UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the
“Company”), a leading online brokerage firm focusing on global
investors, today announced its unaudited financial results for the
third quarter ended September 30, 2021.
“I am pleased to announce that the Company
delivered notable accomplishments since the second quarter,” stated
Mr. Wu Tianhua, CEO and Director of UP Fintech. “In October 2021,
we completed our acquisition of Ocean Joy Securities Limited, a
Hong Kong licensed broker dealer regulated by the Hong Kong SFC
(Securities and Futures Commission). We are excited to formally
launch our brand in Hong Kong and welcome local residents to invest
globally on our innovative fintech platform. Hong Kong is one of
the world’s premier centers of finance and commerce and the Company
looks forward to building our local client base and contributing to
the growth of its vibrant and dynamic capital market.”
In addition, we were pleased to add 82,900
funded accounts in the third quarter, of which over 80% came from
outside China. By the end of the third quarter, we already acquired
353,300 funded accounts this year, surpassing the 350,000 new
funded account guidance we set out earlier this year. We remain
optimistic about the development of our long-term international
growth strategy in Singapore and other markets.
Our subsidiary, Tiger Brokers (Singapore) Pte.
Ltd., was officially admitted as a trading member of Singapore
Exchange Securities Trading Limited and Singapore Exchange
Derivatives Trading Limited, and clearing member and depository
agent of The Central Depository (Pte) Limited. It is an honor to
partner with Singapore Exchange Ltd and we intend to use this
opportunity to strengthen our platform’s capability to facilitate
transactions in Singapore listed securities as well as broaden the
pool of investors who may access Singapore’s diverse range of
investment opportunities.
Our corporate businesses and investments in our
proprietary technology system demonstrated accretive growth.
Despite commencing our ESOP business just over two years ago, in
the third quarter we added 46 ESOP clients, and now serve 262 ESOP
clients in total. Furthermore, we participated in 5 IPOs in Hong
Kong and the U.S. during the third quarter. With regards to
self-clearing, we made more progress during the third quarter and
over 70% of clients were having their U.S. cash equities trades
cleared by TradeUP Securities Inc.
Finally, as part of our commitment to our
internationalization strategy, the Company has decided to establish
a dual headquarters in Singapore, to complement our existing
headquarters in Beijing. The Singapore headquarters address is 50
Raffles Place, #29-04 Singapore Land Tower, Singapore 048623, which
is also the Company’s new principal executive office. The decision
is intended to promote the Company’s current strategic global
expansion plans and streamline the operational efficiency of the
Company; the decision is also supported by the fact that
Singaporean clients already account for a substantial and growing
proportion of the Company’s total client base.
Financial Highlights for Third Quarter 2021
- Total revenues increased 59.6% year-over-year
to US$60.8 million.
- Total net revenues increased 60.9%
year-over-year to US$56.6 million.
- Net income was US$20.5 million compared to a
net income of US$5.8 million in the same quarter of last year.
- Net income attributable to UP Fintech was
US$20.5 million compared to a net income of US$4.8 million in the
same quarter of last year.
- Non-GAAP net income attributable to UP Fintech
was US$5.3 million, compared to a non-GAAP net income of US$6.3
million in the same quarter of last year. A reconciliation of
non-GAAP financial metrics to the most comparable GAAP metrics is
set forth below.
Operating Highlights for Third Quarter 2021
- Total account balance increased 88.3%
year-over-year to US$20.6 billion.
- Total margin financing and securities lending
balance increased 49.1% year-over-year to US$3.0
billion.
- Total number of customers with deposits
increased 185.1% year-over-year to 612,000.
