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FreddieLiang
2022-03-22
Saw
Over 90% of UP Fintech’s Q4 Newly Funded Accounts Came from Outside China, Achieving 119% of the Annual Target
FreddieLiang
2021-06-12
O. H i k I KLlM
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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":1647590694,"share":"https://ttm.financial/m/news/1130532398?lang=&edition=fundamental","pubTime":"2022-03-18 16:04","market":"us","language":"en","title":"Over 90% of UP Fintech’s Q4 Newly Funded Accounts Came from Outside China, Achieving 119% of the Annual Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1130532398","media":"Tiger Newspress","summary":"UP Fintech Holding Limited (the “Company”, a NASDAQ-listed company under the ticker “TIGR”, and all ","content":"<html><head></head><body><p>UP Fintech Holding Limited (the “Company”, a NASDAQ-listed company under the ticker “TIGR”, and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2021. Total revenue in the fourth quarter was US$62.2 million, and total revenue for the year 2021 reached US$264.5 million, a year-over-year increase of 91%. Non-GAAP net income was US$24.5 million.</p><p>At the end of 2021, customer accounts totaled 1.8 million, and the number of customers with deposits increased to 673,400. Furthermore, the company added 414,700 new funded accounts in 2021, more than all of its past annual funded account growth combined. In total, the company achieved 119% of its annual funded account growth target in 2021. During the fourth quarter, the company’s trading volume increased to US$85.9 billion, with total client assets reaching US$17.1 billion. The company’s annual trading volume totaled US$404.3 billion, 1.8 times that of the previous year.</p><p>Mr. Wu Tianhua, CEO and founder of UP Fintech commented, “In 2021, despite fluctuations in global financial markets and significant uncertainties, our focus on our internationalization strategy drove steady growth. In thefourth quarter, over 90% of new funded accounts came from international markets, with a large portion of the new funded accounts coming from Singapore. UP Fintech maintains leading market share in Singapore and the company's Singapore headquarters contributed to making the market as one of key growth drivers, both in the number of total accounts and newly acquired accounts. The fourth quarter was the third consecutive quarter of more than 100% year-over-year growth in funded accounts in Singapore. The total number of registered accounts in Singapore now represents 15% of Singapore's population aged 20 and above. In the year since we began to ramp up our self-clearing capabilities, we have made substantial progress and now self-clear over 80% of customers’ U.S. cash equities trades. Our firm’s capability to deploy proprietary technologies on our fintech platform demonstrates the contributions that Chinese innovation is making to the global brokerage industry. Our B2B businesses reached new milestones this year: as of December 31st, 2021, 90% of new issuers with market capitalization in excess ofHK$100 billion in Hong Kong and 100% of new U.S. ADR issuers with market capitalization over US$1 billion cooperated with UP Fintech’s investment bank or chose to use the company’s ESOP service. Overall, our company’s comprehensive enterprise services are gaining increasing recognition within the industry. In coming years, the company looks forward to entering new international markets and enabling a greater range of investors to allocate their assets globally on our innovative fintech platform.”</p><p><b>Over 90% of Newly Funded Accounts Came from Outside China as the Company Executes on its Global Expansion Strategy</b></p><p>Driven by strong growth in international markets,UP Fintechfurther expanded its client base. The company added 61,400 new funded accounts during the fourth quarter of which over 90% came from outside China. Furthermore, in 2021, the company added a total of 414,700 new funded accounts, achieving 119% of its annual target. In the fourth quarter, the company's trading volume was US$85.9 billion, client assets reached US$17.1 billion, commission income was up to US$29.9 million, and interest-related income increased to US$22.5 million.</p><p>At a time of global macroeconomic uncertainty, UP Fintechcontinues focus on its long-term expansion plans with a focus on improving the customer experience. To increase customer choice on its platform, the company recently added new functions such as bracket orders and a new display for analyzing diluted cost positions. The company also recently added an option screener and option list to better meet the needs of investors who trade options. In Australia,UP Fintechbegan to meet the needs of local investors by adding multi-dimensional analysis tools and real-time level 2 market data. Investors on the firm’s platform may view a rich range of financial metrics such as capital flow analysis and lists of corporate actions.</p><p>In addition,the company's wealth management business continued to attract more clients as the number of available investment products continued to rise. At the end of the fourth quarter, the company’s Fund Mall enabled another 661 funds for investors to choose from. As the selection of funds has increased, the number of customers investing in the Fund Mall increased by 377.5% year-over-year, and the AUM of the Fund Mall increased by 290.1% year-over-year. ForCash Plus, the company’s idle cash management product,the number of customers and their cumulative transfer value during the fourth quarter was nearly double that of the same period last year. The company also added HKD and SGD currencies to the Fund Mall to further meet customers global asset allocation needs.</p><p>The company offered 26 IPO subscriptions in Hong Kong and The U.S. during the fourth quarter, including several high-profile listings such as those of NetEase Cloud Music and Sense Time. For the full year 2021, the company in total offered 123 IPO subscriptions.The company is becoming one of the top platforms for retail investors to participate in new listings in Hong Kong; retail orders for larger listings such as those of Kuaishou and JD Logistics exceeded HK$10 billion. The company also assisted issuers in connecting with its investor base and highlighting their business performance by helping them hold online roadshows and broadcasting their earnings conference calls. During the year, the company held more than 60% of courses about high-quality Asian assets to investors.</p><p>The company continued to invest in key brokerage technologies to enhance its capability to manage securities trading from the front end to execution and clearing. Self-clearing has long been the purview of traditional banks, but the company continues to ramp up its capability to conduct self-clearing and by the end of the fourth quarter, over 80% of clients were having their U.S. cash equities trades self-cleared. As a result of the company’s investment in clearing technology, clearing costsdeclined quarter over quarter by 27.8%.</p><p>As part of its international expansion, the company continued to obtain new licenses and qualifications in multiple international jurisdictions. The firm now holds 50 licenses and qualifications across 37 categories in Hong Kong, Singapore, The U.S., New Zealand, and Australia. The company looks forward to using these licenses to further support its international expansion.</p><p>UP Fintechis also receiving growing recognition in international capital markets and in 2021 was selected for inclusion in the MSCI China All Shares Index and the MSCI China Small Cap Index.