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ifeng2020
2023-11-28
Like joke, with this result, share price droped 8%??????
UP Fintech's Q1-Q3 Net Income Hits $42M, Surpassing 2-Year Total
Go to Tiger App to see more news
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joke, with this result, share price droped 8%??????","listText":"Like joke, with this result, share price droped 8%??????","text":"Like joke, with this result, share price droped 8%??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246179223445568","repostId":"1146003962","repostType":2,"repost":{"id":"1146003962","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":1701075681,"share":"https://ttm.financial/m/news/1146003962?lang=&edition=fundamental","pubTime":"2023-11-27 17:01","market":"us","language":"en","title":"UP Fintech's Q1-Q3 Net Income Hits $42M, Surpassing 2-Year Total","url":"https://stock-news.laohu8.com/highlight/detail?id=1146003962","media":"Tiger Newspress","summary":"Singapore and New York, Nov 27, 2023 — UP Fintech Holding Limited (\"UP Fintech\" or the \"Company\", Nasdaq: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm com","content":"<html><head></head><body><p><strong>Singapore and New York, Nov 27, 2023</strong> — 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 third quarter ended September 30, 2023. </p><p>In the third quarter, the Company achieved a revenue of US$70.1 million, a QoQ increase of 6.2%, and a YoY increase of 26.6%. The non-GAAP net income for the quarter was $16 million, representing a QoQ growth of 4.3% and a YoY increase of 141.1%. The non-GAAP net income for the first three quarters of 2023 reached US$42 million, surpassing the sum of the company's non-GAAP net income for the past two years.</p><p>In the third quarter, UP Fintech added 28,803 new global account holders, bringing the total to 2.15 million. Funded accounts increased by 24,604, reaching approximately 865,500, marking a 14.8% YoY growth. The total account balance amounted to approximately US$18.9 billion, reflecting a 45.7% YoY increase, with net asset inflows exceeding US$1.5 billion during the quarter.</p><p style=\"text-align: left;\">Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated, "In the third quarter, the company achieved robust business growth, with both revenue and net profit experiencing QoQ and YoY growth. Our market share in Singapore continues to expand, marked by a continual increase in new funded clients. Presently, approximately one out of every three residents in Singapore has utilised Tiger Trade*. Meanwhile, customer retention in Sinagpore remains high and we saw consistent average net asset inflows in the third quarter from each cohort of existing clients acquired from previous quarters. In other international markets such as Hong Kong and Australia, the Company's recognition has further increased, and we have received multiple awards locally."</p><p style=\"text-align: left;\">"As a user-centric brokerage, we consistently introduce new products and features to cater to the diverse needs of investors. For example, in this quarter, we launched the Trading Sparks feature, enabling users to share their trading activities in real-time or subscribe to track the buying and selling actions of others. This creates an environment for investors to expand their investment horizons through communication and inspiration sharing. While solidifying our strengths in stock trading services, we recently introduced the US stock multi-leg options feature, to provide a more convenient and efficient options trading experience for more advanced options investors. Our goal is to become the preferred trading platform for a broader range of options investors as well." </p><p style=\"text-align: left;\"><strong><em>Continued leadership in Singapore; Hong Kong sees a 70% increase in customer balances</em></strong></p><p style=\"text-align: left;\">UP Fintech continues to solidify its leadership position in Singapore, with a 14.2% QoQ increase in newly funded clients and an average net asset inflows of US$10,000 per newly acquired client in the third quarter. On the product front, the Company introduced the multi-leg options details page which aims to help investors better understand and manage their multi-leg options investment strategy. The platform's options features are gaining traction, with an increase in the number of options trading accounts and positions in Singapore during Q3. Recognizing UP Fintech's commitment to excellence, The Straits Times has bestowed upon the company the Singapore Best Customer Service award. </p><p style=\"text-align: left;\">Moreover, the Securities Investors Association Singapore (SIAS) has honored UP Fintech with the award of Best Retail Broker 2023. Additionally, Tiger Fund Management (TFM), an affiliate of Tiger Brokers (Singapore), secured over SGD$300 million of assets under management (AUM), and has inked a memorandum of understanding with Tiger Brokers (Singapore) and Yuanta Securities (Hong Kong) to collaborate on a variety of products and services, including the launch of a money market fund in late 2023.</p><p style=\"text-align: left;\">In Hong Kong, the Company experienced steady growth, with a 69.6% QoQ increase in customer balances and a 59.0% QoQ increase in trading clients by the end of the quarter. UP Fintech introduced bond subscription services, encouraging users to subscribe to green bonds with various discounts to promote green finance in Hong Kong. Additionally, UP Fintech launched educational courses such as "Advanced Class for Hong Kong ETFs" and "Investment Strategies for Hong Kong ETFs" to bolster financial literacy among local investors. Recognizing its quality product and services, the Company received the "No. 1 Online Securities Investment Platform Award" from Headline Daily, as well as the "Outstanding Technology Broker Award" from CHKCI and Metro Broadcast.</p><p style=\"text-align: left;\">In Australia, the Company's innovative uninvested cash interest service received positive market feedback, leading to a further increase in customer engagement, with a 17% QoQ growth in net asset inflow in the third quarter. The Company was also honored with the "2023 Outstanding Value – International Share Trading Award" by financial media Canstar. In New Zealand, the Company's auto-invest and fractional share features, known for their cost-effectiveness and convenience, saw a 56.6% and 106.0% QoQ increase, respectively, in local trading accounts in Q3. The Company also awarded the " Favourite Low-Cost Shares Platform" by local media Moneyhub.<br/></p><p style=\"text-align: left;\"><strong><em>TigerGPT received acclaim; wealth management business shows strong Q3 growth with a 69% AUM increase</em></strong></p><p style=\"text-align: left;\">In the third quarter, commission income reached US$23.2 million, a 5.3% sequential increase, and interest-related income climbed to US$41.6 million, marking a QoQ increase of approximately 5.9%. The Tiger Trade app introduced the Options Channel, covering market trends, top 0DTE options, top options, bulk orders, and option learning, providing users with comprehensive information. Additionally, the Hong Kong ETF page was launched, consolidating index ETFs, ETF rankings, and community information to enhance efficient investment opportunities.</p><p style=\"text-align: left;\">During this quarter, TigerGPT, the text-generating AI chatbot, seamlessly integrated with the Tiger community, enabling users to directly engage and ask questions to TigerGPT within the community. In October, TigerGPT successfully launched its web version, providing users with convenient browser access to the service. To date, TigerGPT has addressed over 100,000 user questions, spanning information interpretation, market queries, and financial report analysis, with over 80% of the answers referencing real-time financial data from Tiger Trade. With a user satisfaction rate of 80%, TigerGPT has emerged as a highly favored intelligent investment assistant on a global scale.