UP Fintech: Revenue Hits Three-Year High, Net Profit up 42% YoY, Client Assets Reach Record US$32.9 Billion

Financial Performance - The company reported total revenue of US$78.9 million for Q1 2024, a 19% year-over-year increase, reaching a nearly three-year high [1] - Non-GAAP net income attributable to the company was US$14.7 million, representing a 12.9 times increase quarter-over-quarter and a 42.4% year-over-year surge [1] Client Growth and Trading Activity - In Q1 2024, the company added 51,700 new global account holders, an 8.1% increase quarter-over-quarter, bringing the total to 2.25 million accounts [2] - The total trading volume grew 27.4% year-over-year to US$85.4 billion, with net asset inflow reaching US$5.3 billion for the quarter [2] - Total client assets increased by 7.4% quarter-over-quarter and 103.8% year-over-year to an all-time high of US$32.9 billion [2] Product and Service Innovations - The company launched Singapore's first local debit card that rewards users with fractional shares, aimed at novice investors [3][5] - The Cash Boost trading account was introduced, allowing clients to trade without pre-depositing funds, enhancing capital efficiency [3][6] - In Hong Kong, the company pioneered virtual asset trading services for professional investors, with plans to extend this to retail investors [8] Market Expansion and Client Engagement - The company experienced a 40% quarter-over-quarter increase in client assets in Hong Kong, with an average net asset inflow of US$18,000 per newly funded client [7] - In Australia, trading accounts increased by 20.5% in Q1, with a nearly tripled net inflow of clients compared to the previous quarter [9] - New Zealand saw a 77% quarter-over-quarter increase in newly funded clients and an 87.9% increase in new trading clients [10] Wealth Management and Investment Banking - The company's wealth management services doubled year-over-year in both assets under management (AUM) and user numbers, with significant growth in the Tiger Vault service [12] - In investment banking, the company ranked third among Hong Kong IPO underwriters, facilitating multiple IPOs and block trades [13][14]