- Revenue for the quarter reached US$66.1
million, marking a 23.5% year-over-year (YoY) increase
- Non-GAAP profit soared to US$15.3
million, up 48.4% quarter-over-quarter (QoQ), achieving a
two-year record high.
- The launch of TigerGPT, an AI-powered investment assistant, in
Singapore, New Zealand, Australia, and Hong Kong SAR, highlights the
Company's commitment to cutting-edge fintech innovation.
SINGAPORE and NEW YORK, Aug. 29,
2023 /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 second quarter ended June 30,
2023. Driven by a strategic global expansion and an
unwavering commitment to fintech innovation, the Company's revenue
for the quarter reached US$66.1
million, marking a 23.5% year-over-year (YoY) increase. The
non-GAAP profit attributable to UP Fintech soared to US$15.3 million, up 48.4% quarter-over-quarter
(QoQ) and nearly 3.4 times YoY, achieving a two-year record high,
surpassing the previous year's total.
During the second quarter, 58,582 new customer accounts were
added to UP Fintech's global portfolio, bringing the total to 2.12
million. A total of 29,077 new customers with deposits (funded
accounts) were added this quarter, elevating the total number of
funded accounts to 840,931, marking a 15% increase YoY.
The total trading volume by customers on the Company's platform
reached US$65.1 billion during the
second quarter, with US$19.3 billion
attributed to stock trading. Additionally, 7.76 million options and
futures contracts were traded by clients. Customer assets saw a
significant increase, amounting to US$17.3
billion during the reporting period, a rise of 16.2% YoY.
Moreover, the quarterly net asset inflow approached the substantial
figure of US$1.6 billion, reflecting
the strong trust and engagement the Company continues to foster
within its client base.
CEO highlights: strong performance, global expansion, and
innovation
Wu Tianhua, CEO and founder of UP Fintech, said: "The second
quarter marked a period of gradual recovery in the overall market,
and UP Fintech's performance mirrored this trend. Our revenue
remained stable and showed encouraging improvement, culminating in
a double-digit growth year-over-year. The non-GAAP net profit's
significant growth, surpassing the total of the previous year,
underscores our strong financial position.
"In the realm of international expansion, we are proud to report
robust growth in our global customers with deposits. With nearly
60,000 funded clients acquired in the first half, we've surpassed
the halfway mark of our ambitious 100,000 new customer target for
the year. Our strategic launch of diverse wealth management
products in pivotal markets such as Singapore and Hong Kong SAR has resonated well
with our clientele. These initiatives offer more financial choices
in an unpredictable market landscape. Separately, Australia's record growth underscores our
global expansion success.
"As for product innovation, the second quarter saw the
significant launch of our Hong
Kong stock AIP (automatic investment plan). This positions
Tiger Trade as one of the few platforms offering the AIP feature in
both Hong Kong and U.S. stocks. By
enabling small-amount investors to access high-priced stocks of
premium companies, we have further democratized investment
opportunities and broadened our reach.
"Looking to the future, our commitment to product and
technological innovation remains unwavering. We will continue to
fortify our leading positions in existing markets through quality
financial services, streamline operations, and enhance efficiency.
Our confidence in this strategic direction is steadfast, and we
believe it will fuel sustainable growth, forging greater value for
our customers and shareholders alike."
Singapore: services
introduced for high-net-worth clients
Hong Kong SAR, Australia:
broadened product portfolio
In the second quarter, the Company further strengthened its
presence in Singapore, a key
strategic market. The Capital Market Services License (LMS) from
the Monetary Authority of Singapore was obtained, followed by the
subsequent launch of Tiger Fund Management (TFM) services.
Targeting Singapore-centric
investment themes such as Real Estate Investment Trusts (REITs),
banking, and technology, TFM aims to secure long-term returns for
high-net-worth clients. This initiative enhances the firm's wealth
management capabilities in Singapore, where a remarkable monthly
sequential growth rate in fund sales of up to 43% was observed
during the quarter.
Celebrating the Company's ninth anniversary, a series of offline
events were hosted across Singapore's business districts, attracting
over 10,000 participants and strengthening connections with
clients.
The Hong Kong market
experienced significant growth in Q2, with newly funded account
numbers nearly tripling sequentially. The product portfolio was
expanded, adding Hong Kong Hang Seng Index futures and global
futures. This quarter also marked the introduction of Tiger
Vault, a cash management service featuring Hong Kong dollar and U.S. dollar money market
funds. With a daily average yield of over US$ 1.3 per US$
10,000 investment*, these innovative funds have outperformed
similar products in Hong Kong SAR. Creative marketing efforts,
including themed vehicles, resonated with the public, enhancing
brand awareness and appeal.
The number of funding customers in Australia reached a record high in the
quarter, nearly doubling sequentially. An innovative uninvested
cash interest service, with a U.S. dollar annual interest rate of
up to 3.25%, received widespread acclaim, reflecting our commitment
to benefiting customers. Recognition also came through awards such
as the 2023 Outstanding Value Award from Canstar and the 2023
Expert's Choice from Mozo.
In New Zealand, the company
collaborated with Massey University and the University of Otago to
extend educational initiatives, promoting financial literacy
through simulated trading activities and special lectures.