</p><p><b>The fourth quarter was the third consecutive quarter of more than 100% YoY growth in funded accounts in Singapore. The total number of registered accounts in Singapore now represents 15% of Singapore's population aged 20+</b></p><p>Since entering Singapore in February 2020,UP Fintechhas continued to consolidate its position in the local market. More than half of new funded accounts in the fourth quarter came from Singapore. According to App Annie, as of the end of 2021, as measured by the total number of accounts and downloads,UP Fintech’s flagship mobile trading App, Tiger Trade, led the online brokerage market in Singapore.The fourth quarter wasthe third consecutive quarter of over 100%year-over-yeargrowth in funded accounts in Singapore,and the numberof registered accounts now represents 15% of Singapore's population aged 20or above. In addition, approximately 30% of the new funded accountsin Singaporein the fourth quarter came from users over the age of 40, which demonstrates the firm’s trading platform appeals to a wide range of investors.</p><p>UP Fintech’s leading position in the Singapore market is due to its relentless focus on localization. In the fourth quarter, to better meet the needs of local clients, the company added a new module to allow easy display of Singapore companies listed in The U.S. market. The company also added new features such as industry classifications and sponsor data to assist customers learn more about local investment opportunities.</p><p>In the fourth quarter, the company offered customers in Singapore the opportunity to subscribe shares from two local issuers. The company also enabled institutional clients in Singapore the ability to participate in the global offerings of new issuers in Hong Kong, further increasing the ability of local investors to participate in China’s capital markets.</p><p>The AUM ofUP Fintech’swealth management business in Singapore increased by 186.5% while the number of customers increased by 223.9% quarter-over-quarter respectively. To increase the value proposition of Cash Plus in international markets, the company introduced lower thresholds for customers to invest their capital in Cash Plus. Local customers may now invest in Cash Plus with just 1 USD, 1 SGD, or 5 HKD and may transfer their funds in and out at any time. During the year, the company joined the Securities Association of Singapore and was honored that its subsidiary, Tiger Brokers (Singapore) Pte. Ltd., was officially admitted as a trading member of Singapore Exchange Securities Trading Limited and Singapore Exchange Derivatives Trading Limited, and clearing member and depository agent of The Central Depository (Pte) Limited. The company is the first fintech enabled brokerage in the world to obtain such qualifications in Singapore. In November 2021, UP Fintech’s Singapore subsidiary was Named as "Asia's Most Innovative Company" by Fortune Times, a Singapore based business magazine, demonstrating the company’s innovative platform is gaining increasing recognition from local media.</p><p><b>The Cumulative Number of ESOP Clients at the End of 2021 was 2.5X Higher than the Year Before and Annual Enterprise Services Revenue Increased by 67%</b></p><p>Corporate services such as investment banking and ESOP have become a new driver of the company’s long-term growth. According to the company’s Q4 financial results, other revenues, which includes revenue from investment banking and ESOP, reached US$9.8 million in Q4, and annual revenue from this segment reached US$37.7 million, an increase of 67% from the prior year.</p><p>As of December 31st, 2021, 90% of new issuers with market capitalization in excess of HK$100 billion in Hong Kong and 100% of new U.S. ADR issuers with market capitalization over US$1 billion cooperated with UP Fintech’s investment bank or chose to use the company’s ESOP service.</p><p></p><p>During the fourth quarter, the company leveraged the strength of its innovative platform and comprehensive range of services to participate in the underwriting and distribution of 22 listings in The U.S. and Hong Kong. In Hong Kong, the company acted as an underwriter in the global offerings of NetEase Cloud Music, Sense Time, and Airdoc. For the listing of NetEase Cloud Music, the company was the sole online broker to participate in the global offering. In The U.S., the company leveraged its rich investment banking experience, licenses, and technical capabilities to serve as an underwriter for 15 U.S. IPOs. The 2021 IPO of Kuke Music was another notable milestone for the company; the company was the first online broker to serve as the lead underwriter in a U.S. IPO.</p><p>In the fourth quarter, the company’s investment bank continued to provide a rich range of services to next generation technology companies at multiple stages of their growth, from pre-IPO financial advisory to post listing capital markets services. In 2021, the company provided financial advisory services to over 30 companies. Finally, the company also assisted Canadian Solar conduct an ATM (At The Market) offering to raise additional capital to support the expansion of its green energy business.</p><p>With regards to the company’s ESOP business,UP Fintechadded 51 new clients during the quarter. Despite launching the business just over three years ago, the total number of clients served by the company’s ESOP system reached 313, an increase of 152.4% year-over-year. The company’s ESOP system has extensive capabilities that allow it serve clients listed in Hong Kong, The U.S., and China; the company’s ESOP system also serves a diverse range of pre-IPO clients.</p><p>As a global ESOP provider, the company offers comprehensive services for corporate ESOP management across multiple capital markets. In the fourth quarter, Tiger ESOP provided the pharmaceutical R&D company, Pharmaron, with equity incentive management solutions for both A+H share capital markets. At the same time,UP Fintechalso provided ESOP-related tax, foreign exchange, and other specialized services for Pharmaron’'s multinational employee base that includes British, American, and Chinese nationals. UP Fintech’s capability to provide ESOP and other ancillary services across multiple capital markets and nationalities is a testament to the sophistication of its ESOP system and ability to meet clients’ complex needs.</p><p>On the company’s vibrant social media community, The Tiger Community, 35 new corporations opened enterprise accounts in the fourth quarter, including seven internationally renowned fund companies, such as Fidelity International and Lion Global Investors. As more and more corporations open enterprise accounts in the Tiger Community, the company’s 9+ million user base is able to increase its interaction and understanding of the vast range of issuers and fund companies present in the community.</p><p>UP Fintech’s online community continues to build its position as a preferred investor relations & PR platform for next generation technology companies. The company recently assisted Xiaomi hold an online product launch, helped organize an online conference for Kuaishou, and held a listing anniversary for Dada Nexus. Corporates are drawn to enterprise accounts as they may employ innovative marketing materials, such as interactive graphics and livestreams, to directly connect with investors and customers.Many enterprise accounts have already received over one million views and the company looks forward to inviting more investors and corporates to participate in its online community.</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>Over 90% of UP Fintech’s Q4 Newly Funded Accounts Came from Outside China, Achieving 119% of the Annual Target</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\">\nOver 90% of UP Fintech’s Q4 Newly Funded Accounts Came from Outside China, Achieving 119% of the Annual Target\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\">2022-03-18 16:04</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>UP Fintech Holding Limited (the “Company”, a NASDAQ-listed company under the ticker “TIGR”, and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2021. Total revenue in the fourth quarter was US$62.2 million, and total revenue for the year 2021 reached US$264.5 million, a year-over-year increase of 91%. Non-GAAP net income was US$24.5 million.</p><p>At the end of 2021, customer accounts totaled 1.8 million, and the number of customers with deposits increased to 673,400. Furthermore, the company added 414,700 new funded accounts in 2021, more than all of its past annual funded account growth combined. In total, the company achieved 119% of its annual funded account growth target in 2021. During the fourth quarter, the company’s trading volume increased to US$85.9 billion, with total client assets reaching US$17.1 billion. The company’s annual trading volume totaled US$404.3 billion, 1.8 times that of the previous year.