It's time for share buyback at

It's time for share buyback at least above the IPO pricing of $6. This is to boost the confidence of Tiger investors in a long term perspective. Good to those loyal investors in this stock. Cheers

Tiger Brokers: Revenue Hits Three-Year High, Net Profit up 42% YoY, Client Assets Reach Record US$32.9 Billion

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This is to boost the confidence of &nbsp; &nbsp; &nbsp; Tiger investors in a long term perspective. &nbsp;Good &nbsp; &nbsp; &nbsp;to those loyal investors in this stock. Cheers</body></html>","htmlText":"<html><head></head><body>It's time for share buyback at least above the IPO pricing of $6. This is to boost the confidence of &nbsp; &nbsp; &nbsp; Tiger investors in a long term perspective. &nbsp;Good &nbsp; &nbsp; &nbsp;to those loyal investors in this stock. Cheers</body></html>","text":"It's time for share buyback at least above the IPO pricing of $6. This is to boost the confidence of Tiger investors in a long term perspective. Good to those loyal investors in this stock. Cheers","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/313583154569256","repostId":1158270467,"repostType":2,"repost":{"id":"1158270467","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1717574413,"share":"https://www.laohu8.com/m/news/1158270467?lang=&edition=full","pubTime":"2024-06-05 16:00","market":"us","language":"en","title":"Tiger Brokers: Revenue Hits Three-Year High, Net Profit up 42% YoY, Client Assets Reach Record US$32.9 Billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1158270467","media":"Tiger Newspress","summary":"Hong Kong, Singapore and New York, June 5, 2024 — UP Fintech Holding Limited (“UP Fintech” or the “Company”, NASDAQ: TIGR, and all its subsidiaries and consolidated entities), a leading online brokera","content":"<html><head></head><body>Hong Kong, Singapore and New York, June 5, 2024 — UP Fintech Holding Limited (“UP Fintech” or the “Company”, NASDAQ: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm committed to redefining global investing through next-generation technologies, today announced its unaudited financial results for the first quarter ended March 31, 2024. In the first quarter, the company achieved a total revenue of US$78.9 million, marking a 19% year-over-year (YoY) increase and achieving a nearly three-year high. Non-GAAP net income attributable to UP Fintech was US$14.7 million, 12.9 times increase quarter-over-quarter (QoQ) and a YoY surge of 42.4%.In the first quarter of 2024, the Company added 51,700 new global account holders, an increase of 8.1% quarter-over-quarter, bringing the total number of global accounts to 2.25 million. 28,800 newly funded accounts were added, driving the total number of funded accounts to 933,400, a YoY increase of 15%. As of the end of May, the number of newly funded clients in the second quarter has already exceeded the first quarter&#39;s increase. Additionally, market trading activity increased in the first quarter, with the Company&#39;s total trading volume growing 27.4% YoY to US$85.4 billion. Net asset inflow remained strong, reaching US$5.3 billion for the quarter, which pushed total client assets up by 7.4% QoQ and 103.8% YoY to an all-time high of US$32.9 billion. Over 75% of total client assets now come from clients in markets such as Singapore, Australia, New Zealand, and the US.UP Fintech&#39;s founder and CEO, Wu Tianhua, stated, &#34;This quarter, we have continued to deepen our presence in markets such as Singapore and Hong Kong. In Singapore, we launched the first local debit card that rewards users with fractional shares from their purchases, aiming to help novice investors participate in the financial markets and increase their investment awareness. We also introduced the Cash Boost trading account, becoming the first tech broker in Singapore to support contra trading strategies. Eligible clients will be able to trade US, Singapore, and Hong Kong stocks and ETFs without pre-depositing funds, thus improving capital efficiency. In Hong Kong, we have pioneered virtual asset trading services for professional investors, allowing them to trade stocks, ETFs, options, futures, funds, and virtual assets all within one app, facilitating global asset allocation. We are applying to extend this service to retail investors, leading the way in enhancing the tech brokerage experience in Hong Kong.