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  ·03-20
  Tiger Brokers 2023 Net Income Surged by 237%, Client Assets Hit Record High
  Singapore and New York, March 20, 2024 — UP Fintech Holding Limited ("UP Fintech" or the "Company", Nasdaq: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm c
  Tiger Brokers 2023 Net Income Surged by 237%, Client Assets Hit Record High
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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":1710921666,"share":"https://ttm.financial/m/news/1191722789?lang=&edition=fundamental","pubTime":"2024-03-20 16:01","market":"us","language":"en","title":"Tiger Brokers 2023 Net Income Surged by 237%, Client Assets Hit Record High","url":"https://stock-news.laohu8.com/highlight/detail?id=1191722789","media":"Tiger Newspress","summary":"Singapore and New York, March 20, 2024 — UP Fintech Holding Limited (\"UP Fintech\" or the \"Company\", Nasdaq: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm c","content":"<html><head></head><body><p><strong>Singapore and New York, March 20, 2024</strong> — UP Fintech Holding Limited (&#34;UP Fintech&#34; or the &#34;Company&#34;, 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 fourth quarter and full year ended December 31, 2023. In the fourth quarter, the Company achieved a revenue of US$70 million. For the year ended 2023, total revenues increased 20.9% year-over-year to US$272.5 million. Due to the depreciation of the US dollar in the fourth quarter, resulting in a foreign exchange loss of over US$7 million, the non-GAAP net income for the quarter amounted to US$1.1 million. For the entire year, the non-GAAP net income totaled US$42.7 million, which is 3.4 times that of 2022.</p><p style=\"text-align: left;\">During the fourth quarter, UP Fintech added 47,797 new global account holders, marking a 65.9% increase quarter-over-quarter and bringing the global total to 2.2 million, up 9.3% year-over-year. Funded accounts increased by 39,034, showing a growth of 58.6% quarter-over-quarter and 42.8% year-over-year, reaching a total of 904,600 accounts. In 2023, the company added 123,110 funded accounts, mainly from markets outside the Chinese mainland, surpassing annual guidance of 100,000. The Company&#39;s total trading volume reached $81.8 billion during the period. With a strong brand presence in Southeast Asia and an expanding institutional business footprint, net asset inflow from both individual and institutional clients amounted to US$8.2 billion during the quarter, maintaining robust momentum. This droves a quarter-over-quarter increase of 62.1% and a year-over-year increase of 118.5% in total client assets, reaching US$30.6 billion. The retention rate of funded clients remained consistently high at 98%.</p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\"><strong>Over 75% of Total Client Assets Came from Clients in Markets such as Singapore and the US</strong></p><p style=\"text-align: left;\"><strong>Singapore Accounts for the Highest Proportion of Total Funded Clients</strong></p><p style=\"text-align: left;\">Mr. Wu Tianhua, Founder and CEO of UP Fintech, commented, &#34;Over the past year, our robust globalization efforts have resulted in a doubling of our global client assets, reaching a historic high. Over 75% of our total client assets now come from clients beyond the Chinese mainland and Hong Kong, including regions such as Singapore, Australia, New Zealand, and the US. Singapore&#39;s role as our group&#39;s headquarters has been further underscored: whether on a quarterly or annual basis, the proportion of new funded clients from Singapore has consistently been the highest. Currently, Singapore clients represent the largest share of our group&#39;s total funded clients, with over half of our monthly trading clients hailing from the Singapore market, making it the most active region among all markets. &#34;</p><p style=\"text-align: left;\">&#34;In 2024, as the Company celebrates its tenth anniversary and fifth year since going public, we reflect on the past five years of remarkable growth. Our global funded clients and assets have surged over tenfold, with revenue nearly quadrupling and net incomes compounding at a rate of 72%. Looking ahead, we are committed to furthering our globalization strategy, solidifying our market share in Singapore, Australia, New Zealand, and Hong Kong to emerge as a world-leading fintech brokerage. On the brokerage front, we&#39;ll expand our offerings and services to better cater to the diverse wealth management needs of both individual and institutional investors. For instance, in January of this year, we introduced trading for 11 Bitcoin spot ETFs, and concurrently, received approval from the Hong Kong Securities and Futures Commission for Tiger Hong Kong&#39;s Type 1 License uplift, enabling us to offer virtual asset trading services to local professional investors, facilitating seamless one-stop asset allocation across stocks, options, futures, and cryptocurrencies. On the institutional side, leveraging our swift account opening process, multi-asset trading capabilities, rapid response times, and customizable solutions, along with our self-developed multi-management platform, we look forward to assisting more institutional clients in enhancing their operational efficiency.