</p><p>Mr. Wu Tianhua, CEO and founder of UP Fintech commented, “In 2021, despite fluctuations in global financial markets and significant uncertainties, our focus on our internationalization strategy drove steady growth. In thefourth quarter, over 90% of new funded accounts came from international markets, with a large portion of the new funded accounts coming from Singapore. UP Fintech maintains leading market share in Singapore and the company's Singapore headquarters contributed to making the market as one of key growth drivers, both in the number of total accounts and newly acquired accounts. The fourth quarter was the third consecutive quarter of more than 100% year-over-year growth in funded accounts in Singapore. The total number of registered accounts in Singapore now represents 15% of Singapore's population aged 20 and above. In the year since we began to ramp up our self-clearing capabilities, we have made substantial progress and now self-clear over 80% of customers’ U.S. cash equities trades. Our firm’s capability to deploy proprietary technologies on our fintech platform demonstrates the contributions that Chinese innovation is making to the global brokerage industry. Our B2B businesses reached new milestones this year: as of December 31st, 2021, 90% of new issuers with market capitalization in excess ofHK$100 billion in Hong Kong and 100% of new U.S. ADR issuers with market capitalization over US$1 billion cooperated with UP Fintech’s investment bank or chose to use the company’s ESOP service. Overall, our company’s comprehensive enterprise services are gaining increasing recognition within the industry. In coming years, the company looks forward to entering new international markets and enabling a greater range of investors to allocate their assets globally on our innovative fintech platform.”</p><p><b>Over 90% of Newly Funded Accounts Came from Outside China as the Company Executes on its Global Expansion Strategy</b></p><p>Driven by strong growth in international markets,UP Fintechfurther expanded its client base. The company added 61,400 new funded accounts during the fourth quarter of which over 90% came from outside China. Furthermore, in 2021, the company added a total of 414,700 new funded accounts, achieving 119% of its annual target. In the fourth quarter, the company's trading volume was US$85.9 billion, client assets reached US$17.1 billion, commission income was up to US$29.9 million, and interest-related income increased to US$22.5 million.</p><p>At a time of global macroeconomic uncertainty, UP Fintechcontinues focus on its long-term expansion plans with a focus on improving the customer experience. To increase customer choice on its platform, the company recently added new functions such as bracket orders and a new display for analyzing diluted cost positions. The company also recently added an option screener and option list to better meet the needs of investors who trade options. In Australia,UP Fintechbegan to meet the needs of local investors by adding multi-dimensional analysis tools and real-time level 2 market data. Investors on the firm’s platform may view a rich range of financial metrics such as capital flow analysis and lists of corporate actions.</p><p>In addition,the company's wealth management business continued to attract more clients as the number of available investment products continued to rise. At the end of the fourth quarter, the company’s Fund Mall enabled another 661 funds for investors to choose from. As the selection of funds has increased, the number of customers investing in the Fund Mall increased by 377.5% year-over-year, and the AUM of the Fund Mall increased by 290.1% year-over-year. ForCash Plus, the company’s idle cash management product,the number of customers and their cumulative transfer value during the fourth quarter was nearly double that of the same period last year. The company also added HKD and SGD currencies to the Fund Mall to further meet customers global asset allocation needs.</p><p>The company offered 26 IPO subscriptions in Hong Kong and The U.S. during the fourth quarter, including several high-profile listings such as those of NetEase Cloud Music and Sense Time. For the full year 2021, the company in total offered 123 IPO subscriptions.The company is becoming one of the top platforms for retail investors to participate in new listings in Hong Kong; retail orders for larger listings such as those of Kuaishou and JD Logistics exceeded HK$10 billion. The company also assisted issuers in connecting with its investor base and highlighting their business performance by helping them hold online roadshows and broadcasting their earnings conference calls. During the year, the company held more than 60% of courses about high-quality Asian assets to investors.</p><p>The company continued to invest in key brokerage technologies to enhance its capability to manage securities trading from the front end to execution and clearing. Self-clearing has long been the purview of traditional banks, but the company continues to ramp up its capability to conduct self-clearing and by the end of the fourth quarter, over 80% of clients were having their U.S. cash equities trades self-cleared. As a result of the company’s investment in clearing technology, clearing costsdeclined quarter over quarter by 27.8%.</p><p>As part of its international expansion, the company continued to obtain new licenses and qualifications in multiple international jurisdictions. The firm now holds 50 licenses and qualifications across 37 categories in Hong Kong, Singapore, The U.S., New Zealand, and Australia. The company looks forward to using these licenses to further support its international expansion.</p><p>UP Fintechis also receiving growing recognition in international capital markets and in 2021 was selected for inclusion in the MSCI China All Shares Index and the MSCI China Small Cap Index.</p><p><b>The fourth quarter was the third consecutive quarter of more than 100% YoY growth in funded accounts in Singapore. The total number of registered accounts in Singapore now represents 15% of Singapore's population aged 20+</b></p><p>Since entering Singapore in February 2020,UP Fintechhas continued to consolidate its position in the local market. More than half of new funded accounts in the fourth quarter came from Singapore. According to App Annie, as of the end of 2021, as measured by the total number of accounts and downloads,UP Fintech’s flagship mobile trading App, Tiger Trade, led the online brokerage market in Singapore.The fourth quarter wasthe third consecutive quarter of over 100%year-over-yeargrowth in funded accounts in Singapore,and the numberof registered accounts now represents 15% of Singapore's population aged 20or above. In addition, approximately 30% of the new funded accountsin Singaporein the fourth quarter came from users over the age of 40, which demonstrates the firm’s trading platform appeals to a wide range of investors.</p><p>UP Fintech’s leading position in the Singapore market is due to its relentless focus on localization. In the fourth quarter, to better meet the needs of local clients, the company added a new module to allow easy display of Singapore companies listed in The U.S. market. The company also added new features such as industry classifications and sponsor data to assist customers learn more about local investment opportunities.</p><p>In the fourth quarter, the company offered customers in Singapore the opportunity to subscribe shares from two local issuers. The company also enabled institutional clients in Singapore the ability to participate in the global offerings of new issuers in Hong Kong, further increasing the ability of local investors to participate in China’s capital markets.