To The Moon

• About one-fifth of new customers with deposits are from Australia and New Zealand, indicating growing local recognition

• Average net deposit of newly acquired clients surpasses US$11,000 in Singapore, a sign of deepening trust

Singapore and New York, November 23, 2022 — UP Fintech Holding Limited ("UP Fintech" or the "Company", Nasdaq: $(TIGR)$, and all its subsidiaries and consolidated entities), an online brokerage with a focus on redefining global investing with technologies for the next generation, announced its unaudited financial results for the three months ended September 30, 2022.

During the period, the company's revenue reached US$55.41 million, with the net income attributable to UP Fintech turning positive to US$3.34 million, and non-GAAP net income reaching US$6.63 million, up 91.3% quarter-over-quarter.

During the third quarter, the number of new customer accounts increased by 35,400, totaling 1.97 million globally, up 11.5% from the same quarter last year. The number of new customers with deposits rose by 22,700 to 754,100, up 23.2% from the same period last year.

The total trading volume from customers stood at US$78.2 billion on the company's platform, of which US$23.5 billion was on share trading, and 7.7 million options and futures contracts were made. Net asset inflow from customers exceeded US$700 million during the third quarter, and the company retained 98% of its customers with assets during the period.

Wu Tianhua, CEO and founder of UP Fintech, said, "In the third quarter, the company witnessed steady sequential growth in key indicators. Our interest-related income was up by almost 70% quarter-over-quarter amid the Federal Reserve's interest rates hikes. While thanks to further improved operational efficiency, our non-GAAP net income nearly doubled, all the more showing our resilience to global macroeconomic uncertainties. Among our global markets, in Australia and New Zealand, the public recognition of our services rose significantly, with the number of new funded clients accounting for 19% of the total worldwide."

"In this quarter, we brought to global investors a fractional share feature in our flagship app Tiger Trade, offering clients with limited deposits access to premium stocks at high prices, and expanding our potential user base. Nearly all US cash equity tradings were self-cleared by our proprietary infrastructure, boosting the overall clearing efficiency and lowering the costs," Wu Tianhua added.

Wu Tianhua also revealed, "Looking ahead, in the fourth quarter, we will land our services in Hong Kong, where we are committed to providing investors in this global financial center with the best possible products and services. In addition, we are dedicated to allocating our global resources effectively to serve our worldwide client base well."

In Singapore, average net deposit of newly acquired clients up for the second consecutive quarter

UP Fintech's market position in Singapore continued to consolidate with consensual trust from high-worth customers. The average net deposit of newly acquired clients has grown for the second consecutive quarter, passing the US$11,000 threshold in the third quarter, while overtaking the US$9,000 one in the previous quarter.

In terms of the products we offer, the company upgraded all Singapore-registered accounts by merging share and fund trading operations, enabling the deposit in customers' margin accounts for US stocks to be directed for fund trading to alleviate their liquidity restraint.

During the period, the company's cash management services in Singapore were strategically elevated to become Tiger Vault, where customers' in-account deposits can be directly for shares, options, and fund trading, as well as for IPO subscriptions, a move that facilitates the asset management flow. The brand-new Tiger Vault has received positive feedback in Singapore, where the asset under management (AUM) in total was up 120.1% quarter-over-quarter, and the number of users increased by 61.3% quarter-over-quarter. These numbers underscore the diversification we strive to offer to clients against heightened volatility.

During the third quarter, by spearheading product and technological innovations, UP Fintech bagged the "Fintech - Brokerage" award at the SBR Technology Excellence Awards 2022 from the Singapore Business Review. In the city state's "Best Customer Service 2022/23" survey conducted jointly by The Straits Times and research firm Statista, the company's excellent customer service was recognized in the trading and brokerage services sub-category, under Real Estate and Banking. As of now, in Singapore, the company keeps 21.5 hours of customer care services on a daily basis, through a combination of channels including hotline, e-mail, social media platforms, and in-app chat. The company also received "Investor's Choice Awards 2022: Best Retail Broker" from the Securities Investors Association (Singapore).

In Southeast Asia, the company announced its Official Sponsor status for the ongoing AFF Mitsubishi Electric Cup 2022, the region's biennial football tournament contested by 10 national "A" teams, a move that seeks to highlight the company's continued commitment to becoming a global local company and letting everyone in the world enjoy efficient and smart investing.

Nearly 20% of global new customers with deposits from Australia and New Zealand

In Australia and New Zealand, the company continued to gain momentum. In the reporting period, client acquisition sped up, with nearly 20% of all global new funded customers from the two markets. In-app feature-wise, PayID was accepted to deposit Tiger accounts in Australia in an offering to shorten the processing time. The new feature allows customers to enjoy real-time deposits all year round.

During the two quarters since the company's entry into Australia, its flagship Tiger Trade app has been trusted by more local customers. In the third quarter, the company captured the winner position in three categories including "Best for Australian investors", "People's choice", and "Best for ETFs", from the well-known investing media outlet WeMoney.