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UP Fintech Holding Limited Reports Unaudited Third Quarter 2019 Financial Results

BEIJING, Nov. 25, 2019 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (NASDAQ: TIGR) (a??UP Fintecha?? or the a??Companya??), a leading online brokerage firm focusing on global Chinese investors, today announced its unaudited financial results for the third quarter ended September 30, 2019.a??We are pleased to report that our Company delivered strong growth in the third quarter of 2019,a?? said Mr. Tianhua Wu, CEO and Director of UP Fintech. a??Our total revenues were US$15.3 million, up 66.8% year-over-year. Our revenue mix is more diversified, net interest income1 accounted for 40.0% of total net revenues; in the same period last year net interest income only accounted for 20.4% of total net revenues. Net loss attributable to UP Fintech Holding Limited narrowed by 60.3% year-over-year to US$1.3 million. On a Non-GAAP basis we broke even for the first time with net income of US$0.7 million attributable to UP Fintech. Total client account balance rose 47.1% year-over-year to US$3.8 billion.a??Our growth strategy remains the same: expanding our user base and increasing revenue per user. We officially opened our New York office this quarter and will use our newly granted licenses, such as U.S. underwriting license, to offer financial services to U.S. investors. In addition, we plan to commence providing securities trading for Singapore nationals in the first quarter of 2020. We are confident our expanding global footprint will help us acquire more users. We will also continue investing in ESOP, IPO distribution and wealth management services to build an integrated platform for retail investors, institutional clients and corporate issuers.a??In terms of increasing revenue per user, the most important thing is to achieve self-clearing so we may lower clearing expenses and generate more interest income from margin trading and securities lending. We completed the transaction to acquire Marsco Investment Corporation (a??Marscoa??) in the third quarter of 2019, and we are in the advanced stages of integrating Marsco with UP Fintecha??s infrastructure; our goal is to self-clear U.S. cash equities in the second quarter of 2020.a?? A Business Highlights for Third Quarter 2019
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