Group 1 - The core focus of the research service is on identifying Asia-listed stocks that exhibit a significant gap between their market price and intrinsic value, particularly emphasizing deep value balance sheet bargains and wide moat stocks [1] - UP Fintech Holding Limited (NASDAQ: TIGR) is rated as a Buy, with trading volume and newly funded accounts more than doubling year-over-year in Q3 2024, indicating strong growth [1] - The shares of UP Fintech are considered undervalued, as the company's earnings multiple is lower compared to its peers [1] Group 2 - The research service provides a range of watch lists with monthly updates, targeting value investors interested in the Hong Kong market [1] - The author of the service is focused on finding hidden champions and high-quality businesses that can be purchased at a discount [1]

Investment Rating - The investment rating for the company is "Cautious Recommendation" [9] Core Views - The company reported a record high total revenue of $101 million in Q3 2024, representing a year-over-year increase of 44%, and a net income of $85.4 million, up 47% year-over-year [1] - The strong growth in brokerage commission income, which reached $41.2 million (41% of total revenue), was driven by a significant increase in trading volume, with total trading volume at $163 billion, a 103% year-over-year increase [2] - The company has successfully exceeded its annual target of adding 150,000 net new funded clients ahead of schedule, with total client assets reaching $40.8 billion, a 116% year-over-year increase [4] Summary by Sections Financial Performance - Q3 2024 total revenue was $101 million, with a net profit of $17.8 million, yielding a net profit margin of 18% [1][3] - Non-GAAP net profit was $20.1 million, with a Non-GAAP net profit margin of 20% [3] Revenue Breakdown - Brokerage commission income grew by 78% year-over-year to $41.2 million, driven by a total trading volume of $163 billion [2] - Interest income was $48 million, accounting for 48% of total revenue, reflecting a 25% year-over-year increase [2] - Other income, including IPO distribution revenue, increased by 70% year-over-year to $9.1 million [2] Cost Management - Total expenses included $3.5 million in execution clearing fees (up 48% year-over-year) and $28.8 million in employee compensation (up 11% year-over-year) [3] - Marketing expenses rose by 59% year-over-year to $8.2 million, with a customer acquisition cost (CAC) of $163 [3] Client Growth and Assets - The company added 51,000 net funded clients in Q3 2024, a 105% year-over-year increase, bringing total funded clients to 1.033 million [4] - Client total assets reached $40.8 billion, marking a continuous increase for eight consecutive quarters [4] Outlook - The company anticipates continued strong performance in Q4, with October showing record highs in trading volume and commission income [5] - The outlook remains positive, with expectations for sustained momentum in trading volume and client inflows [5]

Investment Rating - The report does not explicitly state the investment rating for Tiger Brokers (TIGR) [1][2] Core Views - Tiger Brokers achieved record-high revenue and a 3-year high in net income in Q3 2024, with total revenue reaching $101 million (yoy +44%) and net income of $17.8 million (yoy +34%) [1] - The strong growth in trading volume drove a significant increase in brokerage commission income, which accounted for 41% of total revenue at $41.2 million (yoy +78%) [1] - Interest income, primarily from margin financing, contributed 48% of total revenue at $48 million (yoy +25%) [1] - The company exceeded its annual target of 150,000 new funded clients, with total client assets reaching a record $40.8 billion (yoy +116%) [1] - Q4 trends are positive, with October commission income hitting a new high and trading volume in November showing strong performance [1] Revenue Breakdown - Brokerage commission income: $41.2 million (41% of total revenue, yoy +78%) [1] - Interest income: $48 million (48% of total revenue, yoy +25%) [1] - Margin financing service fee income: $2.8 million (3% of total revenue, yoy -15%) [1] - Other income: $9.1 million (9% of total revenue, yoy +70%) [1] Cost and Profit Analysis - Execution and clearing fees: $3.5 million (yoy +48%) [1] - Employee compensation and benefits: $28.8 million (yoy +11%) [1] - Occupancy, depreciation, and amortization: $2.2 million (yoy -3%) [1] - Communication and market data fees: $9.7 million (yoy +28%) [1] - Marketing expenses: $8.2 million (yoy +59%) [1] - General administrative expenses: $6.9 million (yoy +27%) [1] - Net profit margin: 18% (GAAP), 20% (Non-GAAP) [1] Client Metrics - Net new funded clients in Q3: 51,000 (yoy +105%) [1] - Total funded clients: 1.033 million (yoy +19%) [1] - Total client assets: $40.8 billion (yoy +116%) [1] Market Performance and Outlook - Q3 total trading volume: $163 billion (yoy +103%) [1] - October trading volume and commission income reached record highs, exceeding twice the average monthly levels in the first half of the year [1] - November trading activity showed strong performance, with order volume on November 6 (US election day) up 48% compared to October averages [1]

