Core Viewpoint - Tiger Brokers, a cross-border internet brokerage, is reportedly violating regulations by illegally acquiring new clients in mainland China through forged documents and other means [2][6] Group 1: Regulatory Issues - In 2022, the China Securities Regulatory Commission (CSRC) identified Tiger Brokers as operating illegally in the securities business [6] - The CSRC has mandated that cross-border internet brokerages like Tiger Brokers and Futu cease operations targeting mainland investors, labeling their activities as "illegal" [6] - Despite restrictions on acquiring new mainland clients, Tiger Brokers continues to recruit extensively across multiple cities in China [2][6] Group 2: Business Operations and Performance - Tiger Brokers was founded in 2014 and went public on NASDAQ in 2019, initially benefiting from favorable policies for cross-border investments [5][6] - The company reported significant growth in its financial performance, with a 71.8% year-on-year increase in commission revenue to $159 million for the full year of 2024 [6] - In the first quarter of 2025, the number of new Hong Kong stock accounts opened by Tiger Brokers increased by 27% quarter-on-quarter, with trading volume rising by 78% [6] Group 3: Market Trends and Investor Behavior - The Hong Kong IPO market is experiencing a resurgence, with a 30% year-on-year increase in new listings and a total fundraising of approximately HKD 77.7 billion, a sevenfold increase [7] - Mainland investors face stringent requirements to access Hong Kong stocks through "Stock Connect," leading some to seek alternative methods via internet brokerages like Tiger Brokers [8] - Tiger Brokers plans to double its workforce in Hong Kong over the next two to three years to capture a larger share of the growing offshore wealth market [8]

6月4日，有媒体报道称，跨境互联网券商老虎证券目前依然在北京等地违规发展内地新客户、开立 新账户，通过涉嫌伪造材料等手段，主动帮助不符合条件的内地客户成功开户，并通过技术手段为新增 客户获取其App留"后门"。 对此，老虎证券方面予以了否定。该公司相关人士对《国际金融报》记者表示，近期市场出现针对 老虎国际的不实报道，这已经侵害了公司的品牌声誉与合法权益。在此，公司郑重声明：自创立以来， 老虎证券始终坚持最高标准的合法合规经营，严格遵守各展业地区的法律法规及监管要求。目前，公司 已在包括中国香港、新加坡、美国、澳大利亚、新西兰等在内的主要市场获得当地监管机构颁发的相关 金融牌照，所有业务均严格在持牌地监管框架内规范开展。 老虎证券还表示，针对中国内地市场，公司始终严格遵守监管规定，已于规定时限内，全面落实 2022年中国证监会的整改要求，目前已停止在中国内地面向新用户提供任何开户服务。现阶段在中国境 内提供的服务，仅限于为合规存量客户提供必要的客户支持与技术服务，确保其符合所有监管规 定。"合规先行"是公司不可动摇的经营基石。将一如既往恪守此原则，持续致力于为全球投资者打造安 全、合规、高效的交易环境与服务体 ...

Group 1: Hong Kong IPO Market - The Hong Kong IPO market remains active, with 29 new stocks listed as of May 30 this year, driven by the profitability of stocks like Laopuk Gold and Pop Mart [1] - The ongoing profitability of these stocks has led to a surge in new account openings in the Hong Kong stock market [1] Group 2: Tiger Securities - Tiger Securities, identified by the China Securities Regulatory Commission (CSRC) as illegally operating securities business in 2022, continues to recruit staff in multiple cities including Beijing, Shanghai, and Guangzhou for various roles [3] - The company, established in 2014, primarily serves individual and institutional investors in the US and Hong Kong markets, and expanded into IPO underwriting in 2017 [3] - The CSRC has taken a firm stance against cross-border securities operations by such foreign institutions, categorizing Tiger Securities' activities as illegal and mandating corrective actions [4]