</p><p style=\"text-align: left;\">The wealth management business demonstrated rapid growth, with a 68.7% QoQ increase in AUM and a 27.9% QoQ increase in the number of users. Among the newly funded clients in Q3, an average of 14 out of 100 clients availed the Company's wealth management services, indicating a continuous increase in client penetration. Leveraging the team's precise product selection capability, the "Tiger Vault," a cash management product, achieved a 7-day annualised return of 5.6%*, garnering global popularity. Consequently, during the quarter, the number of "Tiger Vault" users surged by 29.4% QoQ, and AUM witnessed an impressive 73.3% QoQ increase. Concurrently, the Company expanded and strengthened collaborations with globally renowned asset management institutions such as Barclays and M&G Investments, enriching product types to cater to diverse investment needs.</p><p style=\"text-align: left;\"><strong><em>Underwriting several US and Hong Kong IPOs; Introduction of equity incentive management system for unlisted enterprises</em></strong></p><p style=\"text-align: left;\">During the reporting period, UP Fintech's other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$5.4 million. Solidifying its standing as the go-to underwriting partner for listings on both the Hong Kong and US stock exchanges, the Company underwrote or served as a selling group for five IPOs, including Adlai, Keep, and Fourth Paradigm in the third quarter.</p><p style=\"text-align: left;\">On the ESOP front, the Company's brand UponeShare added 27 new corporate clients during the quarter, with a 32.1% YoY growth in the signing amount for new clients. The ESOP system underwent a restructuring and upgrade during the quarter, with the fully digital system opening for unlisted enterprises, allowing them to apply for the experience online. The system now offers four versions covering different stages of growth for enterprises in the A-share, Hong Kong, and US capital markets.</p><p></p><p style=\"text-align: left;\"><em>*According to the calculation based on the 2023 Singapore resident population.</em></p><p style=\"text-align: left;\"><em>**Data source: Bloomberg, flagship product: [USD]HK0000862265; Data as of 2023/10/25</em></p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\"><strong><u>About UP Fintech</u></strong></p><p style=\"text-align: left;\">UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation.</p><p style=\"text-align: left;\">Founded in 2014, the Company relentlessly offers a superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.<br/>UP Fintech strives to elevate financial technology R&D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds in tech, we develop our own technology infrastructure — an aggregation that enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.</p><p style=\"text-align: left;\">In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 10 million users and more than 2 million account holders worldwide on our flagship platform “Tiger Trade”, own 74 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong, Australia, and Mainland China.</p><p style=\"text-align: left;\">For more information about UP Fintech as a Company, please visit itigerup.com.</p><p style=\"text-align: left;\">For media inquiries, please contact press@itiger.com</p></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>UP Fintech's Q1-Q3 Net Income Hits $42M, Surpassing 2-Year Total</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\">\nUP Fintech's Q1-Q3 Net Income Hits $42M, Surpassing 2-Year Total\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\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-11-27 17:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><strong>Singapore and New York, Nov 27, 2023</strong> — 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 third quarter ended September 30, 2023. </p><p>In the third quarter, the Company achieved a revenue of US$70.1 million, a QoQ increase of 6.2%, and a YoY increase of 26.6%. The non-GAAP net income for the quarter was $16 million, representing a QoQ growth of 4.3% and a YoY increase of 141.1%. The non-GAAP net income for the first three quarters of 2023 reached US$42 million, surpassing the sum of the company's non-GAAP net income for the past two years.</p><p>In the third quarter, UP Fintech added 28,803 new global account holders, bringing the total to 2.15 million. Funded accounts increased by 24,604, reaching approximately 865,500, marking a 14.8% YoY growth. The total account balance amounted to approximately US$18.9 billion, reflecting a 45.7% YoY increase, with net asset inflows exceeding US$1.5 billion during the quarter.</p><p style=\"text-align: left;\">Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated, "In the third quarter, the company achieved robust business growth, with both revenue and net profit experiencing QoQ and YoY growth. Our market share in Singapore continues to expand, marked by a continual increase in new funded clients. Presently, approximately one out of every three residents in Singapore has utilised Tiger Trade*. Meanwhile, customer retention in Sinagpore remains high and we saw consistent average net asset inflows in the third quarter from each cohort of existing clients acquired from previous quarters. In other international markets such as Hong Kong and Australia, the Company's recognition has further increased, and we have received multiple awards locally."</p><p style=\"text-align: left;\">"As a user-centric brokerage, we consistently introduce new products and features to cater to the diverse needs of investors. For example, in this quarter, we launched the Trading Sparks feature, enabling users to share their trading activities in real-time or subscribe to track the buying and selling actions of others. This creates an environment for investors to expand their investment horizons through communication and inspiration sharing. While solidifying our strengths in stock trading services, we recently introduced the US stock multi-leg options feature, to provide a more convenient and efficient options trading experience for more advanced options investors. Our goal is to become the preferred trading platform for a broader range of options investors as well." </p><p style=\"text-align: left;\"><strong><em>Continued leadership in Singapore; Hong Kong sees a 70% increase in customer balances</em></strong></p><p style=\"text-align: left;\">UP Fintech continues to solidify its leadership position in Singapore, with a 14.2% QoQ increase in newly funded clients and an average net asset inflows of US$10,000 per newly acquired client in the third quarter. On the product front, the Company introduced the multi-leg options details page which aims to help investors better understand and manage their multi-leg options investment strategy. The platform's options features are gaining traction, with an increase in the number of options trading accounts and positions in Singapore during Q3. Recognizing UP Fintech's commitment to excellence, The Straits Times has bestowed upon the company the Singapore Best Customer Service award. </p><p style=\"text-align: left;\">Moreover, the Securities Investors Association Singapore (SIAS) has honored UP Fintech with the award of Best Retail Broker 2023. Additionally, Tiger Fund Management (TFM), an affiliate of Tiger Brokers (Singapore), secured over SGD$300 million of assets under management (AUM), and has inked a memorandum of understanding with Tiger Brokers (Singapore) and Yuanta Securities (Hong Kong) to collaborate on a variety of products and services, including the launch of a money market fund in late 2023.