BEIJING, Aug. 06, 2020 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (“UP Fintech” or the “Company”) (NASDAQ: TIGR), a leading online brokerage firm focusing on global Chinese investors, today announced that it will report its financial results for the second quarter ended June 30, 2020 before the U.S. market opens on August 18, 2020. UP Fintech’s management will hold an earnings conference call at 8:00 AM on August 18, 2020, U.S. Eastern Time (8:00 PM on August 18, 2020 Beijing/Hong Kong Time).Conference Call Information:Due to the outbreak of COVID-19, operator assisted conference calls are not available at this time. All participants wishing to attend the call must preregister online before they may receive the dial-in numbers. Preregistration may require a few minutes to complete. UP Fintech would like to apologize for any inconvenience caused by not having an operator. Preregistration Information: Participants may register for the conference call by navigating to http://apac.directeventreg.com/registration/event/4999749. Once preregistration has been complete, participants will receive dial-in numbers, direct event passcode, and registrant id. The conference ID: is 4999749 To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your PIN, and you will join the conference instantly.A telephone replay of the call will be available after the conclusion of the conference call through August 25, 2020.Dial-in numbers for the replay are as follows: International:+61-2-8199-0299 Passcode:4999749 A live and archived webcast of the conference call will be available at https://ir.itiger.com.About UP Fintech Holding Limited UP Fintech Holding Limited is a leading online brokerage firm focusing on global Chinese investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses. For more information on the Company, please visit: https://ir.itiger.com.Investor Relations Contact Mr. Clark S. Soucy UP Fintech Holding Limited Email: firstname.lastname@example.org
Li Auto Inc. (NASDAQ: LI) ("Li Auto") rose 43% on its Nasdaq debut on July 30, joining the growing number of electric-vehicle manufacturers listed on U.S. exchanges. Tiger Brokers (NZ) Limited ("TBNZ"), a wholly owned subsidiary of UP Fintech Holding Limited (NASDAQ: TIGR) (together with other affiliates of UP Fintech Holding Limited, "UP Fintech") served as an underwriter in Li Auto's IPO, and in total received subscription orders of $1.887 billion. Of the subscription orders UP Fintech received, more than $1 billion came from institutional investors and $800 million came from retail investors, demonstrating UP Fintech's unparalleled capability to assist China-based companies raise financing in overseas markets.
(Bloomberg) -- When the coronavirus put a halt on people’s lives in China in February, Justin Jin’s old university classmates thought about selling face masks to make money. The 21-year-old suggested they instead try their luck with two stocks: Tesla Inc. and Tencent Holdings Ltd.That’s when Jin’s two friends began using the Futubull app, one of the Chinese platforms that allow mainland investors to buy foreign equities. The decision paid off. Both stocks soared as part of a global rally that has enticed a wave of novice investors.“When I first started, there were only three or four friends who used Futu,” Jin said. “Now there are at least three or four dozen.”Thanks to them and many others, Futu Holdings Ltd., a Chinese online brokerage and wealth-management platform, now counts more than 1 million registered users, a 23% increase from the first quarter. Its American depositary receipts have almost quadrupled since a low in March, propelling the fortune of its founder and chairman, Leaf Hua Li, to $1.5 billion, according to the Bloomberg Billionaires Index.Tencent EmployeeLi, 43, was Tencent’s 18th founding employee and left to start Futu after growing frustrated with the software he used to trade Hong Kong stocks, according to a CapitalWatch interview in January. The online broker, backed by the Chinese internet giant, was formally incorporated under Hong Kong law in April 2012. Li owns 40% of its outstanding shares.A company spokesman declined to comment on Li’s net worth.Retail investors have always been a driving force in China’s stock market, but with the pandemic keeping people home, more amateur traders have emerged. Futu reported a 60% surge in new paying clients -- those with assets in their trading accounts -- in the first quarter, with much of it coming from Hong Kong. Big-name stocks like Tencent, Tesla and Alibaba Group Holding Ltd. fueled the surge during the peak of China’s coronavirus crisis in February, according to a statement.One of Futu’s main draws is that, unlike mainland competitors, it has licenses that allow users to go beyond the domestic market and buy equities from the U.S. and Hong Kong. This year’s high-profile secondary listings in the city from JD.com Inc. and NetEase Inc. have enticed more investors, as has the months-long rebound in U.S. stocks, according to Bank of China International analyst Nanyang He.“Futu has benefited from strong market sentiments in terms of raising trading velocity and increasing IPO subscription revenue,” He said.Shares SurgeFutu shares have risen 148% since the company listed in New York in March 2019, outpacing rival Up Fintech Holding Ltd., which went public the same month.While the competition is rife -- Chinese brokerage firm Huatai Securities Co. just launched its own U.S. stock-trading app -- Futu is betting on the increasing number of Chinese citizens looking to diversify their investments globally, He said. The company started a series of MSCI index futures products this month.Li began his career at Tencent after receiving a bachelor’s degree in computer science and technology from Hunan University in 2000. He was an early researcher of the QQ messaging software and founded Tencent Video, now one of the largest video-streaming platforms in China.Li credits his time at Tencent for building his business acumen and said he was inspired by the company’s founders, Pony Ma and Zhang Zhidong, according to the CapitalWatch interview. Tencent remains Futu’s largest institutional backer, and several of its employees were key in helping the online broker grow over the past decade.Still, Li hopes he’ll ultimately be defined by his legacy at Futu.“For a long time, people wondered why I left Tencent at its peak of growth,” Li said in the interview. “Now that Futu has made it, the weight of importance has changed.”(Updates share move since IPO in 10th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.