&#34;</p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\"><strong>Singapore Brand Expands: Regional New Funded Clients Increase by 70% QoQ</strong></p><p style=\"text-align: left;\"><strong>Hong Kong Customer Assets Doubled QoQ, Q4 Net Asset Inflow Beat 2023&#39;s First Three Quarters Combined</strong></p><p style=\"text-align: left;\">In 2023, UP Fintech&#39;s global presence grew steadily. Benefiting from the extensive reputation built in the Singapore market, new funded client in Singapore and surrounding areas surged by 70.2% quarter-on-quarter. In Singapore, the average net asset inflow per new funded client reached over US$16,000 during the period, marking a historic high. Tiger Trade remains a top choice for Singapore residents, with approximately one in three using the platform*. Tiger Trade has also gradually become the preferred platform for more local clients to trade a diverse range of products. By offering users free SGX LV2 market data and promotional rates on US stock options, the trading volume of local Singapore stocks during the period increased by 27.8% year-over-year; US stock options trading orders increased by 7.2% quarter-over-quarter and 12.2% year-over-year. In 2023, the Company was once again honored with the &#34;Best Retail Broker&#34; award by the Singapore Securities Investors Association.</p><p style=\"text-align: left;\">In addition to its robust retail operations, the Company also launched a one-stop wealth management solution for major financial advisory firms and wealth management entities in Singapore. Addressing the industry&#39;s current pain points such as complex client onboarding requirements, cumbersome account opening processes, limited trading options, and low transaction settlement efficiency, the Company introduced its next-generation Turnkey Asset Management Platform (TAMP). This platform offers flexible account structures, fully online account opening, multi-market and multi-asset trading, extensive analysis and trading tools, and diversified reporting. It is also supported by a team with rich experience in business and services. &#34;Our commitment to combining cutting-edge technology with human expertise has positioned us as a trusted partner, fostering long-term relationships and bolstering our standing in the competitive landscape of the financial sector.&#34; said Wu Tianhua.</p><p style=\"text-align: left;\">In the Hong Kong market, UP Fintech saw a quarter-on-quarter increase of 20.9% in funded clients and a 150.7% increase in client assets. Net asset inflows for the quarter surpassed the total for the first three quarters of 2023. During this period, the Company introduced the A-share Connect feature in Hong Kong, facilitating trading of over 2,500 eligible stocks and ETFs listed on the Shanghai and Shenzhen stock exchanges. Additionally, the Company launched the &#34;Fixed Income&#34; section, offering selected bond funds to assist Hong Kong clients in positioning themselves early for potential interest rate cuts. By December 2023, trading orders from the Company&#39;s Hong Kong users had surged nearly 30 times compared to the beginning of the year, with monthly US stock orders increasing almost 36 times. The industry has acknowledged the company&#39;s product and service strength, evident from awards such as the &#34;Top Two Futures Brokers&#34; from SGX and the &#34;Innovative Broker&#34; and &#34;Broker Program Key Partner&#34; awards from the CME.</p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\">In Australia, the Company launched CHESS sponsorship for ASX share trading, further enhancing client asset security. By Q4 2023, the number of Australian trading clients grew by 49.4% year-on-year, with US stocks and options traders increased by 65.8% and 67.6% respectively. In New Zealand, leveraging advantages such as free in-depth quotes for US stocks, extended trading hours, and rich options trading experience, local trading clients grew by 19.1% in the fourth quarter, with client assets increasing by 12.0% compared to the last quarter. Currently, the Tiger Trade app has surged to the top 20 in the financial category of local app store**.</p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\"><strong>Wealth management AUM grew by over 400% YoY</strong></p><p style=\"text-align: left;\"><strong>FCN introduced to meet professional investor needs</strong></p><p style=\"text-align: left;\">In the fourth quarter, commission income reached US$22 million and interest-related income climbed to US$43 million, marking a QoQ increase of approximately 3.7%. For the full year of 2023, the Company&#39;s commission income totaled US$92.6 million. Interest-related income amounted to US$161.5 million, with a year-over-year growth of approximately 73.5%.</p><p style=\"text-align: left;\">During this period, the Company continued to improve the options trading experience by introducing multi-leg orders on nine major US stock index options. This helps investors capitalize on potential profit opportunities resulting from market fluctuations. Additionally, the company rolled out the options rolling feature, allowing investors to close existing options positions and open new ones with a single order. This enables professional options traders to adjust their strategies and manage risks more effectively. Since its full launch in the fourth quarter, multi-leg options trades have increased sixfold compared to the previous quarter. </p><p style=\"text-align: left;\">&#34;Trade Feed,&#34; formerly known as &#34;Trading Sparks,&#34; has undergone continuous updates, now allowing users to share multi-leg options trades while displaying the current trading profit and loss ratio. By the fourth quarter, the number of users subscribing to track other sharers&#39; trading feed surged by 282.4% compared to the previous quarter, with over 100 trading sharers joining. Furthermore, the daily average number of shared posts soared by 191.1% quarter-over-quarter, contributing to a vibrant and active Tiger community. Additionally, TigerGPT has launched a news summary feature during the period, enabling users to summarize and analyze the full text of articles with a single click, including identifying trading opportunities and risks, thus enhancing reading efficiency. As of Q4, TigerGPT has engaged in nearly 200,000 conversations with users.