Selected Operating Data for Third Quarter
2021
|
|
As of and for the three months ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
|
2020 |
|
|
2021 |
|
|
2021 |
|
In 000's |
|
|
|
|
|
|
|
|
|
|
|
|
Number of customer accounts |
|
|
975.6 |
|
|
|
1,649.0 |
|
|
|
1,766.8 |
|
Number of customers with
deposits |
|
|
214.7 |
|
|
|
529.1 |
|
|
|
612.0 |
|
In USD
millions |
|
|
|
|
|
|
|
|
|
|
|
|
Trading volume |
|
|
62,810.7 |
|
|
|
102,006.0 |
|
|
|
92,574.1 |
|
Total account balance |
|
|
10,915.7 |
|
|
|
23,932.7 |
|
|
|
20,551.9 |
|
Third Quarter 2021 Financial Results
REVENUES
Total revenues were US$60.8 million, up 59.6% from US$38.1
million in same quarter of last year.
Commissions were US$33.5 million, up 72.0% from US$19.5 million
in same quarter of last year, driven by an increase in our user
base and trading volume.
Financing service fees were US$2.5 million, up 51.7% from US$1.7
million in the same quarter of last year, primarily due to an
increase in margin activities.
Interest income was US$17.6 million, up 116.0% from US$8.1
million in same period of last year. This was also due to an
increase in our user base and margin activities.
Other revenues were US$7.2 million, a decrease of 18.6% from
US$8.8 million in the same quarter of last year, primarily due to a
slowdown in Chinese ADR listings.
Interest expense was US$4.2 million, an increase of 44.0% from
US$2.9 million in the same quarter of last year, primarily due to
an increase in our user base and margin activities.
OPERATING COSTS AND EXPENSES
Total operating costs and expenses were US$54.4 million, an
increase of 95.7% from US$27.8 million in the same quarter of last
year.
Execution and clearing expenses were US$9.5 million, an increase
of 144.9% from US$3.9 million in the same quarter of last year,
primarily due to an increase in the user base in Singapore.
Employee compensation and benefits expenses were US$21.8
million, an increase of 71.2% from US$12.7 million in the same
quarter of last year, primarily due to a headcount increase to
accompany the rapid growth of the business.
Occupancy, depreciation and amortization expenses were US$1.7
million, an increase of 39.3% from US$1.2 million in the same
quarter last year, due to the increase in office space and relevant
leasehold improvements.
Communication and market data expenses were US$5.3 million, an
increase of 115.6% from US$2.5 million in the same quarter last
year, due to rapid user growth and expanded market data
coverage.
Marketing and branding expenses were US$11.2 million, an
increase of 200.7% from US$3.7 million in the same quarter last
year. This increase was derived from our continuous efforts to
expand globally in accordance with our internationalization
strategy.
General and administrative expenses were US$5.0 million, an
increase of 30.4% from US$3.9 million in the same quarter last
year, primarily due to increased professional services expenses and
general expenses resulting from business expansion.
NET INCOME ATTRIBUTABLE TO UP FINTECH HOLDING
LIMITED
Net income attributable to UP Fintech was US$20.5 million, as
compared to a net income of US$4.8 million in the same quarter of
last year. Net income per ADS – diluted was US$0.127, as compared
to a net income per ADS – diluted of US$0.033 in the same quarter
of last year.
Non-GAAP net income attributable to UP Fintech, which excludes
share-based compensation and fair value change from convertible
bonds, was US$5.3 million, as compared to a US$6.3 million non-GAAP
net income attributable to UP Fintech in the same quarter of last
year. Non-GAAP net income per ADS – diluted was US$0.033 as
compared to a non-GAAP net income per ADS – diluted of US$0.043 in
the same quarter of last year.
For the third quarter of 2021, the Company’s weighted average
number of ADSs used in calculating net income per ADS – diluted and
non-GAAP net income per ADS – diluted was 161,494,265. As of
September 30, 2021, the Company had a total of 2,269,269,531 Class
A and B ordinary shares outstanding, or the equivalent of
151,284,635 ADSs.
CERTAIN OTHER FINANCIAL ITEMS
Fair value change from convertible bonds has increased to about
US$18.0 million due to change of fair market value of the stock
price in this quarter which is one of the significant inputs to
evaluate the convertible bonds.
