China-focused online brokerage Up Fintech Holding makes Nasdaq debut

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China-focused online brokerage Up Fintech Holding makes Nasdaq debut
UP Fintech Holding Limited, a leading online brokerage firm focusing on global Chinese investors, rang the Nasdaq Stock Market opening bell on Wednesday in celebration of its initial public offering (IPO).To get more China Latest Business news, you can visit shine news official website.

The company, known in Asia as "Tiger Brokers," trading under the ticker symbol of "TIGR," announced its IPO of 13 million American depositary shares (ADSs), each representing 15 Class A ordinary shares, at a price to the public of $8 per ADS.

UP Fintech Holding started trading at $8.10 per share on Wednesday, climbing 24.6 percent from its pricing, and was traded at $9.97 apiece around midday.

Citi and Deutsche Bank acted as lead managers on the deal.

Online brokers utilize APPs and websites to provide integrated online securities services, including customer acquisition, account opening, securities trading and other value-added services.

Up Fintech Holding, the China-based company, was founded in 2014. It launched its trading platform in August 2015, which enables investors to trade in equities and other financial instruments on multiple exchanges around the world.

The company is the largest online broker focusing on global Chinese investors in terms of US securities trading volume in 2017, with a market share of approximately 58.4 percent, said its prospectus, citing a report by the industry research firm iResearch.

As of the end of 2018, it counted 1.58 million registered users and the platform's total trading volume reached $119.2 billion for the year, according to the company.

"By introducing more innovative services and enhancing our technology capabilities, our platform makes trading easier and enables users to seamlessly connect with global markets," said Wu Tianhua, CEO of UP Fintech Holding Limited.

Up Fintech Holding generates revenues primarily by charging its customers commission fees for trading of securities as well as earning interest income or financing service fees arising from trading activities.

It pocketed $33.6 million in total revenue in 2018, as compared with $16.9 million in 2017, said it filing.