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2024-08-30

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UP Fintech: Record-High Quarterly Revenue with Total Client Assets Reaching US$38.2 Billion

2024-06-12

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‌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/343986663301512","repostId":"1126644661","repostType":2,"repost":{"id":"1126644661","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1725004833,"share":"https://ttm.financial/m/news/1126644661?lang=&edition=fundamental","pubTime":"2024-08-30 16:00","market":"us","language":"en","title":"UP Fintech: Record-High Quarterly Revenue with Total Client Assets Reaching US$38.2 Billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1126644661","media":"Tiger Newspress","summary":"Hong Kong, Singapore and New York, August 30, 2024 — UP Fintech Holding Limited (\"UP Fintech\" or the \"Company\", NASDAQ: TIGR, and all its subsidiaries and consolidated entities), a leading online brok","content":"<html><head></head><body><p><strong>Hong Kong, Singapore and New York, August 30, 2024</strong> —<strong> UP Fintech Holding Limited</strong> (&#34;UP Fintech&#34; or the &#34;Company&#34;, NASDAQ: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm committed to redefining global investing through next-generation technologies, today announced its unaudited financial results for the second quarter ended June 30, 2024. In the second quarter, the company achieved a total revenue of US$ 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&#39;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.</p><p style=\"text-align: left;\"><strong>UP Fintech&#39;s founder and CEO, Wu Tianhua</strong>, stated, &#34;In the second quarter, the company&#39;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.&#34;</p><p style=\"text-align: left;\">&#34;Tiger Brokers is always committed to a &#39;Customer First&#39; 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&#39;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 &#39;Double Free&#39; 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.&#34;</p><p style=\"text-align: left;\"><strong>Singapore maintains a leading position with popular local products</strong></p><p style=\"text-align: left;\"><strong>Client assets doubled QoQ in Hong Kong in Q2</strong></p><p style=\"text-align: left;\">Singapore&#39;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 &#34;BOSS Debit Card,&#34; in partnership with a local licensed institution* last quarter, we&#39;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 &#34;Cash Boost&#34; 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.</p><p style=\"text-align: left;\">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 &#34;Double Free&#34; 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, &#34;Tiger Vault&#34;, 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.</p><p style=\"text-align: left;\">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 &#34; Best Mobile App&#34; in Finder&#39;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 &#34;Tiger Vault&#34; cash management service in New Zealand, further assisting local investors in managing their assets conveniently and efficiently.</p><p style=\"text-align: left;\"><strong>Options trading features upgraded comprehensively: Singapore</strong> <strong>launched “Strike &amp; Save” tool</strong></p><p style=\"text-align: left;\"><strong>Tiger Vault surges in Singapore: One out of every three new funded clients activated this feature</strong></p><p style=\"text-align: left;\">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 &#34;Strike &amp; Save&#34;, 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&#39; 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.</p><p style=\"text-align: left;\">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.</p><p style=\"text-align: left;\">On the wealth management side, the number of wealth management services users increased by 150% YoY, further increasing the platform penetration. The Company&#39;s cash management service, &#34;Tiger Vault&#34;, further enhanced its redemption efficiency and continued its strong performance. One out of every three new funded accounts activated &#34;Tiger Vault&#34; 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.</p><p style=\"text-align: left;\"> In Singapore, &#34;Tiger Vault&#34; 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.</p><p style=\"text-align: left;\">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 &#34;Tiger Vault&#34; 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.</p><p style=\"text-align: left;\"><strong>Strong presence in the US IPO market: 13 successful projects as lead underwriter</strong></p><p style=\"text-align: left;\"><strong>Employee Stock Ownership Plan (ESOP) SaaS revenue doubled YoY</strong></p><p style=\"text-align: left;\">In Q2, UP Fintech&#39;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.