UP Fintech Holding Ltd. Sponsored ADR Class A
UP Fintech Holding Ltd. (Tiger Brokers) is a global online brokerage firm providing a platform for trading equities, options, and futures to retail and institut
UP Fintech Holding Ltd. (Tiger Brokers) is a global online brokerage firm providing a platform for trading equities, options, and futures to retail and institutional clients, primarily in Asia, Australia, and the U.S. Revenue is mainly from commission (43%) and interest (44%) income. The company also offers wealth management, ESOP administration, and IPO underwriting. Total client assets reached $60.7 billion in Q2 2026, with Mainland China now under 10% of assets.
Source Q2 2026 expense of $50 million. This is a significant operational cost, a portion of which is directly related to platform development, customer support, and trading operations. Calculated as a share of total operating costs ($103.9 million).
Confidence: high
Source Q2 2026 expense of $21.5 million. This is a direct cost of funds, primarily related to interest income from margin financing. Calculated as a share of total operating costs ($103.9 million).
Confidence: high
Source Q2 2026 expense of $18.4 million. This is a crucial operational cost for user acquisition and brand building, directly impacting revenue growth. Calculated as a share of total operating costs ($103.9 million).
Confidence: high
Source Q2 2026 expense of $16.2 million. This includes IT-related service fees and is essential for providing real-time market data and platform connectivity to users. Calculated as a share of total operating costs ($103.9 million).
Confidence: high
Source Q2 2026 expense of $6.8 million. This is a direct cost associated with facilitating client trades. Calculated as a share of total operating costs ($103.9 million).
Confidence: high
Metric/field DFF (Federal Funds Effective Rate)
Cadence daily
Why it matters Directly impacts TIGR's interest income from margin financing and client cash balances. Higher rates generally mean higher interest income.
Signal to watch Sustained increase in rate
Confidence: high
Metric/field IXIC (NASDAQ Composite Index)
Cadence daily
Why it matters Reflects performance of a key market where TIGR's clients trade, impacting client assets (mark-to-market) and trading sentiment.
Signal to watch Sustained upward trend
Confidence: high
Metric/field HSI (Hang Seng Index)
Cadence daily
Why it matters Reflects performance of a key market where TIGR has significant client base and growth, impacting client assets and trading sentiment.
Signal to watch Sustained upward trend
Confidence: high
Metric/field Retail Sales Index (Total) - Seasonally Adjusted
Cadence monthly
Why it matters Indicator of consumer confidence and economic health in a major growth market for TIGR, potentially correlating with disposable income for investment.
Signal to watch Sustained increase in index
Confidence: medium
Metric/field CUUR0000SA0L1E (CPI for All Urban Consumers: All Items in U.S. City Average, Seasonally Adjusted)
Cadence monthly
Why it matters Influences Federal Reserve monetary policy (interest rates) and broader investor sentiment regarding inflation and economic stability.
Signal to watch Sustained decrease in inflation rate
Confidence: high
Metric/field Search interest for 'Tiger Brokers' (Singapore, Hong Kong)
Cadence daily
Why it matters Indicates general public awareness and interest in the brand in key growth markets, potentially correlating with new user acquisition.
Signal to watch Sustained increase in search interest
Confidence: medium
Metric/field Average daily rank of 'Tiger Trade' app in Finance category (Singapore, Hong Kong)
Cadence daily
Why it matters Direct indicator of app visibility and popularity, which can drive new downloads and user acquisition.
Signal to watch Consistent improvement in ranking
Confidence: high
Metric/field Number of mentions and sentiment score for 'Tiger Brokers' or 'TIGR' in relevant finance/investing subreddits (e.g., r/singaporefi, r/stocks)
Cadence weekly
Why it matters Gauges retail investor sentiment and discussion volume, which can precede or reflect broader market interest.
Signal to watch Increase in positive mentions, decrease in negative sentiment
Confidence: medium
Metric/field Total Visits to itiger.com
Cadence monthly
Why it matters Provides a high-level view of overall online engagement and interest in TIGR's platform.
Signal to watch Sustained increase in total visits
Confidence: medium
Metric/field Number of active job postings for 'UP Fintech Holding Limited' (or 'Tiger Brokers')
Cadence weekly
Why it matters Reflects company expansion, investment in specific areas (e.g., tech, marketing), and overall business confidence.
Signal to watch Sustained increase in job postings, especially in key growth regions/roles
Confidence: medium
Metric/field Monthly Active Users (MAU) and New Downloads for 'Tiger Trade' app (Singapore, Hong Kong)
Cadence monthly
Why it matters Direct, granular measure of user acquisition and engagement, crucial for a digital brokerage.
Signal to watch Sustained growth in MAU and new downloads
Confidence: high
Metric/field Total Visits, Bounce Rate, Pages per Visit, Average Visit Duration for itiger.com and ir.itiger.com
Cadence monthly
Why it matters Provides in-depth insights into user behavior on TIGR's web platforms, indicating engagement quality and potential conversion.
Signal to watch Increase in total visits, decrease in bounce rate, increase in pages per visit and average visit duration
Confidence: high
Metric/field Total Employee Count and Employee Growth Rate for UP Fintech Holding Limited, broken down by function/region
Cadence monthly
Why it matters Signals strategic investments, R&D efforts, and operational scaling, particularly in growth markets.