Group 1 - The core issue involves Tiger Brokers allegedly violating regulations by falsifying documents to onboard new clients from mainland China despite being previously identified as operating illegally by the China Securities Regulatory Commission (CSRC) [1][2] - Tiger Brokers is reportedly recruiting extensively across multiple cities in China for various roles, including front-office positions in securities brokerage, investment banking, and asset management, as well as back-office roles in human resources, finance, administration, technology, customer service, and operations [1] - In response to the allegations, Tiger International has issued a statement claiming that the information is severely misleading and constitutes malicious defamation, asserting that the company will take necessary legal actions to protect its rights [1] Group 2 - Tiger International was established in 2014 and is headquartered in Singapore, holding 77 licenses and qualifications across major financial markets globally [2] - The CSRC announced in December 2022 that Tiger Brokers and Futu Holdings were conducting cross-border securities business targeting domestic investors without approval, which constitutes illegal operations under relevant laws [2] - In May 2023, Tiger International announced adjustments to its client update process in response to CSRC's requirements, including the removal of its app from domestic app stores [2]

Group 1: New Energy Vehicle Promotion - The Ministry of Industry and Information Technology, along with other government bodies, launched the 2025 New Energy Vehicle (NEV) promotion campaign, featuring 124 models aimed at rural areas [2] - The campaign emphasizes "green, low-carbon, intelligent, and safe" transportation, targeting counties with high market potential for NEVs [2] - The initiative includes a combination of online and offline activities, with a focus on enhancing charging infrastructure and promoting a comprehensive service network for vehicle purchase and maintenance [2] Group 2: Model Participation and Market Expansion - This year's campaign includes 25 more models compared to 2024, notably adding Tesla's Model Y and Model 3, expanding the range of participating vehicles [3] - BYD has 11 models in the campaign, while other brands like Deep Blue, Aion, NIO, and Leap Motor have 5, 5, 4, and 2 models respectively [3] Group 3: Financial and Investment Developments - China Pacific Insurance announced a 500 billion yuan fund focused on mergers and acquisitions, with a target of 300 billion yuan for the new fund aimed at supporting Shanghai's industrial development [5] - NIO reported a revenue of 12.03 billion yuan in Q1, a year-on-year increase of over 21%, with a projected revenue of 19.51 to 20.07 billion yuan for Q2 [7] - Silyus reported May NEV sales of 39,982 units, a year-on-year increase of 17.15%, but a cumulative decline of 19.64% for the year [8] Group 4: Market Trends and Consumer Behavior - JD's 7Fresh plans to open 18 new stores in the Beijing-Tianjin region, indicating a rapid expansion in the instant retail sector [9] - The domestic tourism during the Dragon Boat Festival saw 119 million trips, a year-on-year increase of 5.7%, with total spending reaching 42.73 billion yuan [22]

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, particularly in the areas of virtual assets and Web3.0 development, suggesting a strong investment opportunity in these sectors [2][9]. Core Insights - The report emphasizes the importance of monitoring global tariff negotiations, particularly the recent developments in U.S.-China trade relations and their potential impact on market dynamics [9]. - There is a notable increase in the quality and risk appetite of Hong Kong assets, with a focus on asset trading platforms as valuable investment opportunities [9]. - The report highlights the active performance of virtual asset-related stocks in Hong Kong, driven by stablecoin policies, and anticipates further regulatory developments in this area [2][9]. Summary by Sections 1. Industry Situation Tracking 1.1 Education - The K12 education sector shows strong growth, with leading institutions reporting over 20% revenue growth for winter training sessions [4]. - Recent product launches in AI education indicate ongoing innovation in the sector [4][17]. 1.2 Luxury Goods - The luxury goods sector is experiencing disruptions due to U.S.-EU tariff policies, with cautious price increases observed among brands [4][19]. - LVMH expresses confidence in the Chinese market despite recent consumption declines, indicating a long-term positive outlook [21]. 1.3 Coffee and Beverage Chains - Coffee and tea remain key categories for delivery platforms, with recent subsidies from platforms like JD.com [4]. - Coffee futures have seen a significant decline, which may alleviate cost pressures for companies like Luckin Coffee [4][27]. 1.4 E-commerce - Major players like Alibaba and JD.com continue to compete aggressively in the delivery and retail sectors, impacting short-term profitability [4]. - The report notes strong performance in the "618" shopping festival, with significant growth in various product categories [32]. 2. Platform & Technology 2.1 Streaming Platforms - The streaming sector shows resilience, with Tencent Music and other platforms benefiting from scale effects [4][33]. - Recent transactions, such as HYBE's sale of SM Entertainment shares to Tencent Music, highlight strategic movements within the industry [34]. 2.2 Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization is reported at $337.44 billion, reflecting a 4% decline [38]. - The introduction of the Stablecoin Regulation in Hong Kong marks a significant step in regulating digital asset activities [41].

