To The Moon

Tiger Brokers ("UP Fintech" or the "Company", Nasdaq: TIGR, and all its subsidiaries and consolidated entities), 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%.

Mr. 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."