&#34;Launched SG&#39;s first debit card that rewards fractional sharesHK: record US$18,000 net asset inflow per newly funded clientAt its headquarters in Singapore, the Company was the first among tech brokers to reach the milestone of one million users. The company continues to deepen its product and service offerings, driving quarter-over-quarter growth in client assets for five consecutive quarters. Client quality remains high, with the average net asset inflow per new funded client in Q1 staying at US$14,000. At the end of February, the Company launched the &#34;Tiger BOSS Debit Card&#34; in partnership*, the first debit card in Singapore that offers instant rewards in the form of cashback in fractional shares of popular stocks with every daily spend. Supporting customers with an entirely online application process and fast card issuance, the BOSS Card also provides competitive foreign exchange rates and can seamlessly integrate with all major Visa-supported e-wallets for contactless payments, catering to users&#39; demand for hassle-free payment solutions. For novice investors grappling with limited capital, the prospect of investing in renowned company stocks often appears daunting. However, through the incentivization of fractional shares, the Tiger BOSS Debit Card opens doors for all investors to participate in the investment landscape, nurturing greater awareness and confidence in financial markets.For the more seasoned traders in the local market, the Company has also launched the Cash Boost Account tailored for the Singapore market after undergoing internal testing in the first quarter. This account marks the Company as the first fintech broker in the market to provide contra facilities. Through the Cash Boost Account, investors gain access to trading limits and can execute trades without requiring any initial capital. This capability empowers them to seize investment opportunities promptly and enhance capital utilization efficiency.In Hong Kong, the Company has attracted more high-quality clients through its cost-effective global trading services. During the period, the client asset was up 40% quarter over quarter, with the average net asset inflow of local newly funded clients reaching a record high of US$18,000. As a designated securities broker for the Retail Bond issued by the Airport Authority Hong Kong,  the Company introduces the &#34;13 waiver&#34; promotion, which waived charges including subscription fees, allocation fees, and margin interest. This initiative provides Hong Kong clients with accessible subscription opportunities, receiving positive feedback.Following the upgrade of the Type 1 License by the Hong Kong Securities and Futures Commission (SFC) to include virtual asset trading service for professional investors in January,  the Company has become one of the pioneering brokers in Hong Kong to support trading of virtual assets alongside traditional financial assets such as Hong Kong and US stocks, options, futures, ETFs, all within a single app. The Company is applying to expand the virtual asset dealing service to retail investors, subject to the authority&#39;s approval.Additionally, Tiger has obtained a Type 9 license from the SFC, authorizing the Company to provide asset management service, including discretionary accounts service to both retail clients and professional investors and asset management service to collective investment schemes offered to professional investors only.With the bolstering of brand influence, the Company has garnered increased trust from investors in Australia, witnessing a 20.5% uptick in trading accounts in Q1 compared to the previous quarter, and the net inflow of clients was nearly triple that of the previous quarter. As one of the few local tech brokers supporting US stock options trading, the number of orders for US stock options trading surged by 35.1% during the period QoQ. The company collaborated with local financial media technology firm Grafa to integrate AI-driven data, news, and analysis into Tiger Trade, offering investors more precise market insights. Moreover, by co-hosting recruitment fairs, seminars, and other events with the University of Western Australia, the Company further solidifies its commitment to localized development, supporting the long-term growth of local financial technology talents and industries.In New Zealand, the Company saw an impressive growth, with a QoQ increase of 77% in newly funded clients and 87.9% increase in new trading clients in the first quarter. The Company has also been prioritizing investor education, spreading financial knowledge through various mediums such as graphics, videos, and more.24-Hour US stock trading launched: 500+ stocks and ETFs availableTiger Vault surges in HK: user base doubledIn the first quarter, commission income reached US$27.8 million and interest-related income climbed to US$46.7 million, marking a QoQ increase of approximately 8.2%.The Company continues to enhance the one-stop global investment experience at Tiger Trade, including adding cryptocurrency market data, US and HK virtual asset spot ETF trading**. 