As of September 30, 2021, the Company's cash and cash
equivalents and term deposits were US$318.5 million, compared to
US$98.4 million as of December 31, 2020.
As of September 30, 2021, the allowance balance for doubtful
accounts from customers was US$0.5 million compared to US$0.1
million as of December 31, 2020, which was also due to an increase
in our user base and margin activities.
Conference Call Information:
UP Fintech’s management will hold an earnings conference call at
8:00 AM on November 30, 2021, U.S. Eastern Time (9:00 PM on
November 30, 2021 Beijing/Hong Kong Time).
Participants may register for the conference call by navigating
to: http://apac.directeventreg.com/registration/event/1560239
Once preregistration has been complete, participants will
receive dial-in numbers, direct event passcode, and registrant ID.
The conference ID is: 1560239.
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.
A telephone replay of the call will be available after the
conclusion of the conference call through December 8, 2021. Dial-in
numbers for the replay are as follows:
International: +61 2 8199 0299Passcode: 1560239
A live and archived webcast of the conference call will be
available at https://ir.itiger.com.
Use of Non-GAAP Financial Measures
In evaluating our business, we consider and use non-GAAP net
loss or income attributable to UP Fintech Holding Limited and
non-GAAP net loss or income per ADS - diluted as supplemental
measures to review and assess our operating performance. The
presentation of the non-GAAP financial measures is not intended to
be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with the United
States Generally Accepted Accounting Principles (“U.S. GAAP”). We
define non-GAAP net loss or income attributable to UP Fintech
Holding Limited as net loss or income attributable to UP Fintech
Holding Limited excluding share-based compensation and fair value
change from convertible bonds. Non-GAAP net loss or income per ADS
- diluted is non-GAAP net loss or income attributable to UP Fintech
Holding Limited divided by the weighted average number of diluted
ADSs.
We present these non-GAAP financial measures because they are
used by our management to evaluate our operating performance and
formulate business plans. Non-GAAP net loss or income attributable
to UP Fintech Holding Limited enables our management to assess our
operating results without considering the impact of share-based
compensation and fair value change from convertible bonds. We also
believe that the use of these non-GAAP financial measures
facilitates investors' assessment of our operating performance.
These non-GAAP financial measures are not defined under U.S.
GAAP and are not presented in accordance with U.S. GAAP. These
non-GAAP financial measures have limitations as an analytical tool.
One of the key limitations of using these non-GAAP financial
measures is that they do not reflect all items of income and
expenses that affect our operations. Share-based compensation and
fair value change from convertible bonds have been and may continue
to be incurred in our business and are not reflected in the
presentation of non-GAAP net loss or income attributable to UP
Fintech Holding Limited. Further, these non-GAAP financial measures
may differ from the non-GAAP financial information used by other
companies, including peer companies, and therefore their
comparability may be limited.
These non-GAAP financial measures should not be considered in
isolation or construed as alternatives to total operating expenses,
net loss or income attributable to UP Fintech Holding Limited or
any other measure of performance or as an indicator of our
operating performance. Investors are encouraged to review these
historical non-GAAP financial measures in light of the most
directly comparable GAAP measures. These non-GAAP financial
measures presented here may not be comparable to similarly titled
measures presented by other companies. Other companies may
calculate similarly titled measures differently, limiting the
usefulness of such measures when analyzing our data comparatively.
We encourage investors and others to review our financial
information in its entirety and not rely on a single financial
measure.
About UP Fintech Holding Limited
UP Fintech Holding Limited is a leading online brokerage
firm focusing on global 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.
