{"id":3267,"date":"2021-11-30T09:02:00","date_gmt":"2021-11-30T09:02:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3591131_CN91131_0"},"modified":"2021-11-30T09:02:00","modified_gmt":"2021-11-30T09:02:00","slug":"up-fintech-achieved-annual-target-for-new-account-growth","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=3267","title":{"rendered":"UP Fintech Achieved Annual Target for New Account Growth"},"content":{"rendered":"<p><span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Nov. 30, 2021<\/span> \/PRNewswire\/ &#8212; UP Fintech Holding Limited (the &#8220;Company&#8221;, a NASDAQ-listed company under the ticker &#8220;TIGR&#8221;, and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, today reported its unaudited financial results for the third quarter ended <span class=\"xn-chron\">September 30, 2021<\/span>. Total revenues were <span class=\"xn-money\">US$60.8 million<\/span>, a 59.6% increase from the third quarter of 2020. Non-GAAP net income was <span class=\"xn-money\">US$5.3 million<\/span>.<\/p>\n<p>In the quarter, the Company&#8217;s internationalization strategy demonstrated substantial progress. By the end of the third quarter, customer accounts increased by 117,800 to 1.77 million, nearly twice that of the same period last year. The number of customers with deposits increased to 612,000, nearly 3 times that of the same period last year. Notably, over 80% of newly funded accounts in Q3 came from overseas. The Company has acquired 353,300 funded accounts this year, surpassing the 350,000 new funded account guidance it set out earlier this year. <\/p>\n<p>Mr. Wu Tianhua, CEO of UP Fintech commented, &#8220;An important step in our mission to become a leading global broker is our upcoming expansion in <span class=\"xn-location\">Hong Kong<\/span>; we have now obtained Type I (Dealing in Securities) and Type II (Dealing in Futures Contracts) licenses from the Hong Kong Securities and Futures Commission. Meanwhile, as the first online brokerage with SGX memberships across securities trading and clearing, securities depository, and derivatives trading, the Company is able to provide more services to local investors which further strengthens our presence in <span class=\"xn-location\">Singapore<\/span>. Looking forward, we are confident that our industry-leading focus on advancing brokerage technology and delivering a superior user experience, coupled with our strong emphasis on compliance, will help us stand out from the crowd.&#8221;<\/p>\n<p><b>Exceeded Full-Year Funded Accounts Guidance <\/b><\/p>\n<p><b>Over 70% of Clients&#8217; US Cash Equity Trades Are Self-Cleared<\/b><\/p>\n<p>The third quarter results corroborated the success of the Company&#8217;s internationalization strategy with global customer accounts reaching 1.77 million and the number of customer accounts with deposits reaching 612,000. In the first nine months of the year, the Company acquired 353,300 newly funded accounts which exceeded the annual guidance set forth at the beginning of the year. Total securities trading volume increased by 47.4% year over year to <span class=\"xn-money\">US$92.6 billion<\/span>, and total account balance was <span class=\"xn-money\">US$20.6 billion<\/span>, an increase of 88.3% year over year. The Company&#8217;s core brokerage business achieved steady growth. Commission income was <span class=\"xn-money\">US$33.5 million<\/span>, a year over year increase of 72.0% and interest-related income was <span class=\"xn-money\">US$20.1 million<\/span>, a year over year increase of 105.1%.<\/p>\n<p>UP Fintech&nbsp;continued to expand the products and services available on its comprehensive fintech platform. For options traders, the Company&#8217;s flagship trading App, Tiger Trade, launched options paper trading to help new investors learn about options. It also added a Covered Call function to reduce option traders&#8217; margin requirements. For US stock investors, the Company launched new functions such as tables of pre &amp; post market movers and daily short volume to help investors better capture market opportunities. The Company in total provided 28 IPO subscriptions in the third quarter, such as Li Auto (HK:2015) and Helens (HK:9869). To meet retail investors&#8217; interest to subscribe to Hong Kong IPOs, the Company added new trading coupons such as zero-margin financing coupons and fee reduction coupons. Meanwhile, UP Fintech&#8217;s online investor community, the Tiger Community, added more investing courses for beginners, helping them identify and analyze promising global opportunities.<\/p>\n<p>The Company&#8217;s wealth management business grew steadily in the quarter as more clients used the Fund Mall and Cash Plus. Assets under management (AUM) increased by 98.0% year over year and the number of clients increased by 153.1% year over year. Leveraging its global client base, UP Fintech&nbsp;bolstered its cooperation with&nbsp;top international&nbsp;asset managers; the Fund Mall added 40 new funds in the third quarter, among which <span class=\"xn-location\">Asia<\/span>-focused equity funds were particularly popular. To meet growing client demand for global wealth management, the Company continued to develop new functions for its systematic investment plan, which clients use to automatically invest a predetermined sum in their favorite funds each month.