UP Fintech Holding Limited (NASDAQ: TIGR), an online brokerage firm focusing on global investors, announced its unaudited financial results for the second quarter ended June 30, 2024.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech said the second quarter saw trading volumes increase by 23.9% quarter over quarter and up 61.5% year over year. Total revenue in 2Q was US$87.4 million, an all-time high and reflected a quarter-over-quarter increase of 10.8% and a year-over-year increase of 32.4%.
Our GAAP net income and non-GAAP net income attributable to ordinary shareholders of UP Fintech for the second quarter were US$2.6 million and US$5.2 million respectively.
In the second quarter, they claim to have added 48,900 new funded accounts, “bringing our total number of funded accounts at the end of the second quarter to 982,300, a 16.8% increase compared to the same quarter last year.”
In addition, as of early August, the total number of funded accounts “has exceeded the 1 million milestone.”
Client assets inflow remained strong, “with a net asset inflow of US$1.7 billion in the second quarter, fueled by a US$3.6 billion mark-to-market gain, leading the total account balance to rise by 16.2% quarter over quarter and 121.1% year over year to US$38.2 billion.”
The expansion of client base and the “record-setting of total client assets over the past three quarters will position them well for sustained long-term growth.”
The company added:
“We continued to invest in research and development to better serve our users and improve operating efficiency. In August, we introduced short selling and options trading features for Hong Kong stocks, expanding our product offerings and enabling more flexible trading strategies. Furthermore, since our Hong Kong subsidiary officially uplifted its Type 1 license to include virtual asset dealing service for professional investors in January of this year, we received approval in June to expand this license to retail clients in Hong Kong. We offer zero commission and no platform fees for both professional investors and Hong Kong retail clients to trade spot cryptocurrency on Tiger platform.”
They also mentioned:
“Our corporate businesses continued to perform well in the second quarter of 2024. During this period, we underwrote a total of 12 U.S. and Hong Kong IPOs, including “Laopu Gold” and “Dida” and we served as the exclusive lead bank for the U.S. IPOs of “Tungray Technologies” and “YY Group”. In our ESOP business, we added 22 new clients in the second quarter, bringing the total number of ESOP clients served to 579 as of June 30, 2024.”
Financial Highlights for Second Quarter 2024
- Total revenues increased 32.4% year-over-year to US$87.4 million.
- Total net revenues increased 32.8% year-over-year to US$73.9 million.
- Net income attributable to ordinary shareholders of UP Fintech was US$2.6 million compared to a net income of US$13.2 million in the same quarter of last year.