</p><p style=\"text-align: left;\">On the ESOP front, the Company&#39;s UponeShare service added 22 new enterprise clients this quarter, bringing the total number of serviced enterprise clients to 579. Meanwhile, the company&#39;s ESOP SaaS revenue surged by 149.5% YoY and 27.9% QoQ.</p><p style=\"text-align: left;\">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&amp;A, aiming to help companies reach investors and institutional audiences more effectively and precisely.</p><p style=\"text-align: left;\"><em>*Tiger Brokers (Singapore) Pte Ltd has partnered with a local licensed partner to provide card issuance and account issuing services.</em></p><p style=\"text-align: left;\"><em>**Certain virtual assets transactions are only available for professional investors.</em></p><p style=\"text-align: left;\"><em>***Available in Select Markets</em></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UP Fintech: Record-High Quarterly Revenue with Total Client Assets Reaching US$38.2 Billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUP Fintech: Record-High Quarterly Revenue with Total Client Assets Reaching US$38.2 Billion\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2024-08-30 16:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><strong>Hong Kong, Singapore and New York, August 30, 2024</strong> —<strong> UP Fintech Holding Limited</strong> (&#34;UP Fintech&#34; or the &#34;Company&#34;, NASDAQ: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm committed to redefining global investing through next-generation technologies, today announced its unaudited financial results for the second quarter ended June 30, 2024. In the second quarter, the company achieved a total revenue of US$ 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&#39;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.</p><p style=\"text-align: left;\"><strong>UP Fintech&#39;s founder and CEO, Wu Tianhua</strong>, stated, &#34;In the second quarter, the company&#39;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.&#34;</p><p style=\"text-align: left;\">&#34;Tiger Brokers is always committed to a &#39;Customer First&#39; 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&#39;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 &#39;Double Free&#39; 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.&#34;</p><p style=\"text-align: left;\"><strong>Singapore maintains a leading position with popular local products</strong></p><p style=\"text-align: left;\"><strong>Client assets doubled QoQ in Hong Kong in Q2</strong></p><p style=\"text-align: left;\">Singapore&#39;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 &#34;BOSS Debit Card,&#34; in partnership with a local licensed institution* last quarter, we&#39;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 &#34;Cash Boost&#34; 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.</p><p style=\"text-align: left;\">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 &#34;Double Free&#34; 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, &#34;Tiger Vault&#34;, 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.</p><p style=\"text-align: left;\">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 &#34; Best Mobile App&#34; in Finder&#39;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 &#34;Tiger Vault&#34; cash management service in New Zealand, further assisting local investors in managing their assets conveniently and efficiently.</p><p style=\"text-align: left;\"><strong>Options trading features upgraded comprehensively: Singapore</strong> <strong>launched “Strike &amp; Save” tool</strong></p><p style=\"text-align: left;\"><strong>Tiger Vault surges in Singapore: One out of every three new funded clients activated this feature</strong></p><p style=\"text-align: left;\">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 &#34;Strike &amp; Save&#34;, 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&#39; 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.</p><p style=\"text-align: left;\">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.</p><p style=\"text-align: left;\">On the wealth management side, the number of wealth management services users increased by 150% YoY, further increasing the platform penetration. The Company&#39;s cash management service, &#34;Tiger Vault&#34;, further enhanced its redemption efficiency and continued its strong performance. One out of every three new funded accounts activated &#34;Tiger Vault&#34; 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.</p><p style=\"text-align: left;\"> In Singapore, &#34;Tiger Vault&#34; 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.</p><p style=\"text-align: left;\">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 &#34;Tiger Vault&#34; 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.</p><p style=\"text-align: left;\"><strong>Strong presence in the US IPO market: 13 successful projects as lead underwriter</strong></p><p style=\"text-align: left;\"><strong>Employee Stock Ownership Plan (ESOP) SaaS revenue doubled YoY</strong></p><p style=\"text-align: left;\">In Q2, UP Fintech&#39;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.