</p><p style=\"text-align: left;\">In Hong Kong, the Company experienced steady growth, with a 69.6% QoQ increase in customer balances and a 59.0% QoQ increase in trading clients by the end of the quarter. UP Fintech introduced bond subscription services, encouraging users to subscribe to green bonds with various discounts to promote green finance in Hong Kong. Additionally, UP Fintech launched educational courses such as "Advanced Class for Hong Kong ETFs" and "Investment Strategies for Hong Kong ETFs" to bolster financial literacy among local investors. Recognizing its quality product and services, the Company received the "No. 1 Online Securities Investment Platform Award" from Headline Daily, as well as the "Outstanding Technology Broker Award" from CHKCI and Metro Broadcast.</p><p style=\"text-align: left;\">In Australia, the Company's innovative uninvested cash interest service received positive market feedback, leading to a further increase in customer engagement, with a 17% QoQ growth in net asset inflow in the third quarter. The Company was also honored with the "2023 Outstanding Value – International Share Trading Award" by financial media Canstar. In New Zealand, the Company's auto-invest and fractional share features, known for their cost-effectiveness and convenience, saw a 56.6% and 106.0% QoQ increase, respectively, in local trading accounts in Q3. The Company also awarded the " Favourite Low-Cost Shares Platform" by local media Moneyhub.<br/></p><p style=\"text-align: left;\"><strong><em>TigerGPT received acclaim; wealth management business shows strong Q3 growth with a 69% AUM increase</em></strong></p><p style=\"text-align: left;\">In the third quarter, commission income reached US$23.2 million, a 5.3% sequential increase, and interest-related income climbed to US$41.6 million, marking a QoQ increase of approximately 5.9%. The Tiger Trade app introduced the Options Channel, covering market trends, top 0DTE options, top options, bulk orders, and option learning, providing users with comprehensive information. Additionally, the Hong Kong ETF page was launched, consolidating index ETFs, ETF rankings, and community information to enhance efficient investment opportunities.</p><p style=\"text-align: left;\">During this quarter, TigerGPT, the text-generating AI chatbot, seamlessly integrated with the Tiger community, enabling users to directly engage and ask questions to TigerGPT within the community. In October, TigerGPT successfully launched its web version, providing users with convenient browser access to the service. To date, TigerGPT has addressed over 100,000 user questions, spanning information interpretation, market queries, and financial report analysis, with over 80% of the answers referencing real-time financial data from Tiger Trade. With a user satisfaction rate of 80%, TigerGPT has emerged as a highly favored intelligent investment assistant on a global scale.</p><p style=\"text-align: left;\">The wealth management business demonstrated rapid growth, with a 68.7% QoQ increase in AUM and a 27.9% QoQ increase in the number of users. Among the newly funded clients in Q3, an average of 14 out of 100 clients availed the Company's wealth management services, indicating a continuous increase in client penetration. Leveraging the team's precise product selection capability, the "Tiger Vault," a cash management product, achieved a 7-day annualised return of 5.6%*, garnering global popularity. Consequently, during the quarter, the number of "Tiger Vault" users surged by 29.4% QoQ, and AUM witnessed an impressive 73.3% QoQ increase. Concurrently, the Company expanded and strengthened collaborations with globally renowned asset management institutions such as Barclays and M&G Investments, enriching product types to cater to diverse investment needs.</p><p style=\"text-align: left;\"><strong><em>Underwriting several US and Hong Kong IPOs; Introduction of equity incentive management system for unlisted enterprises</em></strong></p><p style=\"text-align: left;\">During the reporting period, UP Fintech's other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$5.4 million. Solidifying its standing as the go-to underwriting partner for listings on both the Hong Kong and US stock exchanges, the Company underwrote or served as a selling group for five IPOs, including Adlai, Keep, and Fourth Paradigm in the third quarter.</p><p style=\"text-align: left;\">On the ESOP front, the Company's brand UponeShare added 27 new corporate clients during the quarter, with a 32.1% YoY growth in the signing amount for new clients. The ESOP system underwent a restructuring and upgrade during the quarter, with the fully digital system opening for unlisted enterprises, allowing them to apply for the experience online. The system now offers four versions covering different stages of growth for enterprises in the A-share, Hong Kong, and US capital markets.</p><p></p><p style=\"text-align: left;\"><em>*According to the calculation based on the 2023 Singapore resident population.</em></p><p style=\"text-align: left;\"><em>**Data source: Bloomberg, flagship product: [USD]HK0000862265; Data as of 2023/10/25</em></p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\"><strong><u>About UP Fintech</u></strong></p><p style=\"text-align: left;\">UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation.</p><p style=\"text-align: left;\">Founded in 2014, the Company relentlessly offers a superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.<br/>UP Fintech strives to elevate financial technology R&D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds in tech, we develop our own technology infrastructure — an aggregation that enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.</p><p style=\"text-align: left;\">In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 10 million users and more than 2 million account holders worldwide on our flagship platform “Tiger Trade”, own 74 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong, Australia, and Mainland China.</p><p style=\"text-align: left;\">For more information about UP Fintech as a Company, please visit itigerup.com.</p><p style=\"text-align: left;\">For media inquiries, please contact press@itiger.com</p></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":"1146003962","content_text":"Singapore and New York, Nov 27, 2023 — 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 third quarter ended September 30, 2023. In the third quarter, the Company achieved a revenue of US$70.1 million, a QoQ increase of 6.2%, and a YoY increase of 26.6%. The non-GAAP net income for the quarter was $16 million, representing a QoQ growth of 4.3% and a YoY increase of 141.1%. The non-GAAP net income for the first three quarters of 2023 reached US$42 million, surpassing the sum of the company's non-GAAP net income for the past two years.In the third quarter, UP Fintech added 28,803 new global account holders, bringing the total to 2.15 million. Funded accounts increased by 24,604, reaching approximately 865,500, marking a 14.8% YoY growth. The total account balance amounted to approximately US$18.9 billion, reflecting a 45.7% YoY increase, with net asset inflows exceeding US$1.5 billion during the quarter.Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated, \"In the third quarter, the company achieved robust business growth, with both revenue and net profit experiencing QoQ and YoY growth. Our market share in Singapore continues to expand, marked by a continual increase in new funded clients. Presently, approximately one out of every three residents in Singapore has utilised Tiger Trade*. Meanwhile, customer retention in Sinagpore remains high and we saw consistent average net asset inflows in the third quarter from each cohort of existing clients acquired from previous quarters. In other international markets such as Hong Kong and Australia, the Company's recognition has further increased, and we have received multiple awards locally.