SINGAPORE and NEW
YORK, Nov. 27, 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 third quarter ended September 30, 2023. In the third quarter, the
Company achieved a revenue of US$70.1
million, a QoQ increase of 6.2%, and a YoY increase of
26.6%. The non-GAAP net income for the quarter was $16 million, representing a QoQ growth of 4.3%
and a YoY increase of 141.1%. The non-GAAP net income for the first
three quarters of 2023 reached US$42
million, surpassing the sum of the company's non-GAAP net
income for the past two years.
In the third quarter, UP Fintech added 28,803 new global
account holders, bringing the total to 2.15 million. Funded
accounts increased by 24,604, reaching approximately 865,500,
marking a 14.8% YoY growth. The total account balance amounted to
approximately US$18.9 billion,
reflecting a 45.7% YoY increase, with net asset inflows exceeding
US$1.5 billion during the
quarter.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated, "In the
third quarter, the company achieved robust business growth, with
both revenue and net profit experiencing QoQ and YoY growth. Our
market share in Singapore
continues to expand, marked by a continual increase in new funded
clients. Presently, approximately one out of every three residents
in Singapore has utilised Tiger
Trade*. Meanwhile, customer retention in Sinagpore remains high and
we saw consistent average net asset inflows in the third quarter
from each cohort of existing clients acquired from previous
quarters. In other international markets such as Hong Kong and Australia, the Company's recognition has
further increased, and we have received multiple awards
locally."
"As a user-centric brokerage, we consistently introduce new
products and features to cater to the diverse needs of investors.
For example, in this quarter, we launched the Trading Sparks
feature, enabling users to share their trading activities in
real-time or subscribe to track the buying and selling actions of
others. This creates an environment for investors to expand their
investment horizons through communication and inspiration sharing.
While solidifying our strengths in stock trading services, we
recently introduced the US stock multi-leg options feature, to
provide a more convenient and efficient options trading experience
for more advanced options investors. Our goal is to become the
preferred trading platform for a broader range of options investors
as well."
Continued leadership in Singapore; Hong
Kong sees a 70% increase in customer balances
UP
Fintech continues to solidify its leadership position in
Singapore, with a 14.2% QoQ
increase in newly funded clients and an average net asset inflows
of US$10,000 per newly acquired
client in the third quarter. On the product front, the Company
introduced the multi-leg options details page which aims to help
investors better understand and manage their multi-leg options
investment strategy. The platform's options features are gaining
traction, with an increase in the number of options trading
accounts and positions in Singapore during Q3. Recognizing UP Fintech's
commitment to excellence, The Straits Times has bestowed upon the
company the Singapore Best Customer Service award. Moreover, the
Securities Investors Association Singapore (SIAS) has honored UP
Fintech with the award of Best Retail Broker 2023. Additionally,
Tiger Fund Management (TFM), an affiliate of Tiger Brokers
(Singapore), secured over SGD$300
million of assets under management (AUM), and has inked a
memorandum of understanding with Tiger Brokers (Singapore) and Yuanta Securities (Hong Kong) to collaborate on a variety of
products and services, including the launch of a money market fund
in late 2023.
In Hong Kong, the Company
experienced steady growth, with a 69.6% QoQ increase in
customer balances and a 59.0% QoQ increase in trading clients by
the end of the quarter. UP Fintech introduced bond subscription
services, encouraging users to subscribe to green bonds with
various discounts to promote green finance in Hong Kong. Additionally, UP Fintech launched
educational courses such as "Advanced Class for Hong Kong ETFs" and
"Investment Strategies for Hong Kong ETFs" to bolster financial
literacy among local investors. Recognizing its quality product and
services, the Company received the "No. 1 Online Securities
Investment Platform Award" from Headline Daily, as well as the
"Outstanding Technology Broker Award" from CHKCI and Metro
Broadcast.
