Up Fintech Hldg Ltd Stock Price, News & Analysis

UP Fintech Holding Limited (NASDAQ: TIGR) reported strong financial results for Q4 and the full year of 2020. Total revenues reached US$47.2 million, up 136.5% YoY, driven by commissions and interest income. Non-GAAP net income for Q4 was US$10.3 million, marking a significant improvement from last year. The total account balance soared 215.9% to US$16.0 billion. For the fiscal year, total revenues were US$138.5 million, an increase of 136.1% YoY, with net income rising to US$16.1 million from a loss of US$6.6 million in 2019.

UP Fintech Holding Limited (NASDAQ: TIGR) will report its fourth quarter financial results for the period ending December 31, 2020, before the U.S. market opens on March 26, 2021. The management will host an earnings conference call at 8:00 AM U.S. Eastern Time on the same day. Due to COVID-19, the conference call will require preregistration, and the details, including the conference ID, will be provided upon completion. An archived webcast will be available post-call, along with a telephone replay until April 2, 2021.

UP Fintech Holding Limited (TIGR) announced its subsidiary, Tiger Brokers Singapore, achieved over 100% growth in client accounts for the third consecutive quarter ending December 31, 2020. Active traders increased at a monthly growth rate of 45%, significantly outpacing Singapore's industry growth of 20%. The company launched its trading platform in Singapore in February 2020, aiming to offer low commissions and a comprehensive trading experience. Tiger Brokers Singapore now provides access to various global securities and investment products, enhancing its presence in international markets.

UP Fintech Holding Limited (TIGR) served as the lead underwriter for Kuke Music's U.S. IPO, highlighting its capabilities in assisting Chinese companies with capital raising internationally. This milestone underscores UP Fintech's role as a top underwriter for Chinese ADR issuers, leading in deal count in 2019 and 2020. The firm has a network of over 500 institutions across the U.S., Canada, and Asia-Pacific, enhancing its market reach. UP Fintech has also participated in other notable IPOs, indicating strong market insights and a diverse portfolio in investment banking.

UP Fintech Holding Limited (NASDAQ: TIGR) announced a private placement of convertible notes totaling US$65 million, led by an affiliate of Xiaomi Corporation. The convertible notes, which are set to mature in 2026, are subject to customary closing conditions. UP Fintech is a prominent online brokerage catering to global investors, offering innovative trading solutions and services.

UP Fintech Holding Limited (NASDAQ: TIGR) announced the resignation of Mr. Chenglong Zhu as a director, effective February 4, 2021, due to personal reasons. The company clarified that this resignation was not due to any disagreements with its management. UP Fintech is an online brokerage firm focused on global investors, offering a mobile-first trading platform that facilitates trading in various financial instruments across multiple markets. The company's services include trade execution, margin financing, and investor education, aiming to enhance user experience and customer retention.

UP Fintech Holding Limited (NASDAQ: TIGR) announced the engagement of KPMG Huazhen LLP as its new independent registered public accounting firm, replacing Deloitte Touche Tohmatsu Certified Public Accountants LLP. This transition, approved by the Audit Committee, follows Deloitte's satisfactory service since 2018 without any adverse opinions on its audits. The Company is coordinating with both firms to ensure a smooth transition and has expressed gratitude to Deloitte for its professionalism and quality of service over the years.

UP Fintech Holding Limited (NASDAQ: TIGR) has announced it has surpassed one million customer accounts, a milestone reached faster than any competitor targeting global Chinese investors. Since launching its Tiger Trade app six years ago, the company has made significant investments in innovation, enabling clients to trade across multiple global markets including the U.S., China, and Europe. CEO Wu Tianhua highlighted ongoing efforts to expand services like investment banking and ESOP management, aiming to enhance client offerings and capture high-net-worth individuals.

UP Fintech Holding Limited (NASDAQ: TIGR) reported strong Q3 2020 results with total revenues of US$38.0 million, up 148.2% year-over-year. The company added 46,800 funded accounts, a 7X increase from the previous year, reaching 214,700 accounts overall. Total account balance surged 188.1% to US$10.9 billion. Operating income improved to US$7.4 million from a loss of US$2.5 million in Q3 2019. Net income attributed to UP Fintech was US$3.8 million, compared to a loss of US$1.3 million last year. The firm continues to expand its brokerage and investment banking services internationally.