&nbsp; <\/p>\n<p>As a company that prides itself on innovation, UP Fintech continued to actively invest in research and development for its proprietary technologies. By the end of the third quarter, over 70% of clients were having their U.S. cash equities trades cleared by TradeUP Securities Inc. (formerly known as Marsco Investment Corporation). With its solid track record of successful innovation, the Company won the 2021 Ram Charan Innovation and Entrepreneurship Practice Award by the Harvard Business Review.<\/p>\n<p><b>Over 80% Of New Funded Accounts from Overseas<\/b><\/p>\n<p><b>Acquired New Licenses and Qualifications in <span class=\"xn-location\">Hong Kong<\/span> and <span class=\"xn-location\">Singapore<\/span> <\/b><\/p>\n<p>UP Fintech&#8217;s internationalization strategy has achieved remarkable results. Over 80% of its newly funded accounts came from outside <span class=\"xn-location\">China<\/span> during the third quarter.<\/p>\n<p>In <span class=\"xn-location\">Singapore<\/span>, UP Fintech offered new futures products including those from Eurex Exchange. UP Fintech currently offers futures from six major exchanges in the U.S., <span class=\"xn-location\">Europe<\/span> and <span class=\"xn-location\">Asia<\/span>, leading the industry by the number of futures available for trading on its platform. In July, in cooperation with Lion Global Investors, it also helped raise financing for <span class=\"xn-location\">Singapore&#8217;s<\/span> first dividend-paying <span class=\"xn-location\">China<\/span>-focused ETF. Retail investors were able to subscribe for units via Tiger Trade, which reduced the threshold for <span class=\"xn-location\">Singapore<\/span> investors to increase their allocation to China.&nbsp; <\/p>\n<p>In addition, the Company launched its business-to-business (B2B) corporate services in <span class=\"xn-location\">Singapore<\/span>, where UP Fintech provides clients with technological solutions that include advanced portfolio and risk management tools. To further promote the Company&#8217;s presence in <span class=\"xn-location\">Singapore<\/span> and current strategic global expansion plans, the Company has decided to establish a dual headquarters in <span class=\"xn-location\">Singapore<\/span>. <\/p>\n<p>In <span class=\"xn-location\">New Zealand<\/span>, the Company&#8217;s growth potential was well recognized by the industry. UP Fintech NZ was recognized by APAC Business Headlines as <span class=\"xn-location\">New Zealand&#8217;s<\/span> Most Influential FinTech Company 2021. It also has been named as the 2021 Deloitte Fast 50 fastest-growing company in <span class=\"xn-location\">New Zealand<\/span>.<\/p>\n<p>The Company will continue to solidify its position as an industry-leading online broker by executing on its global expansion strategy and expanding its client base. By acquiring a local firm licensed with the Hong Kong Securities and Futures Commission for Type I (Dealing in Securities) and Type II (Dealing in Futures Contracts) regulated activities, the Company will be able to tap into the <span class=\"xn-location\">Hong Kong<\/span> market to drive further growth. In <span class=\"xn-location\">Singapore<\/span>, the Company also received approval to be admitted as a Trading Member of Singapore Exchange Securities Trading Limited (&#8220;SGX-ST&#8221;) and Singapore Exchange Derivatives Trading Limited (&#8220;SGX-DT&#8221;) and a Clearing Member as well as a Depository Agent of The Central Depository (Pte) Limited (&#8220;CDP&#8221;) from Singapore Exchange Ltd (&#8220;SGX&#8221;). As of now, the Company holds 46 licenses and qualifications across 36 categories&nbsp;in Hong Kong SAR, <span class=\"xn-location\">Singapore<\/span>, The U.S., <span class=\"xn-location\">New Zealand<\/span>, and <span class=\"xn-location\">Australia<\/span>, laying a solid foundation for long-term growth. <\/p>\n<p><b>262 ESOP Clients as of Q3<\/b><\/p>\n<p><b>Digital ESOP Solutions to Assist More Companies<\/b><\/p>\n<p>Other income, mainly derived from investment banking and ESOP (Employee Stock Incentive Plan), was <span class=\"xn-money\">US$7.18 million<\/span> in the third quarter. Despite short-term market uncertainty, the Company continued to grow its robust pipeline of prospective issuers. <\/p>\n<p>On the investment banking side of the business, the Company continues to develop its core underwriting capability as well as its equity research offerings. By leveraging its detailed knowledge of the Chinese market, the Company served as an underwriter for the international offering of XPeng&#8217;s (HK: 9868) dual primary listing in <span class=\"xn-location\">Hong Kong<\/span>, and also provided substantial subscription orders for several other issuers. In the third quarter, the Company participated in 4 U.S. IPOs. In addition, UP Fintech assisted an issuer attract additional investment in excess of <span class=\"xn-money\">HK$200 million<\/span> (<span class=\"xn-money\">US$26 million<\/span>) after its listing. The Company also released equity research reports covering renowned companies such as Alibaba (NYSE: BABA) and Baidu (NASDAQ: BIDU) during the quarter.