NEW
YORK, Aug. 30, 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 second quarter ended
June 30, 2024. In the second quarter,
the company achieved a total revenue of US$
87.4 million, reflecting a quarter-over-quarter (QoQ)
increase of 10.8% and a year-over-year (YoY) increase of 32.4%,
hitting a new record high. Non-GAAP net income attributable to UP
Fintech was US$5.2 million. In the
second quarter of 2024, the Company added 60,600 new global account
holders, a QoQ increase of 17%, bringing the total number of global
accounts to 2.3 million. 48,900 new funded accounts were added,
bringing the total number of funded accounts at the end of the
second quarter to 982,300, a YoY increase of 17%. Additionally,
market trading activity continued to increase in the second
quarter, with the Company's total trading volume growing 62.5% YoY
to US$105.9 billion. Net asset inflow
remained robust, reaching US$7
billion for the first half of the year, which drove total
account balance up by 16.2% QoQ and 121.1% YoY to an all-time high
of US$38.2 billion.
UP Fintech's founder and CEO, Wu Tianhua, stated, "In the
second quarter, the company's business grew significantly as the
market environment became more active, with revenue reaching a
record high. As of early August, the number of funded clients
worldwide has exceeded 1 million, and total client assets have
continued to reach new highs for the past three consecutive
quarters, fully demonstrating the long-term growth potential of
Tiger Brokers."
"Tiger Brokers is always committed to a 'Customer First'
approach and has continued to develop local products in markets
such as Singapore and Hong Kong to meet the diverse needs of
investors. Following the launch of Singapore's first debit card with fractional
share rewards and the Cash Boost trading account in the first
quarter, we have received widespread market acclaim, significantly
boosting local trading volume and activity. In Hong Kong, after pioneering the offering of
virtual asset trading services to professional investors, we have
now fully extended this service to retail investors as well. In
early August, we launched a 'Double Free' promotion, exempting
commissions and platform fees, while supporting real-time USD
settlement for virtual asset transactions. This provides users with
a truly secure, convenient, and cost-effective one-stop global
trading service, leading the way in the Hong Kong tech brokerage experience."
Singapore maintains a
leading position with popular local products
Client assets doubled QoQ in Hong
Kong in Q2
Singapore's leading position
continues to strengthen, with a 112% QoQ increase in newly funded
clients in Q2, a 50% YoY increase in the number of transactions,
and a 548% QoQ increase in net asset inflow. US stock options
trading also remained active, with the number of transactions
increasing by 79% YoY. In addition, Tiger Brokers is also
deepening its focus on local products and services. Following the
launch of Singapore's first
fractional share debit card, the "BOSS Debit Card," in partnership
with a local licensed institution* last quarter, we've continued to
meet the demand for convenient payment solutions, earning positive
feedback from the market. In Q2, BOSS Card usage surged, with
transaction volumes and user numbers up 258% and 42%
quarter-on-quarter, respectively. The card is particularly popular
among investors under 35, who account for nearly 60% of new users.
Meanwhile, the "Cash Boost" trading account, tailored for
experienced traders, has made Tiger Brokers the first tech
brokerage in Singapore to support
the Contra trading strategy. This account allows clients to obtain
trading leverage without depositing funds and has attracted a large
number of active users since its launch in April. Recently, Cash
Boost trading accounts have also achieved a direct connection with
CDP (Central Depository Account). Users can sell securities
purchased from other brokers and held in CDP through Tiger Brokers,
enjoying greater trading convenience.
For the Hong Kong market, the
number of new accounts in Q2 doubled QoQ, while client assets grew
by 119% QoQ. The average net asset inflow for new funded clients
reached US$15,000, maintaining a
high-quality client base. Following the pioneering launch of
virtual asset trading services to professional investors in
Hong Kong in May, Tiger Brokers
has fully expanded these services to retail investors. Recently,
Tiger launched a "Double Free" promotion for virtual asset trading,
which waives commissions and platform fees, and supports real-time
USD settlement for virtual asset transactions, with 7-day, 24-hour
trading. Currently, all investors in Hong
Kong can trade up to 18 virtual assets**, including
Bitcoin (BTC) and Ethereum
(ETH), as well as a wide range of global assets such
as stocks, options, futures, US Treasuries, and funds through the
one-stop Tiger Trade platform, enabling seamless allocation and
management of virtual and traditional financial assets. In
addition, "Tiger Vault", the cash management tool, has sustained
its popularity, with subscriptions to HKD and USD money market
funds increasing by 100% and 50% QoQ respectively in Q2. Trading of
both US stocks and options remained robust, with the number of
transactions increasing by 62% and 31% QoQ respectively.
Tiger Brokers continues to refine its localized services in
Australia, steadily building user
trust. As one of the few tech brokers in Australia that support US options trading,
Tiger launched Level 2 US options trading in Q2, with US options
trading volume increasing by 146% QoQ. At the same time, user
trading became more active, with the weekly average of Daily
Average Revenue Trades (DARTs) increasing by 17% QoQ. Gross income
from trading commissions across all products increased by 47% QoQ.
Further solidifying its industry recognition, Tiger Trade Australia
was recently awarded " Best Mobile App" in Finder's Share Trading
Platform Awards 2024. In New
Zealand, Tiger continues to attract more high-quality
clients. In Q2, client assets grew significantly, with total
deposits increasing by 124% YoY and average first-time deposits
increasing by 188% YoY. Trading activity was robust, with the
number of trading accounts increasing by 133% YoY in Q2. US stock
trading performed exceptionally well, with US stock orders
increasing by 137% YoY and US options orders increasing by 97% YoY
in Q2. Furthermore, Tiger launched its "Tiger Vault" cash
management service in New Zealand,
further assisting local investors in managing their assets
conveniently and efficiently.