Signal to watch Sustained increase in employee count, especially in tech/sales/marketing roles in growth regions
Confidence: medium
Metric/field Market Share of Trading Volume and Client Assets for TIGR (Tiger Brokers) in Singapore and Hong Kong retail brokerage markets
Cadence quarterly
Why it matters Direct measure of TIGR's competitive position and ability to gain share in its key growth markets.
Signal to watch Sustained increase in market share
Confidence: high
Metric/field Overall Sentiment Score and Keyword Analysis from 'Tiger Trade' app reviews (Singapore, Hong Kong)
Cadence monthly
Why it matters Provides qualitative and quantitative insights into user satisfaction, pain points, and feature requests, directly impacting retention and brand perception.
Signal to watch Increase in overall sentiment score, positive trends in keyword analysis
Confidence: medium
UP Fintech (TIGR) demonstrates strong resilience and growth, achieving record Q2 2026 revenue and returning to profitability, driven by robust global expansion
UP Fintech (TIGR) demonstrates strong resilience and growth, achieving record Q2 2026 revenue and returning to profitability, driven by robust global expansion and high-quality user acquisition in Singapore and Hong Kong. While navigating the stabilized impact of Chinese regulatory changes and competitive pricing pressures, the company's diversified offerings, B2B momentum, and ongoing share repurchase program underscore its long-term potential. (Updated: 2026-09-08)
Global expansion continues to drive exceptional growth, with Q2 2026 total revenue reaching an all-time high of $182 million and client assets growing quarter-over-quarter across all markets, including nearly 30% in Hong Kong and 50% in the U.S. The addition of 32,600 new funded accounts, primarily from Singapore and Hong Kong, and rising average net asset inflow per new user to $25,000 in Q3, validates the quality-first acquisition strategy.
The company consistently enhances its platform and diversified offerings, evidenced by the launch of fractional share trading for Singapore-listed stocks and REITs, a dedicated tax reporting tool in key markets, and Cboe index option trading in Hong Kong. This technological investment and localized product development improve user experience, lower entry barriers, and attract a broader, more sophisticated client base, fostering engagement and trading activity.
UP Fintech's robust B2B business maintains strong momentum, with 14 Hong Kong IPOs underwritten in Q2 2026, covering key sectors like AI and hard tech, and 50 new ESOP clients added, bringing the total to 840. Furthermore, the ongoing execution of the $50 million share repurchase program, with approximately $5 million already repurchased, signals strong management confidence and commitment to shareholder value.
While the impact of Chinese regulatory changes on Mainland retail clients has largely run its course, with asset outflows easing and their contribution to total client assets now under 10%, the initial one-off penalty of $59.7 million and the ongoing restrictions highlight persistent regulatory risks that could still influence a portion of the business and incur non-cash tax adjustments.
Competitive and pricing pressures continue to impact profitability, as evidenced by a significant sequential decrease in the cash equity take rate from 5.9 bps to 3.6 bps in Q2 2026. This is driven by zero-commission offerings for U.S. local users, a higher proportion of low-take-rate AI/semi sector trading, and market-driven factors, necessitating sustained growth in trading volumes and diversified revenue streams.
The business remains susceptible to market volatility and broader economic conditions, as indicated by Q3 quarter-to-date trading volume and commissions running slightly below Q2 levels due to a high base and market pullback. Additionally, non-cash items like FX losses from RMB appreciation can impact reported net income, underscoring sensitivity to macroeconomic shifts.
| Key Factor | Why It Matters | What To Watch | What It Signals | Where/How To Track | Free Alt Data | Paid Alt Data |
|---|---|---|---|---|---|---|
| Execution rate of the USD 50 million share repurchase program | A robust share repurchase program signals strong management confidence in UP Fintech's intrinsic value and its commitment to enhancing shareholder returns. Effective execution can boost earnings per share and demonstrate financial discipline, positively influencing investor perception and stock valuation. | The total amount of shares repurchased and capital spent under the USD 50 million program as disclosed in the Q3 2026 financial report. Specifically, watch for significant repurchases beyond the initial USD 5 million. | Repurchase of a substantial portion of the remaining USD 45 million in Q3 2026 = bullish. Minimal or no further share repurchases reported = bearish. | Company's quarterly earnings reports and conference call transcripts (Q3 2026 earnings call, expected around December 1-3, 2026). SEC filings (Form 10-Q or 6-K) for detailed repurchase activity. | Company's investor relations website for press releases regarding share repurchases. | S&P Global Market Intelligence: Share repurchase data and analysis. |
| Total Client Assets growth | Total client assets serve as a fundamental indicator of UP Fintech's scale, market position, and future revenue potential. Consistent growth, especially from overseas markets, reflects strong client confidence and the company's ability to attract and retain high-value assets, underpinning its financial stability and growth trajectory. | Total client assets at the end of Q3 2026. Monitor if total client assets post a high single-digit quarter-over-quarter increase, exceeding USD 60.7 billion. | Total client assets increasing by a high single-digit percentage quarter-over-quarter for Q3 2026, exceeding USD 60.7 billion = bullish. A decline or stagnation in total client assets or a failure to maintain growth = bearish. | Company's quarterly earnings reports and conference call transcripts (Q3 2026 earnings call, expected around December 1-3, 2026). | Major global equity index performance (e.g., NASDAQ, Hang Seng Index) as mark-to-market gains/losses influence client assets. | Bloomberg Terminal/Refinitiv Eikon: Aggregated AUM data for comparable online brokerages. |