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
“may,” “might,” “aim,” “likely to,” “will,” “expects,”
“anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates” and similar statements or expressions. 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, including the earnings conference call. 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 results to
differ materially from those contained in any forward−looking
statement, including but not limited to the following: the
cooperation with Interactive Brokers LLC and Xiaomi Corporation and
its affiliates; the Company’s ability to effectively implement its
growth strategies; trends and competition in global financial
markets; changes in the Company’s revenues and certain cost or
expense accounting policies; the effects of the global COVID-19
pandemic; and governmental policies and regulations affecting the
Company’s industry and general economic conditions in China,
Singapore and other countries. Further information regarding these
and other risks is included in the Company’s filings with the SEC,
including the Company’s annual report on Form 20-F filed with the
SEC on April 28, 2021. All information provided in this press
release and in the attachments is as of the date of this press
release, and the Company undertakes no obligation to update any
forward-looking statement, except as required under applicable law.
Further information regarding these and other risks is included in
the Company’s filings with the SEC.
For investor and media inquiries please
contact:
Investor Relations ContactClark S. SoucyUP
Fintech Holding LimitedEmail: ir@itiger.com
|
UP FINTECH HOLDING LIMITEDUNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts
in U.S. dollars ("US$")) |
|
|
|
As ofDecember 31, |
|
|
As ofSeptember 30, |
|
|
|
2020 |
|
|
2021 |
|
|
|
US$ |
|
|
US$ |
|
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
79,652,897 |
|
|
|
315,386,083 |
|
Cash-segregated for regulatory purpose |
|
|
867,946,754 |
|
|
|
1,841,471,531 |
|
Term deposits |
|
|
18,698,143 |
|
|
|
3,129,014 |
|
Receivables from customers (net of allowance of US$91,788 and
US$459,185 as of December 31, 2020 and September 30,
2021) |
|
|
372,215,645 |
|
|
|
680,813,874 |
|
Receivables from brokers, dealers, and clearing organizations: |
|
|
|
|
|
|
|
|
Related parties |
|
|
764,318,932 |
|
|
|
1,090,086,764 |
|
Others |
|
|
32,547,428 |
|
|
|
73,555,599 |
|
Financial instruments held, at fair value |
|
|
562,536 |
|
|
|
3,326,123 |
|
Prepaid expenses and other current assets |
|
|
11,214,430 |
|
|
|
15,609,072 |
|
Amounts due from related parties |
|
|
5,065,222 |
|
|
|
7,073,973 |
|
Total current
assets |
|
|
2,152,221,987 |
|
|
|
4,030,452,033 |
|
Non-current
assets: |
|
|
|
|
|
|
|
|
Right-of-use assets |
|
|
7,280,763 |
|
|
|
5,863,513 |
|
Property, equipment and intangible assets, net |
|
|
9,693,034 |
|
|
|
11,590,809 |
|
Goodwill |
|
|
2,421,403 |
|
|
|
2,421,403 |
|
Long-term investments |
|
|
6,480,951 |
|
|
|
10,049,541 |
|
Other non-current assets |
|
|
4,299,246 |
|
|
|
4,278,605 |
|
Deferred tax assets |