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates, particularly concentrating on investment opportunities in the Hong Kong market [1]

Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 reached $122.6 million, up 55.3% year over year [8] - Commission income hit a record high of $58.3 million, more than doubling year over year [8] - Net interest income increased to $53.8 million, reflecting a 22.7% year-over-year growth [9] - GAAP net income attributable to the company reached $30.4 million, up 8.4% quarter over quarter and 146.7% year over year [10] - Non-GAAP net income increased to $36 million, an 18.3% sequential increase and a 145% increase year over year [10] Business Line Data and Key Metrics Changes - Total trading volume reached $217 billion, driving significant commission income growth [8] - Marketing financing and securities lending balance increased to $5.2 billion, up 89.4% year over year [8] - The company added 60,900 new funded accounts, representing a 2.9% increase quarter over quarter and a 111.2% growth year over year [11] Market Data and Key Metrics Changes - Client assets reached a record high of $45.9 billion, up 9.9% quarter over quarter and 39.5% year over year [11] - Net inflow of client assets was strong at $3.4 billion for the quarter, primarily driven by retail clients in Singapore and Greater China [11] - Client assets from the Greater China region increased by over 20% quarter over quarter [11] Company Strategy and Development Direction - The company is focusing on enhancing product offerings and improving user experience, including the upgrade of TigerGPT to Tiger AI [12] - The company aims to deepen its presence in the Hong Kong market, which has become a key strategic area [12] - The company plans to continue investing in talent and marketing in Hong Kong to deliver superior product experiences [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second quarter, noting a significant pickup in market volatility and trading volume [23] - Client assets have set another record high, with a strong net asset inflow continuing into the second quarter [25] - The company anticipates a disciplined growth in headcount and expects compensation expenses to grow by 10% to 20% per year [26] Other Important Information - The company enrolled four Hong Kong IPOs in the first quarter, including a record-setting IPO subscription amount [14] - The average net asset inflow of newly acquired clients from the Hong Kong market exceeded $30,000 [12] Q&A Session Summary Question: Impact of market volatility on run rate and early trends - Management noted a significant pickup in trading volume due to market volatility, with monthly trading volume crossing $100 billion for the first time [23] Question: Outlook on costs and customer acquisition - Management expects compensation expenses to grow by 10% to 20% per year and anticipates an increase in customer acquisition costs to around $250 to $300 [26][28] Question: Breakdown of net asset inflows by region - Approximately 60% of net asset inflows came from Greater China, 30% from Singapore, and 10% from the US and Australia/New Zealand [32] Question: Impact of interest rate cuts on net interest income - For every 25 basis points cut by the Federal Reserve, the estimated impact on quarterly net interest income would be about $1 to $1.5 million [33] Question: Regional breakdown of newly funded accounts - About 45% of newly funded accounts came from Singapore and Southeast Asia, while 35% were from Greater China [38] Question: Strategic focus in the Hong Kong market - Management views increased competition in Hong Kong as a validation of the market's attractiveness and plans to invest further in talent and marketing [40]

Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 reached $122.6 million, up 55.3% year over year [8] - Total trading volume reached $217 billion, driving commission income to a record high of $58.3 million, more than doubling year over year [8] - Net interest income increased to $53.8 million, a 22.7% year-over-year increase [9] - Non-GAAP net income attributable to UP Fintech increased to $36 million, reflecting an 18.3% sequential increase and a 145% increase year over year [9] - GAAP net income reached $30.4 million, up 8.4% quarter over quarter and 146.7% year over year [9] Business Line Data and Key Metrics Changes - Commission revenue breakdown: approximately 65% from cash equities, 30% from options, and the remainder from futures and other products [16] - Marketing financing and securities lending balance increased to $5.2 billion, an 89.4% year-over-year increase [8] - The company added 60,900 new funded accounts, representing a 2.9% increase quarter over quarter and a 111.2% growth year over year [10] Market Data and Key Metrics Changes - Client assets reached a record high of $45.9 billion, up 9.9% quarter over quarter and 39.5% year over year [10] - Client assets from the Greater China region increased by over 20% quarter over quarter [11] - Average net asset inflow of newly acquired clients from the Hong Kong market exceeded $30,000 [12] Company Strategy and Development Direction - The company is focusing on enhancing product offerings and improving user experience, including the upgrade of TigerGPT to Tiger AI [12] - The company aims to deepen its presence in the Hong Kong market, which has become a key strategic area [12] - The company plans to continue investing in both talent and marketing in Hong Kong to deliver a superior product experience [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second quarter, noting a significant pickup in market volatility and trading volume [24] - Client assets have set another record high, with net asset inflow remaining strong [25] - The company expects customer acquisition costs to rise due to increased investment in high-value markets like Hong Kong [28] Other Important Information - The company enrolled four Hong Kong IPOs in the first quarter, including Chip and Go and Nanshan Aluminum [14] - The average customer acquisition cost is expected to rise to around $250 to $300 in the coming quarters [28] Q&A Session Summary Question: Impact of market volatility on run rate and early trends - Management noted a significant pickup in trading volume due to market volatility, with monthly trading volume crossing $100 billion for the first time [24] Question: Outlook on profitability and cost management - Management indicated that overall headcount growth will remain disciplined, with compensation expenses expected to grow about 10% to 20% per year [27] Question: Breakdown of net asset inflows by region - In the first quarter, approximately 60% of net asset inflows came from Greater China, 30% from Singapore, and 10% from the US and Australia/New Zealand [34] Question: Interest income and potential impact of Fed rate cuts - Management estimated that for every 25 basis points cut by the Federal Reserve, quarterly net interest income would be negatively impacted by about $1 to $1.5 million [35] Question: Regional breakdown of newly funded accounts - About 45% of newly funded accounts came from Singapore and Southeast Asia, while 35% were from Greater China [41]

Core Insights - UP Fintech Holding Limited reported a total revenue of US$122.6 million for Q1 2025, marking a 55.3% year-over-year increase [1] - Non-GAAP net income attributable to shareholders reached US$36 million, reflecting an 18.3% quarter-over-quarter and 145% year-over-year increase, achieving a historical record [1] - The company added 77,000 new accounts in Q1, a 49.8% increase year-over-year, bringing total global accounts to 2.53 million [1] - Funded accounts increased by 60,900, resulting in a total of 1.15 million funded clients, a 23.5% year-over-year growth [1] - Trading volume surged 154.6% year-over-year to US$217.5 billion [1] - Net deposits reached US$3.4 billion, with client assets climbing to US$45.9 billion, representing nearly a 10% quarter-over-quarter and 39.5% year-over-year increase [1] Financial Performance - The company achieved a record high in non-GAAP net profit, up 145% year-over-year [2] - Commission income for Q1 was US$58.3 million, up 109.8% year-over-year, while interest-related income grew 20.8% year-over-year to US$56.4 million [9] - Wealth management assets under custody (AUC) surged 205% year-over-year in Q1, with the number of users rising 85% year-over-year [11] Client Growth and Engagement - New funded clients in Hong Kong averaged over US$30,000 in net asset inflows, contributing to a 40% achievement of the annual guidance in Q1 [2] - In Singapore, trading volume and orders surged 81.5% and 65.8% year-over-year, respectively [3] - In Australia, deposit amounts and funded clients rose by 71% and 37% year-over-year [6] Product and Service Innovations - The company launched cryptocurrency deposit and withdrawal services in Hong Kong, allowing seamless management of cryptocurrencies like Bitcoin and Ethereum [2][4] - TigerAI was upgraded to enhance options, portfolio, and watchlist analysis, providing smarter investment insights [9] - The platform introduced new features for options trading, including position analysis and take-profit/stop-loss support [9] IPO and Investment Banking Activities - The company underwrote four Hong Kong IPOs and participated in the distribution of the top three Hong Kong IPOs by fundraising volume in Q1 [15] - The IPO subscription business saw explosive growth, with subscribers up 11x year-over-year and subscription volume soaring 800x year-over-year [10] Awards and Recognition - Tiger Brokers received three accolades at The Asset magazine's 2025 "AAA Digital Awards," including "Digital Broker of the Year" and "Best Brokerage App" in Singapore [3]