HONG
KONG and SINGAPORE and
NEW YORK, June 5, 2024
/PRNewswire/ -- 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 first quarter ended March 31,
2024. In the first quarter, the company achieved a total
revenue of US$78.9 million, marking a
19% year-over-year (YoY) increase and achieving a nearly three-year
high. Non-GAAP net income attributable to UP Fintech was
US$14.7 million, 12.9 times increase
quarter-over-quarter (QoQ) and a YoY surge of 42.4%.
In the first quarter of 2024, the Company added 51,700 new
global account holders, an increase of 8.1% quarter-over-quarter,
bringing the total number of global accounts to 2.25 million.
28,800 newly funded accounts were added, driving the total number
of funded accounts to 933,400, a YoY increase of 15%. As of the end
of May, the number of newly funded clients in the second quarter
has already exceeded the first quarter's increase. Additionally,
market trading activity increased in the first quarter, with the
Company's total trading volume growing 27.4% YoY to US$85.4 billion. Net asset inflow remained
strong, reaching US$5.3 billion for
the quarter, which pushed total client assets up by 7.4% QoQ and
103.8% YoY to an all-time high of US$32.9
billion. Over 75% of total client assets now come from
clients in markets such as Singapore, Australia, New
Zealand, and the US.
UP Fintech's founder and CEO, Wu Tianhua, stated, "This quarter,
we have continued to deepen our presence in markets such as
Singapore and Hong Kong. In Singapore, we launched the first local debit
card that rewards users with fractional shares from their
purchases, aiming to help novice investors participate in the
financial markets and increase their investment awareness. We also
introduced the Cash Boost trading account, becoming the first tech
broker in Singapore to support
contra trading strategies. Eligible clients will be able to trade
US, Singapore, and Hong Kong stocks and ETFs without
pre-depositing funds, thus improving capital efficiency. In
Hong Kong, we have pioneered
virtual asset trading services for professional investors, allowing
them to trade stocks, ETFs, options, futures, funds, and virtual
assets all within one app, facilitating global asset allocation. We
are applying to extend this service to retail investors, leading
the way in enhancing the tech brokerage experience in Hong Kong."
Launched SG's first debit card that rewards fractional
shares
HK: record US$18,000 net asset inflow per newly funded
client
At its headquarters in Singapore, the Company was the first among
tech brokers to reach the milestone of one million users. The
company continues to deepen its product and service offerings,
driving quarter-over-quarter growth in client assets for five
consecutive quarters. Client quality remains high, with the average
net asset inflow per new funded client in Q1 staying at
US$14,000.
At the end of February, the Company launched the "Tiger BOSS
Debit Card" in partnership*, the first debit card in Singapore that offers instant rewards in the
form of cashback in fractional shares of popular stocks with
every daily spend. Supporting customers with an entirely online
application process and fast card issuance, the BOSS Card also
provides competitive foreign exchange rates and can seamlessly
integrate with all major Visa-supported e-wallets for contactless
payments, catering to users' demand for hassle-free payment
solutions. For novice investors grappling with limited capital, the
prospect of investing in renowned company stocks often appears
daunting. However, through the incentivization of fractional
shares, the Tiger BOSS Debit Card opens doors for all investors to
participate in the investment landscape, nurturing greater
awareness and confidence in financial markets.
For the more seasoned traders in the local market, the Company
has also launched the Cash Boost Account tailored for the
Singapore market after undergoing
internal testing in the first quarter. This account marks the
Company as the first fintech broker in the market to provide
contra facilities. Through the Cash Boost Account, investors gain
access to trading limits and can execute trades without requiring
any initial capital. This capability empowers them to seize
investment opportunities promptly and enhance capital utilization
efficiency.
In Hong Kong, the Company has
attracted more high-quality clients through its cost-effective
global trading services. During the period, the client asset was up
40% quarter over quarter, with the average net asset inflow of
local newly funded clients reaching a record high of US$18,000. As a designated securities broker for
the Retail Bond issued by the Airport Authority Hong Kong, the
Company introduces the "13 waiver" promotion, which waived charges
including subscription fees, allocation fees, and margin interest.
This initiative provides Hong Kong
clients with accessible subscription opportunities, receiving
positive feedback.
Following the upgrade of the Type 1 License by the Hong Kong
Securities and Futures Commission (SFC) to include virtual asset
trading service for professional investors in January, the Company
has become one of the pioneering brokers in Hong Kong to support trading of virtual assets
alongside traditional financial assets such as Hong Kong and US stocks, options,
futures, ETFs, all within a single app. The Company is
applying to expand the virtual asset dealing service to retail
investors, subject to the authority's approval.
Additionally, Tiger has obtained a Type 9 license from the SFC,
authorizing the Company to provide asset management service,
including discretionary accounts service to both retail clients and
professional investors and asset management service to collective
investment schemes offered to professional investors only.