</p><p style=\"text-align: left;\">On the ESOP front, the Company&#39;s UponeShare service added 22 new enterprise clients this quarter, bringing the total number of serviced enterprise clients to 579. Meanwhile, the company&#39;s ESOP SaaS revenue surged by 149.5% YoY and 27.9% QoQ.</p><p style=\"text-align: left;\">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&amp;A, aiming to help companies reach investors and institutional audiences more effectively and precisely.</p><p style=\"text-align: left;\"><em>*Tiger Brokers (Singapore) Pte Ltd has partnered with a local licensed partner to provide card issuance and account issuing services.</em></p><p style=\"text-align: left;\"><em>**Certain virtual assets transactions are only available for professional investors.</em></p><p style=\"text-align: left;\"><em>***Available in Select Markets</em></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126644661","content_text":"Hong Kong, Singapore and New York, August 30, 2024 — 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 productsClient assets doubled QoQ in Hong Kong in Q2Singapore'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” toolTiger Vault surges in Singapore: One out of every three new funded clients activated this featureIn 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 underwriterEmployee Stock Ownership Plan (ESOP) SaaS revenue doubled YoYIn 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","news_type":1},"isVote":1,"tweetType":1,"viewCount":169,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":316097426358352,"gmtCreate":1718202052255,"gmtModify":1718958223443,"author":{"id":"4167436005575292","authorId":"4167436005575292","name":"Frem","avatar":"https://community-static.tradeup.com/news/12f3f00d7a465c3bd4de005cbb272af7","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4167436005575292","authorIdStr":"4167436005575292"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp;","text":"$Tesla Motors(TSLA)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/316097426358352","isVote":1,"tweetType":1,"viewCount":362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":343986663301512,"gmtCreate":1725005665219,"gmtModify":1725005927044,"author":{"id":"4167436005575292","authorId":"4167436005575292","name":"Frem","avatar":"https://community-static.tradeup.com/news/12f3f00d7a465c3bd4de005cbb272af7","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4167436005575292","authorIdStr":"4167436005575292"},"themes":[],"htmlText":"‌<a href=\"\">[财迷]&nbsp;</a>‌","listText":"‌<a href=\"\">[财迷]&nbsp;</a>‌","text":"‌[财迷] ‌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/343986663301512","repostId":"1126644661","repostType":2,"repost":{"id":"1126644661","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1725004833,"share":"https://ttm.financial/m/news/1126644661?lang=&edition=fundamental","pubTime":"2024-08-30 16:00","market":"us","language":"en","title":"UP Fintech: Record-High Quarterly Revenue with Total Client Assets Reaching US$38.2 Billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1126644661","media":"Tiger Newspress","summary":"Hong Kong, Singapore and New York, August 30, 2024 — UP Fintech Holding Limited (\"UP Fintech\" or the \"Company\", NASDAQ: TIGR, and all its subsidiaries and consolidated entities), a leading online brok","content":"<html><head></head><body><p><strong>Hong Kong, Singapore and New York, August 30, 2024</strong> —<strong> UP Fintech Holding Limited</strong> (&#34;UP Fintech&#34; or the &#34;Company&#34;, NASDAQ: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm committed to redefining global investing through next-generation technologies, today announced its unaudited financial results for the second quarter ended June 30, 2024. In the second quarter, the company achieved a total revenue of US$ 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&#39;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.</p><p style=\"text-align: left;\"><strong>UP Fintech&#39;s founder and CEO, Wu Tianhua</strong>, stated, &#34;In the second quarter, the company&#39;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.&#34;</p><p style=\"text-align: left;\">&#34;Tiger Brokers is always committed to a &#39;Customer First&#39; 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&#39;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 &#39;Double Free&#39; 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.&#34;</p><p style=\"text-align: left;\"><strong>Singapore maintains a leading position with popular local products</strong></p><p style=\"text-align: left;\"><strong>Client assets doubled QoQ in Hong Kong in Q2</strong></p><p style=\"text-align: left;\">Singapore&#39;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 &#34;BOSS Debit Card,&#34; in partnership with a local licensed institution* last quarter, we&#39;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 &#34;Cash Boost&#34; 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.</p><p style=\"text-align: left;\">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 &#34;Double Free&#34; 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, &#34;Tiger Vault&#34;, 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.