NEW YORK, May 25, 2021 /PRNewswire/ -- UP Fintech Holding
Limited (the "Company", a NASDAQ-listed company under the ticker
"TIGR", and all of its subsidiaries and consolidated entities), a
leading online brokerage firm, posted a strong earnings report for
Q1 FY 2021. The firm saw record trading volume of $123.8 billion in the first quarter as demand for
online securities trading continued to rise.
UP Fintech added 296K new
client accounts in the first quarter of 2021, more than 3 times
that of the first quarter of 2020. The total number of clients with
deposits increased 180.4% year-over-year to 376K. Led by strong growth in the client base
coupled with active engagement in the markets during the quarter,
the total client account balance reached a record high of
$21.4 billion in Q1.
Total revenue increased 255.5% year-over-year to $81.3 million. Non-GAAP profit was $23.5 million during the quarter, 22 times
that of the first quarter of 2020.
In the first quarter, UP Fintech continued to expand its
international reach with a growing presence in Singapore. Since the launch of its mobile
trading app in Singapore a year
ago, the firm has successfully differentiated itself with its
innovative technology in a crowded market. In order to further
expand product offerings for local users to diversify their
portfolios, UP Fintech introduced new products and services in
Singapore including its Fund Mall,
as well as Daily Leveraged Certificates (DLCs), and US-listed over
the counter (OTC) equities in Q1.
The quarterly additions of new client accounts and funded
accounts in Singapore increased by
257.9% and 300.8%, respectively, compared to the preceding quarter.
The number of new accounts in Singapore during the first three months of
2021 also exceeded the total for 2020, representing an important
step forward in implementing the firm's global expansion
strategy.
Other revenues from corporate services, including investment
banking and ESOP, rose 330.5% to $10.5
million from the prior year period. In Q1, UP Fintech
participated in 14 H.K. and U.S. IPOs and served as an underwriter
in 8 of them. The firm's U.S. subsidiary also served as a lead bank
for the first time in KuKe's U.S. IPO (NYSE:KUKE). Despite having
only started its investment banking business three years ago, UP
Fintech has participated in more than 80 U.S. IPOs of Chinese
issuers, leading U.S. IPO underwriting of Chinese companies by deal
count among brokerages in both 2019 and 2020.
The firm also added 41 ESOP clients in Q1. Meanwhile, UP Fintech
received ISO27701:2019 and ISO29151:2017 accreditations from DNV.
These certifications certified the firm's commitment to comply with
the most stringent international standards in supporting data
integrity and client confidentiality.
"We delivered another strong performance in Q1 with the highest
ever funded account additions of 117K
during the quarter. We are proud to now serve a diverse and
sophisticated base of 376K investors.
In Q1, more than half of new clients came from international
markets, demonstrating our global expansion strategy is proceeding
nicely. The Singapore market
delivered phenomenal customer growth, serving as a testament to the
relevance of our product offering and the opportunity in the retail
brokerage market," stated Mr. Wu Tianhua, CEO of UP Fintech.
"We are off to a strong start in 2021 with record new accounts and
client balances. Looking ahead, we will continue to expand our
product portfolio and enhance our one-stop trading platform to meet
investor preferences."
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other
statements, the business outlook and quotations from management in
this announcement, as well as the Company's strategic and
operational plans, contain forward-looking statements. The Company
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
("SEC") on Forms 20-F and 6-K, 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. Statements that are not historical facts, including
statements about the Company's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the Company's growth strategies; trends and competition
in global financial markets; the effects of the global COVID-19
pandemic; and governmental policies relating to the Company's
industry and general economic conditions in China and other countries. Further information
regarding these and other risks is included in the Company's
filings with the SEC. 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.
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SOURCE UP Fintech Holding Limited