</p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\">The wealth management business continues its rapid growth trajectory. In the fourth quarter, the wealth business&#39;s assets under management (AUM) surged by 25.3% compared to the previous quarter, with a year-on-year growth of 420.9%. Additionally, the number of clients increased by 16.9% quarter-over-quarter and 163.9% year-over-year.</p><p style=\"text-align: left;\">During the quarter, the Company launched its US Treasury trading service, providing over 360 different types and maturities of US Treasury products. The minimum investment threshold was reduced to $1,000, coupled with highly competitive trading fees, were well-received by clients. Furthermore, fixed coupon notes (FCNs) were introduced to further meet the asset allocation needs of professional investors. Simultaneously, the wealth management interface within the Tiger Trade app underwent a redesign, with the revamped &#34;Wealth&#34; center now offering comprehensive displays of the company&#39;s wealth management products across different asset classes. This enhancement enables retail investors, institutions, and high-net-worth clients to efficiently select investments according to their investment goals and risk preferences. Service penetration keeps rising, with 1 in 4 new funded clients in Q4 opting for Tiger&#39;s wealth management services. Tiger Vault has also become a popular choice for managing idle funds among Hong Kong clients, seeing a 28.8% quarter-over-quarter growth in user numbers and a 61.2% increase in AUM.</p><p style=\"text-align: left;\">  </p><p style=\"text-align: left;\"><strong>Over 500 ESOP clients served</strong></p><p style=\"text-align: left;\"><strong>Leading underwriting business with 150+ HK and U.S. IPOs</strong></p><p style=\"text-align: left;\">During the reporting period, UP Fintech&#39;s other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$4.9 million. In 2023, other revenues were US$18.4 million in total.</p><p style=\"text-align: left;\">In the investment banking segment, the Company underwrote eight Hong Kong IPOs and one U.S. IPO. In 2023, the Company participated in underwriting five of the top ten companies in terms of funds raised in Hong Kong IPOs. Additionally, among the pre-filed US-listed companies in 2023, it acted as the lead underwriter for four companies, securing the top spot in terms of quantity***. Since venturing into investment banking, the Company has participated in underwriting over 150 companies for listings in Hong Kong and the US, leading the industry in both quantity and recognition. </p><p style=\"text-align: left;\">On the ESOP front, the Company&#39;s brand UponeShare added 30 new corporate clients in the quarter, a 15.4% year-over-year increase and an 11.1% increase from the previous quarter. In 2023, UponeShare added 116 new corporate clients, bringing the total number of serviced corporate clients to 535. With a high level of customer satisfaction, annual customer repurchase orders exceeded 30%. Leveraging industry-leading digital technology, UponeShare follows a &#34;consulting + SaaS&#34; service model to provide end-to-end equity incentive services, catering to both listed and non-listed companies (A-shares, Hong Kong shares, US shares) with its self-developed system, thereby empowering enterprises to enhance their equity management efficiency comprehensively.</p><p style=\"text-align: left;\">In the enterprise account segment, the company&#39;s total number of clients has increased to 420, with over 15% of clients having a market value exceeding HK$10 billion. Currently, Tiger Enterprise Account offers full lifecycle IR and PR services tailored to the diverse communication needs of enterprises across various industries.</p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\"><em>*Based on the 2023 Singapore resident population</em></p><p style=\"text-align: left;\"><em>**Data as of 2/22/2024, sourced from app.diandian.</em></p><p style=\"text-align: left;\"><em>***Data derived from publicly available and trackable projects.</em></p><p style=\"text-align: left;\"> </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>Tiger Brokers 2023 Net Income Surged by 237%, Client Assets Hit Record High</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Brokers 2023 Net Income Surged by 237%, Client Assets Hit Record High\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\">2024-03-20 16:01</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, March 20, 2024</strong> — UP Fintech Holding Limited (&#34;UP Fintech&#34; or the &#34;Company&#34;, 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 fourth quarter and full year ended December 31, 2023. In the fourth quarter, the Company achieved a revenue of US$70 million. For the year ended 2023, total revenues increased 20.9% year-over-year to US$272.5 million. Due to the depreciation of the US dollar in the fourth quarter, resulting in a foreign exchange loss of over US$7 million, the non-GAAP net income for the quarter amounted to US$1.1 million. For the entire year, the non-GAAP net income totaled US$42.7 million, which is 3.4 times that of 2022.