| Cash Equity Take Rate recovery | The cash equity take rate is a critical determinant of UP Fintech's commission income, a primary revenue stream. A recovery indicates improved monetization efficiency and pricing power, mitigating concerns about competitive pressures and zero-commission models, thereby supporting profitability and investor confidence. | Cash equity take rate reported in Q3 2026 earnings. Specifically, watch for the cash equity take rate to recover from 3.6 bps in Q2, showing an increase. | Cash equity take rate recovering to above 3.6 bps in Q3 2026 = bullish. Further decline or stagnation at 3.6 bps or below = bearish. | Company's quarterly earnings reports and conference call transcripts (Q3 2026 earnings call, expected around December 1-3, 2026). | General market volatility indices (e.g., VIX) and average share prices of actively traded stocks (e.g., AI/semi sector) as these influence take rates. | Brokerage industry reports on average take rates or commission structures. |
| Net asset inflow from overseas retail accounts (excluding Mainland China) | Strong net asset inflows from overseas retail accounts are vital for UP Fintech, demonstrating increasing client trust and the effectiveness of its localized offerings. These inflows directly contribute to the growth of total client assets, enhancing the company's revenue-generating capacity and overall financial health. | Total net asset inflow from retail users (excluding Mainland China) in Q3 2026. Specifically, watch for net asset inflow from overseas retail accounts (excluding Mainland China) exceeding USD 1.5 billion, or showing continued quarter-over-quarter growth. | Net asset inflow from overseas retail accounts (excluding Mainland China) exceeding USD 1.5 billion in Q3 2026 or showing continued quarter-over-quarter growth = bullish. A significant decline in this metric = bearish. | Company's quarterly earnings reports and conference call transcripts (Q3 2026 earnings call, expected around December 1-3, 2026). | None directly, but general market sentiment in Singapore and Hong Kong (e.g., local stock market performance, economic news) could be an indirect indicator. | Alternative data providers tracking brokerage account funding or asset movements, if available for specific regions. |
| Growth in new funded accounts, primarily from Singapore and Hong Kong | This metric is crucial as it directly reflects the success of UP Fintech's global expansion strategy and its ability to attract new users in key overseas markets. Sustained growth in funded accounts drives future commission and interest income, validating the company's long-term growth potential and market penetration. | Total number of new funded accounts reported in Q3 2026 earnings, with a regional breakdown. Specifically, watch for total new funded accounts at or above 32,600, with Singapore and Hong Kong collectively accounting for over 70%. | Total new funded accounts at or above 32,600, with Singapore and Hong Kong collectively accounting for over 70% = bullish. A significant deceleration in new funded account growth or a shift away from these key overseas regions = bearish. | Company's quarterly earnings reports and conference call transcripts (Q3 2026 earnings call, expected around December 1-3, 2026). | Google Trends: 'Tiger Brokers Singapore', 'Tiger Brokers Hong Kong' search volume. App download rankings in Singapore and Hong Kong app stores. | Sensor Tower: App download and usage data for Tiger Trade in Singapore and Hong Kong. SimilarWeb: Web traffic to ir.itiger.com and regional Tiger Brokers websites. |
As a primary revenue driver, its growth indicates strong trading activity and effective monetization of the user base, particularly in key overseas markets.
| Key reported metrics | ||
|---|---|---|
| Metric | Last period | Why it matters |
| Commission Income | $78.3 million (21% y/y growth, 17% q/q growth) | As a primary revenue driver, its growth indicates strong trading activity and effective monetization of the user base, particularly in key overseas markets. |
| Total Client Assets | $60.7 billion (16.7% y/y growth, 3.1% q/q growth) | This metric reflects client trust and future revenue potential. Its growth, especially from overseas markets, demonstrates successful global expansion and mitigates market volatility impacts. |
| Total Revenue | $182 million (31.4% y/y growth) | Total Revenue indicates the company's overall business growth and its ability to monetize its platform and services. Sustained growth signals effective global expansion and reinforces investor confidence. |
| Key reported metrics | Rerating thresholds | Earnings results | ||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Last period | Why it matters | What's needed for rerating | Rerating context | Earnings date | Actual reported | Hit target? | Notes |
| Total Client Assets | 28.4% | This metric reflects client trust and future revenue potential. Q2-to-date recovery of Q1 mark-to-market losses and sustained net asset inflows are crucial for demonstrating growth and mitigating market volatility impacts, validating global expansion. | Total Client Assets need to increase by at least 10% quarter-over-quarter for Q2 2026, reaching at least $64.79 billion. This must demonstrate a robust rebound from the Q1 2026 decline, implying a full recovery of the $4.9 billion mark-to-market losses, and be coupled with continued strong net asset inflows from overseas markets, particularly Singapore and Hong Kong, exceeding the $2 billion recorded in Q1. | A double-digit quarter-over-quarter increase in Total Client Assets signals a strong rebound from Q1's market turbulence and regulatory headwinds. This validates UP Fintech's global expansion strategy and ability to attract high-quality overseas client assets, demonstrating client trust and future revenue potential, thereby reinforcing investor confidence in TIGR's long-term growth and competitive position. | $60.7 billion (16.7% y/y growth, 3.1% q/q growth) | No | Total client assets grew to $60.7 billion, representing a 3.1% quarter-over-quarter increase and 16.7% year-over-year growth. This fell short of the rerating trigger's requirement of at least 10% quarter-over-quarter growth and reaching $64.79 billion. While net asset inflows from Singapore and Hong Kong exceeded $1.5 billion, this did not exceed the $2 billion recorded in Q1, further indicating the target was missed. | |