Hong Kong stock AIP launched
with investment threshold at HK$500
TigerGPT officially unveiled in Singapore, New
Zealand, Australia, and
Hong Kong SAR
In the second quarter, commission income reached US$22.0 million, and interest-related income
climbed to US$39.3 million, marking a
QoQ increase of approximately 5%. This financial performance
coincides with the Company's ongoing commitment to innovation,
demonstrated by the introduction of transformative features such as
the Hong Kong stock automatic
investment plan (AIP) and the AI-powered investment assistant,
TigerGPT.
The introduction of the Hong
Kong stock AIP lowers the entry threshold to the
Hong Kong stock market to just
HKD 500. With flexible investment
plans available on a weekly, bi-weekly, or monthly basis, the
Company is democratizing investment, leading the industry with
unparalleled accessibility and adaptability.
TigerGPT, following a successful beta testing, was officially
unveiled to users in Singapore,
New Zealand, Australia, and Hong Kong SAR. TigerGPT's
multi-round dialogue system delivers personalized content, enabling
investors to rapidly access individual stock insights, distill key
points from earnings calls, gauge market trends, and discern
investor sentiment. This innovation significantly amplifies
investment research efficiency and is seamlessly integrated with
individual stock targets, alerting users to abnormal trading
patterns or significant market events.
The Company's wealth management business also saw robust growth,
with a quarter-over-quarter increase of 41% in assets under
management (AUM) and a 29% growth in users. The cash management
product, "Tiger Vault," experienced a 44% surge in AUM and a 36%
growth in users. Tiger Vault's unique ability to directly purchase
stocks, options, funds, and IPO subscriptions offers customers a
seamless and integrated investment experience. Notably, around 17%
of new customers who funded their accounts this quarter have
included wealth management products in their portfolios.
UP Fintech in top three for Hong
Kong stock underwriting
ESOP Client Engagement further strengthened
During the reporting period, the Company's other revenues,
encompassing services such as investment banking and Employee Stock
Ownership Plan (ESOP), amounted to US$4.8
million.
In the U.S., the Company's investment banking division acted as
the exclusive lead underwriter for Ispire Technology Lmt.'s IPO.
Meanwhile, in Hong Kong SAR, the Company underwrote six IPO
projects during the quarter. Having underwritten 13 Hong Kong stock
IPOs in the first half of the year, the Company now ranks among the
top three for Hong Kong stock
underwriting, confirmed by third-party data provider Wind.
On the ESOP front, the Company's brand UponeShare welcomed 30
new corporate clients during the quarter, elevating the total
number of corporate clients to 478, a 31.3% increase YoY. The
second quarter witnessed a substantial YoY growth in repurchase
rate, exceeding 2.6 times, and a 15.7% QoQ growth, reinforcing
client engagement.
*Example based on underlying Bosera USD Money Market Fund A
shares. During 2023 Q2, the fund's recent 7-day average yield per
US$10,000 exceeded US$1.3. Past performance data from a third party
does not predict future performance.
About UP Fintech
UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger
Brokers, is a leading online brokerage firm with a focus on
redefining global investing with technologies for the next
generation.
Founded in 2014, the Company relentlessly offers superior user
experience in pursuit of becoming a world-leading online brokerage,
to let everyone enjoy efficient and smart investing. Currently, we
offer a multitude of quality financial products and services across
brokerage, employee stock ownership plan (ESOP) management,
investment banking, wealth management, investor community, and
investor education.
UP Fintech strives to elevate financial technology R&D to a new
level. While we inherit the best traditions from the financial
sector and blend them with the best minds of tech experts, we
develop our own technology infrastructure—an aggregation that
enables multi-currency trading of various products across markets,
guaranteeing our reliable, secure, and scalable services are
accessible to all with low latency.
In March 2019, UP Fintech was listed on Nasdaq under the
ticker TIGR. As of now, we serve over 9 million users and more than
2 million account holders worldwide on our flagship platform "Tiger
Trade", own 70 licenses and qualifications in different markets,
and have over 1,000 employees on the team in Singapore, New
Zealand, the US, Hong Kong SAR, Australia, and Mainland China.
For more information about UP Fintech as a Company, please visit
itigerup.com.
For media inquiries, please contact press@itiger.com
Safe Harbor Statement
This announcement contains forward−looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward−looking statements can be identified by terminology such as
"may," "might," "aim," "likely to," "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements or expressions. Among other
statements, the business outlook and quotations from management in
this announcement, as well as the Company's strategic and
operational plans, and expectations regarding growth, expansion of
its business lines and customer acquisition, and the Company's
plans for future financing of its business, contain forward−looking
statements. The Company may also make written or oral
forward−looking statements in its periodic reports to the U.S.
Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K,
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties, including the earnings
conference call. Statements that are not historical facts,
including statements about the Company's beliefs and expectations,
are forward−looking statements. Forward−looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward−looking statement, including but not limited to the
following: the cooperation with Interactive Brokers LLC and Xiaomi
Corporation and its affiliates; the Company's ability to
effectively implement its growth strategies; trends and competition
in global financial markets; changes in the Company's revenues and
certain cost or expense accounting policies; the effects of the
global COVID-19 pandemic; and governmental policies and regulations
affecting the Company's industry and general economic conditions in
China, Singapore and other countries. Further
information regarding these and other risks is included in the
Company's filings with the SEC, including the Company's annual
report on Form 20-F filed with the SEC on April 26, 2023. All information provided in this
press release and in the attachments is as of the date of this
press release, and the Company undertakes no obligation to update
any forward-looking statement, except as required under applicable
law. Further information regarding these and other risks is
included in the Company's filings with the SEC.
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SOURCE UP Fintech (Tiger Brokers)