Core Insights - Tiger Brokers (TIGR.US) shares rose over 6% pre-market, trading at $9.2 [1] Financial Performance - For Q3 2025, Tiger Brokers reported revenue of $175 million, a year-over-year increase of 73.3% and a quarter-over-quarter increase of 26.3%, marking a historical high [1] - The non-GAAP net profit attributable to the parent company reached $57.05 million, which is 2.8 times higher than the same period last year and a quarter-over-quarter increase of 28.2%, also a historical high [1] Customer Growth - The company added 31,500 new funded clients during the period, leading to a year-over-year increase of 18.5% in total funded clients, reaching 1.224 million [1] Trading Activity - Market activity remained robust, with total trading volume in Q3 increasing by 28.5% year-over-year to $209.4 billion [1] - Total client assets grew by 17.3% quarter-over-quarter and 49.7% year-over-year, reaching a historical high of $61 billion [1]

Core Insights - Tiger Brokers reported Q3 2025 earnings with revenue of $175 million, a year-over-year increase of 73.3% and a quarter-over-quarter increase of 26.3%, marking a historical high [1] - The non-GAAP net profit attributable to the parent company reached $57.05 million, 2.8 times higher than the same period last year, with a quarter-over-quarter growth of 28.2%, also a historical high [1] - The company added 31,500 new funded clients during the period, leading to a year-over-year increase of 18.5% in total funded clients, reaching 1.224 million [1] Financial Performance - Total trading volume for Q3 increased by 28.5% year-over-year to $209.4 billion [1] - Average net deposits per new funded client exceeded $32,000, setting a new historical record [1] - Total client assets grew by 17.3% quarter-over-quarter and 49.7% year-over-year, reaching $61 billion, also a historical high [1]

Core Insights - UP Fintech achieved record-high revenue and profit in Q3 2025, with total revenue of US$175.2 million, a 73.3% increase YoY and 26.3% QoQ [1] - Non-GAAP net income attributable to shareholders surged to US$57.0 million, up 28.2% QoQ and 2.8 times YoY [1] - Funded accounts increased by 31,500, totaling 1.22 million, representing an 18.5% YoY growth [1] Financial Performance - Total client assets reached US$61.0 billion, a 17.3% increase QoQ and 49.7% YoY [1] - Q3 trading volume rose to US$209.4 billion, up 28.5% YoY [1] - Commission revenue was US$72.9 million, up 76.9% YoY, while interest-related income rose to US$76 million, a 49.7% increase YoY [7] Client Acquisition and Market Expansion - The company met its full-year target of adding 150,000 newly funded clients [2] - Average net asset inflows per newly funded client in Singapore and Hong Kong were US$62,000 and US$30,000, respectively [2] - New account openings in Hong Kong increased by 60.3% QoQ, with total trading volume more than tripling YoY [4] Product and Service Enhancements - The company launched its first Japan market derivatives product, Nikkei futures, in Hong Kong [4] - In New Zealand, cryptocurrency trading was introduced, allowing users to trade major cryptocurrencies [6] - The TigerAI investment research assistant saw rapid adoption, with its user base growing nearly fivefold YoY [7] Investment Banking and Wealth Management - Investment banking revenue reached US$26.3 million, up 110% QoQ and 189.1% YoY, with significant participation in IPOs [11] - Wealth management assets under custody (AUC) soared 123.1% YoY, with "Tiger Vault" AUC in Hong Kong surging 339% YoY [9] - The number of wealth clients increased by 50.5%, reflecting strong growth in the high-net-worth segment [9]

