NEW
YORK, Nov. 12, 2024 /PRNewswire/ -- UP Fintech
Holding Limited (NASDAQ: TIGR) ("UP Fintech" or the "Company"),
announced its unaudited financial results for the third quarter
ended September 30, 2024. UP Fintech
reported record revenue of US$101.1
million in the third quarter, representing a 15.6% increase
quarter-over-quarter (QoQ) and a 44.1% increase year-over-year
(YoY). Non-GAAP net income attributable to UP Fintech shareholders
was US$20.1 million, up 286.5% QoQ
and 25.6% YoY. The Company added 60,000 new accounts in Q3,
bringing its total global account number to 2.37 million, a 10.2%
YoY increase. New funded accounts increased by 50,500, driving
total funded accounts to 1,032,800, a 19.3% YoY increase. Trading
volume remained robust, with total trading volume increasing 103.1%
YoY to US$163 billion. Strong net
deposits propelled client assets to US$40.8
billion, a 6.7% QoQ and 115.9% YoY increase, reaching a
record high.
UP Fintech's founder and CEO, Wu Tianhua, stated, "In Q3,
enhanced product experience drove significant business growth for
the company, with revenue surpassing US$100 million — a record high — and profit
reaching a three-year peak. Total client assets doubled YoY to
US$40.8 billion, and the company has
already achieved its annual guidance of acquiring 150,000 newly
funded accounts by now. Global trading activity remained strong,
with trading volume doubling YoY."
"Tiger Brokers continued to improve client investment
experiences by launching virtual trade-sharing accounts, allowing
users to track the trades of prominent figures like Warren Buffett and Nancy
Pelosi. In Hong Kong, Tiger
introduced monthly options for Hong
Kong stocks in September, boosting weekly trader engagement
and order volumes. Recently, we launched weekly stock options for
Hong Kong stocks, becoming one of
the first brokers to offer cycle options trading in the region,
enhancing trading convenience and options for local investors."
SG: Achieved record-high quarterly trading
volume and commission income
HK: Client assets grew 30% QoQ
In Singapore, Tiger Brokers saw
significant growth in Q3, with several key metrics hitting an
all-time high. Both total trading volume and commission income
reached record levels, soaring 253% and 72% YoY, respectively. Net
asset inflows climbed 134% YoY. Stock trading remained strong, with
US and Singapore stock trading
volumes reaching record highs, up 87% and 73% YoY. US options
trading also performed exceptionally well, setting new records for
the number of orders, trading volume, and commission income, with
increases of 108%, 187%, and 59% YoY, respectively. Futures trading
also saw record trading volume and commission income, jumping 357%
and 110% YoY. In addition, the Cash Boost trading account, which
was linked to the Central Depository (CDP) account in August,
attracted a broader investor base, driving a 43% increase in
trading orders and a 53% increase in gross commission QoQ. In
September, the Tiger BOSS Debit Card and Tiger Vault were
integrated for T+0 automated subscriptions and redemptions,
streamlining clients' daily spending, wealth management, and stock
trading.
Hong Kong continued to attract
high-quality clients in Q3, with client assets growing by over 30%
QoQ. In Q3, Hong Kong launched
stock options and short-selling to provide local investors with
more comprehensive investment options. Following the introduction
of monthly stock options in late September, weekly trading activity
and order volume rose significantly, reflecting growing demand.
Recently, Tiger also introduced weekly Hong Kong stock options, becoming one of the
first brokers to support cycle options trading in the region. Since
expanding virtual asset trading to retail investors on July 1, Tiger Brokers has seen a surge in the
number of investors and orders. This quarter saw Hong Kong users' crypto trading orders and volume jump 1,673%
and 1,293% QoQ. Tiger Vault also remained popular, with USD money
market fund orders and volume up 99% and 106%, and US Treasury bond
orders and volume rising 119% and 160% QoQ.
In the U.S., TradeUP demonstrated robust growth momentum in Q3.
User downloads grew by 122% compared to Q2, with account openings
up by 88% QoQ, reflecting strong platform appeal and market reach.
U.S. client trading volume in U.S. stocks grew 179% QoQ, while
options trading increased by 89%. Q3 also marked progress in
self-clearing for U.S. stocks and options, enhancing trade
execution, stock lending, and settlement. Stock clearing volume
rose 93% YoY and options clearing volume by 185%. Night trading
delivered standout performance, with after-hours U.S. stock trading
volume via Tiger's self-clearing up by 240% QoQ. Additionally,
leveraging diversified stock lending services, TradeUP's stock
lending and margin financing volume grew 114% YoY and 52% QoQ. As
of Q3, TradeUP led six IPOs of Asia-Pacific companies, securing the top
industry rank.
In Australia, Tiger Brokers
continued to build trust with local clients, achieving a 104% YoY
increase in newly funded accounts. Net asset inflows grew 207% YoY
and 82% QoQ. Gross commission income rose 122% YoY. In August,
Tiger Trade received the Finder 2024 "Best Mobile App" award in
Australia, earning significant
industry recognition. In New
Zealand, Q3 saw strong trading activity on Tiger's platform,
attracting a large number of high-quality clients, with total
deposits increasing 128% YoY, and trading volume surging 249% YoY.