</p><p style=\"text-align: left;\">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 &#34; Best Mobile App&#34; in Finder&#39;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 &#34;Tiger Vault&#34; cash management service in New Zealand, further assisting local investors in managing their assets conveniently and efficiently.</p><p style=\"text-align: left;\"><strong>Options trading features upgraded comprehensively: Singapore</strong> <strong>launched “Strike &amp; Save” tool</strong></p><p style=\"text-align: left;\"><strong>Tiger Vault surges in Singapore: One out of every three new funded clients activated this feature</strong></p><p style=\"text-align: left;\">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 &#34;Strike &amp; Save&#34;, 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&#39; 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.</p><p style=\"text-align: left;\">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.</p><p style=\"text-align: left;\">On the wealth management side, the number of wealth management services users increased by 150% YoY, further increasing the platform penetration. The Company&#39;s cash management service, &#34;Tiger Vault&#34;, further enhanced its redemption efficiency and continued its strong performance. One out of every three new funded accounts activated &#34;Tiger Vault&#34; 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.</p><p style=\"text-align: left;\"> In Singapore, &#34;Tiger Vault&#34; 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.</p><p style=\"text-align: left;\">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 &#34;Tiger Vault&#34; 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.</p><p style=\"text-align: left;\"><strong>Strong presence in the US IPO market: 13 successful projects as lead underwriter</strong></p><p style=\"text-align: left;\"><strong>Employee Stock Ownership Plan (ESOP) SaaS revenue doubled YoY</strong></p><p style=\"text-align: left;\">In Q2, UP Fintech&#39;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.</p><p style=\"text-align: left;\">On the ESOP front, the Company&#39;s UponeShare service added 22 new enterprise clients this quarter, bringing the total number of serviced enterprise clients to 579. Meanwhile, the company&#39;s ESOP SaaS revenue surged by 149.5% YoY and 27.9% QoQ.</p><p style=\"text-align: left;\">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&amp;A, aiming to help companies reach investors and institutional audiences more effectively and precisely.</p><p style=\"text-align: left;\"><em>*Tiger Brokers (Singapore) Pte Ltd has partnered with a local licensed partner to provide card issuance and account issuing services.</em></p><p style=\"text-align: left;\"><em>**Certain virtual assets transactions are only available for professional investors.</em></p><p style=\"text-align: left;\"><em>***Available in Select Markets</em></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UP Fintech: Record-High Quarterly Revenue with Total Client Assets Reaching US$38.2 Billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUP Fintech: Record-High Quarterly Revenue with Total Client Assets Reaching US$38.2 Billion\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2024-08-30 16:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><strong>Hong Kong, Singapore and New York, August 30, 2024</strong> —<strong> UP Fintech Holding Limited</strong> (&#34;UP Fintech&#34; or the &#34;Company&#34;, NASDAQ: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm committed to redefining global investing through next-generation technologies, today announced its unaudited financial results for the second quarter ended June 30, 2024. In the second quarter, the company achieved a total revenue of US$ 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&#39;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.</p><p style=\"text-align: left;\"><strong>UP Fintech&#39;s founder and CEO, Wu Tianhua</strong>, stated, &#34;In the second quarter, the company&#39;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.&#34;</p><p style=\"text-align: left;\">&#34;Tiger Brokers is always committed to a &#39;Customer First&#39; 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&#39;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 &#39;Double Free&#39; 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.&#34;</p><p style=\"text-align: left;\"><strong>Singapore maintains a leading position with popular local products</strong></p><p style=\"text-align: left;\"><strong>Client assets doubled QoQ in Hong Kong in Q2</strong></p><p style=\"text-align: left;\">Singapore&#39;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 &#34;BOSS Debit Card,&#34; in partnership with a local licensed institution* last quarter, we&#39;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 &#34;Cash Boost&#34; 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.