Core Insights - UP Fintech Holding Limited reported strong financial results for Q3 2025, with total revenues of US$175.2 million, marking a 73.3% increase year-over-year and a 26.3% increase quarter-over-quarter [2][8][9] - The company achieved significant growth in net income, with GAAP net income attributable to ordinary shareholders reaching US$53.8 million, up 29.9% from the previous quarter and approximately three times that of the same quarter last year [2][16][17] - The total account balance increased to a record US$61.0 billion, reflecting a 49.7% year-over-year growth, driven by robust asset inflow primarily from retail investors [3][8][10] Financial Performance - Total revenues for Q3 2025 were US$175.2 million, with commission income at US$72.9 million, an increase of 76.9% year-over-year [9][10] - Interest income rose to US$73.2 million, a 52.7% increase from the same quarter last year, attributed to increased margin financing and securities lending activities [10][11] - Other revenues surged to US$26.3 million, up 189.1% year-over-year, mainly due to higher IPO distribution income and wealth management service revenue [10] Customer Growth and Engagement - The company added 31,500 new customers with deposits in Q3 2025, achieving its annual target of 150,000 new customers with deposits for the year [3] - The total number of customers with deposits reached 1,224,200, an 18.5% increase compared to the same quarter last year [3][8] - The average net asset inflow of newly acquired funded clients reached a record high of over US$32,000, with significant contributions from Singapore and Hong Kong [3] Product and Service Expansion - UP Fintech enhanced its product offerings in digital assets and wealth management, launching digital asset trading in New Zealand and expanding the capabilities of its Tiger AI platform [4] - The TradingFront AI function was introduced to provide real-time analytical insights for advisers, improving portfolio management and client interactions [4] Corporate Activities - The company underwrote five U.S. IPOs in Q3 2025 and participated in five IPOs in Hong Kong, demonstrating its active role in the capital markets [5] - The ESOP business added 46 new clients, bringing the total to 709 clients served as of September 30, 2025 [5]

Core Insights - The article emphasizes the growing importance of financial and trading apps for investors, highlighting their role in enhancing personal investment efficiency by providing quick access to information and market analysis [1][10]. Group 1: Comprehensive Platforms - Comprehensive financial information platforms are ideal for investors seeking one-stop access to global financial data, with notable examples being Tonghuashun and Dongfang Caifu, which offer extensive data coverage and analytical tools [2][13]. - Tonghuashun's "iWencai" intelligent customer service provides quick and understandable market insights, appealing to technical analysis investors [2][13]. - Dongfang Caifu's "Guba" feature serves as a unique window to gauge market sentiment in A-shares, although its coverage of futures and forex markets is limited [2][13]. Group 2: Cross-Border Trading - Professional internet brokerage apps like Futu NiuNiu and Tiger Brokers offer seamless experiences for investors trading in Hong Kong and U.S. markets, combining information access with trading functionalities [3][14]. - Futu NiuNiu provides free LV2 U.S. stock depth quotes and supports fractional shares and dark pool trading, enhancing its competitive edge [3][14]. - Tiger Brokers offers competitive pricing for U.S. stock trades, with a fee structure of $0.01 per share and a minimum of $2.99 per order, while recently adjusting its account opening policy for mainland Chinese residents [4][15]. Group 3: Professional Tools - Professional financial data terminals like Tonghuashun's iFinD are suited for investors needing in-depth data analysis, offering comprehensive market information across various exchanges [5][17]. - iFinD boasts over 700 specialized statistical reports and advanced analytical tools, making it ideal for deep research and data analysis [6][17]. Group 4: Emerging Choices - The rise in cross-border investment demand has led to the emergence of specialized apps like Xueqiu, which serves as a platform for deep discussions among seasoned investors [7][18]. - Hafu Securities, under Dongfang Caifu, offers competitive commission rates for trading in Hong Kong and U.S. markets, facilitating user conversion through its parent platform's traffic resources [8][19]. Group 5: Considerations for Selection - Investors should assess the data coverage of apps based on their investment needs, with Futu NiuNiu and Tiger Brokers being suitable for those focused on Hong Kong and U.S. markets, while platforms like Sina Finance and Tonghuashun are better for global market coverage [9][20]. - Transaction costs and execution efficiency are critical factors, as different brokers have varying commission structures that can impact trading frequency and scale [9][20]. - The quality of community engagement and information is also important, with platforms like Xueqiu and Futu NiuNiu providing valuable insights for users seeking inspiration from other investors [9][20].

Group 1 - The Hong Kong Securities and Futures Commission (SFC) issued restriction notices to Futu Securities International and Dongwu Securities International to freeze accounts related to alleged misconduct by a board member of a listed company [1] - The restriction prohibits the two brokerage firms from disposing of or handling assets in the accounts without prior written consent from the SFC, ensuring that funds are available for any potential court orders [1] - Futu Securities confirmed the information but stated that further internal verification is needed [1] Group 2 - The China Securities Regulatory Commission (CSRC) announced on December 30, 2022, that Futu Holdings and UP Fintech Holding (Tiger Brokers) were conducting illegal cross-border securities business without approval [2] - The CSRC's regulatory stance was made clear in October 2021, indicating that such activities do not comply with the Securities Law and related regulations [2] - The CSRC mandated that Futu and Tiger Brokers rectify their illegal activities by ceasing to solicit domestic investors and managing existing accounts without accepting new funds that violate foreign exchange regulations [2] Group 3 - Futu Securities has halted the opening of accounts for mainland users based on proof of residence, allowing only those who can provide valid identification and recent proof of work or residence in Hong Kong or Macau [3] - The requirements for account opening have been tightened, now necessitating overseas identification documents for mainland clients [3]