US stocks and options trading continued to perform well, with the
number of orders growing 114% and 124% YoY respectively in Q3.
New subscriptions to Trade Feed grew 85% QoQ
Tiger
Vault's users doubled YoY
In Q3, commission income rose 20.9% QoQ to US$41.2 million, while interest-related income
grew 22% YoY to US$50.8 million.
Tiger Brokers continues to enhance its one-stop global investing
experience. Product enhancements include enriched options functions
with the addition of implied volatility and options volatility
analysis*, catering to professional users and helping them select
appropriate options strategies. A new "Yield Hunting" product list
on Tiger's wealth homepage provides rich historical backtesting
performance and fundamental information, empowering high-net-worth
individuals to optimize investment decisions and maximize returns.
Key metrics such as backtested PoP(Probability of Profit) and are
assignment probability have been added to the FCN notes details
page. A new watchlist assistant feature* provides timely alerts on
stock movements for holdings, helping investors avoid missing
crucial investment opportunities. The Trade Feed feature continues
to upgrade, with the significant addition of Guru Tracker* in Q3,
allowing users to track the trades of prominent figures like
Warren Buffett and Nancy Pelosi. Trade Feed is now supported in
Australia, helping novice
investors stay informed on the latest trading activity. The number
of new Trade Feed feature subscriptions grew significantly, up 85%
QoQ.
On the wealth management side, spurred by the Federal Reserve's
rate cuts, assets under management (AUM) and users grew 101% and
92% YoY in Q3. Tiger Vault continued to gain traction, with AUM and
users increasing 99% and 106% YoY. Tiger Wealth's expanded product
range is driving deeper client engagement across asset classes. The
AUM of US Treasury bonds held by wealth clients grew 64% QoQ. Gross
merchandise value (GMV) for structured notes traded by
high-net-worth clients saw a growth rate of over 112% QoQ. To help
clients navigate market volatility, Tiger Wealth launched thematic
content and a series of livestreams on topics such as the "US
Election" and "Trading Amidst Rate Cuts" in Q3, featuring expert
insights and providing timely, in-depth market analysis. Tiger
Wealth's newly launched Hong Kong
immigration through investment services and flexible US Treasury
Discretionary Portfolio Management (DPM) services also proved
popular with high net worth clients in Q3.
Since its launch, the TradingFront asset management platform
(TAMP) has focused on providing flexible account structures,
convenient online account opening, and multi-market, multi-asset
trading services, steadily building a strong reputation among
trading-oriented institutional clients. In Q3, TradingFront
platform AUM grew 16% QoQ, and the number of regular investing
accounts increased 20% QoQ. At the Singapore Financial Advisers
Association (AFA) annual conference in August, Tiger highlighted
how TradingFront empowers financial advisors to leverage fintech
and AI, keeping pace with industry changes and continuously
enhancing their service efficiency and capabilities.
Among the top three HK IPO underwriters
Employee
stock option management SaaS platform net profit jumped over 2.7
times QoQ
In Q3, UP Fintech's other revenues, encompassing services such
as investment banking and Employee Stock Ownership Plan (ESOP),
reached US$9.1 million. Tiger Brokers
continued to demonstrate its strong capabilities and expertise in
US stock underwriting. In the reporting period, Tiger served as the
lead underwriter for three US IPOs, acting as the sole lead
underwriter for both NIP Group and XCharge. Leveraging its superior
trade execution capabilities, Tiger also facilitated three share
repurchase agreements for US-listed companies in Q3. Furthermore,
Tiger underwrote nine Hong Kong IPOs in the reporting period,
including those of Metasurface Technologies, Zhonggan
Communication, Xi'an Kingfar Property, and Fangzhou Jianke, ranking
among the top three on the Hong Kong IPO underwriting league table
for Q3.
The Employee Stock Ownership Plan (ESOP) front, or UponeShare,
added 18 new enterprise clients to reach 597 total clients served.
Client retention improved significantly, with repeat orders
exceeding new orders and growing 33.3% QoQ. Meanwhile, the Company
continued to expand into new business models, signing its first
software product order during the quarter. Following its milestone
of achieving profitability in Q2, the employee stock option
management SaaS platform maintained its positive momentum in Q3,
with net profit surging by over 270% QoQ and on track for full-year
profitability.
Regarding Tiger Enterprise Account, the Company added 13 new
clients this quarter, including ChaPanda, Shansong, and YXT.com,
bringing the total number of enterprise clients to 455. During the
quarter, the Company facilitated Tuya Inc.'s Q2 earnings call,
promoting effective communication with the market. "Tiger Online
Show", a high-profile, in-depth interview series, partnered with
Kingsoft Cloud executives in September to provide investors with
insights and guidance on investment decisions in the cloud services
sector. Additionally, the Tiger Enterprise Account has successfully
organized an investor relations event for Eastbuy, delving into the
business development of livestream e-commerce and exploring new
industry trends.
*Available in certain markets
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SOURCE UP Fintech Holding Limited