</p><p>The AUM ofUP Fintech’swealth management business in Singapore increased by 186.5% while the number of customers increased by 223.9% quarter-over-quarter respectively. To increase the value proposition of Cash Plus in international markets, the company introduced lower thresholds for customers to invest their capital in Cash Plus. Local customers may now invest in Cash Plus with just 1 USD, 1 SGD, or 5 HKD and may transfer their funds in and out at any time. During the year, the company joined the Securities Association of Singapore and was honored that its subsidiary, Tiger Brokers (Singapore) Pte. Ltd., was officially admitted as a trading member of Singapore Exchange Securities Trading Limited and Singapore Exchange Derivatives Trading Limited, and clearing member and depository agent of The Central Depository (Pte) Limited. The company is the first fintech enabled brokerage in the world to obtain such qualifications in Singapore. In November 2021, UP Fintech’s Singapore subsidiary was Named as "Asia's Most Innovative Company" by Fortune Times, a Singapore based business magazine, demonstrating the company’s innovative platform is gaining increasing recognition from local media.</p><p><b>The Cumulative Number of ESOP Clients at the End of 2021 was 2.5X Higher than the Year Before and Annual Enterprise Services Revenue Increased by 67%</b></p><p>Corporate services such as investment banking and ESOP have become a new driver of the company’s long-term growth. According to the company’s Q4 financial results, other revenues, which includes revenue from investment banking and ESOP, reached US$9.8 million in Q4, and annual revenue from this segment reached US$37.7 million, an increase of 67% from the prior year.</p><p>As of December 31st, 2021, 90% of new issuers with market capitalization in excess of HK$100 billion in Hong Kong and 100% of new U.S. ADR issuers with market capitalization over US$1 billion cooperated with UP Fintech’s investment bank or chose to use the company’s ESOP service.</p><p></p><p>During the fourth quarter, the company leveraged the strength of its innovative platform and comprehensive range of services to participate in the underwriting and distribution of 22 listings in The U.S. and Hong Kong. In Hong Kong, the company acted as an underwriter in the global offerings of NetEase Cloud Music, Sense Time, and Airdoc. For the listing of NetEase Cloud Music, the company was the sole online broker to participate in the global offering. In The U.S., the company leveraged its rich investment banking experience, licenses, and technical capabilities to serve as an underwriter for 15 U.S. IPOs. The 2021 IPO of Kuke Music was another notable milestone for the company; the company was the first online broker to serve as the lead underwriter in a U.S. IPO.</p><p>In the fourth quarter, the company’s investment bank continued to provide a rich range of services to next generation technology companies at multiple stages of their growth, from pre-IPO financial advisory to post listing capital markets services. In 2021, the company provided financial advisory services to over 30 companies. Finally, the company also assisted Canadian Solar conduct an ATM (At The Market) offering to raise additional capital to support the expansion of its green energy business.</p><p>With regards to the company’s ESOP business,UP Fintechadded 51 new clients during the quarter. Despite launching the business just over three years ago, the total number of clients served by the company’s ESOP system reached 313, an increase of 152.4% year-over-year. The company’s ESOP system has extensive capabilities that allow it serve clients listed in Hong Kong, The U.S., and China; the company’s ESOP system also serves a diverse range of pre-IPO clients.</p><p>As a global ESOP provider, the company offers comprehensive services for corporate ESOP management across multiple capital markets. In the fourth quarter, Tiger ESOP provided the pharmaceutical R&D company, Pharmaron, with equity incentive management solutions for both A+H share capital markets. At the same time,UP Fintechalso provided ESOP-related tax, foreign exchange, and other specialized services for Pharmaron’'s multinational employee base that includes British, American, and Chinese nationals. UP Fintech’s capability to provide ESOP and other ancillary services across multiple capital markets and nationalities is a testament to the sophistication of its ESOP system and ability to meet clients’ complex needs.</p><p>On the company’s vibrant social media community, The Tiger Community, 35 new corporations opened enterprise accounts in the fourth quarter, including seven internationally renowned fund companies, such as Fidelity International and Lion Global Investors. As more and more corporations open enterprise accounts in the Tiger Community, the company’s 9+ million user base is able to increase its interaction and understanding of the vast range of issuers and fund companies present in the community.</p><p>UP Fintech’s online community continues to build its position as a preferred investor relations & PR platform for next generation technology companies. The company recently assisted Xiaomi hold an online product launch, helped organize an online conference for Kuaishou, and held a listing anniversary for Dada Nexus. Corporates are drawn to enterprise accounts as they may employ innovative marketing materials, such as interactive graphics and livestreams, to directly connect with investors and customers.Many enterprise accounts have already received over one million views and the company looks forward to inviting more investors and corporates to participate in its online community.</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":"1130532398","content_text":"UP Fintech Holding Limited (the “Company”, a NASDAQ-listed company under the ticker “TIGR”, and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2021. Total revenue in the fourth quarter was US$62.2 million, and total revenue for the year 2021 reached US$264.5 million, a year-over-year increase of 91%. Non-GAAP net income was US$24.5 million.At the end of 2021, customer accounts totaled 1.8 million, and the number of customers with deposits increased to 673,400. Furthermore, the company added 414,700 new funded accounts in 2021, more than all of its past annual funded account growth combined. In total, the company achieved 119% of its annual funded account growth target in 2021. During the fourth quarter, the company’s trading volume increased to US$85.9 billion, with total client assets reaching US$17.1 billion. The company’s annual trading volume totaled US$404.3 billion, 1.8 times that of the previous year.Mr. Wu Tianhua, CEO and founder of UP Fintech commented, “In 2021, despite fluctuations in global financial markets and significant uncertainties, our focus on our internationalization strategy drove steady growth. In thefourth quarter, over 90% of new funded accounts came from international markets, with a large portion of the new funded accounts coming from Singapore. UP Fintech maintains leading market share in Singapore and the company's Singapore headquarters contributed to making the market as one of key growth drivers, both in the number of total accounts and newly acquired accounts. The fourth quarter was the third consecutive quarter of more than 100% year-over-year growth in funded accounts in Singapore. The total number of registered accounts in Singapore now represents 15% of Singapore's population aged 20 and above. In the year since we began to ramp up our self-clearing capabilities, we have made substantial progress and now self-clear over 80% of customers’ U.S. cash equities trades. Our firm’s capability to deploy proprietary technologies on our fintech platform demonstrates the contributions that Chinese innovation is making to the global brokerage industry. Our B2B businesses reached new milestones this year: as of December 31st, 2021, 90% of new issuers with market capitalization in excess ofHK$100 billion in Hong Kong and 100% of new U.S. ADR issuers with market capitalization over US$1 billion cooperated with UP Fintech’s investment bank or chose to use the company’s ESOP service. Overall, our company’s comprehensive enterprise services are gaining increasing recognition within the