24-hour US stock trading is now available to users, expected to support 500+ stocks and ETFs, eliminating time zone constraints. Options trading has been upgraded, introducing US options early exercise and do-not-exercise feature, which enhance strategy flexibility. With comprehensive options data and new features such as multi-leg orders and options rolling, client US stock options trading saw a 36.2% increase in average weekly orders and doubled transaction amounts compared to the previous quarter. More users are engaging with Trading Feed, a feature facilitating investing inspiration, with a 205.7% QoQ increase in subscribers and an 80.4% increase in daily trading feed posts. The system now intelligently suggests relevant sharers based on user preferences, ensuring personalized and convenient content discovery.In the first quarter, both AUM and the number of users of the Company&#39;s wealth management services doubled YoY. The Company&#39;s cash management service, &#34;Tiger Vault,&#34; saw increased popularity, particularly in Hong Kong, with a 92.5% rise in number of users QoQ. The Company launched a US Treasury section in the app, offering a selection of the highest-yield US Treasuries and ETFs based on maturity, enabling flexible investment choices. Compared to last quarter, the number of clients trading US Treasuries has nearly doubled, and AUM has increased more than sixfold. In Singapore, the Company introduced structured notes products such as Fixed Coupon Notes, supported by well-known financial institutions, offering various options for tailored investment strategies with instant quotes. Tiger Wealth has also been upgraded to a primary tab in the Tiger Trade app, providing easy access to money market funds, fund rankings, ETFs, US Treasuries, and notes, making asset allocation more convenient for users.Ranked third among HK IPO underwritersUponeShare SaaS revenue doubled YoYDuring the reporting period, UP Fintech&#39;s other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$4.5 million.In terms of investment banking, the Company ranked third among the bookrunners for Hong Kong IPOs during the period, underwriting IPOs for four companies including Changjiu Holdings Limited, Concord Healthcare, and QYUNS-B. Additionally, leveraging its outstanding transaction execution capabilities, it facilitated three block trades and three share repurchase transactions for several Hong Kong and US-listed companies. On the ESOP front, the Company&#39;s brand UponeShare added 22 new clients this quarter, bringing the total number of serviced enterprise clients to 557. The average consulting fee for equity incentive plans increased by 33.6% year-over-year, highlighting the service value and market competitiveness. Additionally, due to high client renewal rates and increased SaaS annual fees, the company&#39;s SaaS revenue surged by 159.9% YoY and 42.3% QoQ.This quarter, Tiger Enterprise Account welcomed companies such as Fourth Paradigm and Guotai Junan International, bringing the total number of clients to 428. The &#34;2023 Tiger Enterprise Account Annual List&#34; was released, recognizing 40 companies across categories like &#34;Most Popular&#34; and &#34;Communication Innovation.&#34; Through these initiatives, the Company facilitates communication between leading enterprises and global investors, fueling industry growth.</body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tiger Brokers: Revenue Hits Three-Year High, Net Profit up 42% YoY, Client Assets Reach Record US$32.9 Billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Brokers: Revenue Hits Three-Year High, Net Profit up 42% YoY, Client Assets Reach Record US$32.9 Billion\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nTiger Newspress \n2024-06-05 16:00\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body>Hong Kong, Singapore and New York, June 5, 2024 — UP Fintech Holding Limited (“UP Fintech” or the “Company”, NASDAQ: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm committed to redefining global investing through next-generation technologies, today announced its unaudited financial results for the first quarter ended March 31, 2024. In the first quarter, the company achieved a total revenue of US$78.9 million, marking a 19% year-over-year (YoY) increase and achieving a nearly three-year high. Non-GAAP net income attributable to UP Fintech was US$14.7 million, 12.9 times increase quarter-over-quarter (QoQ) and a YoY surge of 42.4%.In the first quarter of 2024, the Company added 51,700 new global account holders, an increase of 8.1% quarter-over-quarter, bringing the total number of global accounts to 2.25 million. 28,800 newly funded accounts were added, driving the total number of funded accounts to 933,400, a YoY increase of 15%. As of the end of May, the number of newly funded clients in the second quarter has already exceeded the first quarter&#39;s increase. Additionally, market trading activity increased in the first quarter, with the Company&#39;s total trading volume growing 27.4% YoY to US$85.4 billion. Net asset inflow remained strong, reaching US$5.3 billion for the quarter, which pushed total client assets up by 7.4% QoQ and 103.8% YoY to an all-time high of US$32.9 billion. Over 75% of total client assets now come from clients in markets such as Singapore, Australia, New Zealand, and the US.UP Fintech&#39;s founder and CEO, Wu Tianhua, stated, &#34;This quarter, we have continued to deepen our presence in markets such as Singapore and Hong Kong. In Singapore, we launched the first local debit card that rewards users with fractional shares from their purchases, aiming to help novice investors participate in the financial markets and increase their investment awareness. We also introduced the Cash Boost trading account, becoming the first tech broker in Singapore to support contra trading strategies. Eligible clients will be able to trade US, Singapore, and Hong Kong stocks and ETFs without pre-depositing funds, thus improving capital efficiency. In Hong Kong, we have pioneered virtual asset trading services for professional investors, allowing them to trade stocks, ETFs, options, futures, funds, and virtual assets all within one app, facilitating global asset allocation. We are applying to extend this service to retail investors, leading the way in enhancing the tech brokerage experience in Hong Kong.