In Australia, the Company's
innovative uninvested cash interest service received positive
market feedback, leading to a further increase in customer
engagement, with a 17% QoQ growth in net asset inflow in the
third quarter. The Company was also honored with the "2023
Outstanding Value – International Share Trading Award" by financial
media Canstar. In New Zealand, the
Company's auto-invest and fractional share features, known for
their cost-effectiveness and convenience, saw a 56.6% and 106.0%
QoQ increase, respectively, in local trading accounts in Q3. The
Company also awarded the " Favourite Low-Cost Shares Platform" by
local media Moneyhub.
TigerGPT received acclaim; wealth management business
shows strong Q3 growth with a 69% AUM increase
In the third quarter, commission income reached US$23.2 million, a 5.3% sequential increase, and
interest-related income climbed to US$41.6
million, marking a QoQ increase of approximately 5.9%. The
Tiger Trade app introduced the Options Channel, covering market
trends, top 0DTE options, top options, bulk orders, and option
learning, providing users with comprehensive information.
Additionally, the Hong Kong ETF page was launched, consolidating
index ETFs, ETF rankings, and community information to enhance
efficient investment opportunities.
During this quarter, TigerGPT, the text-generating AI chatbot,
seamlessly integrated with the Tiger community, enabling users to
directly engage and ask questions to TigerGPT within the community.
In October, TigerGPT successfully launched its web version,
providing users with convenient browser access to the service. To
date, TigerGPT has addressed over 100,000 user questions, spanning
information interpretation, market queries, and financial report
analysis, with over 80% of the answers referencing real-time
financial data from Tiger Trade. With a user satisfaction rate of
80%, TigerGPT has emerged as a highly favored intelligent
investment assistant on a global scale.
The wealth management business demonstrated rapid growth, with a
68.7% QoQ increase in AUM and a 27.9% QoQ increase in the
number of users. Among the newly funded clients in Q3, an average
of 14 out of 100 clients availed the Company's wealth management
services, indicating a continuous increase in client penetration.
Leveraging the team's precise product selection capability, the
"Tiger Vault," a cash management product, achieved a 7-day
annualised return of 5.6%*, garnering global popularity.
Consequently, during the quarter, the number of "Tiger Vault" users
surged by 29.4% QoQ, and AUM witnessed an impressive 73.3% QoQ
increase. Concurrently, the Company expanded and strengthened
collaborations with globally renowned asset management institutions
such as Barclays and M&G Investments, enriching product types
to cater to diverse investment needs.
Underwriting several US and Hong Kong IPOs;
Introduction of equity incentive management system for unlisted
enterprises
During the reporting period, UP Fintech's other revenues,
encompassing services such as investment banking and Employee Stock
Ownership Plan (ESOP), amounted to US$5.4
million. Solidifying its standing as the go-to underwriting
partner for listings on both the Hong
Kong and US stock exchanges, the Company underwrote or
served as a selling group for five IPOs, including Adlai, Keep, and
Fourth Paradigm in the third quarter.
On the ESOP front, the Company's brand UponeShare added 27 new
corporate clients during the quarter, with a 32.1% YoY growth in
the signing amount for new clients. The ESOP system underwent a
restructuring and upgrade during the quarter, with the fully
digital system opening for unlisted enterprises, allowing them to
apply for the experience online. The system now offers four
versions covering different stages of growth for enterprises in the
A-share, Hong Kong, and US capital
markets.
*According to the calculation based on the 2023 Singapore resident population.
**Data source: Bloomberg, flagship product: [USD]HK0000862265;
Data as of 2023/10/25
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 a 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 in tech, 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 10
million users and more than 2 million account holders worldwide on
our flagship platform "Tiger Trade", own 74 licenses and
qualifications in different markets, and have over 1,000 employees
on the team in Singapore,
New Zealand, the US, Hong Kong, Australia, and Mainland China.
For more information about UP Fintech as a Company, please visit
itigerup.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; 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 Holding Limited