Investment Rating - The report does not explicitly state the investment rating for Tiger Brokers (TIGR) [1] Core Views - Tiger Brokers' Q2 2024 revenue reached $87.4 million, a 32.8% YoY increase, driven by strong trading volume and market sentiment recovery [1] - Net income attributable to shareholders was $2.6 million, a 66.1% YoY decline, primarily due to a one-time full provision [1] - Non-GAAP net income was $5.2 million, significantly lower YoY and QoQ, also impacted by the one-time provision [1] - Brokerage commission income reached a historical high for the quarter, driven by a rebound in trading volume [1] - Margin financing interest income increased due to improved market sentiment [1] - IPO distribution income contributed to a 31.6% YoY increase in other income [1] Financial Performance - Total revenue: $87.4 million, up 32.8% YoY [1] - Net income attributable to shareholders: $2.6 million, down 66.1% YoY [1] - Non-GAAP net income: $5.2 million, down significantly YoY and QoQ [1] - Brokerage commission income: $34.1 million, up 62.5% YoY and 23.9% QoQ [1] - Margin financing service fee income: $28.6 million, up 19.8% YoY [1] - Other income: $6.3 million, up 31.6% YoY [1] Operational Highlights - Total trading volume: $3.35 billion, up 73.5% YoY and 17.1% QoQ [1] - Mixed commission rate: 3.2bp, down 0.2bp YoY but up 0.8bp QoQ [1] - Customer assets reached $3.82 billion, a 16.2% QoQ increase, marking the seventh consecutive quarter of growth [1] - Number of funded customers: 230,790, up 16.8% YoY and 5.2% QoQ [1] - The company is confident in achieving its target of 150,000 new funded customers for 2024 [1] Cost and Expense Breakdown - Execution and clearing fees: $2.8 million, up 37.9% YoY [1] - Employee compensation and benefits: $28.6 million, up 19.8% YoY [1] - Occupancy, depreciation, and amortization: $2.1 million, down 16.6% YoY [1] - Marketing expenses: $13.2 million, up 345.1% YoY, reflecting increased investment during market recovery [1] - General and administrative expenses: $6.4 million, up 35.7% YoY [1] Future Outlook - The company has stopped its Hong Kong stock pledge and cash-out business, eliminating similar risks in the future [1] - Tiger Brokers is expected to benefit from the US and Hong Kong stock market resonance, with strong momentum in funding, trading volume, and other metrics [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $5.54, based on a PE ratio of 17.0x for 2024 [5][3]. Core Insights - The company reported significant revenue and profit growth in Q1 2024, with total revenue of $78.95 million, up 19% year-over-year and 13% quarter-over-quarter. Net income reached $64.16 million, reflecting an 11% year-over-year increase and a 19% quarter-over-quarter increase. The net profit attributable to the parent company was $12.33 million, with a Non-GAAP net profit of $14.71 million, showing a 55% year-over-year and 42% quarter-over-quarter increase [2]. - The company has seen a continuous increase in commission income, interest income, and other income, with commission income reaching a new high since Q3 2022. However, potential interest income pressure may arise due to anticipated interest rate cuts by the Federal Reserve [2]. - The Singapore market is expanding with innovative products, such as the Tiger BOSS debit card and Cash Boost account, which are expected to attract more deposit customers and enhance trading volume [2]. - The Hong Kong virtual currency market presents significant growth opportunities, with the company launching virtual asset trading services for both professional and retail investors, aiming to increase asset scale and commission income [2]. Financial Summary - The company achieved a revenue of $225 million in 2022, with a projected growth of 20.92% in 2023 and 17.23% in 2024. The net profit attributable to the parent company is expected to grow from $13 million in 2022 to $51 million in 2024, reflecting a year-over-year increase of 236.92% [4]. - The company's gross margin is projected to be 71.65% in 2024, with a net margin of 13.95% [4]. - The earnings per ADS are expected to increase from $0.08 in 2022 to $0.33 in 2024 [4].

EXHIBIT 99.1 UP Fintech Holding Limited Reports Unaudited Second Quarter 2024 Financial Results Singapore, August 30, 2024 – 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 second quarter ended June 30, 2024. Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: "In the second quarter, driven by a more active market environment and our comprehensive product offeri ...