&#34;Launched SG&#39;s first debit card that rewards fractional sharesHK: record US$18,000 net asset inflow per newly funded clientAt its headquarters in Singapore, the Company was the first among tech brokers to reach the milestone of one million users. The company continues to deepen its product and service offerings, driving quarter-over-quarter growth in client assets for five consecutive quarters. Client quality remains high, with the average net asset inflow per new funded client in Q1 staying at US$14,000. At the end of February, the Company launched the &#34;Tiger BOSS Debit Card&#34; in partnership*, the first debit card in Singapore that offers instant rewards in the form of cashback in fractional shares of popular stocks with every daily spend. Supporting customers with an entirely online application process and fast card issuance, the BOSS Card also provides competitive foreign exchange rates and can seamlessly integrate with all major Visa-supported e-wallets for contactless payments, catering to users&#39; demand for hassle-free payment solutions. For novice investors grappling with limited capital, the prospect of investing in renowned company stocks often appears daunting. However, through the incentivization of fractional shares, the Tiger BOSS Debit Card opens doors for all investors to participate in the investment landscape, nurturing greater awareness and confidence in financial markets.For the more seasoned traders in the local market, the Company has also launched the Cash Boost Account tailored for the Singapore market after undergoing internal testing in the first quarter. This account marks the Company as the first fintech broker in the market to provide contra facilities. Through the Cash Boost Account, investors gain access to trading limits and can execute trades without requiring any initial capital. This capability empowers them to seize investment opportunities promptly and enhance capital utilization efficiency.In Hong Kong, the Company has attracted more high-quality clients through its cost-effective global trading services. During the period, the client asset was up 40% quarter over quarter, with the average net asset inflow of local newly funded clients reaching a record high of US$18,000. As a designated securities broker for the Retail Bond issued by the Airport Authority Hong Kong,  the Company introduces the &#34;13 waiver&#34; promotion, which waived charges including subscription fees, allocation fees, and margin interest. This initiative provides Hong Kong clients with accessible subscription opportunities, receiving positive feedback.Following the upgrade of the Type 1 License by the Hong Kong Securities and Futures Commission (SFC) to include virtual asset trading service for professional investors in January,  the Company has become one of the pioneering brokers in Hong Kong to support trading of virtual assets alongside traditional financial assets such as Hong Kong and US stocks, options, futures, ETFs, all within a single app. The Company is applying to expand the virtual asset dealing service to retail investors, subject to the authority&#39;s approval.Additionally, Tiger has obtained a Type 9 license from the SFC, authorizing the Company to provide asset management service, including discretionary accounts service to both retail clients and professional investors and asset management service to collective investment schemes offered to professional investors only.With the bolstering of brand influence, the Company has garnered increased trust from investors in Australia, witnessing a 20.5% uptick in trading accounts in Q1 compared to the previous quarter, and the net inflow of clients was nearly triple that of the previous quarter. As one of the few local tech brokers supporting US stock options trading, the number of orders for US stock options trading surged by 35.1% during the period QoQ. The company collaborated with local financial media technology firm Grafa to integrate AI-driven data, news, and analysis into Tiger Trade, offering investors more precise market insights. Moreover, by co-hosting recruitment fairs, seminars, and other events with the University of Western Australia, the Company further solidifies its commitment to localized development, supporting the long-term growth of local financial technology talents and industries.In New Zealand, the Company saw an impressive growth, with a QoQ increase of 77% in newly funded clients and 87.9% increase in new trading clients in the first quarter. The Company has also been prioritizing investor education, spreading financial knowledge through various mediums such as graphics, videos, and more.24-Hour US stock trading launched: 500+ stocks and ETFs availableTiger Vault surges in HK: user base doubledIn the first quarter, commission income reached US$27.8 million and interest-related income climbed to US$46.7 million, marking a QoQ increase of approximately 8.2%.The Company continues to enhance the one-stop global investment experience at Tiger Trade, including adding cryptocurrency market data, US and HK virtual asset spot ETF trading**. 