industry. In coming years, the company looks forward to entering new international markets and enabling a greater range of investors to allocate their assets globally on our innovative fintech platform.”Over 90% of Newly Funded Accounts Came from Outside China as the Company Executes on its Global Expansion StrategyDriven by strong growth in international markets,UP Fintechfurther expanded its client base. The company added 61,400 new funded accounts during the fourth quarter of which over 90% came from outside China. Furthermore, in 2021, the company added a total of 414,700 new funded accounts, achieving 119% of its annual target. In the fourth quarter, the company's trading volume was US$85.9 billion, client assets reached US$17.1 billion, commission income was up to US$29.9 million, and interest-related income increased to US$22.5 million.At a time of global macroeconomic uncertainty, UP Fintechcontinues focus on its long-term expansion plans with a focus on improving the customer experience. To increase customer choice on its platform, the company recently added new functions such as bracket orders and a new display for analyzing diluted cost positions. The company also recently added an option screener and option list to better meet the needs of investors who trade options. In Australia,UP Fintechbegan to meet the needs of local investors by adding multi-dimensional analysis tools and real-time level 2 market data. Investors on the firm’s platform may view a rich range of financial metrics such as capital flow analysis and lists of corporate actions.In addition,the company's wealth management business continued to attract more clients as the number of available investment products continued to rise. At the end of the fourth quarter, the company’s Fund Mall enabled another 661 funds for investors to choose from. As the selection of funds has increased, the number of customers investing in the Fund Mall increased by 377.5% year-over-year, and the AUM of the Fund Mall increased by 290.1% year-over-year. ForCash Plus, the company’s idle cash management product,the number of customers and their cumulative transfer value during the fourth quarter was nearly double that of the same period last year. The company also added HKD and SGD currencies to the Fund Mall to further meet customers global asset allocation needs.The company offered 26 IPO subscriptions in Hong Kong and The U.S. during the fourth quarter, including several high-profile listings such as those of NetEase Cloud Music and Sense Time. For the full year 2021, the company in total offered 123 IPO subscriptions.The company is becoming one of the top platforms for retail investors to participate in new listings in Hong Kong; retail orders for larger listings such as those of Kuaishou and JD Logistics exceeded HK$10 billion. The company also assisted issuers in connecting with its investor base and highlighting their business performance by helping them hold online roadshows and broadcasting their earnings conference calls. During the year, the company held more than 60% of courses about high-quality Asian assets to investors.The company continued to invest in key brokerage technologies to enhance its capability to manage securities trading from the front end to execution and clearing. Self-clearing has long been the purview of traditional banks, but the company continues to ramp up its capability to conduct self-clearing and by the end of the fourth quarter, over 80% of clients were having their U.S. cash equities trades self-cleared. As a result of the company’s investment in clearing technology, clearing costsdeclined quarter over quarter by 27.8%.As part of its international expansion, the company continued to obtain new licenses and qualifications in multiple international jurisdictions. The firm now holds 50 licenses and qualifications across 37 categories in Hong Kong, Singapore, The U.S., New Zealand, and Australia. The company looks forward to using these licenses to further support its international expansion.UP Fintechis also receiving growing recognition in international capital markets and in 2021 was selected for inclusion in the MSCI China All Shares Index and the MSCI China Small Cap Index.The fourth quarter was the third consecutive quarter of more than 100% YoY growth in funded accounts in Singapore. The total number of registered accounts in Singapore now represents 15% of Singapore's population aged 20+Since entering Singapore in February 2020,UP Fintechhas continued to consolidate its position in the local market. More than half of new funded accounts in the fourth quarter came from Singapore. According to App Annie, as of the end of 2021, as measured by the total number of accounts and downloads,UP Fintech’s flagship mobile trading App, Tiger Trade, led the online brokerage market in Singapore.The fourth quarter wasthe third consecutive quarter of over 100%year-over-yeargrowth in funded accounts in Singapore,and the numberof registered accounts now represents 15% of Singapore's population aged 20or above. In addition, approximately 30% of the new funded accountsin Singaporein the fourth quarter came from users over the age of 40, which demonstrates the firm’s trading platform appeals to a wide range of investors.UP Fintech’s leading position in the Singapore market is due to its relentless focus on localization. In the fourth quarter, to better meet the needs of local clients, the company added a new module to allow easy display of Singapore companies listed in The U.S. market. The company also added new features such as industry classifications and sponsor data to assist customers learn more about local investment opportunities.In the fourth quarter, the company offered customers in Singapore the opportunity to subscribe shares from two local issuers. The company also enabled institutional clients in Singapore the ability to participate in the global offerings of new issuers in Hong Kong, further increasing the ability of local investors to participate in China’s capital markets.The AUM ofUP Fintech’swealth management business in Singapore increased by 186.5% while the number of customers increased by 223.9% quarter-over-quarter respectively. To increase the value proposition of Cash Plus in international markets, the company introduced lower thresholds for customers to invest their capital in Cash Plus. Local customers may now invest in Cash Plus with just 1 USD, 1 SGD, or 5 HKD and may transfer their funds in and out at any time. During the year, the company joined the Securities Association of Singapore and was honored that its subsidiary, Tiger Brokers (Singapore) Pte. Ltd., was officially admitted as a trading member of Singapore Exchange Securities Trading Limited and Singapore Exchange Derivatives Trading Limited, and clearing member and depository agent of The Central Depository (Pte) Limited. The company is the first fintech enabled brokerage in the world to obtain such qualifications in Singapore. In November 2021, UP Fintech’s Singapore subsidiary was Named as \"Asia's Most Innovative Company\" by Fortune Times, a Singapore based business magazine, demonstrating the company’s innovative platform is gaining increasing recognition from local media.The Cumulative Number of ESOP Clients at the End of 2021 was 2.5X Higher than the Year Before and Annual Enterprise Services Revenue Increased by 67%Corporate services such as investment banking and ESOP have become a new driver of the company’s long-term growth. According to the company’s Q4 financial results, other revenues, which includes revenue from investment banking and ESOP, reached US$9.8 million in Q4, and annual revenue from this segment reached US$37.7 million, an increase of 67% from the prior year.As of December 31st, 2021, 90% of new issuers with market capitalization in excess of HK$100 billion in Hong Kong and 100% of new U.S. ADR issuers with market capitalization over US$1 billion cooperated with UP Fintech’s investment bank or chose to use the company’s ESOP service.During the fourth quarter, the company leveraged the strength of its innovative platform and comprehensive range of services to participate in the underwriting