|
|
9,919,967 |
|
|
|
12,158,011 |
|
Total non-current
assets |
|
|
40,095,364 |
|
|
|
46,361,882 |
|
Total
assets |
|
|
2,192,317,351 |
|
|
|
4,076,813,915 |
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Payables to customers |
|
|
1,696,164,267 |
|
|
|
3,261,316,407 |
|
Payables to brokers, dealers and clearing organizations: |
|
|
|
|
|
|
|
|
Related parties |
|
|
218,574,120 |
|
|
|
171,880,100 |
|
Others |
|
|
5,135,941 |
|
|
|
8,160,714 |
|
Accrued expenses and other current liabilities |
|
|
27,138,201 |
|
|
|
31,338,316 |
|
Deferred income-current |
|
|
844,558 |
|
|
|
1,236,283 |
|
Lease liabilities-current |
|
|
3,514,592 |
|
|
|
3,368,379 |
|
Amounts due to related parties |
|
— |
|
|
|
1,865,290 |
|
Total current
liabilities |
|
|
1,951,371,679 |
|
|
|
3,479,165,489 |
|
Convertible bonds |
|
|
|
|
|
|
|
|
Related parties |
|
— |
|
|
|
24,991,316 |
|
Others |
|
— |
|
|
|
123,073,567 |
|
Deferred income-non-current |
|
|
1,565,843 |
|
|
|
1,681,975 |
|
Lease liabilities- non-current |
|
|
3,692,701 |
|
|
|
1,822,839 |
|
Deferred tax liabilities |
|
— |
|
|
|
1,260,895 |
|
Total
liabilities |
|
|
1,956,630,223 |
|
|
|
3,631,996,081 |
|
Shareholders’
equity: |
|
|
|
|
|
|
|
|
Class A ordinary shares |
|
|
17,944 |
|
|
|
19,991 |
|
Class B ordinary shares |
|
|
3,376 |
|
|
|
2,701 |
|
Additional paid-in capital |
|
|
291,827,379 |
|
|
|
478,667,833 |
|
Statutory reserve |
|
|
2,663,551 |
|
|
|
2,663,551 |
|
Accumulated deficit |
|
|
(59,579,495 |
) |
|
|
(39,509,678 |
) |
Treasury stock |
|
|
(2,172,819 |
) |
|
|
(2,172,819 |
) |
Accumulated other comprehensive income |
|
|
2,927,192 |
|
|
|
5,146,255 |
|
Total shareholders’
equity |
|
|
235,687,128 |
|
|
|
444,817,834 |
|
Total liabilities and
shareholders’ equity |
|
|
2,192,317,351 |
|
|
|
4,076,813,915 |
|
|
|
|
|
|
|
|
|
|
|
UP FINTECH HOLDING LIMITEDUNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME/(LOSS)(All amounts in U.S. dollars ("US$"), except for
number of shares (or ADSs) and per share (or ADS)
data) |
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2020 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
Revenues(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
|
|
19,472,847 |
|
|
|
30,943,412 |
|
|
|
33,501,349 |
|
|
|
52,390,961 |
|
|
|
117,338,864 |
|
Interest related income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing service fees |
|
|
1,656,407 |
|
|
|
2,234,256 |
|
|
|
2,512,715 |
|
|
|
4,997,358 |
|
|
|
6,986,841 |
|
Interest income |
|
|
8,143,590 |
|
|
|
16,846,112 |
|
|
|
17,589,507 |
|
|
|
20,071,735 |
|
|
|
50,067,532 |
|
Other revenues |
|
|
8,815,702 |
|
|
|
10,210,600 |
|
|
|
7,178,179 |
|
|
|
13,800,556 |
|
|
|
27,900,267 |
|
Total
revenues |
|
|
38,088,546 |
|
|
|
60,234,380 |
|
|
|
60,781,750 |
|
|
|
91,260,610 |
|
|
|
202,293,504 |
|
Interest expense(a) |
|
|
(2,900,990 |
) |
|
|
(4,836,621 |
) |
|
|
(4,178,132 |
) |
|
|
(5,760,442 |
) |
|
|
(14,547,443 |
) |
Total Net
Revenues |
|
|
35,187,556 |
|
|
|
55,397,759 |
|
|
|
56,603,618 |
|
|
|
85,500,168 |
|
|
|
187,746,061 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Execution and clearing(a) |