</p><p style=\"text-align: left;\">During the fourth quarter, UP Fintech added 47,797 new global account holders, marking a 65.9% increase quarter-over-quarter and bringing the global total to 2.2 million, up 9.3% year-over-year. Funded accounts increased by 39,034, showing a growth of 58.6% quarter-over-quarter and 42.8% year-over-year, reaching a total of 904,600 accounts. In 2023, the company added 123,110 funded accounts, mainly from markets outside the Chinese mainland, surpassing annual guidance of 100,000. The Company&#39;s total trading volume reached $81.8 billion during the period. With a strong brand presence in Southeast Asia and an expanding institutional business footprint, net asset inflow from both individual and institutional clients amounted to US$8.2 billion during the quarter, maintaining robust momentum. This droves a quarter-over-quarter increase of 62.1% and a year-over-year increase of 118.5% in total client assets, reaching US$30.6 billion. The retention rate of funded clients remained consistently high at 98%.</p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\"><strong>Over 75% of Total Client Assets Came from Clients in Markets such as Singapore and the US</strong></p><p style=\"text-align: left;\"><strong>Singapore Accounts for the Highest Proportion of Total Funded Clients</strong></p><p style=\"text-align: left;\">Mr. Wu Tianhua, Founder and CEO of UP Fintech, commented, &#34;Over the past year, our robust globalization efforts have resulted in a doubling of our global client assets, reaching a historic high. Over 75% of our total client assets now come from clients beyond the Chinese mainland and Hong Kong, including regions such as Singapore, Australia, New Zealand, and the US. Singapore&#39;s role as our group&#39;s headquarters has been further underscored: whether on a quarterly or annual basis, the proportion of new funded clients from Singapore has consistently been the highest. Currently, Singapore clients represent the largest share of our group&#39;s total funded clients, with over half of our monthly trading clients hailing from the Singapore market, making it the most active region among all markets. &#34;</p><p style=\"text-align: left;\">&#34;In 2024, as the Company celebrates its tenth anniversary and fifth year since going public, we reflect on the past five years of remarkable growth. Our global funded clients and assets have surged over tenfold, with revenue nearly quadrupling and net incomes compounding at a rate of 72%. Looking ahead, we are committed to furthering our globalization strategy, solidifying our market share in Singapore, Australia, New Zealand, and Hong Kong to emerge as a world-leading fintech brokerage. On the brokerage front, we&#39;ll expand our offerings and services to better cater to the diverse wealth management needs of both individual and institutional investors. For instance, in January of this year, we introduced trading for 11 Bitcoin spot ETFs, and concurrently, received approval from the Hong Kong Securities and Futures Commission for Tiger Hong Kong&#39;s Type 1 License uplift, enabling us to offer virtual asset trading services to local professional investors, facilitating seamless one-stop asset allocation across stocks, options, futures, and cryptocurrencies. On the institutional side, leveraging our swift account opening process, multi-asset trading capabilities, rapid response times, and customizable solutions, along with our self-developed multi-management platform, we look forward to assisting more institutional clients in enhancing their operational efficiency.&#34;</p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\"><strong>Singapore Brand Expands: Regional New Funded Clients Increase by 70% QoQ</strong></p><p style=\"text-align: left;\"><strong>Hong Kong Customer Assets Doubled QoQ, Q4 Net Asset Inflow Beat 2023&#39;s First Three Quarters Combined</strong></p><p style=\"text-align: left;\">In 2023, UP Fintech&#39;s global presence grew steadily. Benefiting from the extensive reputation built in the Singapore market, new funded client in Singapore and surrounding areas surged by 70.2% quarter-on-quarter. In Singapore, the average net asset inflow per new funded client reached over US$16,000 during the period, marking a historic high. Tiger Trade remains a top choice for Singapore residents, with approximately one in three using the platform*. Tiger Trade has also gradually become the preferred platform for more local clients to trade a diverse range of products. By offering users free SGX LV2 market data and promotional rates on US stock options, the trading volume of local Singapore stocks during the period increased by 27.8% year-over-year; US stock options trading orders increased by 7.2% quarter-over-quarter and 12.2% year-over-year. In 2023, the Company was once again honored with the &#34;Best Retail Broker&#34; award by the Singapore Securities Investors Association.