| Commission Income | 15% | As a primary revenue driver, its growth indicates strong trading activity and effective monetization of the user base. Investors will watch for a rebound in Q2 after a sequential decline in Q1, signaling success in overseas markets. | Commission Income for Q2 2026 needs to demonstrate a sequential growth of 20% or more, translating to at least $80.64 million, following the $67.2 million reported in Q1 2026. | Achieving this sequential growth in Commission Income signals a robust rebound in core trading activity and effective monetization of UP Fintech's expanding user base, particularly in overseas markets. This performance would alleviate concerns about competitive pressures and regulatory impacts, validating the company's global expansion thesis and supporting a higher valuation. | $78.3 million (21% y/y growth, 17% q/q growth) | No | While commission income showed a strong 21% year-over-year growth, the sequential growth of 17% and the absolute value of $78.3 million fell short of the rerating trigger's requirement of at least 20% sequential growth and $80.64 million. | |
| Total Revenue | 26.3% | This metric indicates overall business growth and the company's ability to monetize its platform and services. Sustained growth in Q2 will signal effective global expansion despite regulatory and competitive pressures, reinforcing investor confidence. | Total Revenue of at least $160 million for Q2 2026, exceeding the analyst consensus of approximately $153.9 million, and demonstrating year-over-year growth surpassing the 26.3% achieved in Q1 2026. | Achieving this revenue threshold would validate UP Fintech's global expansion and user acquisition strategies, demonstrating its ability to drive robust growth despite regulatory headwinds in Mainland China. It would signal effective monetization of its platform and services, strengthening its competitive position against peers and indicating sustained long-term growth potential, which could lead to a positive rerating. | $182 million (31.4% y/y growth) | Yes | UP Fintech's total revenue reached an all-time high of $182 million, significantly exceeding the $160 million rerating threshold and analyst consensus. The 31.4% year-over-year growth also surpassed the 26.3% growth from Q1 2026, validating the company's global expansion and effective platform monetization. | |
Can UP Fintech maintain the stabilization of Mainland retail client assets and revenue contribution at current lower levels, and will the continued robust net a
Can UP Fintech maintain the stabilization of Mainland retail client assets and revenue contribution at current lower levels, and will the continued robust net asset inflows and new funded account growth from overseas markets (Singapore, Hong Kong, Australia, New Zealand, U.S.) fully compensate for any remaining or future impact from Chinese regulatory changes on overall client assets and revenue?
Will UP Fintech's cash equity take rate recover as expected in Q3 from its Q2 low of 3.6 bps, and can the company effectively manage the impact of 0-commission models and product mix on its overall blended take rate to drive sustained profitability and efficient execution of its $50 million share repurchase program?
Can UP Fintech sustain its growth in high-quality new funded accounts, particularly from Singapore and Hong Kong, while effectively managing the increasing marketing expenses and maintaining an optimal customer acquisition cost (CAC) in the expected range of USD 450-550 to ensure profitable user expansion?
| 3 Things Management Is Most Focused On | Call Takeaway & Tone | Prior Quarter'S Y/Y Growth By Segment | 3 Things Analysts Most Pressed On (And Mgmt Responses) | Revenue Segments |
|---|---|---|---|---|
| 3 Things Management Is Most Focused On1. **Global Expansion and Localized Offerings**: Management highlighted strong client asset growth across all operating markets, including nearly 30% quarter-over-quarter in Hong Kong, over 30% in Australia and New Zealand, and nearly 50% in the U.S. They emphasized enhancing localized trading capabilities (e.g., fractional share trading in Singapore) and user experience (e.g., dedicated tax reporting tools in Hong Kong, Singapore, and New Zealand), alongside scaling up brand investment and localized operations in key markets like Hong Kong and Singapore. 2. **User Quality and Net Asset Inflows**: The company focused on attracting high-quality users, evidenced by 32,600 new funded accounts added in Q2 (primarily from Singapore and Hong Kong), reaching 1.32 million total funded accounts. Total client assets grew to USD 60.7 billion, a 16.7% year-over-year increase, with retail users in Singapore and Hong Kong contributing over USD 1.5 billion in net asset inflows. The average net asset inflow per new funded user also increased to around USD 25,000 in Q3 quarter-to-date. 3. **B2B Business Momentum**: Management underscored the continued strong performance of their B2B business, particularly in investment banking and ESOP services. In Hong Kong, they underwrote 14 IPOs, covering key sectors like AI and hard tech, and participated in 4 U.S. IPOs. The ESOP business added 50 new clients, bringing the total to 840. | Call Takeaway & ToneThe overall takeaway of the call is one of strong recovery and continued global expansion, with a generally positive and confident tone. Management highlighted record total revenue and a return to profitability, driven by significant improvements in commission and interest income. They emphasized the success of their global strategy, particularly in Singapore and Hong Kong, with robust client asset growth and high-quality user acquisition. While acknowledging the impact of prior regulatory changes on Mainland clients and the decrease in cash equity take rate, management conveyed that these issues are largely manageable and that their core global business remains strong. The focus on localized offerings, B2B momentum, and disciplined user acquisition suggests a strategic approach to sustained growth. | Prior Quarter'S Y/Y Growth By SegmentIn Q1 2026, total revenue increased 26.3% year-over-year. Commission income increased 15% year-over-year. Interest income increased 20% year-over-year. | 3 Things