International News - Gold prices showed volatility, breaking through $4210 per ounce on December 3, with a daily increase of 0.13%, after falling below $4170 per ounce on December 2, which marked a daily decline of 1.52% [1][6] - The cryptocurrency market performed strongly, with Bitcoin prices climbing, breaking through $88000, $89000, $90000, and $91000 on December 2, achieving a maximum daily increase of 6.65%, and subsequently surpassing $92000 the next day. Ethereum also rose, breaking above $3000 with a daily increase of 7.52% [1][6] US Market Dynamics - The American Petroleum Institute (API) reported an increase of 2.48 million barrels in U.S. crude oil inventories last week, compared to a decrease of 1.859 million barrels the previous week [2][7] - On December 2, major U.S. stock indices collectively rose, with the Dow Jones up 0.39%, Nasdaq up 0.59%, and S&P 500 up 0.25%. Major tech stocks mostly increased, with Intel rising over 8%, while Apple and Qualcomm rose over 1%. Nvidia and Amazon Web Services (AWS) deepened their collaboration, with Nvidia's stock ultimately rising 0.6% after a mid-session pullback. AMD, Broadcom, and Tesla saw slight declines [2][7] - Popular Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index down 0.65%, Xpeng Motors down nearly 8%, and iQIYI down over 3%. A few stocks like Atour Group and Tiger Brokers saw increases [2][7] - Microsoft announced a quarterly dividend of $0.91 per share. Qualcomm executives indicated a significant transformation in smartphone computing architecture expected in the second half of 2026. Nvidia's CFO revealed that orders for the Blackwell and Rubin series AI chips could reach $500 billion by 2026, and he does not believe there is a bubble in the AI sector, projecting that the data center infrastructure could reach $3-4 trillion by 2030 [2][7] Geopolitical and Macroeconomic Developments - Indian Airlines faced disruptions due to third-party system failures affecting check-in systems at multiple airports, leading to flight delays [3][8] - Recent interactions between Russia and the U.S. included a five-hour meeting between Putin and U.S. representatives regarding Ukraine, exploring various solutions without reaching a compromise. Putin stated that Russia's unemployment rate remains at a historical low of 2.2% and warned of potential actions against countries aiding Ukraine if Western attacks continue [3][8] - The Russian Ministry of Finance issued bonds totaling 20 billion yuan, including 12 billion yuan maturing in 2029 at a coupon rate of 6% and 8 billion yuan maturing in 2033 at a coupon rate of 7% [3][8] Currency and Market Assets - The U.S. money market asset size surpassed $8 trillion for the first time, while the European Central Bank announced an increase in foreign exchange reserves by 300 million euros to 328.4 billion euros [4][9]

Market Performance - The three major U.S. stock indices experienced slight gains, with the Dow Jones up 0.39% at 47,474.46 points, the S&P 500 up 0.25% at 6,829.37 points, and the Nasdaq up 0.59% at 23,413.67 points [1] - Major tech stocks mostly rose, with Apple increasing over 1%, Facebook nearly 1%, Nvidia up 0.86%, Microsoft up 0.67%, Google up 0.29%, and Amazon up 0.223%, while Tesla fell 0.21% [1] - Popular Chinese concept stocks mostly declined, with Atour up over 5% and Tiger Brokers up over 2%. Xpeng Motors dropped over 7%, iQIYI fell over 3%, and NIO, Global Data, and Bilibili fell over 2%. Alibaba, NetEase, and ZTO Express dropped over 1% [1] European Market - European stock indices closed mixed, with Germany's DAX index up 0.49% at 23,705.8 points, France's CAC40 down 0.28% at 8,074.61 points, and the UK's FTSE 100 down 0.01% at 9,701.8 points [1] Commodity Markets - International precious metal futures closed mixed, with COMEX gold futures down 0.84% at $4,238.70 per ounce and COMEX silver futures up 0.01% at $59.15 per ounce [1] - U.S. oil main contract fell 1.23% to $58.59 per barrel, while Brent crude main contract dropped 1.28% to $62.36 per barrel [1] - London base metals all declined, with LME zinc down 1.32% at $3,055.50 per ton, LME nickel down 1.26% at $14,740.00 per ton, LME aluminum down 1.02% at $2,863.50 per ton, LME copper down 0.95% at $11,145.00 per ton, LME tin down 0.76% at $38,840.00 per ton, and LME lead down 0.42% at $1,993.50 per ton [1] Bond Markets - U.S. Treasury yields were mixed, with the 2-year yield down 1.62 basis points at 3.508%, the 3-year yield down 1.13 basis points at 3.528%, the 5-year yield down 0.34 basis points at 3.657%, the 10-year yield up 0.19 basis points at 4.088%, and the 30-year yield up 0.99 basis points at 4.747% [1] - European bond yields mostly fell, with the UK 10-year yield down 1.1 basis points at 4.468%, France's 10-year yield up 0.6 basis points at 3.489%, Germany's 10-year yield down 0.1 basis points at 2.747%, Italy's 10-year yield down 0.4 basis points at 3.462%, and Spain's 10-year yield down 0.4 basis points at 3.221% [1]