</p><p style=\"text-align: left;\">In addition to its robust retail operations, the Company also launched a one-stop wealth management solution for major financial advisory firms and wealth management entities in Singapore. Addressing the industry&#39;s current pain points such as complex client onboarding requirements, cumbersome account opening processes, limited trading options, and low transaction settlement efficiency, the Company introduced its next-generation Turnkey Asset Management Platform (TAMP). This platform offers flexible account structures, fully online account opening, multi-market and multi-asset trading, extensive analysis and trading tools, and diversified reporting. It is also supported by a team with rich experience in business and services. &#34;Our commitment to combining cutting-edge technology with human expertise has positioned us as a trusted partner, fostering long-term relationships and bolstering our standing in the competitive landscape of the financial sector.&#34; said Wu Tianhua.</p><p style=\"text-align: left;\">In the Hong Kong market, UP Fintech saw a quarter-on-quarter increase of 20.9% in funded clients and a 150.7% increase in client assets. Net asset inflows for the quarter surpassed the total for the first three quarters of 2023. During this period, the Company introduced the A-share Connect feature in Hong Kong, facilitating trading of over 2,500 eligible stocks and ETFs listed on the Shanghai and Shenzhen stock exchanges. Additionally, the Company launched the &#34;Fixed Income&#34; section, offering selected bond funds to assist Hong Kong clients in positioning themselves early for potential interest rate cuts. By December 2023, trading orders from the Company&#39;s Hong Kong users had surged nearly 30 times compared to the beginning of the year, with monthly US stock orders increasing almost 36 times. The industry has acknowledged the company&#39;s product and service strength, evident from awards such as the &#34;Top Two Futures Brokers&#34; from SGX and the &#34;Innovative Broker&#34; and &#34;Broker Program Key Partner&#34; awards from the CME.</p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\">In Australia, the Company launched CHESS sponsorship for ASX share trading, further enhancing client asset security. By Q4 2023, the number of Australian trading clients grew by 49.4% year-on-year, with US stocks and options traders increased by 65.8% and 67.6% respectively. In New Zealand, leveraging advantages such as free in-depth quotes for US stocks, extended trading hours, and rich options trading experience, local trading clients grew by 19.1% in the fourth quarter, with client assets increasing by 12.0% compared to the last quarter. Currently, the Tiger Trade app has surged to the top 20 in the financial category of local app store**.</p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\"><strong>Wealth management AUM grew by over 400% YoY</strong></p><p style=\"text-align: left;\"><strong>FCN introduced to meet professional investor needs</strong></p><p style=\"text-align: left;\">In the fourth quarter, commission income reached US$22 million and interest-related income climbed to US$43 million, marking a QoQ increase of approximately 3.7%. For the full year of 2023, the Company&#39;s commission income totaled US$92.6 million. Interest-related income amounted to US$161.5 million, with a year-over-year growth of approximately 73.5%.</p><p style=\"text-align: left;\">During this period, the Company continued to improve the options trading experience by introducing multi-leg orders on nine major US stock index options. This helps investors capitalize on potential profit opportunities resulting from market fluctuations. Additionally, the company rolled out the options rolling feature, allowing investors to close existing options positions and open new ones with a single order. This enables professional options traders to adjust their strategies and manage risks more effectively. Since its full launch in the fourth quarter, multi-leg options trades have increased sixfold compared to the previous quarter. </p><p style=\"text-align: left;\">&#34;Trade Feed,&#34; formerly known as &#34;Trading Sparks,&#34; has undergone continuous updates, now allowing users to share multi-leg options trades while displaying the current trading profit and loss ratio. By the fourth quarter, the number of users subscribing to track other sharers&#39; trading feed surged by 282.4% compared to the previous quarter, with over 100 trading sharers joining. Furthermore, the daily average number of shared posts soared by 191.1% quarter-over-quarter, contributing to a vibrant and active Tiger community. Additionally, TigerGPT has launched a news summary feature during the period, enabling users to summarize and analyze the full text of articles with a single click, including identifying trading opportunities and risks, thus enhancing reading efficiency. As of Q4, TigerGPT has engaged in nearly 200,000 conversations with users.</p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\">The wealth management business continues its rapid growth trajectory. In the fourth quarter, the wealth business&#39;s assets under management (AUM) surged by 25.3% compared to the previous quarter, with a year-on-year growth of 420.9%. Additionally, the number of clients increased by 16.9% quarter-over-quarter and 163.9% year-over-year.</p><p style=\"text-align: left;\">During the quarter, the Company launched its US Treasury trading service, providing over 360 different types and maturities of US Treasury products. The minimum investment threshold was reduced to $1,000, coupled with highly competitive trading fees, were well-received by clients. Furthermore, fixed coupon notes (FCNs) were introduced to further meet the asset allocation needs of professional investors. Simultaneously, the wealth management interface within the Tiger Trade app underwent a redesign, with the revamped &#34;Wealth&#34; center now offering comprehensive displays of the company&#39;s wealth management products across different asset classes. This enhancement enables retail investors, institutions, and high-net-worth clients to efficiently select investments according to their investment goals and risk preferences. Service penetration keeps rising, with 1 in 4 new funded clients in Q4 opting for Tiger&#39;s wealth management services. Tiger Vault has also become a popular choice for managing idle funds among Hong Kong clients, seeing a 28.8% quarter-over-quarter growth in user numbers and a 61.2% increase in AUM.