Analysts Most Pressed On (And Mgmt Responses)1. **"Other net" loss and high income tax expense**: Analysts inquired about the over USD 2 million loss under "other net" and the high effective tax rate of nearly 28% in Q2. Management responded that the "other net" loss was primarily a non-cash FX loss due to RMB appreciation. The high income tax was attributed to a non-cash deferred tax adjustment tied to employee share-based compensation (a write-down due to share price decline) and prudently treating the Q1 one-off penalty as a non-deductible expense, adding about USD 6 million to tax expense. They expect a normalized effective tax rate of 10-15% and plan to optimize tax arrangements to gradually reverse this in the second half. 2. **Q3 Operating Trends (Client Assets, Trading Activity, New Funded Accounts)**: Analysts asked for the run rate of operating trends since Q3. Management stated that client assets had seen a high single-digit quarter-over-quarter increase quarter-to-date, with both net asset inflow and mark-to-market gains contributing over USD 1 billion each. Trading activity and commissions were running slightly below Q2 due to a high base and market pullback. They expect new funded users to be flat or increase versus Q2, with Hong Kong and Singapore remaining key contributors, and noted a rise in the average net asset inflow per new funded user to around USD 25,000. 3. **Regulatory Impact on Mainland Clients and Take Rate Trends**: Analysts questioned the regulatory update after May 22, the stabilization of Mainland clients, their asset/revenue contribution, and the significant decrease in cash equity take rate. Management confirmed no further policy changes since June 12 restrictions. Mainland retail users saw a net asset inflow of about USD 500 million in Q2, with the outflow pace easing. Mainland retail users now account for under 10% of total client assets and 15-20% of revenue (down from 20-25%), indicating the impact has largely run its course. The cash equity take rate decreased due to a larger share of AI/semi sector trading (low take rate stocks), a sharp rise in the NASDAQ index (higher trading price, lower take rate per share), and 0-commission for local U.S. clients. They expect some recovery in the cash equity take rate in Q3. | Revenue SegmentsTotal revenue increased 31.4% year-over-year to USD 182 million. Commission income increased 21% year-over-year to USD 78.3 million. Interest income increased 36% year-over-year to USD 79.8 million. |
| 3 Things Management Is Most Focused On | Call Takeaway & Tone | Prior Quarter'S Y/Y Growth By Segment | 3 Things Analysts Most Pressed On (And Mgmt Responses) | Revenue Segments |
|---|---|---|---|---|
| 3 Things Management Is Most Focused On1. **Diversified offerings and expansion**: Management highlighted solid year-over-year growth in total revenue and key operating metrics, benefiting from their diversified offering and steady expansion of core operations, particularly in Singapore and Hong Kong. 2. **User quality and net asset inflow**: The company emphasized that its strategy prioritizing user quality has delivered tangible results, with net asset inflow from retail users and consolidated accounts exceeding USD 2 billion for the first time. They also noted healthy net asset inflow from overseas markets despite market pullbacks. 3. **Technology and product enhancement**: Management is focused on building out features and updates to enhance user experience, including a major upgrade to Tiger AI with a brand-new multi-agent architecture and the integration of the Claude model, as well as rolling out new derivative features like Hong Kong index option trading. | Call Takeaway & ToneThe overall takeaway of the call is one of cautious optimism. Despite facing market turbulence and a significant one-time regulatory penalty in Q1 2026, UP Fintech demonstrated solid year-over-year revenue growth and strong net asset inflows, particularly from overseas markets. Management emphasized their focus on user quality, technological enhancements (Tiger AI), and the continued performance of their 2B business. The tone was generally positive, with management expressing confidence in their full-year guidance and the recovery of client assets in Q2, while also acknowledging and addressing the challenges posed by new regulations and market volatility. | Prior Quarter'S Y/Y Growth By SegmentIn Q4 2025, total revenue increased 41.5% year-over-year. Commission income increased 26.6% year-over-year. Interest income increased 26.3% year-over-year. | 3 Things Analysts Most Pressed On (And Mgmt Responses)1. **New regulatory rules and their impact**: Analysts questioned the interpretation and impact of new regulatory rules released on May 22, specifically regarding Mainland retail clients. Management responded that the fine of approximately RMB 410 million (USD 60 million) is a one-time penalty and will not materially affect core operations. They clarified that the regulation restricts marketing cross-border investment services within Mainland China and requires closing Mainland-focused websites/apps, which they had already completed in May 2023. They also stated that the policy has no impact on offshore users, and while there was a short-term uptick in asset outflow from Mainland retail accounts (which accounted for roughly 10% of total client assets and 20-25% of total net revenue in Q1), they expect it to stabilize. 2. **Decrease in take rate and increase in income tax expense**: Analysts inquired about the sequential decrease in the Q1 take rate, especially for stock commission, and the increase in income tax expense despite a quarterly loss. Management explained that the lower take rate was due to a larger share of Hong Kong trading volume (where they offer 0 commission for Hong Kong stocks) and an uptick in U.S. trading volume (where they offer 0 commissions for local users). They also noted that futures trading revenue, calculated based on notional value, contributed to a decrease in the blended commission rate. The increase in income tax expense was attributed to a non-cash tax adjustment linked to employee stock incentives, specifically a write-down of prior deferred tax assets due to a decline in share price, and they expect the effective tax rate to stay below 20% going forward, excluding this one-time impact. 