</p><p style=\"text-align: left;\">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 &#34;Double Free&#34; 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, &#34;Tiger Vault&#34;, 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.</p><p style=\"text-align: left;\">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 &#34; Best Mobile App&#34; in Finder&#39;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 &#34;Tiger Vault&#34; cash management service in New Zealand, further assisting local investors in managing their assets conveniently and efficiently.</p><p style=\"text-align: left;\"><strong>Options trading features upgraded comprehensively: Singapore</strong> <strong>launched “Strike &amp; Save” tool</strong></p><p style=\"text-align: left;\"><strong>Tiger Vault surges in Singapore: One out of every three new funded clients activated this feature</strong></p><p style=\"text-align: left;\">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 &#34;Strike &amp; Save&#34;, 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&#39; 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.</p><p style=\"text-align: left;\">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.</p><p style=\"text-align: left;\">On the wealth management side, the number of wealth management services users increased by 150% YoY, further increasing the platform penetration. The Company&#39;s cash management service, &#34;Tiger Vault&#34;, further enhanced its redemption efficiency and continued its strong performance. One out of every three new funded accounts activated &#34;Tiger Vault&#34; 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.</p><p style=\"text-align: left;\"> In Singapore, &#34;Tiger Vault&#34; 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.</p><p style=\"text-align: left;\">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 &#34;Tiger Vault&#34; 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.</p><p style=\"text-align: left;\"><strong>Strong presence in the US IPO market: 13 successful projects as lead underwriter</strong></p><p style=\"text-align: left;\"><strong>Employee Stock Ownership Plan (ESOP) SaaS revenue doubled YoY</strong></p><p style=\"text-align: left;\">In Q2, UP Fintech&#39;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.</p><p style=\"text-align: left;\">On the ESOP front, the Company&#39;s UponeShare service added 22 new enterprise clients this quarter, bringing the total number of serviced enterprise clients to 579. Meanwhile, the company&#39;s ESOP SaaS revenue surged by 149.5% YoY and 27.9% QoQ.</p><p style=\"text-align: left;\">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&amp;A, aiming to help companies reach investors and institutional audiences more effectively and precisely.</p><p style=\"text-align: left;\"><em>*Tiger Brokers (Singapore) Pte Ltd has partnered with a local licensed partner to provide card issuance and account issuing services.</em></p><p style=\"text-align: left;\"><em>**Certain virtual assets transactions are only available for professional investors.</em></p><p style=\"text-align: left;\"><em>***Available in Select Markets</em></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126644661","content_text":"Hong Kong, Singapore and New York, August 30, 2024 — 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 productsClient assets doubled QoQ in Hong Kong in Q2Singapore'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” toolTiger Vault surges in Singapore: One out of every three new funded clients activated this featureIn 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 underwriterEmployee Stock Ownership Plan (ESOP) SaaS revenue doubled YoYIn 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","news_type":1},"isVote":1,"tweetType":1,"viewCount":169,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":316097426358352,"gmtCreate":1718202052255,"gmtModify":1718958223443,"author":{"id":"4167436005575292","authorId":"4167436005575292","name":"Frem","avatar":"https://community-static.tradeup.com/news/12f3f00d7a465c3bd4de005cbb272af7","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4167436005575292","authorIdStr":"4167436005575292"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp;","text":"$Tesla Motors(TSLA)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/316097426358352","isVote":1,"tweetType":1,"viewCount":362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":397287090450520,"gmtCreate":1738019329113,"gmtModify":1738022326249,"author":{"id":"4167436005575292","authorId":"4167436005575292","name":"Frem","avatar":"https://community-static.tradeup.com/news/12f3f00d7a465c3bd4de005cbb272af7","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4167436005575292","authorIdStr":"4167436005575292"},"themes":[],"htmlText":"Golden opportunity to buy more at this price point&nbsp;","listText":"Golden opportunity to buy more at this price point&nbsp;","text":"Golden opportunity to buy more at this price point","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/397287090450520","isVote":1,"tweetType":1,"viewCount":93,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}