\"\"As a user-centric brokerage, we consistently introduce new products and features to cater to the diverse needs of investors. For example, in this quarter, we launched the Trading Sparks feature, enabling users to share their trading activities in real-time or subscribe to track the buying and selling actions of others. This creates an environment for investors to expand their investment horizons through communication and inspiration sharing. While solidifying our strengths in stock trading services, we recently introduced the US stock multi-leg options feature, to provide a more convenient and efficient options trading experience for more advanced options investors. Our goal is to become the preferred trading platform for a broader range of options investors as well.\" Continued leadership in Singapore; Hong Kong sees a 70% increase in customer balancesUP Fintech continues to solidify its leadership position in Singapore, with a 14.2% QoQ increase in newly funded clients and an average net asset inflows of US$10,000 per newly acquired client in the third quarter. On the product front, the Company introduced the multi-leg options details page which aims to help investors better understand and manage their multi-leg options investment strategy. The platform's options features are gaining traction, with an increase in the number of options trading accounts and positions in Singapore during Q3. Recognizing UP Fintech's commitment to excellence, The Straits Times has bestowed upon the company the Singapore Best Customer Service award. Moreover, the Securities Investors Association Singapore (SIAS) has honored UP Fintech with the award of Best Retail Broker 2023. Additionally, Tiger Fund Management (TFM), an affiliate of Tiger Brokers (Singapore), secured over SGD$300 million of assets under management (AUM), and has inked a memorandum of understanding with Tiger Brokers (Singapore) and Yuanta Securities (Hong Kong) to collaborate on a variety of products and services, including the launch of a money market fund in late 2023.In Hong Kong, the Company experienced steady growth, with a 69.6% QoQ increase in customer balances and a 59.0% QoQ increase in trading clients by the end of the quarter. UP Fintech introduced bond subscription services, encouraging users to subscribe to green bonds with various discounts to promote green finance in Hong Kong. Additionally, UP Fintech launched educational courses such as \"Advanced Class for Hong Kong ETFs\" and \"Investment Strategies for Hong Kong ETFs\" to bolster financial literacy among local investors. Recognizing its quality product and services, the Company received the \"No. 1 Online Securities Investment Platform Award\" from Headline Daily, as well as the \"Outstanding Technology Broker Award\" from CHKCI and Metro Broadcast.In Australia, the Company's innovative uninvested cash interest service received positive market feedback, leading to a further increase in customer engagement, with a 17% QoQ growth in net asset inflow in the third quarter. The Company was also honored with the \"2023 Outstanding Value – International Share Trading Award\" by financial media Canstar. In New Zealand, the Company's auto-invest and fractional share features, known for their cost-effectiveness and convenience, saw a 56.6% and 106.0% QoQ increase, respectively, in local trading accounts in Q3. The Company also awarded the \" Favourite Low-Cost Shares Platform\" by local media Moneyhub.TigerGPT received acclaim; wealth management business shows strong Q3 growth with a 69% AUM increaseIn the third quarter, commission income reached US$23.2 million, a 5.3% sequential increase, and interest-related income climbed to US$41.6 million, marking a QoQ increase of approximately 5.9%. The Tiger Trade app introduced the Options Channel, covering market trends, top 0DTE options, top options, bulk orders, and option learning, providing users with comprehensive information. Additionally, the Hong Kong ETF page was launched, consolidating index ETFs, ETF rankings, and community information to enhance efficient investment opportunities.During this quarter, TigerGPT, the text-generating AI chatbot, seamlessly integrated with the Tiger community, enabling users to directly engage and ask questions to TigerGPT within the community. In October, TigerGPT successfully launched its web version, providing users with convenient browser access to the service. To date, TigerGPT has addressed over 100,000 user questions, spanning information interpretation, market queries, and financial report analysis, with over 80% of the answers referencing real-time financial data from Tiger Trade. With a user satisfaction rate of 80%, TigerGPT has emerged as a highly favored intelligent investment assistant on a global scale.The wealth management business demonstrated rapid growth, with a 68.7% QoQ increase in AUM and a 27.9% QoQ increase in the number of users. Among the newly funded clients in Q3, an average of 14 out of 100 clients availed the Company's wealth management services, indicating a continuous increase in client penetration. Leveraging the team's precise product selection capability, the \"Tiger Vault,\" a cash management product, achieved a 7-day annualised return of 5.6%*, garnering global popularity. Consequently, during the quarter, the number of \"Tiger Vault\" users surged by 29.4% QoQ, and AUM witnessed an impressive 73.3% QoQ increase. Concurrently, the Company expanded and strengthened collaborations with globally renowned asset management institutions such as Barclays and M&G Investments, enriching product types to cater to diverse investment needs.Underwriting several US and Hong Kong IPOs; Introduction of equity incentive management system for unlisted enterprisesDuring the reporting period, UP Fintech's other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$5.4 million. Solidifying its standing as the go-to underwriting partner for listings on both the Hong Kong and US stock exchanges, the Company underwrote or served as a selling group for five IPOs, including Adlai, Keep, and Fourth Paradigm in the third quarter.On the ESOP front, the Company's brand UponeShare added 27 new corporate clients during the quarter, with a 32.1% YoY growth in the signing amount for new clients. The ESOP system underwent a restructuring and upgrade during the quarter, with the fully digital system opening for unlisted enterprises, allowing them to apply for the experience online. The system now offers four versions covering different stages of growth for enterprises in the A-share, Hong Kong, and US capital markets.*According to the calculation based on the 2023 Singapore resident population.**Data source: Bloomberg, flagship product: [USD]HK0000862265; Data as of 2023/10/25 About UP FintechUP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation.Founded in 2014, the Company relentlessly offers a superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.UP Fintech strives to elevate financial technology R&D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds in tech, we develop our own technology infrastructure — an aggregation that enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 10 million users and more than 2 million account holders worldwide on our flagship platform “Tiger Trade”, own 74 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong, Australia, and Mainland China.For more information about UP Fintech as a Company, please visit itigerup.com.For media inquiries, please contact press@itiger.com","news_type":1},"isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":246179223445568,"gmtCreate":1701126390279,"gmtModify":1701134198116,"author":{"id":"3555033483132296","authorId":"3555033483132296","name":"ifeng2020","avatar":"https://static.tigerbbs.com/d0e7ab17c199f956396de0b3171b9f0b","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555033483132296","authorIdStr":"3555033483132296"},"themes":[],"htmlText":"Like joke, with this result, share price droped 8%??????","listText":"Like joke, with this result, share price droped 8%??????","text":"Like joke, with this result, share price droped 8%??