{"id":536796,"date":"2021-09-10T04:03:06","date_gmt":"2021-09-10T08:03:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/up-fintech-holding-limited-reports-unaudited-second-quarter-2021-financial-results\/"},"modified":"2021-09-10T04:03:06","modified_gmt":"2021-09-10T08:03:06","slug":"up-fintech-holding-limited-reports-unaudited-second-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/up-fintech-holding-limited-reports-unaudited-second-quarter-2021-financial-results\/","title":{"rendered":"UP Fintech Holding Limited Reports Unaudited Second Quarter 2021 Financial Results"},"content":{"rendered":"
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BEIJING, Sept. 10, 2021 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (NASDAQ: TIGR) (\u201cUP Fintech\u201d or the \u201cCompany\u201d), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the second quarter ended June 30, 2021.<\/p>\n

\u201cMarket backdrop was relatively weaker compared to the first quarter, but I am happy to report that the Company still achieved substantial expansion in the second quarter,\u201d stated Mr. Wu Tianhua, CEO and Director of UP Fintech. \u201cAs we continue to invest in our internationalization, there was a significant increase in the number of newly funded accounts and the total account balance. We added 153,100 funded accounts in the second quarter, an increase of 353.5% year over year and 30.4% quarter over quarter; of these newly acquired accounts, over 60% came from international markets. Total account balance reached US$23.9 billion despite challenging market conditions, nearly triple that of the same period last year and 11.8% increase from the first quarter of this year.<\/p>\n

Total revenues were US$60.2 million, a 98.7% increase from the second quarter of 2020. We increased investment in self clearing, user acquisition and talent recruiting, which are essential to our future growth, which resulted in increasing operating costs and expenses compared to same quarter last year.<\/p>\n

Our corporate businesses also demonstrated strong growth in the second quarter as we continued to serve an ever more diverse range of clients. In the second quarter we added 51 ESOP clients, many of which were private firms with valuations in excess of one billion USD. The swift development of our ESOP business is a testament to our Company\u2019s ability to rapidly scale and market innovative new products and services; we launched ESOP just over two years ago and now already serve 216 corporate clients. We also participated in 17 IPOs in Hong Kong and the U.S. during the second quarter. We look forward to collaborating with our next generation clients as they grow.<\/p>\n

Our wealth management business and proprietary self-clearing system continue to develop nicely. By the end of the second quarter, over 50.0% of clients were having their U.S. cash equities trades cleared by TradeUP Securities Inc. (formerly known as Marsco Investment Corporation). We also added 48 funds to our digital wealth management product, The Fund Mall, during the quarter.<\/p>\n

Finally, we continue to focus on enriching the content our clients may engage with on our platform. We will continue to upgrade the products and services that we offer to both our individual clients, as well as our corporate partners, as we expand both our geographic footprint as well as the capabilities integrated into our leading fintech platform.<\/p>\n

\n Financial Highlights for Second Quarter 2021 <\/strong>\n <\/p>\n