Options trading features upgraded comprehensively:
Singapore launched "Strike
& Save" tool
Tiger Vault surges in Singapore: One out of every three new funded
clients activated this feature
In Q2, commission income reached US$34.1
million, a QoQ increase of 22.7%; interest-related income
reached US$47.1 million, a 19.9% YoY
increase. The Company continues to enhance the one-stop global
investment experience on Tiger Trade. In terms of products, options
trading features have been further upgraded, with Singapore taking the lead in launching "Strike
& Save", a powerful tool for US options sellers. This one-stop
service for opening options positions offers more in-depth analysis
and more efficient order placement. US options trading now includes
stop-loss and trailing stop-loss orders, helping investors better
cope with changes in the options market. US and Hong Kong stock options now feature forward
P/E ratio analysis, covering nearly a decade of data, to assist
with options pricing. By continuously strengthening options trading
features, the daily average number of options trades (DARTs)
increased by 13% QoQ in Q2. To address investors' focus on
individual stocks, Tiger has introduced a customizable daily
research digest, which delivers curated essential information in
the morning and evening***, providing users with a more
personalized and convenient experience. The trading feed feature
continues to be favored by users, with a 150% QoQ increase in
subscribers and a 170% QoQ increase in average daily guided trade
orders. Previously, 24-hour trading for US stocks was fully
launched, and currently supports up to 9,500 US stocks and ETFs,
allowing trading at any time, 24/5, providing more convenience for
investors trading US stocks across time zones.
Launched in Q2 of last year, TigerGPT, the first AI investment
assistant in the brokerage industry to integrate ChatGPT technology
and the latest financial data, has continued to accumulate users.
With its powerful big data processing capabilities, TigerGPT can
quickly analyze and summarize complex market dynamics and financial
reports, helping investors gain a deeper understanding of market
conditions and greatly improve their investment decision-making
efficiency. Currently, TigerGPT has reached 80,000 users worldwide,
with over 520,000 cumulative user conversations and an average of
over 10,000 conversations per week.
On the wealth management side, the number of wealth management
services users increased by 150% YoY, further increasing the
platform penetration. The Company's cash management service, "Tiger
Vault", further enhanced its redemption efficiency and continued
its strong performance. One out of every three new funded accounts
activated "Tiger Vault" in the second quarter. The average 7-day
annualized yields of USD, HKD, and SGD money market funds exceeded
5.2%, 4.2% and 3.6% respectively in Q2, consistently outperforming
the market average.
In Singapore, "Tiger Vault"
launched T+0 same-day settlement, which helped accelerate market
trading efficiency. The Tiger Fund Management (TFM) continued to
gain trust from high-net-worth clients, with its Tiger-Yuanta USD
Liquidity Fund achieving a 7-day annualized pre-fee yield of 5.4%
in Q2, and its Discretionary Portfolio Management (DPM) business
achieving 40% growth.
Since the Company launched the TradingFront Turnkey Asset
Management Platform (TAMP) in September
2023, it has acquired a strong reputation among
institutional clients for its advanced trading capabilities,
efficient online processes, and diverse investment options. In Q2,
the "Tiger Vault" business on TradingFront saw significant growth,
with Assets Under Custody (AUC) surging by 26.5% QoQ. In
Singapore, TradingFront partnered
with Manulife to provide flexible Variable Universal Life (VUL)
insurance custody services to accredited investors. TradingFront
has also introduced Fixed Coupon Notes (FCNs) and now offers quotes
from 11 issuers to enrich investment options.
Strong presence in the US IPO market: 13 successful projects
as lead underwriter
Employee Stock Ownership Plan (ESOP) SaaS revenue doubled
YoY
In Q2, UP Fintech's other revenues, encompassing services such
as investment banking and Employee Stock Ownership Plan (ESOP),
reached US$6.3 million. The Company
continues to solidify its position as a leading underwriter in the
US IPO market. In Q2, the Company acted as the lead underwriter on
two US IPOs and served as the Zeekr IPO's distributor. As of end of
Q2, the Company successfully completed 13 US IPO projects
(including SPACs) as lead underwriter. Also, the Company ranked
fourth among the underwriters for Hong Kong IPOs, underwriting IPOs
for ten companies including Laopu Gold, Dida, Mobvoi and
ChaPanda.
On the ESOP front, the Company's UponeShare service added 22 new
enterprise clients this quarter, bringing the total number of
serviced enterprise clients to 579. Meanwhile, the company's ESOP
SaaS revenue surged by 149.5% YoY and 27.9% QoQ.
This quarter, Tiger Enterprise Account added 14 companies such
as Sino Biopharmaceutical, Dida, and Fosun International, bringing
the total number of clients to 442. Tiger Enterprise Account
currently offers a full life-cycle of investor relations (IR) and
public relations (PR) services tailored to the diverse
communication needs of businesses across various industries. These
services include live earnings calls, key rankings, offline
research, earnings report communication and Investor Q&A,
aiming to help companies reach investors and institutional
audiences more effectively and precisely.
* Tiger Brokers (Singapore) Pte Ltd has partnered with a local
licensed partner to provide card issuance and account issuing
services.
**Certain virtual assets transactions are only available for
professional investors.
***Available in Select Markets
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SOURCE UP Fintech Holding Limited