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246179223445568","repostId":"1146003962","repostType":2,"repost":{"id":"1146003962","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":1701075681,"share":"https://ttm.financial/m/news/1146003962?lang=&edition=fundamental","pubTime":"2023-11-27 17:01","market":"us","language":"en","title":"UP Fintech's Q1-Q3 Net Income Hits $42M, Surpassing 2-Year Total","url":"https://stock-news.laohu8.com/highlight/detail?id=1146003962","media":"Tiger Newspress","summary":"Singapore and New York, Nov 27, 2023 — UP Fintech Holding Limited (\"UP Fintech\" or the \"Company\", Nasdaq: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm com","content":"<html><head></head><body><p><strong>Singapore and New York, Nov 27, 2023</strong> — 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 third quarter ended September 30, 2023. </p><p>In the third quarter, the Company achieved a revenue of US$70.1 million, a QoQ increase of 6.2%, and a YoY increase of 26.6%. The non-GAAP net income for the quarter was $16 million, representing a QoQ growth of 4.3% and a YoY increase of 141.1%. The non-GAAP net income for the first three quarters of 2023 reached US$42 million, surpassing the sum of the company's non-GAAP net income for the past two years.</p><p>In the third quarter, UP Fintech added 28,803 new global account holders, bringing the total to 2.15 million. Funded accounts increased by 24,604, reaching approximately 865,500, marking a 14.8% YoY growth. The total account balance amounted to approximately US$18.9 billion, reflecting a 45.7% YoY increase, with net asset inflows exceeding US$1.5 billion during the quarter.</p><p style=\"text-align: left;\">Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated, "In the third quarter, the company achieved robust business growth, with both revenue and net profit experiencing QoQ and YoY growth. Our market share in Singapore continues to expand, marked by a continual increase in new funded clients. Presently, approximately one out of every three residents in Singapore has utilised Tiger Trade*. Meanwhile, customer retention in Sinagpore remains high and we saw consistent average net asset inflows in the third quarter from each cohort of existing clients acquired from previous quarters. In other international markets such as Hong Kong and Australia, the Company's recognition has further increased, and we have received multiple awards locally."</p><p style=\"text-align: left;\">"As a user-centric brokerage, we consistently introduce new products and features to cater to the diverse needs of investors. For example, in this quarter, we launched the Trading Sparks feature, enabling users to share their trading activities in real-time or subscribe to track the buying and selling actions of others. This creates an environment for investors to expand their investment horizons through communication and inspiration sharing. While solidifying our strengths in stock trading services, we recently introduced the US stock multi-leg options feature, to provide a more convenient and efficient options trading experience for more advanced options investors. Our goal is to become the preferred trading platform for a broader range of options investors as well." </p><p style=\"text-align: left;\"><strong><em>Continued leadership in Singapore; Hong Kong sees a 70% increase in customer balances</em></strong></p><p style=\"text-align: left;\">UP Fintech continues to solidify its leadership position in Singapore, with a 14.2% QoQ increase in newly funded clients and an average net asset inflows of US$10,000 per newly acquired client in the third quarter. On the product front, the Company introduced the multi-leg options details page which aims to help investors better understand and manage their multi-leg options investment strategy. The platform's options features are gaining traction, with an increase in the number of options trading accounts and positions in Singapore during Q3. Recognizing UP Fintech's commitment to excellence, The Straits Times has bestowed upon the company the Singapore Best Customer Service award. </p><p style=\"text-align: left;\">Moreover, the Securities Investors Association Singapore (SIAS) has honored UP Fintech with the award of Best Retail Broker 2023. Additionally, Tiger Fund Management (TFM), an affiliate of Tiger Brokers (Singapore), secured over SGD$300 million of assets under management (AUM), and has inked a memorandum of understanding with Tiger Brokers (Singapore) and Yuanta Securities (Hong Kong) to collaborate on a variety of products and services, including the launch of a money market fund in late 2023.</p><p style=\"text-align: left;\">In Hong Kong, the Company experienced steady growth, with a 69.6% QoQ increase in customer balances and a 59.0% QoQ increase in trading clients by the end of the quarter. UP Fintech introduced bond subscription services, encouraging users to subscribe to green bonds with various discounts to promote green finance in Hong Kong. Additionally, UP Fintech launched educational courses such as "Advanced Class for Hong Kong ETFs" and "Investment Strategies for Hong Kong ETFs" to bolster financial literacy among local investors. Recognizing its quality product and services, the Company received the "No. 1 Online Securities Investment Platform Award" from Headline Daily, as well as the "Outstanding Technology Broker Award" from CHKCI and Metro Broadcast.</p><p style=\"text-align: left;\">In Australia, the Company's innovative uninvested cash interest service received positive market feedback, leading to a further increase in customer engagement, with a 17% QoQ growth in net asset inflow in the third quarter. The Company was also honored with the "2023 Outstanding Value – International Share Trading Award" by financial media Canstar. In New Zealand, the Company's auto-invest and fractional share features, known for their cost-effectiveness and convenience, saw a 56.6% and 106.0% QoQ increase, respectively, in local trading accounts in Q3. The Company also awarded the " Favourite Low-Cost Shares Platform" by local media Moneyhub.<br/></p><p style=\"text-align: left;\"><strong><em>TigerGPT received acclaim; wealth management business shows strong Q3 growth with a 69% AUM increase</em></strong></p><p style=\"text-align: left;\">In the third quarter, commission income reached US$23.2 million, a 5.3% sequential increase, and interest-related income climbed to US$41.6 million, marking a QoQ increase of approximately 5.9%. The Tiger Trade app introduced the Options Channel, covering market trends, top 0DTE options, top options, bulk orders, and option learning, providing users with comprehensive information. Additionally, the Hong Kong ETF page was launched, consolidating index ETFs, ETF rankings, and community information to enhance efficient investment opportunities.</p><p style=\"text-align: left;\">During this quarter, TigerGPT, the text-generating AI chatbot, seamlessly integrated with the Tiger community, enabling users to directly engage and ask questions to TigerGPT within the community. In October, TigerGPT successfully launched its web version, providing users with convenient browser access to the service. To date, TigerGPT has addressed over 100,000 user questions, spanning information interpretation, market queries, and financial report analysis, with over 80% of the answers referencing real-time financial data from Tiger Trade. With a user satisfaction rate of 80%, TigerGPT has emerged as a highly favored intelligent investment assistant on a global scale.