Financial Data and Key Metrics Changes - UP Fintech Holding Limited reported its third quarter 2024 earnings, with financial results available on their IR website [3] - The company will provide a detailed discussion of financial results during the call [4] Business Line Data and Key Metrics Changes - Specific details regarding the performance of various business lines were not provided in the available content [5] Market Data and Key Metrics Changes - No specific market data or key metrics changes were mentioned in the provided content [5] Company Strategy and Development Direction and Industry Competition - The company will discuss corporate highlights and business operations during the call, indicating a focus on strategic direction [4] Management's Comments on Operating Environment and Future Outlook - Management will provide insights on the operating environment and future outlook during the Q&A session following their remarks [4] Other Important Information - The conference call is being recorded, and participants are in a listen-only mode [1] Q&A Session All Questions and Answers - No specific questions or answers from the Q&A session were included in the provided content [5]

NEW YORK, Nov. 12, 2024 /PRNewswire/ -- UP Fintech Holding Limited (NASDAQ: TIGR) ("UP Fintech" or the "Company"), announced its unaudited financial results for the third quarter ended September 30, 2024. UP Fintech reported record revenue of US$101.1 million in the third quarter, representing a 15.6% increase quarter-over-quarter (QoQ) and a 44.1% increase year-over-year (YoY). Non-GAAP net income attributable to UP Fintech shareholders was US$20.1 million, up 286.5% QoQ and 25.6% YoY. The Company added 60 ...

SINGAPORE, Nov. 12, 2024 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the third quarter ended September 30, 2024. Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “Both of our financial and operating performance have achieved significant growth in the third quarter. Total revenue reached US$101.1 million, a historical high and representing ...

SINGAPORE, Oct. 29, 2024 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced that the underwriters of the Company’s follow-on public offering have fully exercised their option to purchase an aggregate of 2,250,000 additional American Depositary Shares (“ADSs”), each representing 15 Class A ordinary shares of the Company, from the Company at the public offering price of US$6.25 per ADS. De ...

Company Overview - UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors, offering a proprietary mobile and online trading platform for trading in equities and other financial instruments across multiple exchanges worldwide [5]. - The company employs a "mobile first" strategy to enhance user experience, aiming to better serve and retain current customers while attracting new ones [5]. - UP Fintech provides comprehensive brokerage and value-added services, including trade order placement, margin financing, IPO subscription, ESOP management, investor education, community discussion, and customer support [5]. Financial Reporting - UP Fintech will report its financial results for the third quarter ended September 30, 2024, before the U.S. market opens on November 12, 2024 [1]. - An earnings conference call is scheduled for 8:00 AM U.S. Eastern Time on November 12, 2024, which corresponds to 9:00 PM Singapore/Hong Kong Time on the same day [1]. Conference Call Details - Participants must preregister online to receive dial-in numbers for the conference call, which may take a few minutes to complete [2]. - Upon registration, participants will receive confirmation emails with dial-in numbers and personal PINs to access the call, and they are advised to dial in 10 minutes prior to the start time [4]. - A live and archived webcast of the conference call will be available on the company's investor relations website [4].

SINGAPORE, Oct. 24, 2024 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced the closing of its public offering of 15,000,000 American Depositary Shares (“ADSs”), each representing 15 Class A ordinary shares of the Company, at a public offering price of US$6.25 per ADS. The underwriters have an option to purchase up to an aggregate of 2,250,000 additional ADSs from the Company at the publ ...

Exhibit 1.1 15,000,000 American Depositary Shares UP FINTECH HOLDING LIMITED Representing 225,000,000 Class A Ordinary Shares, Par Value US$0.00001 Per Share UNDERWRITING AGREEMENT October 22, 2024 Deutsche Bank AG, Hong Kong Branch Level 60, International Commerce Centre 1 Austin Road West, Kowloon, Hong Kong China International Capital Corporation Hong Kong Securities Limited 29/F, one International Finance Centre 1 Harbour View Street, Central Hong Kong US Tiger Securities, Inc. 437 Madison Avenue, 27th ...