Despite being faced with a challenging start in 2020 due to the outbreak of the 
COVID-19 pandemic and the accompanying global economic volatility, UP Fintech 
Holding Limited, known as "Tiger Brokers" (NASDAQ: TIGR), a leading online 
brokerage firm focusing on global Chinese investors, recently posted impressive 
first-quarter financial results.  

In the first quarter of 2020, Tiger Brokers' total securities trading volume 
was $44.1 billion, up 58.3% year-over-year. The number of clients who opened an 
account increased by approximately 94,000 from the previous quarter and the 
number of accounts with deposits increased by approximately 20,900. The 
quarterly growth rate in funded accounts was about 2.5 times that of the same 
quarter last year and marked a record high for a single quarter. The company 
also reported total client account balance of $5.5 billion as of March 31, 
2020, a 79.9% increase from a year ago.

Increased trading activities from more client accounts contributed to an 
increase in Tiger Brokers' revenues. Tiger Brokers' total revenues increased by 
136.7% year-over-year to $23.2 million for the first quarter of 2020. 
Commissions increased by 124.6% year-over-year to $14.3 million. Interest and 
other related income (financing service fees) jumped by 128.9% to $6.41 million 
from a year ago. Other revenues, driven by a growing institutional businesses, 
increased by 291.3% to $2.51 million from the first quarter of 2019. 

Due to the solid results from multiple business segments, Tiger Brokers reached 
profitability for the first time since its launch in 2015, with a net income 
attributable to Tiger Brokers of $3.03 million for the quarter, representing a 
milestone for the company.

Mr. Wu Tianhua, CEO of Tiger Brokers commented, "During the unprecedented 
market conditions caused by the pandemic, we managed to grow our user base and 
remain agile in our business operations; there is still strong demand in the 
market for our services. By constantly adding new features and investment 
products to our proprietary trading platform, we continue to improve our user 
experience and enhance user stickiness. We are also expanding our institutional 
business, particularly investment banking, equity underwriting, and ESOP 
services, all of which helped us grow our revenue streams substantially."

Tiger Brokers' growing capability to serve corporate clients is 
well-recognized. In 2019, Tiger Brokers' subsidiaries served as an underwriter 
in 12 Chinese ADR IPOs in the U.S. In the first quarter of 2020, only six 
Chinese companies listed on U.S. exchanges and four of them had Tiger Brokers' 
subsidiaries act as the underwriter for their offerings, including Phoenix Tree 
Holdings Ltd (DNK), Lizhi Inc (LIZI), Huize Holding Ltd (HUIZ), and Zhongchao 
Inc (ZCMD). It should also be noted that Tiger Brokers led U.S. IPO 
underwriting of Chinese companies by deal count among brokerages in the first 
quarter of 2020. Between the end of 2017 and the first quarter of 2020 Tiger 
Brokers helped 44 China-based companies go public in the U.S. 

"The lockdowns enforced in many cities in the wake of the coronavirus dealt a 
blow to traditional in-person IPO roadshows. Tiger Brokers overcame this 
challenge by moving face-to-face meetings online. Our ability to organize 
virtual roadshows for prospective issuers demonstrates our flexibility and the 
strong relationships that we built with more than 500 institutional investors 
across North America and Asia-Pacific," said Mr. Wu. 

According to Mr. Wu, the company further strengthened its market position in 
ESOP management services after a year of heavy investment in system 
architecture. Tiger Brokers now counts over 50 client firms across more than 10 
industries, including Xiaomi Corp (1810) and Viomi Technology Co. (VIOT). The 
ESOP management system has been updated over 11 times and has over 109 specific 
features to address clients' diversified needs.

In addition, Tiger Brokers also saw a surge in client engagement with its 
wealth management business. Due to market volatility in the first quarter of 
2020, some investors moved their money into relatively lower volatility 
investments; many of them chose "Cash Plus," an innovative cash management 
feature that the company launched in late 2019. In the first quarter "Cash 
Plus" reported an increase in assets under management of 170% and a 1000% 
increase in client numbers.   

Besides "Cash Plus", Tiger Brokers recently launched its "Fund Mall", a brand 
new wealth management feature that provides a one-stop-shop for investing in 
global mutual funds. The Fund Mall includes over 50 well-known mutual funds 
managed by top-tier global asset managers with deep investment expertise and 
rigorous risk management capabilities. 

Mr. Wu noted that the number of mutual funds in the Fund Mall will reach 100 in 
the second quarter of fiscal 2020. Tiger Brokers will also launch a proprietary 
"fund rating system" to enable clients to screen funds based on custom criteria 
such as return and fund size. Mr. Wu said that the company would make more 
specialized features available in the future to further increase clients' 
ability to analyze prospective investment opportunities.

Tiger Brokers' efforts to accelerate its international expansion continue in 
2020. Its wholly owned Singapore subsidiary, Tiger Brokers (Singapore) Pte Ltd, 
received a Capital Markets Services License from the Monetary Authority of 
Singapore (MAS) in 2019 and has already commenced providing securities trading 
services to Singapore nationals. In addition, the company has offices in the 
U.S. and New Zealand and it expects to offer services to a wider spectrum of 
investors located in other countries and regions as it continues to scale 
internationally. 

"Our proprietary technology is the backbone for our growth and enables us to 
provide efficient and first-rate services in a cost-effective manner. In the 
near future, by leveraging the best available technology, we aim to 
continuously deliver new solutions to offer our users a personalized investing 
experience and grow our company for many years to come," Mr. Wu said.

Disclaimer

This press release is prepared by UP Fintech Holding Limited (NASDAQ: TIGR) 
which is an ultimate holding company of Tiger Brokers (NZ) Limited (FSP number: 
FSP473106). Any information available in this press release is general in 
nature and for information purposes only. It is not intended to provide you 
with financial advice or take into account your objectives, financial situation 
or needs. Whilst we believe the information in this press release is correct, 
no warranty of accuracy, reliability or completeness is given, except for 
liability under statute which can't be excluded.

This press release 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.

Source: Tiger Brokers