</p><p style=\"text-align: left;\">The wealth management business demonstrated rapid growth, with a 68.7% QoQ increase in AUM and a 27.9% QoQ increase in the number of users. Among the newly funded clients in Q3, an average of 14 out of 100 clients availed the Company's wealth management services, indicating a continuous increase in client penetration. Leveraging the team's precise product selection capability, the "Tiger Vault," a cash management product, achieved a 7-day annualised return of 5.6%*, garnering global popularity. Consequently, during the quarter, the number of "Tiger Vault" users surged by 29.4% QoQ, and AUM witnessed an impressive 73.3% QoQ increase. Concurrently, the Company expanded and strengthened collaborations with globally renowned asset management institutions such as Barclays and M&G Investments, enriching product types to cater to diverse investment needs.</p><p style=\"text-align: left;\"><strong><em>Underwriting several US and Hong Kong IPOs; Introduction of equity incentive management system for unlisted enterprises</em></strong></p><p style=\"text-align: left;\">During the reporting period, UP Fintech's other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$5.4 million. Solidifying its standing as the go-to underwriting partner for listings on both the Hong Kong and US stock exchanges, the Company underwrote or served as a selling group for five IPOs, including Adlai, Keep, and Fourth Paradigm in the third quarter.</p><p style=\"text-align: left;\">On the ESOP front, the Company's brand UponeShare added 27 new corporate clients during the quarter, with a 32.1% YoY growth in the signing amount for new clients. The ESOP system underwent a restructuring and upgrade during the quarter, with the fully digital system opening for unlisted enterprises, allowing them to apply for the experience online. The system now offers four versions covering different stages of growth for enterprises in the A-share, Hong Kong, and US capital markets.</p><p></p><p style=\"text-align: left;\"><em>*According to the calculation based on the 2023 Singapore resident population.</em></p><p style=\"text-align: left;\"><em>**Data source: Bloomberg, flagship product: [USD]HK0000862265; Data as of 2023/10/25</em></p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\"><strong><u>About UP Fintech</u></strong></p><p style=\"text-align: left;\">UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation.</p><p style=\"text-align: left;\">Founded in 2014, the Company relentlessly offers a superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.<br/>UP Fintech strives to elevate financial technology R&D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds in tech, we develop our own technology infrastructure — an aggregation that enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.</p><p style=\"text-align: left;\">In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 10 million users and more than 2 million account holders worldwide on our flagship platform “Tiger Trade”, own 74 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong, Australia, and Mainland China.</p><p style=\"text-align: left;\">For more information about UP Fintech as a Company, please visit itigerup.com.</p><p style=\"text-align: left;\">For media inquiries, please contact press@itiger.com</p></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>UP Fintech's Q1-Q3 Net Income Hits $42M, Surpassing 2-Year Total</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\">\nUP Fintech's Q1-Q3 Net Income Hits $42M, Surpassing 2-Year Total\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\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-11-27 17:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><strong>Singapore and New York, Nov 27, 2023</strong> — 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 third quarter ended September 30, 2023. </p><p>In the third quarter, the Company achieved a revenue of US$70.1 million, a QoQ increase of 6.2%, and a YoY increase of 26.6%. The non-GAAP net income for the quarter was $16 million, representing a QoQ growth of 4.3% and a YoY increase of 141.1%. The non-GAAP net income for the first three quarters of 2023 reached US$42 million, surpassing the sum of the company's non-GAAP net income for the past two years.</p><p>In the third quarter, UP Fintech added 28,803 new global account holders, bringing the total to 2.15 million. Funded accounts increased by 24,604, reaching approximately 865,500, marking a 14.8% YoY growth. The total account balance amounted to approximately US$18.9 billion, reflecting a 45.7% YoY increase, with net asset inflows exceeding US$1.5 billion during the quarter.</p><p style=\"text-align: left;\">Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated, "In the third quarter, the company achieved robust business growth, with both revenue and net profit experiencing QoQ and YoY growth. Our market share in Singapore continues to expand, marked by a continual increase in new funded clients. Presently, approximately one out of every three residents in Singapore has utilised Tiger Trade*. Meanwhile, customer retention in Sinagpore remains high and we saw consistent average net asset inflows in the third quarter from each cohort of existing clients acquired from previous quarters. In other international markets such as Hong Kong and Australia, the Company's recognition has further increased, and we have received multiple awards locally."</p><p style=\"text-align: left;\">"As a user-centric brokerage, we consistently introduce new products and features to cater to the diverse needs of investors. For example, in this quarter, we launched the Trading Sparks feature, enabling users to share their trading activities in real-time or subscribe to track the buying and selling actions of others. This creates an environment for investors to expand their investment horizons through communication and inspiration sharing. While solidifying our strengths in stock trading services, we recently introduced the US stock multi-leg options feature, to provide a more convenient and efficient options trading experience for more advanced options investors. Our goal is to become the preferred trading platform for a broader range of options investors as well." </p><p style=\"text-align: left;\"><strong><em>Continued leadership in Singapore; Hong Kong sees a 70% increase in customer balances</em></strong></p><p style=\"text-align: left;\">UP Fintech continues to solidify its leadership position in Singapore, with a 14.2% QoQ increase in newly funded clients and an average net asset inflows of US$10,000 per newly acquired client in the third quarter. On the product front, the Company introduced the multi-leg options details page which aims to help investors better understand and manage their multi-leg options investment strategy. The platform's options features are gaining traction, with an increase in the number of options trading accounts and positions in Singapore during Q3. Recognizing UP Fintech's commitment to excellence, The Straits Times has bestowed upon the company the Singapore Best Customer Service award. </p><p style=\"text-align: left;\">Moreover, the Securities Investors Association Singapore (SIAS) has honored UP Fintech with the award of Best Retail Broker 2023. Additionally, Tiger Fund Management (TFM), an affiliate of Tiger Brokers (Singapore), secured over SGD$300 million of assets under management (AUM), and has inked a memorandum of understanding with Tiger Brokers (Singapore) and Yuanta Securities (Hong Kong) to collaborate on a variety of products and services, including the launch of a money market fund in late 2023.