NEW
YORK, May 12, 2020
/PRNewswire/ -- Kingsoft Cloud Holdings Limited ("Kingsoft Cloud")
(NASDAQ: KC) jumped 40% on its Nasdaq debut on May 8, the first major U.S. IPO by a Chinese
company in recent months. Tiger Brokers (NZ) Limited ("TBNZ"), a
wholly owned subsidiary of UP Fintech Holding Limited (NASDAQ:
TIGR) (together with other affiliates, "UP Fintech") served as a
member of Kingsoft Cloud's selling group, assisting it receive
subscription orders close to $100
million, with sizable orders coming from institutional
investors, demonstrating UP Fintech's growing capability to assist
China-based companies list in key
markets.
Founded in 2012, Kingsoft Cloud is now the largest independent
cloud service provider in China,
according to a report by Frost &
Sullivan. Leveraging its industry insights and technological
expertise, Kingsoft Cloud offers public cloud services to customers
in various sectors, including online gaming, video, AI services,
e-commerce, and education, among others. Despite the
uncertainty from the Coronavirus, Kingsoft Cloud in total raised
over $500 million by offering 30
million ADS priced at $17 each in the
IPO. The shares closed at $23.84 last
Friday, giving it a market capitalization of roughly $4.8 billion.
Serving as a selling group member in the IPO, UP Fintech offered
a comprehensive range of services to support Kingsoft Cloud's
listing, including connecting the company to a wide spectrum of
institutional and retail investors in both the U.S. and
Asia.
Through its proprietary trading platform, UP Fintech has built a
large retail investor base to whom it may distribute the shares of
new issuers. UP Fintech coordinated closely with Kingsoft Cloud to
devise a strategy to increase retail investor understanding of the
firm's background, business model, and financials. By leveraging
its loyal and engaged customer base, UP Fintech was able to assist
Kingsoft Cloud generate substantial investor interest in its
offering.
Mr. DJ Guo, Head of Investment Banking and Partner of UP
Fintech, stated, "Over just four days, thousands of global Chinese
retail investors participated in Kingsoft Cloud's IPO via UP
Fintech's platform."
Yulin Wang, CEO of Kingsoft Cloud
noted, "Our roadshow lasted only four days and we were on a tight
schedule. However, we received tremendous support from UP Fintech.
Not only did they tell our story to thousands of retail investors,
but they also helped us drum up interest from institutional investors
with their extensive network of contacts."
"This listing comes during a difficult global environment, and
we hope this IPO will help to increase investor confidence in the
wide range of Chinese ADRs," said
Guo.
UP Fintech started to expand its institutional business,
particularly investment banking and equity underwriting, in the TMT
space in late 2017. The firm has participated in many high-profile
Chinese Tech IPOs, including those of e-commerce giant Pinduoduo
(PDD), video streaming platform iQIYI (IQ), and video sharing
website Bilibili (BILI). In 2019, a total of 32 Chinese companies
were listed on U.S. exchanges and UP Fintech served as an
underwriter in 12 of these IPOs with a client list that included
36Kr Holdings Inc. (KRKR), Canaan Inc. (CAN), and Ruhnn
Holding Limited. (RUHN). UP Fintech was the top U.S. IPO
underwriter for China-based
issuers by deal count among brokerages in 2019.
Furthermore, in October 2019, UP
Fintech's wholly-owned subsidiary, US Tiger Securities, Inc.
received approval from the
Financial Industry Regulatory Authority ("FINRA") for conducting
investment banking businesses, including underwriting, private
placements, mergers and acquisitions, as well as selling group
participant services. This approval allows UP Fintech to better
serve client firms by strengthening local distribution channels and
expanding its portfolio of corporate services. UP Fintech has a
growing global footprint with 21 licenses and authorizations in
multiple jurisdictions, including Singapore, New
Zealand, the U.S. and Australia. In the future, the firm will
continue to augment its capabilities to comprehensively serve
investors and issuers.
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.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other
statements, the business outlook and quotations from management in
this announcement, as well as the Company's strategic and
operational plans, contain forward-looking statements. The Company
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
("SEC") on Forms 20-F and 6-K, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about the Company's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual performance and /or results to differ materially from those
expressed or implied by any forward-looking statement, including
but not limited to the following: the Company's growth strategies;
trends and competition in global financial markets; the effects of
the global COVID-19 pandemic; and governmental policies relating to
the Company's industry and general economic conditions in
China and other countries. Further
information regarding these and other risks is included in the
Company's filings with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake, and specifically declines, any
obligation to update any forward-looking statement, except as
required under applicable law.
View original
content:http://www.prnewswire.com/news-releases/up-fintechs-subsidiary-served-as-a-selling-group-member-in-kingsoft-clouds-ipo-301057476.html
SOURCE UP Fintech Holding Limited