and distribution of 22 listings in The U.S. and Hong Kong. In Hong Kong, the company acted as an underwriter in the global offerings of NetEase Cloud Music, Sense Time, and Airdoc. For the listing of NetEase Cloud Music, the company was the sole online broker to participate in the global offering. In The U.S., the company leveraged its rich investment banking experience, licenses, and technical capabilities to serve as an underwriter for 15 U.S. IPOs. The 2021 IPO of Kuke Music was another notable milestone for the company; the company was the first online broker to serve as the lead underwriter in a U.S. IPO.In the fourth quarter, the company’s investment bank continued to provide a rich range of services to next generation technology companies at multiple stages of their growth, from pre-IPO financial advisory to post listing capital markets services. In 2021, the company provided financial advisory services to over 30 companies. Finally, the company also assisted Canadian Solar conduct an ATM (At The Market) offering to raise additional capital to support the expansion of its green energy business.With regards to the company’s ESOP business,UP Fintechadded 51 new clients during the quarter. Despite launching the business just over three years ago, the total number of clients served by the company’s ESOP system reached 313, an increase of 152.4% year-over-year. The company’s ESOP system has extensive capabilities that allow it serve clients listed in Hong Kong, The U.S., and China; the company’s ESOP system also serves a diverse range of pre-IPO clients.As a global ESOP provider, the company offers comprehensive services for corporate ESOP management across multiple capital markets. In the fourth quarter, Tiger ESOP provided the pharmaceutical R&D company, Pharmaron, with equity incentive management solutions for both A+H share capital markets. At the same time,UP Fintechalso provided ESOP-related tax, foreign exchange, and other specialized services for Pharmaron’'s multinational employee base that includes British, American, and Chinese nationals. UP Fintech’s capability to provide ESOP and other ancillary services across multiple capital markets and nationalities is a testament to the sophistication of its ESOP system and ability to meet clients’ complex needs.On the company’s vibrant social media community, The Tiger Community, 35 new corporations opened enterprise accounts in the fourth quarter, including seven internationally renowned fund companies, such as Fidelity International and Lion Global Investors. As more and more corporations open enterprise accounts in the Tiger Community, the company’s 9+ million user base is able to increase its interaction and understanding of the vast range of issuers and fund companies present in the community.UP Fintech’s online community continues to build its position as a preferred investor relations & PR platform for next generation technology companies. The company recently assisted Xiaomi hold an online product launch, helped organize an online conference for Kuaishou, and held a listing anniversary for Dada Nexus. Corporates are drawn to enterprise accounts as they may employ innovative marketing materials, such as interactive graphics and livestreams, to directly connect with investors and customers.Many enterprise accounts have already received over one million views and the company looks forward to inviting more investors and corporates to participate in its online community.","news_type":1},"isVote":1,"tweetType":1,"viewCount":462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188757146,"gmtCreate":1623463331085,"gmtModify":1704204289305,"author":{"id":"3569200063942806","authorId":"3569200063942806","name":"FreddieLiang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569200063942806","authorIdStr":"3569200063942806"},"themes":[],"htmlText":"O. H i k I KLlM ","listText":"O. H i k I KLlM ","text":"O. H i k I KLlM","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188757146","repostId":"1135185071","repostType":4,"isVote":1,"tweetType":1,"viewCount":301,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":188757146,"gmtCreate":1623463331085,"gmtModify":1704204289305,"author":{"id":"3569200063942806","authorId":"3569200063942806","name":"FreddieLiang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569200063942806","authorIdStr":"3569200063942806"},"themes":[],"htmlText":"O. H i k I KLlM ","listText":"O. H i k I KLlM ","text":"O. H i k I KLlM","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188757146","repostId":"1135185071","repostType":4,"repost":{"id":"1135185071","kind":"news","pubTimestamp":1623425954,"share":"https://ttm.financial/m/news/1135185071?lang=&edition=fundamental","pubTime":"2021-06-11 23:39","market":"us","language":"en","title":"Taiwan Semiconductor Is the World’s Most Important Chip Maker. How to Play the Stock.","url":"https://stock-news.laohu8.com/highlight/detail?id=1135185071","media":"Barron's","summary":"A severe shortage of semiconductors hascaused pain across the economy, but it’s also giving investors a new appreciation for the importance of semis—everything from simple chips costing a few dollars to the most advanced components that power high-end phones, computers, and data centers.Taiwan Semiconductor Manufacturing sits at the nexus of this global chip renaissance. The company is a critical supplier to U.S. technology giants likeApple andQualcomm and Chinese companies like Huawei Technolog","content":"<p><img src=\"https://static.tigerbbs.com/dc1ac5d314c0b0f304bf6c78a0f2b0c7\" tg-width=\"1260\" tg-height=\"840\">A severe shortage of semiconductors hascaused pain across the economy, but it’s also giving investors a new appreciation for the importance of semis—everything from simple chips costing a few dollars to the most advanced components that power high-end phones, computers, and data centers.</p>\n<p>Taiwan Semiconductor Manufacturing(ticker: TSM) sits at the nexus of this global chip renaissance. The company is a critical supplier to U.S. technology giants likeApple(AAPL) andQualcomm(QCOM) and Chinese companies like Huawei Technologies. TSMC’s stock is widely held across the globe, and for good reason. It has returned an annualized 29% over the past decade.</p>\n<p>But TSMC shares are now caught up in a rare correction. The stock is down 15% since mid-February. Investors should avoid the temptation to buy on the dip, at least for now. A confluence of factors could make the next couple of quarters bumpy enough to give long-term investors a chance to scoop up shares of the tech juggernaut at an even cheaper price.</p>\n<p>To be sure, the long-term opportunity hasn’t changed. If oil was the crucial commodity of the past,semiconductors are the critical commodity of the future—and TSMC is a leader in making the advanced chips needed for 5G, artificial intelligence, cloud computing, and electric vehicles.</p>\n<p>Founded in 1987, the Taiwanese company accounts for roughly 60% of outsourced chip manufacturing and 90% of the profits. TSMC has made significant investment in its foundries, helping it manufacture ever-denser chips that generate more power while using less energy. RivalIntel(INTC) has struggled to match that success.</p>\n<p>Even the lone analyst with a Sell rating on TSMC stock sings the company’s praises: “This is an A-plus company with solid management,” says Mehdi Hosseini, senior equity analyst at Susquehanna Financial Group, who has covered TSMC for more than 20 years. But Hosseini says he can’t ignore the near-term challenges and the pricey stock.</p>\n<p>Despite the recent selloff, TSMC shares are still up 110% over the past 12 months, and they trade at 27 times earnings estimates for the next 12 months, well above the stock’s five-year average of 19.</p>\n<p><img src=\"https://static.tigerbbs.com/f343f4fd4554dcc3a5fc6842713fd34c\" tg-width=\"685\" tg-height=\"429\">That elevated multiple doesn’t offer much cushion if and when challenges arise. Some money managers caution that near-term demand may not live up to analysts’ rosy forecasts for the next couple of quarters. Also, increased spending by TSMC and its rivals to meet a surge in demand could dent profit margins.