|
|
(3,882,200 |
) |
|
|
(6,552,785 |
) |
|
|
(9,508,860 |
) |
|
|
(8,479,554 |
) |
|
|
(24,275,367 |
) |
Employee compensation and benefits |
|
|
(12,710,024 |
) |
|
|
(20,569,963 |
) |
|
|
(21,761,671 |
) |
|
|
(34,490,047 |
) |
|
|
(58,794,170 |
) |
Occupancy, depreciation and amortization |
|
|
(1,188,225 |
) |
|
|
(1,463,185 |
) |
|
|
(1,655,672 |
) |
|
|
(3,462,101 |
) |
|
|
(4,334,105 |
) |
Communication and market data(a) |
|
|
(2,464,133 |
) |
|
|
(5,120,366 |
) |
|
|
(5,313,059 |
) |
|
|
(6,403,975 |
) |
|
|
(14,387,386 |
) |
Marketing and branding(a) |
|
|
(3,710,125 |
) |
|
|
(23,709,115 |
) |
|
|
(11,157,923 |
) |
|
|
(9,333,615 |
) |
|
|
(47,670,412 |
) |
General and administrative |
|
|
(3,855,960 |
) |
|
|
(5,098,401 |
) |
|
|
(5,028,235 |
) |
|
|
(8,910,257 |
) |
|
|
(14,178,070 |
) |
Total operating costs
and expenses |
|
|
(27,810,667 |
) |
|
|
(62,513,815 |
) |
|
|
(54,425,420 |
) |
|
|
(71,079,549 |
) |
|
|
(163,639,510 |
) |
Other
income/(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value change from convertible bonds |
|
— |
|
|
|
(13,733,130 |
) |
|
|
17,957,848 |
|
|
— |
|
|
|
4,194,848 |
|
Others, net |
|
|
(128,036 |
) |
|
|
(954,500 |
) |
|
|
(1,025,081 |
) |
|
|
618,606 |
|
|
|
(2,914,410 |
) |
Income/(loss) before
income tax |
|
|
7,248,853 |
|
|
|
(21,803,686 |
) |
|
|
19,110,965 |
|
|
|
15,039,225 |
|
|
|
25,386,989 |
|
Income tax (expenses)/benefits |
|
|
(1,459,705 |
) |
|
|
296,772 |
|
|
|
1,409,438 |
|
|
|
(5,285,208 |
) |
|
|
(5,317,172 |
) |
Net
income/(loss) |
|
|
5,789,148 |
|
|
|
(21,506,914 |
) |
|
|
20,520,403 |
|
|
|
9,754,017 |
|
|
|
20,069,817 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to redeemable non-controlling
interests |
|
|
1,015,266 |
|
|
— |
|
|
— |
|
|
|
2,183,863 |
|
|
— |
|
Net income/(loss)
attributable to UP Fintech Holding Limited |
|
|
4,773,882 |
|
|
|
(21,506,914 |
) |
|
|
20,520,403 |
|
|
|
7,570,154 |
|
|
|
20,069,817 |
|
Other comprehensive
income/(loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on available-for-sale investments |
|
— |
|
|
— |
|
|
|
1,899,605 |
|
|
— |
|
|
|
1,899,605 |
|
Changes in cumulative foreign currency translation adjustment |
|
|
987,879 |
|
|
|
627,201 |
|
|
|
(71,893 |
) |
|
|
1,645,845 |
|
|
|
319,458 |
|
Total Comprehensive
income/(loss) |
|
|
6,777,027 |
|
|
|
(20,879,713 |
) |
|
|
22,348,115 |
|
|
|
11,399,862 |
|
|
|
22,288,880 |
|
Net income/(loss) per
ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.002 |
|
|
|
(0.010 |
) |
|
|
0.009 |
|
|
|
0.004 |
|
|
|
0.009 |
|
Diluted |
|
|
0.002 |
|
|
|
(0.010 |
) |
|
|
0.008 |
|
|
|
0.004 |
|
|
|
0.009 |
|
Net income/(loss) per
ADS (1 ADS represents 15 Class A ordinary shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.034 |
|
|
|
(0.149 |
) |
|
|
0.136 |
|
|
|
0.054 |
|
|
|
0.138 |
|
Diluted |
|
|
0.033 |
|
|
|
(0.149 |
) |
|
|
0.127 |
|
|
|
0.053 |
|
|
|
0.130 |
|
Weighted average
number of ordinary shares used in calculating net
income/(loss) per ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
2,114,362,687 |