Market Performance - The Dow Jones Industrial Average rose by 185.13 points, closing at 47,474.46, an increase of 0.39% [1] - The Nasdaq Composite gained 137.75 points, ending at 23,413.67, up by 0.59% [1] - The S&P 500 index increased by 16.74 points, closing at 6,829.37, a rise of 0.25% [1] Sector Performance - Major technology stocks mostly increased, with Apple up over 1%, Facebook nearly 1%, Nvidia up 0.86%, Microsoft up 0.67%, Google up 0.29%, Amazon up 0.223%, while Tesla fell by 0.21% [1] - Energy stocks declined across the board, with ExxonMobil down over 1%, Chevron down more than 1%, ConocoPhillips down over 1%, Schlumberger down 0.7%, and Western Oil down nearly 1% [1] - Airline stocks collectively rose, with Boeing up over 10%, American Airlines up more than 2%, Delta Airlines up over 1%, Southwest Airlines up nearly 2%, and United Airlines up over 3% [1] - Semiconductor stocks mostly increased, with the Philadelphia Semiconductor Index rising by 1.83%, Intel up over 8%, NXP Semiconductors up more than 7%, Microchip Technology up over 6%, and Texas Instruments up over 4% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.65%, with individual stocks like Xpeng Motors down nearly 8%, and Artis Solar down nearly 6% [2] - Some Chinese stocks saw gains, such as Wanwu Xingsheng up over 6%, Atour up more than 5%, and Tiger Brokers up nearly 2% [2] Economic Indicators - Recent data indicates a gradual cooling of the economy, with policymakers urging caution on interest rate cuts and warning of potential inflationary pressures [2] - The probability of a 25 basis point rate cut by the Federal Reserve in December has surged to 89.2% according to the Chicago Mercantile Exchange [2] European Market Performance - European stock indices showed mixed results, with the FTSE 100 in London down 0.01%, the CAC 40 in Paris down 0.28%, and the DAX in Frankfurt up 0.51% [2] Commodity Prices - International oil prices fell, with light crude oil futures for January 2026 down by $0.68, closing at $58.64 per barrel, a decrease of 1.15% [3] - Brent crude oil futures for February fell by $0.72, closing at $62.45 per barrel, a decline of 1.14% [3] Currency Exchange Rates - The US dollar index decreased by 0.06%, closing at 99.357 [3] - The euro traded at 1.1622 against the dollar, the pound at 1.3211, and the yen at 155.88 [3]

Core Viewpoint - UP Fintech Holding Limited is set to report its financial results for Q3 2025 on December 4, 2025, before the U.S. market opens [1] Group 1: Earnings Conference Call - The management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on December 4, 2025 [1] - Participants must preregister online to receive dial-in numbers for the call [2] - A live and archived webcast of the conference call will be available on the company's investor relations website [4] Group 2: Company Overview - UP Fintech is a leading online brokerage firm that focuses on global investors [5] - The company offers a proprietary mobile and online trading platform that allows trading in equities and other financial instruments across multiple exchanges [5] - The firm employs a "mobile first" strategy to enhance user experience and attract new customers [5] - Comprehensive brokerage services include trade order placement, margin financing, IPO subscription, and investor education [5]