$Tiger Brokers(TIGR)$The issuance of a Hong Kong license is on the horizon – TIGR applied for an HK securities license in February of 2021 and remains confident that they will be granted this license before the end of the year. Being granted an HK securities license would have several positive benefits for the company’s operational and financial performance, including the ability to market to Hong Kong citizens directly and drive incremental net adds. Hong Kong is a large and lucrative brokerage market, and TIGR’s management is confident that it can be a material driver of net adds for the company. Further, TIGR’s monetization and profitability from HK securities trading and margin lending, which is currently done through a partnership with IBKR, would substantially improve. TIGR will also receive a higher allocation (and profitability) on HK IPO subscriptions.