UP Fintech Holding Limited (NASDAQ:TIGR) Q2 2024 Earnings Conference Call August 30, 2024 8:00 AM ET Company Participants Aaron Li - Head of Investor Relations Wu Tianhua - Chairman and Chief Executive Officer John Zeng - Chief Financial Officer Conference Call Participants Hua Fan - CICC Cindy Wang - China Renaissance Judy Zhang - Citi Operator Ladies and gentlemen, thank you for standing by, welcome to the UP Fintech Holding’s Limited Second Quarter 2024 Earnings Conference Call. At this time, all partici ...

SINGAPORE, Aug. 30, 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 second quarter ended June 30, 2024. Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “In the second quarter, driven by a more active market environment and our comprehensive product offerings, trading volumes increased 23.9% quarter over quarter and 62.5% year over ye ...

SINGAPORE, Aug. 19, 2024 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (“UP Fintech” or the “Company”) (NASDAQ: TIGR), a leading online brokerage firm focusing on global investors, today announced that it will report its financial results for the second quarter ended June 30, 2024, before the U.S. market opens on August 30, 2024. UP Fintech’s management will hold an earnings conference call at 8:00 AM on August 30, 2024, U.S. Eastern Time (8:00 PM on August 30, 2024, Singapore/Hong Kong Time). Conference C ...

Company Overview - The company is a leading US stock trading platform with rapid growth in both customer quantity and quality [1] - Founded in 2014, the company has expanded its licenses through acquisitions in regions including the US, Australia, Hong Kong, and Singapore [1] - The founder holds high voting rights as the largest shareholder, while Xiaomi is the second-largest shareholder [1] - The company achieved its first profitable quarter in 2023 under Non-GAAP standards [1] Financial Performance - Net revenue grew from $55 million in 2019 to $226 million in 2023, with a CAGR of 43% [15] - Commission and interest income remain the primary revenue sources, accounting for 80% of total revenue [15] - In 2023, the company achieved a Non-GAAP net profit of $43 million, with a net margin of 16% [16] - Customer assets reached $30.6 billion by the end of 2023, a 118% year-over-year increase [23] Market Expansion - The company entered the Singapore market in 2020 and has maintained a leading position with innovative products like the Tiger Boss card [48] - In Hong Kong, the company has expanded its licenses and is leading in the virtual asset sector [6] - The company has actively expanded into overseas markets, including the US, Australia, and New Zealand, with a relatively complete set of licenses in the US [6] User Growth - The number of funded accounts grew from 110,000 in 2019 to 900,000 in 2023, with a CAGR of 68% [21] - The conversion rate of funded accounts increased from 17% in 2019 to 41% in 2023 [21] - Average customer assets reached $35,000 by Q1 2024, a 77% year-over-year increase [23] Competitive Advantages - The company has a first-mover advantage in Singapore, entering the market earlier than competitors and continuously launching new products to solidify its position [48] - In Hong Kong, the company has made significant progress in virtual asset trading, becoming the first mainstream online brokerage to upgrade its license to include virtual asset trading services [6] - The company's commission rates are competitive, with lower fees compared to traditional brokers in Singapore and Hong Kong [45][46] Industry Trends - The company benefits from the beta resonance of US and Hong Kong stock markets, with commission income driven by market trends and interest income influenced by market interest rates [34] - In Singapore, the company has capitalized on the high proportion of Chinese residents and the growing interest in stock investments [38][39] - Hong Kong is expected to become the world's largest wealth management center by 2025, with a significant portion of assets invested in stocks, providing growth opportunities for the company [49][50]

Ladies and gentlemen, thank you for standing by and welcome to the UpFintech Holding Limited first quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session. I must advise you that this conference is being recorded today, June the 5th, 2024. I would now like to hand the conference over to your first speaker today, Mr. Aaron Li, the Head of Investor Relations. Thank you. Please go ahead. Thank you, o ...

UP Fintech Holding Limited (NASDAQ:TIGR) Q1 2024 Earnings Conference Call June 5, 2024 8:00 AM ET Company Participants Aaron Li - Head of Investor Relations Tianhua Wu - Chairman and Chief Executive Officer John Fei Zeng - Chief Financial Officer Conference Call Participants Hua Fan - CICC Alan Chen - Citi Operator Ladies and gentlemen, thank you for standing by, and welcome to the UP Fintech Holding Limited First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mod ...

EXHIBIT 99.1 UP Fintech Holding Limited Reports Unaudited First Quarter 2024 Financial Results Singapore, June 5, 2024 – 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 first quarter ended March 31, 2024. Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: "Market backdrop was more active in the first quarter, total revenue in the first quarter was US$78.9 milli ...