</p><p style=\"text-align: left;\">  </p><p style=\"text-align: left;\"><strong>Over 500 ESOP clients served</strong></p><p style=\"text-align: left;\"><strong>Leading underwriting business with 150+ HK and U.S. IPOs</strong></p><p style=\"text-align: left;\">During the reporting period, UP Fintech&#39;s other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$4.9 million. In 2023, other revenues were US$18.4 million in total.</p><p style=\"text-align: left;\">In the investment banking segment, the Company underwrote eight Hong Kong IPOs and one U.S. IPO. In 2023, the Company participated in underwriting five of the top ten companies in terms of funds raised in Hong Kong IPOs. Additionally, among the pre-filed US-listed companies in 2023, it acted as the lead underwriter for four companies, securing the top spot in terms of quantity***. Since venturing into investment banking, the Company has participated in underwriting over 150 companies for listings in Hong Kong and the US, leading the industry in both quantity and recognition. </p><p style=\"text-align: left;\">On the ESOP front, the Company&#39;s brand UponeShare added 30 new corporate clients in the quarter, a 15.4% year-over-year increase and an 11.1% increase from the previous quarter. In 2023, UponeShare added 116 new corporate clients, bringing the total number of serviced corporate clients to 535. With a high level of customer satisfaction, annual customer repurchase orders exceeded 30%. Leveraging industry-leading digital technology, UponeShare follows a &#34;consulting + SaaS&#34; service model to provide end-to-end equity incentive services, catering to both listed and non-listed companies (A-shares, Hong Kong shares, US shares) with its self-developed system, thereby empowering enterprises to enhance their equity management efficiency comprehensively.</p><p style=\"text-align: left;\">In the enterprise account segment, the company&#39;s total number of clients has increased to 420, with over 15% of clients having a market value exceeding HK$10 billion. Currently, Tiger Enterprise Account offers full lifecycle IR and PR services tailored to the diverse communication needs of enterprises across various industries.</p><p style=\"text-align: left;\"> </p><p style=\"text-align: left;\"><em>*Based on the 2023 Singapore resident population</em></p><p style=\"text-align: left;\"><em>**Data as of 2/22/2024, sourced from app.diandian.</em></p><p style=\"text-align: left;\"><em>***Data derived from publicly available and trackable projects.</em></p><p style=\"text-align: left;\"> </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":"1191722789","content_text":"Singapore and New York, March 20, 2024 — UP Fintech Holding Limited (\"UP Fintech\" or the \"Company\", Nasdaq: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm committed to redefining global investing through next-generation technologies, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023. In the fourth quarter, the Company achieved a revenue of US$70 million. For the year ended 2023, total revenues increased 20.9% year-over-year to US$272.5 million. Due to the depreciation of the US dollar in the fourth quarter, resulting in a foreign exchange loss of over US$7 million, the non-GAAP net income for the quarter amounted to US$1.1 million. For the entire year, the non-GAAP net income totaled US$42.7 million, which is 3.4 times that of 2022.During the fourth quarter, UP Fintech added 47,797 new global account holders, marking a 65.9% increase quarter-over-quarter and bringing the global total to 2.2 million, up 9.3% year-over-year. Funded accounts increased by 39,034, showing a growth of 58.6% quarter-over-quarter and 42.8% year-over-year, reaching a total of 904,600 accounts. In 2023, the company added 123,110 funded accounts, mainly from markets outside the Chinese mainland, surpassing annual guidance of 100,000. The Company's total trading volume reached $81.8 billion during the period. With a strong brand presence in Southeast Asia and an expanding institutional business footprint, net asset inflow from both individual and institutional clients amounted to US$8.2 billion during the quarter, maintaining robust momentum. This droves a quarter-over-quarter increase of 62.1% and a year-over-year increase of 118.5% in total client assets, reaching US$30.6 billion. The retention rate of funded clients remained consistently high at 98%. Over 75% of Total Client Assets Came from Clients in Markets such as Singapore and the USSingapore Accounts for the Highest Proportion of Total Funded ClientsMr. Wu Tianhua, Founder and CEO of UP Fintech, commented, \"Over the past year, our robust globalization efforts have resulted in a doubling of our global client assets, reaching a historic high. Over 75% of our total client assets now come from clients beyond the Chinese mainland and Hong Kong, including regions such as Singapore, Australia, New Zealand, and the US. Singapore's role as our group's headquarters has been further underscored: whether on a quarterly or annual basis, the proportion of new funded clients from Singapore has consistently been the highest. Currently, Singapore clients represent the largest share of our group's total funded clients, with over half of our monthly trading clients hailing from the Singapore market, making it the most active region among all markets. \"\"In 2024, as the Company celebrates its tenth anniversary and fifth year since going public, we reflect on the past five years of remarkable growth. Our global funded clients and assets have surged over tenfold, with revenue nearly quadrupling and net incomes compounding at a rate of 72%. Looking ahead, we are committed to furthering our globalization strategy, solidifying our market share in Singapore, Australia, New Zealand, and Hong Kong to emerge as a world-leading fintech brokerage. On the brokerage front, we'll expand our offerings and services to better cater to the diverse wealth management needs of both individual and institutional investors. For instance, in January of this year, we introduced trading for 11 Bitcoin spot ETFs, and concurrently, received approval from the Hong Kong Securities and Futures Commission for Tiger Hong Kong's Type 1 License uplift, enabling us to offer virtual asset trading services to local professional investors, facilitating seamless one-stop asset allocation across stocks, options, futures, and cryptocurrencies. On the institutional side, leveraging our swift account opening process, multi-asset trading capabilities, rapid response times, and customizable solutions, along with our self-developed multi-management platform, we look forward to assisting more institutional clients in enhancing their operational efficiency.\" Singapore Brand Expands: Regional New Funded Clients Increase by 70% QoQHong Kong Customer Assets Doubled QoQ, Q4 Net Asset Inflow Beat 2023's First Three Quarters CombinedIn 2023, UP Fintech's global presence grew steadily. Benefiting from the extensive reputation built in the Singapore market, new funded client in Singapore and surrounding areas surged by 70.2% quarter-on-quarter. In Singapore, the average net asset inflow per new funded client reached over US$16,000 during the period, marking a historic high. Tiger Trade remains a top choice for Singapore residents, with approximately one in three using the platform*. Tiger Trade has also gradually become the preferred platform for more local clients to trade a diverse range of products. By offering users free SGX LV2 market data and promotional rates on US stock options, the trading volume of local Singapore stocks during the period increased by 27.8% year-over-year; US stock options trading orders increased by 7.2% quarter-over-quarter and 12.2% year-over-year. In 2023, the Company was once again honored with the \"Best Retail Broker\" award by the Singapore Securities Investors Association.In addition to its robust retail operations, the Company also launched a one-stop wealth management solution for major financial advisory firms and wealth management entities in Singapore. Addressing the industry's current pain points such as complex client onboarding requirements, cumbersome account opening processes, limited trading options, and low transaction settlement efficiency, the Company introduced its next-generation Turnkey Asset Management Platform (TAMP). This platform offers flexible account structures, fully online account opening, multi-market and multi-asset trading, extensive analysis and trading tools, and diversified reporting. It is also supported by a team with rich experience in business and services. \"Our commitment to combining cutting-edge technology with human expertise has positioned us as a trusted partner, fostering long-term relationships and bolstering our standing in the competitive landscape of the financial sector.\" said Wu Tianhua.In the Hong Kong market, UP Fintech saw a quarter-on-quarter increase of 20.9% in funded clients and a 150.7% increase in client assets. Net asset inflows for the quarter surpassed the total for the first three quarters of 2023. During this period, the Company introduced the A-share Connect feature in Hong Kong, facilitating trading of over 2,500 eligible stocks and ETFs listed on the Shanghai and Shenzhen stock exchanges. Additionally, the Company launched the \"Fixed Income\" section, offering selected bond funds to assist Hong Kong clients in positioning themselves early for potential interest rate cuts. By December 2023, trading orders from the Company's Hong Kong users had surged nearly 30 times compared to the beginning of the year, with monthly US stock orders increasing almost 36 times. The industry has acknowledged the company's product and service strength, evident from awards such as the \"Top Two Futures Brokers\" from SGX and the \"Innovative Broker\" and \"Broker Program Key Partner\" awards from the CME. In Australia, the Company launched CHESS sponsorship for ASX share trading, further enhancing client asset security. By Q4 2023, the number of Australian trading clients grew by 49.4% year-on-year, with US stocks and options traders increased by 65.8% and 67.6% respectively. In New Zealand, leveraging advantages such as free in-depth quotes for US stocks, extended trading hours, and rich options trading experience, local trading clients grew by 19.1% in the fourth quarter, with client assets increasing by 12.0% compared to the last quarter. Currently, the Tiger Trade app has surged to the top 20 in the financial category of local app store**. Wealth management