we are continuously reviewing acquisition opportunities. In the long term, wherever our clients access it from, they should be able to invest in both traditional and digital assets on a single platform, and that is our goal. Like MAPS in Hong Kong, starting with local stocks and then U.S. and Korean stocks and virtual asset trading, we will expand the range of assets we offer within the scope permitted by each country's laws and regulations. That is a basic framework we plan. To be a little more specific about our plans in Japan, Sanko Securities holds a type one financial instruments business license.
Therefore, the licensing uncertainty and regulatory risks that a new entity would have to go through can be reduced, and the existing business base can also be leveraged. We took those points into account. This acquisition, through our U.S. holding company, is structured to acquire 100% of Sanko Securities. As we are using the U.S. as our hub for entering developed markets, this decision also considers future linkages between our Japan business and the U.S., the world's largest capital market. Right after the acquisition, we will take over Sanko Securities' existing proprietary trading business in Japanese stocks, futures, and options, and strengthen it, while at the same time taking time to prepare the people and systems needed to enter the online wealth management business. Our target for launching the MTS is roughly one and a half to two years after the acquisition is completed.
A Korean securities company advancing into a developed market such as U.S., Hong Kong, Singapore, Japan, there are some concerns whether it is going to be successful. But compared to an offline business, the online business costs less, and with strong products and a robust platform, we believe that the probability of success is much higher. Not only in Korea, but advanced markets in the pension market, ETFs are growing exponentially, and Global X Mirae Asset Asset Management, Global ETFs, ETF also have quite a strong brand, and it gives us much strength to succeed. Samsung Electronics, memory semiconductors, and SK hynix are attracting the attention of overseas investors, and a lot of Korean companies are also gathering more attention from overseas investors. That was also another reason why we are confident that we are going to better able to achieve success in the business overseas.
We are going to continue to speed up execution for success of new overseas business to get on track. Going forward, the profits generated by our overseas subsidiaries will also be returned to Korea and used as a source for shareholder returns, so that the fruits of our overseas growth can be shared with our shareholders in Korea. Thank you. Next question, please.
The next question will be from NH Investment & Securities, Yoodong Yoon. Please ask your question.
Thank you for the opportunity to ask question. The treasury share cancellation, you mentioned that there will be separate cancellations, like the first cancellation and the additional cancellation afterwards. Is there a reason for pursuing split cancellations?
Yes, thank you for the question. First, based on the amendments to the Commercial Act, we are doing the treasury share cancellation as required. I think what is special for us is that for our treasury shares, it is not actually treasury shares that would be subject to dividend income or dividend payout that we acquire as cash in the market, but this is more based on the merger and assets that are coming in as a result of the merger as treasury shares. So there are some companies like that structure, but most of the such companies, the overall, the treasury share, their characteristic in nature is quite different. The volume we are talking about is approximately 108 million treasury shares. So in terms of the volume itself, it is also quite differentiated as well. I think you probably all well know this.
So, doing an entire cancellation, the deferred tax assets, there is going to be a decrease of that, and there is going to be a reduction of shareholders' equity. So, we have been making this point repeatedly. If we add that all up together, that is around KRW 460 billion of shareholder equity reduction. That is the expectation that we have. On top of that, securities by nature, and as a company that is trying to make inroads into global markets as a future driver, this shareholder equity ratio is quite important for us. So, a reduction of shareholder equity, a significant reduction of this is not positive for the shareholders. So, rather than going by the approach of simply canceling the entire quantity, we want to minimize the impact on shareholder value and also the negative potential financial impact.
We do also want to return the operating profit we gain to the shareholders and protect the shareholders' rights as much as possible, and we are making every effort to guarantee that. The disposal of treasury shares, gain and losses, actually, this is going to be excluded from the Corporate Tax Act, and this amendment was raised in the summer of this year, and it's expected to be passed by the National Assembly in December, but it's not finalized yet. There are a lot of uncertainties on the policy front, so we intend to proceed step by step, taking into the developments and uncertainties of we'll want during the situation. We plan to first cancel 65 million shares.
It's around KRW 1.4 trillion with last day's ending prices, which corresponds to approximately 60% of the total quantity following the 2027 regular general meeting of shareholders, and this would be the first cancellation scope. Of course, there may be variations depending on the disposal share price, but among the remaining quantity, we are going to use for employee compensation and also capital structure improvement to offset the reduction in shareholder equity. A lot of different plans are being reviewed. Of course, this is subject to approval and passing from the general meeting of shareholders, so this is based on the prerequisite that it is approved.
Certain usage of that, of whether we get plans approved through the meeting, we will make every effort to prevent shareholder and share price dilution, and we will also minimize the impact on market supply of the shares. Even if there is a certain portion that is disposed of, we will be doing it in installments over five years, or have long-term holdings, or have preferred shareholders hold them. We will try to mitigate the related risk by all means possible. In addition to the amount that I just mentioned, we are also considering additional share cancellation, and we will also share the details once available. In summary, we are not going to cancel all treasury shares at once, and this is due to the different treatments under the amendments to the Corporate Tax Act and different matters to consider.
Mirae Asset Securities, for our digital assets, growth business, and overseas expansion is on the top of our agenda. By maximizing our operating profit and the profit that we generate from such business, we will make every effort to return that to the shareholders, and we will continue to have commitment to commit to such stance. Thank you.
In the interest of time, we would like to conclude our Q3 earnings call. Thank you for joining us and listening today. For any further inquiries, please contact Mirae Asset Securities ESG and IR team. Thank you.