</p>\n<p>Meanwhile, escalating geopolitical tensions put Taiwan, a self-ruled democracy that China considers a province, and its most important company in a fraught position.</p>\n<p>Daiwa Capital Markets analyst Rick Hsu is concerned that the chip shortage—which has hobbled automotive plants and sent gamers scrambling to find new consoles—could create inventory-related issues in the first half of 2022.</p>\n<p>Hsu told<i>Barron’s</i>in an email that TSMC’s stock needs to shed another 15%, to about $100, to adequately reflect the current risk profile. The stock recently closed at $118.</p>\n<p>Lackluster demand related to smartphones, which accounts for 45% of revenue, could also lead to disappointment. With TSMC profit margins already near a peak, future growth will require a boost in sales. That could be challenging in the near term. Apple’s iPhone 13 is unlikely to offer a major catalyst, while Chinese smartphone vendors don’t currently have the killer app needed to drive upgrades, Hosseini says.</p>\n<p>“You can’t just give it multiple expansion because it’s a great company. You need earnings power,” Hosseini says, noting that the company trades at a significant premium to theS&P 500 index.He has a price target of $85, putting him far outside the consensus. Wall Street’s average price target on TSMC is $141.</p>\n<p>Analysts, on average, expect TSMC’s earnings to increase 14% to $4.06 a share this year, and 16% to $4.69 a share next year, with revenue growing 16% to $55.8 billion this year, and another 16% next year.</p>\n<p><b>Chips on the Table</b></p>\n<p>Shares of Taiwan Semiconductor Manufacturing have returned an annual average of 25% over the last decade.</p>\n<p><img src=\"https://static.tigerbbs.com/5615dee32fa47048e8747447b01257c9\" tg-width=\"663\" tg-height=\"272\"></p>\n<p>In April, TSMC CEO C.C. Wei told investors of a structural increase in demand, with megatrends around 5G and high-performance computing applications fueling strong demand for several years to come.</p>\n<p>Even so, Wall Street’s estimates may be too optimistic, says Laura Geritz, CEO of Rondure Global Advisors, which owns TSMC shares. She notes that growth at the company was boosted last year as quarantined families loaded up on PCs, gadgets, gaming consoles, and home appliances, all of which require more and more chips.</p>\n<p>Those buying patterns could quickly change as the pandemic eases and central banks begin to taper their support of the economy.</p>\n<p>“I think you will get a better shot,” Geritz says of buying TSMC stock. “It’s expensive when you strip away what could be fiscal and stay-at-home economics.”</p>\n<p>One of the reasons that investors are drawn to TSMC is its deep and impressive list of customers. But that advantage is becoming increasingly costly to maintain as companies—and governments—push for more geographically diverse supply chains.</p>\n<p>In the U.S., the Senate just passed a sweeping $250 billion China package that includes funding and incentives for producing more chips closer to home, along with calls for increased funding of research and development more broadly to help the U.S. maintain its technological edge against China.</p>\n<p>The Biden administration just completed a supply-chain review of critical materials—such as chips—and is pushing to spur more production at home and make the U.S. less vulnerable to global supply-chain disruptions.</p>\n<p>The industry is already reacting. Intel recently unveiled plans to spend $20 billion on two new manufacturing plants in Arizona, whileSamsung Electronics(005930.Korea) plans to invest $116 billion over the next decade, which includes a new chip factory in the U.S. Meanwhile, TSMC has said it plans to invest $100 billion over the next three years—including building two new factories of its own in Arizona.</p>\n<p>The companies’ increased spending is probably required to maintain a competitive edge, and the expenditure could address some of the Biden administration concerns by moving some production back to the U.S.</p>\n<p>In the near term, though, the spending creates financial risk. Longtime TSMC investor Andrew Foster earlier this year sold the TSMC stake he held in his $2.1 billionSeafarer Overseas Growth and Incomefund (SFGIX). He cites concerns about the company’s increased capital expenditure and its potential impact on free cash flow and the dividend, which has a yield of 1.8%.</p>\n<p>Current valuations don’t account for those risks, according to Foster, who says he may reconsider if the stock gets cheaper.</p>\n<p>In an email, TSMC representative Nina Kao said the company’s investment in Arizona is intended to support customers’ long-term capacity needs and isn’t related to political pressure. The company, Kao added, is confident that the Arizona factory will be profitable.</p>\n<p>The biggest risk to TSMC shares is China. The country is intent on unification, and tensions have escalated with China increasing military activity in the South China Sea region. Friction is likely to intensify: The U.S. has said it willsoon hold investment and trade talks with Taiwan,as the administration looks to strengthen Taipei.</p>\n<p>While policy watchers don’t see an armed conflict on the horizon, therisk of an accident is rising as military activity mounts. How to quantify TSMC’s China risk keeps money managers up at night. They say that a military conflict between China and Taiwan is an all-bets-are-off event that would rattle entire markets, not just TSMC stock.</p>\n<p>TSMC declined to comment on politics beyond stating that it was a “law-abiding company” focused on serving its customers.</p>\n<p>The risks don’t change the fact that semiconductors have never been more important.</p>\n<p>“Valuations in quality growth names such as TSMC have clearly gone up, in part because demand for semiconductors is elevated, while at the same time there is quite a serious shortage of them,” says Martin Lau, managing partner at $37 billion FSSA Investment Managers, which is focused on Asia-Pacific and emerging market strategies.</p>\n<p>And yet, “cyclically, this is not the best time to buy TSMC, and the near-term margin of safety has fallen,” he adds. “We remain positive in the longer term.”</p>\n<p>Investors just have to pick the right entry point.</p>","source":"lsy1610680873436","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>Taiwan Semiconductor Is the World’s Most Important Chip Maker. How to Play the Stock.</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\">\nTaiwan Semiconductor Is the World’s Most Important Chip Maker. How to Play the Stock.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-11 23:39 GMT+8 <a href=https://www.barrons.com/articles/taiwan-semi-stock-51623366589?siteid=yhoof2><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A severe shortage of semiconductors hascaused pain across the economy, but it’s also giving investors a new appreciation for the importance of semis—everything from simple chips costing a few dollars ...</p>\n\n<a href=\"https://www.barrons.com/articles/taiwan-semi-stock-51623366589?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"source_url":"https://www.barrons.com/articles/taiwan-semi-stock-51623366589?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135185071","content_text":"A severe shortage of semiconductors hascaused pain across the economy, but it’s also giving investors a new appreciation for the importance of semis—everything from simple chips costing a few dollars to the most advanced components that power high-end phones, computers, and data centers.\nTaiwan Semiconductor Manufacturing(ticker: TSM) sits at the nexus of this global chip renaissance. The company is a critical supplier to U.S. technology giants likeApple(AAPL) andQualcomm(QCOM) and Chinese companies like Huawei Technologies. TSMC’s stock is widely held across the globe, and for good reason. It has returned an annualized 29% over the past decade.\nBut TSMC shares are now caught up in a rare correction. The stock is down 15% since mid-February. Investors should avoid the temptation to buy on the dip, at least for now. A confluence of factors could make the next couple of quarters bumpy enough to give long-term investors a chance to scoop up shares of the tech juggernaut at an even cheaper price.