AUM grew by over 400% YoYFCN introduced to meet professional investor needsIn the fourth quarter, commission income reached US$22 million and interest-related income climbed to US$43 million, marking a QoQ increase of approximately 3.7%. For the full year of 2023, the Company's commission income totaled US$92.6 million. Interest-related income amounted to US$161.5 million, with a year-over-year growth of approximately 73.5%.During this period, the Company continued to improve the options trading experience by introducing multi-leg orders on nine major US stock index options. This helps investors capitalize on potential profit opportunities resulting from market fluctuations. Additionally, the company rolled out the options rolling feature, allowing investors to close existing options positions and open new ones with a single order. This enables professional options traders to adjust their strategies and manage risks more effectively. Since its full launch in the fourth quarter, multi-leg options trades have increased sixfold compared to the previous quarter. \"Trade Feed,\" formerly known as \"Trading Sparks,\" has undergone continuous updates, now allowing users to share multi-leg options trades while displaying the current trading profit and loss ratio. By the fourth quarter, the number of users subscribing to track other sharers' trading feed surged by 282.4% compared to the previous quarter, with over 100 trading sharers joining. Furthermore, the daily average number of shared posts soared by 191.1% quarter-over-quarter, contributing to a vibrant and active Tiger community. Additionally, TigerGPT has launched a news summary feature during the period, enabling users to summarize and analyze the full text of articles with a single click, including identifying trading opportunities and risks, thus enhancing reading efficiency. As of Q4, TigerGPT has engaged in nearly 200,000 conversations with users. The wealth management business continues its rapid growth trajectory. In the fourth quarter, the wealth business's assets under management (AUM) surged by 25.3% compared to the previous quarter, with a year-on-year growth of 420.9%. Additionally, the number of clients increased by 16.9% quarter-over-quarter and 163.9% year-over-year.During the quarter, the Company launched its US Treasury trading service, providing over 360 different types and maturities of US Treasury products. The minimum investment threshold was reduced to $1,000, coupled with highly competitive trading fees, were well-received by clients. Furthermore, fixed coupon notes (FCNs) were introduced to further meet the asset allocation needs of professional investors. Simultaneously, the wealth management interface within the Tiger Trade app underwent a redesign, with the revamped \"Wealth\" center now offering comprehensive displays of the company's wealth management products across different asset classes. This enhancement enables retail investors, institutions, and high-net-worth clients to efficiently select investments according to their investment goals and risk preferences. Service penetration keeps rising, with 1 in 4 new funded clients in Q4 opting for Tiger's wealth management services. Tiger Vault has also become a popular choice for managing idle funds among Hong Kong clients, seeing a 28.8% quarter-over-quarter growth in user numbers and a 61.2% increase in AUM.  Over 500 ESOP clients servedLeading underwriting business with 150+ HK and U.S. IPOsDuring the reporting period, UP Fintech's other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$4.9 million. In 2023, other revenues were US$18.4 million in total.In the investment banking segment, the Company underwrote eight Hong Kong IPOs and one U.S. IPO. In 2023, the Company participated in underwriting five of the top ten companies in terms of funds raised in Hong Kong IPOs. Additionally, among the pre-filed US-listed companies in 2023, it acted as the lead underwriter for four companies, securing the top spot in terms of quantity***. Since venturing into investment banking, the Company has participated in underwriting over 150 companies for listings in Hong Kong and the US, leading the industry in both quantity and recognition. On the ESOP front, the Company's brand UponeShare added 30 new corporate clients in the quarter, a 15.4% year-over-year increase and an 11.1% increase from the previous quarter. In 2023, UponeShare added 116 new corporate clients, bringing the total number of serviced corporate clients to 535. With a high level of customer satisfaction, annual customer repurchase orders exceeded 30%. Leveraging industry-leading digital technology, UponeShare follows a \"consulting + SaaS\" service model to provide end-to-end equity incentive services, catering to both listed and non-listed companies (A-shares, Hong Kong shares, US shares) with its self-developed system, thereby empowering enterprises to enhance their equity management efficiency comprehensively.In the enterprise account segment, the company's total number of clients has increased to 420, with over 15% of clients having a market value exceeding HK$10 billion. Currently, Tiger Enterprise Account offers full lifecycle IR and PR services tailored to the diverse communication needs of enterprises across various industries. *Based on the 2023 Singapore resident population**Data as of 2/22/2024, sourced from app.diandian.***Data derived from publicly available and trackable projects.","news_type":1},"isVote":1,"tweetType":1,"viewCount":176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}