24-hour US stock trading is now available to users, expected to support 500+ stocks and ETFs, eliminating time zone constraints. Options trading has been upgraded, introducing US options early exercise and do-not-exercise feature, which enhance strategy flexibility. With comprehensive options data and new features such as multi-leg orders and options rolling, client US stock options trading saw a 36.2% increase in average weekly orders and doubled transaction amounts compared to the previous quarter. More users are engaging with Trading Feed, a feature facilitating investing inspiration, with a 205.7% QoQ increase in subscribers and an 80.4% increase in daily trading feed posts. The system now intelligently suggests relevant sharers based on user preferences, ensuring personalized and convenient content discovery.In the first quarter, both AUM and the number of users of the Company&#39;s wealth management services doubled YoY. The Company&#39;s cash management service, &#34;Tiger Vault,&#34; saw increased popularity, particularly in Hong Kong, with a 92.5% rise in number of users QoQ. The Company launched a US Treasury section in the app, offering a selection of the highest-yield US Treasuries and ETFs based on maturity, enabling flexible investment choices. Compared to last quarter, the number of clients trading US Treasuries has nearly doubled, and AUM has increased more than sixfold. In Singapore, the Company introduced structured notes products such as Fixed Coupon Notes, supported by well-known financial institutions, offering various options for tailored investment strategies with instant quotes. Tiger Wealth has also been upgraded to a primary tab in the Tiger Trade app, providing easy access to money market funds, fund rankings, ETFs, US Treasuries, and notes, making asset allocation more convenient for users.Ranked third among HK IPO underwritersUponeShare SaaS revenue doubled YoYDuring the reporting period, UP Fintech&#39;s other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$4.5 million.In terms of investment banking, the Company ranked third among the bookrunners for Hong Kong IPOs during the period, underwriting IPOs for four companies including Changjiu Holdings Limited, Concord Healthcare, and QYUNS-B. Additionally, leveraging its outstanding transaction execution capabilities, it facilitated three block trades and three share repurchase transactions for several Hong Kong and US-listed companies. On the ESOP front, the Company&#39;s brand UponeShare added 22 new clients this quarter, bringing the total number of serviced enterprise clients to 557. The average consulting fee for equity incentive plans increased by 33.6% year-over-year, highlighting the service value and market competitiveness. Additionally, due to high client renewal rates and increased SaaS annual fees, the company&#39;s SaaS revenue surged by 159.9% YoY and 42.3% QoQ.This quarter, Tiger Enterprise Account welcomed companies such as Fourth Paradigm and Guotai Junan International, bringing the total number of clients to 428. The &#34;2023 Tiger Enterprise Account Annual List&#34; was released, recognizing 40 companies across categories like &#34;Most Popular&#34; and &#34;Communication Innovation.&#34; Through these initiatives, the Company facilitates communication between leading enterprises and global investors, fueling industry growth.</body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158270467","content_text":"Hong Kong, Singapore and New York, June 5, 2024 — UP Fintech Holding Limited (“UP Fintech” or the “Company”, NASDAQ: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm committed to redefining global investing through next-generation technologies, today announced its unaudited financial results for the first quarter ended March 31, 2024. In the first quarter, the company achieved a total revenue of US$78.9 million, marking a 19% year-over-year (YoY) increase and achieving a nearly three-year high. Non-GAAP net income attributable to UP Fintech was US$14.7 million, 12.9 times increase quarter-over-quarter (QoQ) and a YoY surge of 42.4%.In the first quarter of 2024, the Company added 51,700 new global account holders, an increase of 8.1% quarter-over-quarter, bringing the total number of global accounts to 2.25 million. 