Why did Cantor Equity's operating expenses surge in Q4 2024?

Cantor Equity's operating expenses surged in Q4 2024 due to several factors: 1. **Increase in Channel Expenses**: The company's operating costs, including channel expenses, rose significantly. This increase was primarily driven by the need to expand distribution capabilities and facilitate insurance products, such as long-term savings products. 2. **International Business Expansion**: The growth in international businesses contributed to the rise in operating expenses. Total revenue from international operations grew to RMB228.7 million in 2024, and international revenue contribution reached 18% for the year ended 2024, on track to achieving the 30% target by 2026. In summary, the surge in operating expenses was likely a result of strategic investments to support business growth, including expanding distribution channels and entering new markets.