3. **Q2 run rate and full-year guidance for new funded accounts**: Analysts asked about the Q2 run rate for new users, trading velocity, and client AUM, and if the Q1 new client additions were on pace for the full-year guidance. Management projected stable new user numbers quarter-over-quarter, with Hong Kong and Singapore as top contributors. They noted a notable pickup in Q2 trading activity, with U.S. cash equity trading volume already matching the full Q1 total, and a full recovery of Q1 mark-to-market losses on client assets. They expressed confidence in their full-year guidance, citing a strategic priority on user quality (measured by net asset inflow per dollar spent on client acquisition) and optimism for stronger user growth in the second half due to easing geopolitical tensions and improved inflation expectations. | Revenue SegmentsTotal revenue increased 26.3% year-over-year to USD 155 million. Commission income increased 15% year-over-year to USD 67.2 million. Interest income increased 20% year-over-year to USD 64.5 million. |
| About Expanding Eligible Market | About Competition | About The Broader Industry | Where Things Are Headed | Updates On Theme | Broader Themes Emerging | Bullish-Leaning Quotes (Short) | Bearish-Leaning Quotes (Short) | Hiring |
|---|---|---|---|---|---|---|---|---|
| About Expanding Eligible MarketUP Fintech added 32,600 new funded accounts in Q2 2026, a 12.7% quarter-over-quarter increase, with the majority coming from Singapore and Hong Kong. Total funded accounts reached 1.32 million, up 10.3% year-over-year. Retail users in Singapore and Hong Kong contributed over USD 1.5 billion in net asset inflows, and total client assets grew to USD 60.7 billion, up 3.1% quarter-over-quarter and 16.7% year-over-year. Client assets grew quarter-over-quarter across all markets, with Hong Kong client assets up nearly 30%, Australia and New Zealand client assets up over 30%, and U.S. client assets up nearly 50%. The company launched fractional share trading for Singapore listed stocks and REITs to lower entry barriers and rolled out a dedicated tax reporting tool in Hong Kong, Singapore, and New Zealand. Brand investment and localized operations were scaled up in Hong Kong, including a SpaceX marketing campaign and advertising at Hong Kong Airport. In Q2, Singapore and Hong Kong together accounted for over 70% of new funded accounts, split roughly even, with Australia and New Zealand contributing around 25%. Quarter-to-date in Q3, the average net asset inflow per new funded user has risen to around $25,000, aligning with a quality-first approach to client acquisition. | About CompetitionUP Fintech offers 0 commission to local U.S. users, which contributed to a decrease in the cash equity take rate. The existing investment knowledge identifies UP Fintech (Tiger Brokers) as Futu's main rival in the pan-Asian digital brokerage space. | About The Broader IndustryThe second quarter saw a market rally that kept trading activity elevated, with the NASDAQ index rising sharply by over 20%. However, there was some pullback in the market heading into Q3, causing activities to ease accordingly. New industry-wide regulations were rolled out on May 22, 2026, restricting onshore activities by Mainland users, such as opening positions and making deposits. | Where Things Are HeadedUP Fintech expects the number of newly funded users in Q3 to be flat or increase versus Q2, driven by stepped-up brand activity in Hong Kong and Singapore. The average customer acquisition cost (CAC) is expected to be in the USD 450 to USD 550 range in the second half of the year. The company anticipates the cash equity take rate to recover somewhat in Q3 due to a pullback in share prices. Management also expects to optimize tax arrangements and gradually reverse the non-deductible portion of the Q1 penalty against income tax expense in the second half. The company may continue to execute share repurchases under its $50 million program. Quarter-to-date in Q3, client assets have maintained steady growth, with a high single-digit quarter-over-quarter increase, while trading volume and commissions are running slightly below Q2 levels. | Updates On ThemeOptions | Broader Themes EmergingThe continued appreciation of the RMB and corresponding depreciation of the U.S. dollar led to an FX loss. The investment banking side continues to cover key sectors such as AI and hard tech, intelligent manufacturing, automotive semiconductor companies, smart hardware, new energy materials, and consumer electronics. | Bullish-Leaning Quotes (Short)Our total revenue for the quarter reached USD 182 million, an all-time high, representing a sequential increase of 17.7% and a year-over-year growth of 31.4%. We added 32,600 new funded accounts this quarter, up 12.7% quarter-over-quarter with the great majority coming from the Singapore and Hong Kong market. Total client assets stood at USD 60.7 billion at the end of the second quarter, up 3.1% quarter-over-quarter and 16.7% year-over-year. Client assets grew quarter-over-quarter across all the markets we operate in this quarter, indicating strong growth resilience and tremendous market potential. The outflow impact from regulatory change has largely run its course. Our core growth engine is our global business. | Bearish-Leaning Quotes (Short)Excluding the impact of approximately USD 59.7 million one-off penalty incurred in the first quarter. Cash equity take rate was 3.6 bps this quarter, down from 5.9 bps a quarter ago. Employee compensation and benefits expense were $50 million, an increase of 39% year-over-year, primarily due to the severance costs associated with Group's reorg of business units. This was mainly an FX loss driven by the continued appreciation of the RMB and the corresponding depreciation of the U.S. dollar during the second quarter. Quarter-to-date trading volume and commissions are running slightly below the same point in Q2. This mainly reflects a high base from a strong second quarter when the market rally kept trading activity elevated. With some pullback in the market heading into Q3, activities have eased accordingly. | HiringEmployee compensation and benefits expense increased by 39% year-over-year, primarily due to severance costs associated with the Group's reorganization of business units, indicating workforce adjustments. |
