UP Fintech Holding Limited Selects KPMG as its Independent Registered Public Accounting Firm

Rhea-AI Summary

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.

Positive

• Engagement of KPMG indicates a potential enhancement in audit quality and company governance.
• Seamless transition plan suggests strong management oversight.

Negative

• None.

BEIJING, China, Dec. 09, 2020 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited, Inc. (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, announced that the Company engaged KPMG Huazhen LLP (“KPMG”) as the Company’s independent registered public accounting firm, to replace Deloitte Touche Tohmatsu Certified Public Accountants LLP (“DTT”). The change of the Company’s independent registered public accounting firm was approved by the Audit Committee of its Board of Directors.

DTT has served as the Company’s independent registered public accounting firm since 2018, and the reports of DTT on the Company’s consolidated financial statements contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle.

The Company is working closely with DTT and KPMG to ensure a seamless transition.

The Company and the Audit Committee of its Board of Directors would like to express their sincere gratitude to DTT for its professionalism and quality of services rendered to the Company over the past years.

About UP Fintech Holding Limited

UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

For more information on the Company, please visit: https://ir.itiger.com.

For investor and media inquiries please contact:

Investor Relations Contact
UP Fintech Holding Limited
Email: ir@itiger.com

FAQ

Why did UP Fintech change its accounting firm to KPMG?

UP Fintech engaged KPMG as its new independent registered public accounting firm to potentially enhance audit quality and governance.

What prompted UP Fintech to replace Deloitte with KPMG?

The change was approved by the Audit Committee, indicating a strategic decision for improved oversight.

How long did Deloitte serve as UP Fintech's accounting firm?

Deloitte served as UP Fintech's independent accounting firm since 2018.

What does the transition to KPMG mean for UP Fintech investors?

The transition could enhance financial transparency and governance, which may positively impact investor confidence.