28,800 newly funded accounts were added, driving the total number of funded accounts to 933,400, a YoY increase of 15%. As of the end of May, the number of newly funded clients in the second quarter has already exceeded the first quarter's increase. Additionally, market trading activity increased in the first quarter, with the Company's total trading volume growing 27.4% YoY to US$85.4 billion. Net asset inflow remained strong, reaching US$5.3 billion for the quarter, which pushed total client assets up by 7.4% QoQ and 103.8% YoY to an all-time high of US$32.9 billion. Over 75% of total client assets now come from clients in markets such as Singapore, Australia, New Zealand, and the US.UP Fintech's founder and CEO, Wu Tianhua, stated, \"This quarter, we have continued to deepen our presence in markets such as Singapore and Hong Kong. In Singapore, we launched the first local debit card that rewards users with fractional shares from their purchases, aiming to help novice investors participate in the financial markets and increase their investment awareness. We also introduced the Cash Boost trading account, becoming the first tech broker in Singapore to support contra trading strategies. Eligible clients will be able to trade US, Singapore, and Hong Kong stocks and ETFs without pre-depositing funds, thus improving capital efficiency. In Hong Kong, we have pioneered virtual asset trading services for professional investors, allowing them to trade stocks, ETFs, options, futures, funds, and virtual assets all within one app, facilitating global asset allocation. We are applying to extend this service to retail investors, leading the way in enhancing the tech brokerage experience in Hong Kong.\"Launched SG's first debit card that rewards fractional sharesHK: record US$18,000 net asset inflow per newly funded clientAt its headquarters in Singapore, the Company was the first among tech brokers to reach the milestone of one million users. The company continues to deepen its product and service offerings, driving quarter-over-quarter growth in client assets for five consecutive quarters. Client quality remains high, with the average net asset inflow per new funded client in Q1 staying at US$14,000.At the end of February, the Company launched the \"Tiger BOSS Debit Card\" in partnership*, the first debit card in Singapore that offers instant rewards in the form of cashback in fractional shares of popular stocks with every daily spend. Supporting customers with an entirely online application process and fast card issuance, the BOSS Card also provides competitive foreign exchange rates and can seamlessly integrate with all major Visa-supported e-wallets for contactless payments, catering to users' demand for hassle-free payment solutions. For novice investors grappling with limited capital, the prospect of investing in renowned company stocks often appears daunting. However, through the incentivization of fractional shares, the Tiger BOSS Debit Card opens doors for all investors to participate in the investment landscape, nurturing greater awareness and confidence in financial markets.For the more seasoned traders in the local market, the Company has also launched the Cash Boost Account tailored for the Singapore market after undergoing internal testing in the first quarter. This account marks the Company as the first fintech broker in the market to provide contra facilities. Through the Cash Boost Account, investors gain access to trading limits and can execute trades without requiring any initial capital. This capability empowers them to seize investment opportunities promptly and enhance capital utilization efficiency.In Hong Kong, the Company has attracted more high-quality clients through its cost-effective global trading services. During the period, the client asset was up 40% quarter over quarter, with the average net asset inflow of local newly funded clients reaching a record high of US$18,000. As a designated securities broker for the Retail Bond issued by the Airport Authority Hong Kong,  the Company introduces the \"13 waiver\" promotion, which waived charges including subscription fees, allocation fees, and margin interest. This initiative provides Hong Kong clients with accessible subscription opportunities, receiving positive feedback.Following the upgrade of the Type 1 License by the Hong Kong Securities and Futures Commission (SFC) to include virtual asset trading service for professional investors in January,  the Company has become one of the pioneering brokers in Hong Kong to support trading of virtual assets alongside traditional financial assets such as Hong Kong and US stocks, options, futures, ETFs, all within a single app. The Company is applying to expand the virtual asset dealing service to retail investors, subject to the authority's approval.Additionally, Tiger has obtained a Type 9 license from the SFC, authorizing the Company to provide asset management service, including discretionary accounts service to both retail clients and professional investors and asset management service to collective investment schemes offered to professional investors only.With the bolstering of brand influence, the Company has garnered increased trust