</p><p style=\"text-align: left;\">In Hong Kong, the Company experienced steady growth, with a 69.6% QoQ increase in customer balances and a 59.0% QoQ increase in trading clients by the end of the quarter. UP Fintech introduced bond subscription services, encouraging users to subscribe to green bonds with various discounts to promote green finance in Hong Kong. Additionally, UP Fintech launched educational courses such as "Advanced Class for Hong Kong ETFs" and "Investment Strategies for Hong Kong ETFs" to bolster financial literacy among local investors. Recognizing its quality product and services, the Company received the "No. 1 Online Securities Investment Platform Award" from Headline Daily, as well as the "Outstanding Technology Broker Award" from CHKCI and Metro Broadcast.</p><p style=\"text-align: left;\">In Australia, the Company's innovative uninvested cash interest service received positive market feedback, leading to a further increase in customer engagement, with a 17% QoQ growth in net asset inflow in the third quarter. The Company was also honored with the "2023 Outstanding Value – International Share Trading Award" by financial media Canstar. In New Zealand, the Company's auto-invest and fractional share features, known for their cost-effectiveness and convenience, saw a 56.6% and 106.0% QoQ increase, respectively, in local trading accounts in Q3. The Company also awarded the " Favourite Low-Cost Shares Platform" by local media Moneyhub.<br/></p><p style=\"text-align: left;\"><strong><em>TigerGPT received acclaim; wealth management business shows strong Q3 growth with a 69% AUM increase</em></strong></p><p style=\"text-align: left;\">In the third quarter, commission income reached US$23.2 million, a 5.3% sequential increase, and interest-related income climbed to US$41.6 million, marking a QoQ increase of approximately 5.9%. The Tiger Trade app introduced the Options Channel, covering market trends, top 0DTE options, top options, bulk orders, and option learning, providing users with comprehensive information. Additionally, the Hong Kong ETF page was launched, consolidating index ETFs, ETF rankings, and community information to enhance efficient investment opportunities.</p><p style=\"text-align: left;\">During this quarter, TigerGPT, the text-generating AI chatbot, seamlessly integrated with the Tiger community, enabling users to directly engage and ask questions to TigerGPT within the community. In October, TigerGPT successfully launched its web version, providing users with convenient browser access to the service. To date, TigerGPT has addressed over 100,000 user questions, spanning information interpretation, market queries, and financial report analysis, with over 80% of the answers referencing real-time financial data from Tiger Trade. With a user satisfaction rate of 80%, TigerGPT has emerged as a highly favored intelligent investment assistant on a global scale.</p><p style=\"text-align: left;\">The wealth management business demonstrated rapid growth, with a 68.7% QoQ increase in AUM and a 27.9% QoQ increase in the number of users. Among the newly funded clients in Q3, an average of 14 out of 100 clients availed the Company's wealth management services, indicating a continuous increase in client penetration. Leveraging the team's precise product selection capability, the "Tiger Vault," a cash management product, achieved a 7-day annualised return of 5.6%*, garnering global popularity. Consequently, during the quarter, the number of "Tiger Vault" users surged by 29.4% QoQ, and AUM witnessed an impressive 73.3% QoQ increase. Concurrently, the Company expanded and strengthened collaborations with globally renowned asset management institutions such as Barclays and M&G Investments, enriching product types to cater to diverse investment needs.</p><p style=\"text-align: left;\"><strong><em>Underwriting several US and Hong Kong IPOs; Introduction of equity incentive management system for unlisted enterprises</em></strong></p><p style=\"text-align: left;\">During the reporting period, UP Fintech's other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$5.4 million. Solidifying its standing as the go-to underwriting partner for listings on both the Hong Kong and US stock exchanges, the Company underwrote or served as a selling group for five IPOs, including Adlai, Keep, and Fourth Paradigm in the third quarter.</p><p style=\"text-align: left;\">On the ESOP front, the Company's brand UponeShare added 27 new corporate clients during the quarter, with a 32.1% YoY growth in the signing amount for new clients. The ESOP system underwent a restructuring and upgrade during the quarter, with the fully digital system opening for unlisted enterprises, allowing them to apply for the experience online. The system now offers four versions covering different stages of growth for enterprises in the A-share, Hong Kong, and US capital markets.</p><p></p><p style=\"text-align: left;\"><em>*According to the calculation based on the 2023 Singapore resident population.</em></p><p style=\"text-align: left;\"><em>**Data source: Bloomberg, flagship product: [USD]HK0000862265; Data as of 2023/10/25</em></p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\"><strong><u>About UP Fintech</u></strong></p><p style=\"text-align: left;\">UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation.</p><p style=\"text-align: left;\">Founded in 2014, the Company relentlessly offers a superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.<br/>UP Fintech strives to elevate financial technology R&D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds in tech, we develop our own technology infrastructure — an aggregation that enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.</p><p style=\"text-align: left;\">In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 10 million users and more than 2 million account holders worldwide on our flagship platform “Tiger Trade”, own 74 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong, Australia, and Mainland China.</p><p style=\"text-align: left;\">For more information about UP Fintech as a Company, please visit itigerup.com.</p><p style=\"text-align: left;\">For media inquiries, please contact press@itiger.com</p></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":"1146003962","content_text":"Singapore and New York, Nov 27, 2023 — 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 third quarter ended September 30, 2023. In the third quarter, the Company achieved a revenue of US$70.1 million, a QoQ increase of 6.2%, and a YoY increase of 26.6%. The non-GAAP net income for the quarter was $16 million, representing a QoQ growth of 4.3% and a YoY increase of 141.1%. The non-GAAP net income for the first three quarters of 2023 reached US$42 million, surpassing the sum of the company's non-GAAP net income for the past two years.In the third quarter, UP Fintech added 28,803 new global account holders, bringing the total to 2.15 million. Funded accounts increased by 24,604, reaching approximately 865,500, marking a 14.8% YoY growth. The total account balance amounted to approximately US$18.9 billion, reflecting a 45.7% YoY increase, with net asset inflows exceeding US$1.5 billion during the quarter.Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated, \"In the third quarter, the company achieved robust business growth, with both revenue and net profit experiencing QoQ and YoY growth. Our market share in Singapore continues to expand, marked by a continual increase in new funded clients. Presently, approximately one out of every three residents in Singapore has utilised Tiger Trade*. Meanwhile, customer retention in Sinagpore remains high and we saw consistent average net asset inflows in the third quarter from each cohort of existing clients acquired from previous quarters. In other international markets such as Hong Kong and Australia, the Company's recognition has further increased, and we have received multiple awards locally.