|
|
|
2,165,360,496 |
|
|
|
2,258,279,768 |
|
|
|
2,117,194,830 |
|
|
|
2,184,400,228 |
|
Diluted |
|
|
2,161,052,034 |
|
|
|
2,165,360,496 |
|
|
|
2,422,413,973 |
|
|
|
2,160,227,581 |
|
|
|
2,323,196,936 |
|
(a) Includes the following revenues, costs and expenses
resulting from transactions with related parties as follow:
|
|
For the three months ended |
|
|
For the nine months ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2020 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
|
|
8,425,946 |
|
|
|
5,923,448 |
|
|
|
6,322,356 |
|
|
|
26,861,939 |
|
|
|
25,580,332 |
|
Interest related income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing service fees |
|
|
1,656,407 |
|
|
|
2,234,256 |
|
|
|
2,512,715 |
|
|
|
4,997,358 |
|
|
|
6,986,841 |
|
Interest income |
|
|
4,492,084 |
|
|
|
8,528,598 |
|
|
|
7,270,245 |
|
|
|
11,573,836 |
|
|
|
25,080,523 |
|
Other revenues |
|
|
4,506,740 |
|
|
|
3,767,259 |
|
|
|
2,984,078 |
|
|
|
5,474,609 |
|
|
|
12,708,347 |
|
Interest expense |
|
|
(3,231,484 |
) |
|
|
(3,570,503 |
) |
|
|
(3,248,061 |
) |
|
|
(5,129,254 |
) |
|
|
(11,078,329 |
) |
Execution and clearing |
|
|
(1,446,994 |
) |
|
|
(4,099,296 |
) |
|
|
(4,154,526 |
) |
|
|
(4,507,308 |
) |
|
|
(14,161,935 |
) |
Communication and market data |
|
— |
|
|
|
(44,333 |
) |
|
|
(25,000 |
) |
|
— |
|
|
|
(69,333 |
) |
Marketing and branding |
|
|
(96,502 |
) |
|
— |
|
|
— |
|
|
|
(383,206 |
) |
|
— |
|
General and administrative |
|
|
(700,000 |
) |
|
— |
|
|
— |
|
|
|
(700,000 |
) |
|
— |
|
Reconciliations of Unaudited Non-GAAP
Results of Operations Measures to the Nearest Comparable GAAP
Measures(All amounts in U.S. dollars ("US$"),
except for number of ADSs and per ADS data)
|
|
For the three months ended September
30,2020 |
|
For the three months ended June
30,2021 |
|
|
For the three months ended September
30,2021 |
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
GAAP |
|
Adjustment |
|
|
non-GAAP |
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
|
|
US$ |
|
US$ |
|
|
US$ |
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
|
Unaudited |
|
Unaudited |
|
|
Unaudited |
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
1,486,460 |
|
(1 |
) |
|
|
|
|
|
3,420,845 |
|
(1 |
) |
|
|
|
|
|
|
2,695,006 |
|
(1 |
) |
|
|
|
|
|
|
— |
|
(2 |
) |
|
|
|
|
|
13,733,130 |
|
(2 |
) |
|
|
|
|
|
|
(17,957,848 |
) |
(2 |
) |
|
|
Net income/(loss)
attributable to UP Fintech Holding Limited |
|
4,773,882 |
|
1,486,460 |
|
|
6,260,342 |
|
(21,506,914 |
) |
|
17,153,975 |
|
|
(4,352,939 |
) |
|
20,520,403 |
|
|
(15,262,842 |
) |
|
5,257,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) per ADS
- diluted |
|
0.033 |
|
|
|
|
0.043 |
|
(0.149 |
) |
|
|
|
|
(0.030 |
) |
|
0.127 |
|
|
|
|
|
0.033 |
|
Weighted average number of
ADSs used in calculating diluted net income/(loss) per ADS |
|
144,070,136 |
|
|
|
|
144,070,136 |
|
144,357,366 |
|
|
|
|
|
144,357,366 |
|
|
161,494,265 |
|
|
|
|
|
161,494,265 |
|
(1) Share-based compensation.(2) Fair value change from
convertible bonds
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