<\/p>\n<p>The Company&#8217;s investment banking business formally launched its Financial Advisory service and cooperated with over 20 emerging companies across various sectors during the quarter. With its strong market insights and technological prowess, UP Fintech is naturally more connected to these companies and can offer a comprehensive suite of solutions specific to their needs, all while assisting them increase their international presence. <\/p>\n<p>A growing number of firms are using equity incentives to motivate their employees and increase their long-term competitiveness. UP Fintech, with its proprietary ESOP system, employs digitization to assist corporate clients better manage their employee equity programs. In the third quarter, UP Fintech&#8217;s ESOP continued to enhance the client experience by adding functions such as share lock-up management for H-share &amp; A-share companies as well as the ability to retrace historical data. <\/p>\n<p>UP Fintech&#8217;s ESOP continues to be trusted by a growing client base; the total number of clients increased to 262 as the Company added 46 new ESOP clients in the third quarter. For the first three quarters of 2021, the total number of new ESOP clients climbed by 266.7% as compared to the same period last year. The swift rate of ESOP adoption is evidence of the Company&#8217;s ability to meet the needs of innovative, next generation clients.<\/p>\n<p>In the third quarter, 53 companies such as Lufax (NYSE:LU) and Wuling Motors (HK:0305) opened Enterprise Accounts on UP Fintech&#8217;s online community. The Company also assisted Xiaomi (HK:1810) and Cloopen (NYSE: RAAS) target a wide spectrum of investors through livestreams, digital infographics, and marketing activities, boosting client awareness of their brands and official events. In total, both firms&#8217; digital campaigns in the Tiger community received over one million pageviews each. In addition, UP Fintech assisted Lenovo (HK: 0992) and 24 other innovative firms host an online roadshow that connected them with an audience of nearly 100 institutional investors and over 600 analysts and high net worth individuals.&nbsp; <\/p>\n<p>In order to further enhance the efficiency of communication between listed companies and investors, the Company&#8217;s Enterprise Account Platform recently launched a digital dashboard, providing corporate clients with one-stop services that comprise media content and community post analysis. Meanwhile, the Company launched the industry&#8217;s first investor Q&amp;A function for HK and US listed companies, increasing engagement and ease of interaction between corporates and their investors. <\/p>\n<p><b>Safe Harbor Statement<\/b><\/p>\n<p>This announcement contains forward\u2212looking statements. These statements are made under the &#8220;safe harbor&#8221; provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward\u2212looking statements can be identified by terminology such as &#8220;may,&#8221; &#8220;might,&#8221; &#8220;aim,&#8221; &#8220;likely to,&#8221; &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;estimates&#8221; and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company&#8217;s strategic and operational plans, contain forward\u2212looking statements. The Company may also make written or oral forward\u2212looking statements in its periodic reports to the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) on Forms 20\u2212F and 6\u2212K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company&#8217;s beliefs and expectations, are forward\u2212looking statements. Forward\u2212looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward\u2212looking statement, including but not limited to the following: the cooperation with Interactive Brokers LLC and Xiaomi Corporation and its affiliates; the Company&#8217;s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company&#8217;s revenues and certain cost or expense accounting policies; the effects of the global COVID-19 pandemic; and governmental policies and regulations affecting the Company&#8217;s industry and general economic conditions in <span class=\"xn-location\">China<\/span>, <span class=\"xn-location\">Singapore<\/span> and other countries. Further information regarding these and other risks is included in the Company&#8217;s filings with the SEC, including the Company&#8217;s annual report on Form 20-F filed with the SEC on <span class=\"xn-chron\">April 28, 2021<\/span>. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company&#8217;s filings with the SEC.<\/p>\n<p id=\"PURL\"><img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN91131&amp;sd=2021-11-30\"> View original content:<a id=\"PRNURL\" rel=\"nofollow noopener\" href=\"https:\/\/www.prnewswire.com\/news-releases\/up-fintech-achieved-annual-target-for-new-account-growth-301433616.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/up-fintech-achieved-annual-target-for-new-account-growth-301433616.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, Nov. 30, 2021 \/PRNewswire\/ &#8212; UP Fintech Holding Limited (the &#8220;Company&#8221;, a NASDAQ-listed company under the ticker &#8220;TIGR&#8221;, and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, today reported its unaudited financial results for the third quarter ended September 30, 2021. Total revenues were US$60.8 [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":3268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-3267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UP Fintech Achieved Annual Target for New Account Growth - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=3267\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UP Fintech Achieved Annual Target for New Account Growth - My Blog\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Nov. 30, 2021 \/PRNewswire\/ &#8212; UP Fintech Holding Limited (the &#8220;Company&#8221;, a NASDAQ-listed company under the ticker &#8220;TIGR&#8221;, and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, today reported its unaudited financial results for the third quarter ended September 30, 2021. 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