| About Expanding Eligible Market | About Competition | About The Broader Industry | Where Things Are Headed | Updates On Theme | Broader Themes Emerging | Bullish-Leaning Quotes (Short) | Bearish-Leaning Quotes (Short) | Hiring |
|---|---|---|---|---|---|---|---|---|
| About Expanding Eligible MarketUP Fintech onboarded 28,900 new funded accounts this quarter, with Singapore and Hong Kong being the primary contributors. Net asset inflow from retail users and consolidated accounts exceeded USD 2 billion for the first time, demonstrating the success of their user quality strategy. Healthy net asset inflow drove a quarter-over-quarter increase in client assets across all overseas markets, with U.S. client assets rising nearly 40% quarter-over-quarter, and Australia, New Zealand, and Hong Kong posting high single-digit and double-digit quarter-over-quarter growth, respectively. Roughly 90% of total net asset inflow from omnibus retail accounts came from markets outside of Mainland China, with Singapore contributing over 1/3, Australia, New Zealand, and the U.S. combined for another 1/3, and the remainder from Hong Kong retail users. Singapore and Hong Kong together accounted for over 75% of new funded accounts in Q1, split almost evenly, with Australia and New Zealand contributing around 20%. | About CompetitionIn the U.S., the company offers 0 commission pricing for local users, which compressed the stock take rate despite an uptick in trading volume. Similarly, they offer 0 commission for Hong Kong users trading Hong Kong stock, which is about 2 bps lower than U.S. stock take rates, indicating competitive pricing strategies in these markets. The company is described as Futu's main rival in the pan-Asian digital brokerage space in the existing investment knowledge. | About The Broader IndustryThe first quarter experienced market turbulence, leading to mark-to-market losses on client assets. However, Nasdaq has started to rebound, and all mark-to-market losses recorded in Q1 have been fully recovered quarter-to-date. A new industry-wide regulation governing cross-border securities, futures, and fund trading by Mainland investors was rolled out on May 22, applying to the entire industry. This regulation shifts oversight from user identity verification to territory-based oversight, restricting marketing of cross-border investment services within Mainland China and requiring the closure of Mainland-focused websites and removal of relevant apps from local app stores. Market volatility has affected investor sentiment so far this year. | Where Things Are HeadedThe company expects the number of new users to stay stable quarter-over-quarter in Q2, with Hong Kong and Singapore remaining top contributing markets. Trading activity has picked up notably in Q2 quarter-to-date, with both starts and commission income higher than Q1 levels, and U.S. cash equity trading volume already matching the full Q1 total. Client assets are expected to post a solid quarter-over-quarter increase, assuming no material shifts in market conditions, as mark-to-market losses have been fully recovered and retail net asset inflow remained healthy. The company is confident about its full-year guidance and global expansion, optimistic that easing geopolitical tensions and improved inflation expectations in the second half will drive stronger user growth. The Board of Directors has approved a share repurchase program of up to USD 50 million to be implemented over a 12-month period from June 1, 2026, to June 1, 2027. | Updates On ThemeOptions | Broader Themes EmergingMarket volatility and rebound, regulatory changes impacting cross-border financial services, and the increasing integration of AI in financial technology are broader themes emerging. The expectation of easing geopolitical tensions and improved inflation expectations also points to broader economic and market sentiment trends. | Bullish-Leaning Quotes (Short)Our total revenue for the quarter reached USD 155 million, representing a 26.3% increase year-over-year. Operating profit reached USD 47.6 million, up 17.5% from the same period last year. Net asset inflow from retail users and the consolidated accounts exceeded USD 2 billion for the first time in our history. All mark-to-market losses on client assets recorded in the first quarter have been fully recovered on a quarter-to-date basis. We are confident about our full year guidance and our global expansion. Our Board of Directors has approved a share repurchase program of up to USD 50 million. | Bearish-Leaning Quotes (Short)Due to the market turbulence in the first quarter, our client assets experienced mark-to-market losses of USD 4.9 billion. Total client assets at quarter end slightly down 3.2% quarter-over-quarter. We received a regulatory penalty notice totaling approximately RMB 411 million. Since the new rules were announced, we saw some uptick in asset outflow from Mainland retail accounts. Market volatility has affected investor sentiment so far this year. | HiringEmployee compensation and benefits expense were $46.8 million, an increase of 39% year-over-year due to the headcount increase to strengthen R&D. |
| About Expanding Eligible Market | About Competition | About The Broader Industry | Where Things Are Headed | Updates On Theme | Broader Themes Emerging | Bullish-Leaning Quotes (Short) | Bearish-Leaning Quotes (Short) | Hiring |
|---|---|---|---|---|---|---|---|---|