\nTo be sure, the long-term opportunity hasn’t changed. If oil was the crucial commodity of the past,semiconductors are the critical commodity of the future—and TSMC is a leader in making the advanced chips needed for 5G, artificial intelligence, cloud computing, and electric vehicles.\nFounded in 1987, the Taiwanese company accounts for roughly 60% of outsourced chip manufacturing and 90% of the profits. TSMC has made significant investment in its foundries, helping it manufacture ever-denser chips that generate more power while using less energy. RivalIntel(INTC) has struggled to match that success.\nEven the lone analyst with a Sell rating on TSMC stock sings the company’s praises: “This is an A-plus company with solid management,” says Mehdi Hosseini, senior equity analyst at Susquehanna Financial Group, who has covered TSMC for more than 20 years. But Hosseini says he can’t ignore the near-term challenges and the pricey stock.\nDespite the recent selloff, TSMC shares are still up 110% over the past 12 months, and they trade at 27 times earnings estimates for the next 12 months, well above the stock’s five-year average of 19.\nThat elevated multiple doesn’t offer much cushion if and when challenges arise. Some money managers caution that near-term demand may not live up to analysts’ rosy forecasts for the next couple of quarters. Also, increased spending by TSMC and its rivals to meet a surge in demand could dent profit margins.\nMeanwhile, escalating geopolitical tensions put Taiwan, a self-ruled democracy that China considers a province, and its most important company in a fraught position.\nDaiwa Capital Markets analyst Rick Hsu is concerned that the chip shortage—which has hobbled automotive plants and sent gamers scrambling to find new consoles—could create inventory-related issues in the first half of 2022.\nHsu toldBarron’sin an email that TSMC’s stock needs to shed another 15%, to about $100, to adequately reflect the current risk profile. The stock recently closed at $118.\nLackluster demand related to smartphones, which accounts for 45% of revenue, could also lead to disappointment. With TSMC profit margins already near a peak, future growth will require a boost in sales. That could be challenging in the near term. Apple’s iPhone 13 is unlikely to offer a major catalyst, while Chinese smartphone vendors don’t currently have the killer app needed to drive upgrades, Hosseini says.\n“You can’t just give it multiple expansion because it’s a great company. You need earnings power,” Hosseini says, noting that the company trades at a significant premium to theS&P 500 index.He has a price target of $85, putting him far outside the consensus. Wall Street’s average price target on TSMC is $141.\nAnalysts, on average, expect TSMC’s earnings to increase 14% to $4.06 a share this year, and 16% to $4.69 a share next year, with revenue growing 16% to $55.8 billion this year, and another 16% next year.\nChips on the Table\nShares of Taiwan Semiconductor Manufacturing have returned an annual average of 25% over the last decade.\n\nIn April, TSMC CEO C.C. Wei told investors of a structural increase in demand, with megatrends around 5G and high-performance computing applications fueling strong demand for several years to come.\nEven so, Wall Street’s estimates may be too optimistic, says Laura Geritz, CEO of Rondure Global Advisors, which owns TSMC shares. She notes that growth at the company was boosted last year as quarantined families loaded up on PCs, gadgets, gaming consoles, and home appliances, all of which require more and more chips.\nThose buying patterns could quickly change as the pandemic eases and central banks begin to taper their support of the economy.\n“I think you will get a better shot,” Geritz says of buying TSMC stock. “It’s expensive when you strip away what could be fiscal and stay-at-home economics.”\nOne of the reasons that investors are drawn to TSMC is its deep and impressive list of customers. But that advantage is becoming increasingly costly to maintain as companies—and governments—push for more geographically diverse supply chains.\nIn the U.S., the Senate just passed a sweeping $250 billion China package that includes funding and incentives for producing more chips closer to home, along with calls for increased funding of research and development more broadly to help the U.S. maintain its technological edge against China.\nThe Biden administration just completed a supply-chain review of critical materials—such as chips—and is pushing to spur more production at home and make the U.S. less vulnerable to global supply-chain disruptions.\nThe industry is already reacting. Intel recently unveiled plans to spend $20 billion on two new manufacturing plants in Arizona, whileSamsung Electronics(005930.Korea) plans to invest $116 billion over the next decade, which includes a new chip factory in the U.S. Meanwhile, TSMC has said it plans to invest $100 billion over the next three years—including building two new factories of its own in Arizona.\nThe companies’ increased spending is probably required to maintain a competitive edge, and the expenditure could address some of the Biden administration concerns by moving some production back to the U.S.\nIn the near term, though, the spending creates financial risk. Longtime TSMC investor Andrew Foster earlier this year sold the TSMC stake he held in his $2.1 billionSeafarer Overseas Growth and Incomefund (SFGIX). He cites concerns about the company’s increased capital expenditure and its potential impact on free cash flow and the dividend, which has a yield of 1.8%.\nCurrent valuations don’t account for those risks, according to Foster, who says he may reconsider if the stock gets cheaper.\nIn an email, TSMC representative Nina Kao said the company’s investment in Arizona is intended to support customers’ long-term capacity needs and isn’t related to political pressure. The company, Kao added, is confident that the Arizona factory will be profitable.\nThe biggest risk to TSMC shares is China. The country is intent on unification, and tensions have escalated with China increasing military activity in the South China Sea region. Friction is likely to intensify: The U.S. has said it willsoon hold investment and trade talks with Taiwan,as the administration looks to strengthen Taipei.\nWhile policy watchers don’t see an armed conflict on the horizon, therisk of an accident is rising as military activity mounts. How to quantify TSMC’s China risk keeps money managers up at night. They say that a military conflict between China and Taiwan is an all-bets-are-off event that would rattle entire markets, not just TSMC stock.\nTSMC declined to comment on politics beyond stating that it was a “law-abiding company” focused on serving its customers.\nThe risks don’t change the fact that semiconductors have never been more important.\n“Valuations in quality growth names such as TSMC have clearly gone up, in part because demand for semiconductors is elevated, while at the same time there is quite a serious shortage of them,” says Martin Lau, managing partner at $37 billion FSSA Investment Managers, which is focused on Asia-Pacific and emerging market strategies.\nAnd yet, “cyclically, this is not the best time to buy TSMC, and the near-term margin of safety has fallen,” he adds. “We remain positive in the longer term.”\nInvestors just have to pick the right entry point.","news_type":1},"isVote":1,"tweetType":1,"viewCount":301,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9034574249,"gmtCreate":1647932682128,"gmtModify":1676534281703,"author":{"id":"3569200063942806","authorId":"3569200063942806","name":"FreddieLiang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569200063942806","authorIdStr":"3569200063942806"},"themes":[],"htmlText":"Saw","listText":"Saw","text":"Saw","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034574249","repostId":"1130532398","repostType":2,"isVote":1,"tweetType":1,"viewCount":462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