\"\"As a user-centric brokerage, we consistently introduce new products and features to cater to the diverse needs of investors. For example, in this quarter, we launched the Trading Sparks feature, enabling users to share their trading activities in real-time or subscribe to track the buying and selling actions of others. This creates an environment for investors to expand their investment horizons through communication and inspiration sharing. While solidifying our strengths in stock trading services, we recently introduced the US stock multi-leg options feature, to provide a more convenient and efficient options trading experience for more advanced options investors. Our goal is to become the preferred trading platform for a broader range of options investors as well.\" Continued leadership in Singapore; Hong Kong sees a 70% increase in customer balancesUP Fintech continues to solidify its leadership position in Singapore, with a 14.2% QoQ increase in newly funded clients and an average net asset inflows of US$10,000 per newly acquired client in the third quarter. On the product front, the Company introduced the multi-leg options details page which aims to help investors better understand and manage their multi-leg options investment strategy. The platform's options features are gaining traction, with an increase in the number of options trading accounts and positions in Singapore during Q3. Recognizing UP Fintech's commitment to excellence, The Straits Times has bestowed upon the company the Singapore Best Customer Service award. Moreover, the Securities Investors Association Singapore (SIAS) has honored UP Fintech with the award of Best Retail Broker 2023. Additionally, Tiger Fund Management (TFM), an affiliate of Tiger Brokers (Singapore), secured over SGD$300 million of assets under management (AUM), and has inked a memorandum of understanding with Tiger Brokers (Singapore) and Yuanta Securities (Hong Kong) to collaborate on a variety of products and services, including the launch of a money market fund in late 2023.In Hong Kong, the Company experienced steady growth, with a 69.6% QoQ increase in customer balances and a 59.0% QoQ increase in trading clients by the end of the quarter. UP Fintech introduced bond subscription services, encouraging users to subscribe to green bonds with various discounts to promote green finance in Hong Kong. Additionally, UP Fintech launched educational courses such as \"Advanced Class for Hong Kong ETFs\" and \"Investment Strategies for Hong Kong ETFs\" to bolster financial literacy among local investors. Recognizing its quality product and services, the Company received the \"No. 1 Online Securities Investment Platform Award\" from Headline Daily, as well as the \"Outstanding Technology Broker Award\" from CHKCI and Metro Broadcast.In Australia, the Company's innovative uninvested cash interest service received positive market feedback, leading to a further increase in customer engagement, with a 17% QoQ growth in net asset inflow in the third quarter. The Company was also honored with the \"2023 Outstanding Value – International Share Trading Award\" by financial media Canstar. In New Zealand, the Company's auto-invest and fractional share features, known for their cost-effectiveness and convenience, saw a 56.6% and 106.0% QoQ increase, respectively, in local trading accounts in Q3. The Company also awarded the \" Favourite Low-Cost Shares Platform\" by local media Moneyhub.TigerGPT received acclaim; wealth management business shows strong Q3 growth with a 69% AUM increaseIn the third quarter, commission income reached US$23.2 million, a 5.3% sequential increase, and interest-related income climbed to US$41.6 million, marking a QoQ increase of approximately 5.9%. The Tiger Trade app introduced the Options Channel, covering market trends, top 0DTE options, top options, bulk orders, and option learning, providing users with comprehensive information. Additionally, the Hong Kong ETF page was launched, consolidating index ETFs, ETF rankings, and community information to enhance efficient investment opportunities.During this quarter, TigerGPT, the text-generating AI chatbot, seamlessly integrated with the Tiger community, enabling users to directly engage and ask questions to TigerGPT within the community. In October, TigerGPT successfully launched its web version, providing users with convenient browser access to the service. To date, TigerGPT has addressed over 100,000 user questions, spanning information interpretation, market queries, and financial report analysis, with over 80% of the answers referencing real-time financial data from Tiger Trade. With a user satisfaction rate of 80%, TigerGPT has emerged as a highly favored intelligent investment assistant on a global scale.The wealth management business demonstrated rapid growth, with a 68.7% QoQ increase in AUM and a 27.9% QoQ increase in the number of users. Among the newly funded clients in Q3, an average of 14 out of 100 clients availed the Company's wealth management services, indicating a continuous increase in client penetration. Leveraging the team's precise product selection capability, the \"Tiger Vault,\" a cash management product, achieved a 7-day annualised return of 5.6%*, garnering global popularity. Consequently, during the quarter, the number of \"Tiger Vault\" users surged by 29.4% QoQ, and AUM witnessed an impressive 73.3% QoQ increase. Concurrently, the Company expanded and strengthened collaborations with globally renowned asset management institutions such as Barclays and M&G Investments, enriching product types to cater to diverse investment needs.Underwriting several US and Hong Kong IPOs; Introduction of equity incentive management system for unlisted enterprisesDuring the reporting period, UP Fintech's other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$5.4 million. Solidifying its standing as the go-to underwriting partner for listings on both the Hong Kong and US stock exchanges, the Company underwrote or served as a selling group for five IPOs, including Adlai, Keep, and Fourth Paradigm in the third quarter.On the ESOP front, the Company's brand UponeShare added 27 new corporate clients during the quarter, with a 32.1% YoY growth in the signing amount for new clients. The ESOP system underwent a restructuring and upgrade during the quarter, with the fully digital system opening for unlisted enterprises, allowing them to apply for the experience online. The system now offers four versions covering different stages of growth for enterprises in the A-share, Hong Kong, and US capital markets.*According to the calculation based on the 2023 Singapore resident population.**Data source: Bloomberg, flagship product: [USD]HK0000862265; Data as of 2023/10/25 About UP FintechUP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation.Founded in 2014, the Company relentlessly offers a superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.UP Fintech strives to elevate financial technology R&D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds in tech, we develop our own technology infrastructure — an aggregation that enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 10 million users and more than 2 million account holders worldwide on our flagship platform “Tiger Trade”, own 74 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong, Australia, and Mainland China.For more information about UP Fintech as a Company, please visit itigerup.com.For media inquiries, please contact press@itiger.com","news_type":1},"isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