| About Expanding Eligible MarketUP Fintech onboarded 28,900 new funded accounts this quarter, with Singapore and Hong Kong being the primary contributors. Net asset inflow from retail users and consolidated accounts exceeded USD 2 billion for the first time in the company's history. Healthy net asset inflow drove a quarter-over-quarter increase in client assets across all overseas markets, with U.S. client assets rising nearly 40% quarter-over-quarter, and Australia, New Zealand, and Hong Kong posting high single-digit and double-digit quarter-over-quarter growth, respectively. Roughly 90% of total net asset inflow from omnibus retail accounts came from markets outside of Mainland China, with Singapore contributing over 1/3, Australia, New Zealand, and the U.S. combined for around another 1/3, and the remainder from Hong Kong retail users. Singapore and Hong Kong together accounted for over 75% of new funded accounts in Q1, split almost evenly, with Australia and New Zealand contributing around 20%. | About CompetitionIn the U.S., the company offers 0 commission pricing for local users, which compressed the stock take rate despite an uptick in trading volume. Similarly, they offer 0 commission for Hong Kong users trading Hong Kong stock, which is about 2 bps lower than U.S. stock take rates. Tiger U.S. onboarded some active users this quarter and saw an uptick in total trading volume, but in the U.S., the company follows market practice and offers 0 commissions, further compressing the stock take rate. UP Fintech is described as Futu's main rival in the pan-Asian digital brokerage space. | About The Broader IndustryThe first quarter experienced market turbulence, leading to mark-to-market losses on client assets. However, Nasdaq has started to rebound, and all mark-to-market losses recorded in Q1 have been fully recovered quarter-to-date. A new industry-wide regulation governing cross-border securities, futures, and fund trading by Mainland investors was rolled out on May 22, 2026, applying to the entire industry. This regulation shifts oversight from user identity verification to territory-based oversight, restricting marketing of cross-border investment services within Mainland China and requiring the closure of Mainland-focused websites and removal of relevant apps from local app stores. Market volatility has affected investor sentiment so far this year. | Where Things Are HeadedThe company expects the number of new users to stay stable quarter-over-quarter in Q2, with Hong Kong and Singapore remaining top contributing markets. Trading activity has picked up notably in Q2 quarter-to-date, with both starts and commission income higher than Q1 levels, and U.S. cash equity trading volume already matching the full Q1 total. Client assets are expected to post a solid quarter-over-quarter increase in Q2, assuming no material shifts in market conditions, as mark-to-market losses have been fully recovered and retail net asset inflow remained healthy. The company is confident about its full-year guidance and global expansion, optimistic that easing geopolitical tensions and improved inflation expectations in the second half will drive stronger user growth. The Board of Directors has approved a share repurchase program of up to USD 50 million to be implemented over a 12-month period from June 1, 2026, to June 1, 2027. | Updates On ThemeOptions | Broader Themes EmergingMarket volatility and rebound, regulatory changes impacting cross-border financial services, and the increasing integration of AI in financial technology are broader themes emerging. The expectation of easing geopolitical tensions and improved inflation expectations also points to broader economic and market sentiment trends. | Bullish-Leaning Quotes (Short)Our total revenue for the quarter reached USD 155 million, representing a 26.3% increase year-over-year. Operating profit reached USD 47.6 million, up 17.5% from the same period last year. Net asset inflow from retail users and the consolidated accounts exceeded USD 2 billion for the first time in our history. All mark-to-market losses on client assets recorded in the first quarter have been fully recovered on a quarter-to-date basis. We are confident about our full year guidance and our global expansion. Our Board of Directors has approved a share repurchase program of up to USD 50 million. | Bearish-Leaning Quotes (Short)Due to the market turbulence in the first quarter, our client assets experienced mark-to-market losses of USD 4.9 billion. Total client assets at quarter end slightly down 3.2% quarter-over-quarter. We received a regulatory penalty notice totaling approximately RMB 411 million. Since the new rules were announced, we saw some uptick in asset outflow from Mainland retail accounts. Market volatility has affected investor sentiment so far this year. | HiringEmployee compensation and benefits expense were $46.8 million, an increase of 39% year-over-year due to the headcount increase to strengthen R&D. |
| Date | Comment | Comment Type | Comment Sentiment | Link | Price Reaction |
|---|---|---|---|---|---|
| 2026-08-27 | TIGR reported record Q2 2026 revenue and profitability, driven by strong global expansion and high-quality user acquisition. Despite management's positive outlook and expected cash equity take rate recovery, the stock fell 7.60% (vs. SPY +0.13%) post-earnings. This suggests market concern over the significantly lower cash equity take rate and Q3 trading volume running slightly below Q2 levels. | Earnings Transcript | Negative | -7.60% (vs SPY: -7.73%) |
| Catalyst ID | Estimated Timing | Estimated Date Start | Estimated Date End | Catalyst | Why It Matters | Ticker Or Theme Specific | Transcript Date | Source Type |
|---|---|---|---|---|---|---|---|---|
| TIGR_37b724d7 | Reporting of Q3 2026 share repurchases | 2026-10-01 | 2026-11-15 | UP Fintech is expected to report on the progress of its USD 50 million share repurchase program, specifically detailing repurchases made during the third quarter of 2026. | Continued execution of the share repurchase program demonstrates management's confidence in the company's long-term growth and commitment to delivering shareholder value, potentially boosting stock price. | Ticker | 2026-06-02 | earnings_transcript |
| TIGR_f1dfc0db | Reporting of Q3 2026 user growth | 2026-10-01 | 2026-11-15 | Management anticipates stronger user growth in the second half of 2026, driven by easing geopolitical tensions and improved inflation expectations, with Q3 2026 results expected to reflect this trend. | Confirmation of stronger user growth in key overseas markets would validate management's global expansion strategy and signal positive long-term growth potential for the company. | Ticker | 2026-06-02 | earnings_transcript |
| TIGR_62dd0466 | Q3 | 2026-07-01 | 2026-09-30 | The number of newly funded users is expected to be flat or increase compared to Q2 2026, primarily driven by intensified brand activities in Hong Kong and Singapore. | Sustained growth in high-quality new funded accounts from key overseas markets is crucial for expanding the client base and driving future client asset and revenue growth. | Ticker | 2026-08-27 | earnings_transcript |
Prior earnings scorecards