With the bolstering of brand influence, the Company has garnered
increased trust from investors in Australia, witnessing a 20.5% uptick in
trading accounts in Q1 compared to the previous quarter, and the
net inflow of clients was nearly triple that of the previous
quarter. As one of the few local tech brokers supporting US stock
options trading, the number of orders for US stock options trading
surged by 35.1% during the period QoQ. The company collaborated
with local financial media technology firm Grafa to integrate
AI-driven data, news, and analysis into Tiger Trade, offering
investors more precise market insights. Moreover, by co-hosting
recruitment fairs, seminars, and other events with the University
of Western Australia, the Company
further solidifies its commitment to localized development,
supporting the long-term growth of local financial technology
talents and industries.
In New Zealand, the Company saw
an impressive growth, with a QoQ increase of 77% in newly funded
clients and 87.9% increase in new trading clients in the first
quarter. The Company has also been prioritizing investor education,
spreading financial knowledge through various mediums such as
graphics, videos, and more.
24-Hour US stock trading launched: 500+ stocks and ETFs
available
Tiger Vault surges in HK: user base
doubled
In the first quarter, commission income reached US$27.8 million and interest-related income
climbed to US$46.7 million, marking a
QoQ increase of approximately 8.2%.
The Company continues to enhance the one-stop global investment
experience at Tiger Trade, including adding
cryptocurrency market data, US and HK virtual asset
spot ETF trading**. 24-hour US stock trading is now available to
users, expected to support 500+ stocks and ETFs, eliminating time
zone constraints. Options trading has been upgraded, introducing US
options early exercise and do-not-exercise feature, which enhance
strategy flexibility. With comprehensive options data and new
features such as multi-leg orders and options rolling, client US
stock options trading saw a 36.2% increase in average weekly orders
and doubled transaction amounts compared to the previous quarter.
More users are engaging with Trading Feed, a feature facilitating
investing inspiration, with a 205.7% QoQ increase in subscribers
and an 80.4% increase in daily trading feed posts. The system now
intelligently suggests relevant sharers based on user preferences,
ensuring personalized and convenient content discovery.
In the first quarter, both AUM and the number of users of the
Company's wealth management services doubled YoY. The Company's
cash management service, "Tiger Vault," saw increased popularity,
particularly in Hong Kong, with a
92.5% rise in number of users QoQ. The Company launched a US
Treasury section in the app, offering a selection of the
highest-yield US Treasuries and ETFs based on maturity, enabling
flexible investment choices. Compared to last quarter, the number
of clients trading US Treasuries has nearly doubled, and AUM has
increased more than sixfold. In Singapore, the Company introduced structured
notes products such as Fixed Coupon Notes, supported by well-known
financial institutions, offering various options for tailored
investment strategies with instant quotes. Tiger Wealth has also
been upgraded to a primary tab in the Tiger Trade app, providing
easy access to money market funds, fund rankings, ETFs, US
Treasuries, and notes, making asset allocation more convenient for
users.
Ranked third among HK IPO underwriters
UponeShare
SaaS revenue doubled YoY
During the reporting period, UP Fintech's other revenues,
encompassing services such as investment banking and Employee Stock
Ownership Plan (ESOP), amounted to US$4.5
million.
In terms of investment banking, the Company ranked third among
the bookrunners for Hong Kong IPOs during the period, underwriting
IPOs for four companies including Changjiu Holdings Limited,
Concord Healthcare, and QYUNS-B. Additionally, leveraging its
outstanding transaction execution capabilities, it facilitated
three block trades and three share repurchase transactions for
several Hong Kong and US-listed
companies.
On the ESOP front, the Company's brand UponeShare added 22 new
clients this quarter, bringing the total number of serviced
enterprise clients to 557. The average consulting fee for equity
incentive plans increased by 33.6% year-over-year, highlighting the
service value and market competitiveness. Additionally, due to high
client renewal rates and increased SaaS annual fees, the company's
SaaS revenue surged by 159.9% YoY and 42.3% QoQ.
This quarter, Tiger Enterprise Account welcomed companies such
as Fourth Paradigm and Guotai Junan International, bringing the
total number of clients to 428. The "2023 Tiger Enterprise Account
Annual List" was released, recognizing 40 companies across
categories like "Most Popular" and "Communication Innovation."
Through these initiatives, the Company facilitates communication
between leading enterprises and global investors, fueling industry
growth.
*Tiger Brokers (Singapore)
Pte Ltd has partnered with a local licensed partner which is
regulated as a Major Payment Institution by The Monetary Authority
of Singapore (MAS) to provide card
issuance and account issuing services. License: PS20200413.
**Available in certain markets
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SOURCE UP Fintech Holding Limited