from investors in Australia, witnessing a 20.5% uptick in trading accounts in Q1 compared to the previous quarter, and the net inflow of clients was nearly triple that of the previous quarter. As one of the few local tech brokers supporting US stock options trading, the number of orders for US stock options trading surged by 35.1% during the period QoQ. The company collaborated with local financial media technology firm Grafa to integrate AI-driven data, news, and analysis into Tiger Trade, offering investors more precise market insights. Moreover, by co-hosting recruitment fairs, seminars, and other events with the University of Western Australia, the Company further solidifies its commitment to localized development, supporting the long-term growth of local financial technology talents and industries.In New Zealand, the Company saw an impressive growth, with a QoQ increase of 77% in newly funded clients and 87.9% increase in new trading clients in the first quarter. The Company has also been prioritizing investor education, spreading financial knowledge through various mediums such as graphics, videos, and more.24-Hour US stock trading launched: 500+ stocks and ETFs availableTiger Vault surges in HK: user base doubledIn the first quarter, commission income reached US$27.8 million and interest-related income climbed to US$46.7 million, marking a QoQ increase of approximately 8.2%.The Company continues to enhance the one-stop global investment experience at Tiger Trade, including adding cryptocurrency market data, US and HK virtual asset spot ETF trading**. 24-hour US stock trading is now available to users, expected to support 500+ stocks and ETFs, eliminating time zone constraints. Options trading has been upgraded, introducing US options early exercise and do-not-exercise feature, which enhance strategy flexibility. With comprehensive options data and new features such as multi-leg orders and options rolling, client US stock options trading saw a 36.2% increase in average weekly orders and doubled transaction amounts compared to the previous quarter. More users are engaging with Trading Feed, a feature facilitating investing inspiration, with a 205.7% QoQ increase in subscribers and an 80.4% increase in daily trading feed posts. The system now intelligently suggests relevant sharers based on user preferences, ensuring personalized and convenient content discovery.In the first quarter, both AUM and the number of users of the Company's wealth management services doubled YoY. The Company's cash management service, \"Tiger Vault,\" saw increased popularity, particularly in Hong Kong, with a 92.5% rise in number of users QoQ. The Company launched a US Treasury section in the app, offering a selection of the highest-yield US Treasuries and ETFs based on maturity, enabling flexible investment choices. Compared to last quarter, the number of clients trading US Treasuries has nearly doubled, and AUM has increased more than sixfold. In Singapore, the Company introduced structured notes products such as Fixed Coupon Notes, supported by well-known financial institutions, offering various options for tailored investment strategies with instant quotes. Tiger Wealth has also been upgraded to a primary tab in the Tiger Trade app, providing easy access to money market funds, fund rankings, ETFs, US Treasuries, and notes, making asset allocation more convenient for users.Ranked third among HK IPO underwritersUponeShare SaaS revenue doubled YoYDuring the reporting period, UP Fintech's other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$4.5 million.In terms of investment banking, the Company ranked third among the bookrunners for Hong Kong IPOs during the period, underwriting IPOs for four companies including Changjiu Holdings Limited, Concord Healthcare, and QYUNS-B. Additionally, leveraging its outstanding transaction execution capabilities, it facilitated three block trades and three share repurchase transactions for several Hong Kong and US-listed companies. On the ESOP front, the Company's brand UponeShare added 22 new clients this quarter, bringing the total number of serviced enterprise clients to 557. The average consulting fee for equity incentive plans increased by 33.6% year-over-year, highlighting the service value and market competitiveness. Additionally, due to high client renewal rates and increased SaaS annual fees, the company's SaaS revenue surged by 159.9% YoY and 42.3% QoQ.This quarter, Tiger Enterprise Account welcomed companies such as Fourth Paradigm and Guotai Junan International, bringing the total number of clients to 428. The \"2023 Tiger Enterprise Account Annual List\" was released, recognizing 40 companies across categories like \"Most Popular\" and \"Communication Innovation.\" Through these initiatives, the Company facilitates communication between leading enterprises and global investors, fueling industry growth.","news_type":1},"isVote":1,"tweetType":1,"viewCount":276,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":161,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/313583154569256"}