UP Fintech Holding-UP Fintech: Record-High Quarterly and Full-Year Revenue and Profit; Q4 Net Income Up Nearly 28x YoY; Global Client Assets Reach US$41.7 Billion

Core Insights - UP Fintech Holding Limited reported record-high financial results for Q4 and full year 2024, with Q4 revenue of US $124.1 million, a 77.3% YoY increase, and full-year revenue of US$ 391.5 million, a 43.7% YoY increase [1] - Non-GAAP net income for Q4 reached US $30.5 million, up 51.7% QoQ and 2772.5% YoY, while full-year non-GAAP net income grew 65% YoY to US$ 70.5 million [1] Financial Performance - Q4 revenue was US $124.1 million, marking a 77.3% YoY increase, while full-year revenue reached US$ 391.5 million, a 43.7% YoY increase [1] - Non-GAAP net income for Q4 was US $30.5 million, a 51.7% QoQ increase and 2772.5% YoY increase, with full-year non-GAAP net income at US$ 70.5 million, a 65% YoY increase [1] Client Growth - In Q4, UP Fintech added 81,300 new account openings globally, a 70.1% YoY increase, bringing total global accounts to 2.4 million [2] - The company added 59,200 new funded clients in Q4, a 51.4% YoY increase, with total funded clients reaching 1,092,000, up 20.7% YoY [2] Trading Activity - Total trading volume in Q4 increased 142.2% YoY to US $198 billion, supported by active market trading [2] - Net asset inflows from individual and institutional clients reached US$ 1.1 billion in Q4, while total client assets grew 36.4% YoY to a record US$41.7 billion [2] Market Expansion - The company expanded its global presence, with significant growth in Singapore, Hong Kong, New Zealand, Australia, and the US [3][4] - Singapore remains the largest market, with record trading volume and commission income, increasing 196% and 66% YoY respectively [4] Product and Service Innovations - UP Fintech launched new trading features and tools, including a 24-hour trading option for US stocks and enhancements for options trading [10] - The company introduced TigerGPT, an AI-powered investment assistant, which saw a 1,000% increase in user interactions post-upgrade [11] Wealth Management - Wealth management assets under custody (AUC) rose 98.3% YoY, with a wealth user penetration rate of 23% among newly funded accounts in Q4 [13] - The company introduced new financial products tailored to high-net-worth clients, enhancing its wealth management offerings [13] Investment Banking - UP Fintech participated in 8 US IPO projects and underwrote 9 Hong Kong IPOs in Q4, ranking fifth in the Hong Kong IPO underwriting rankings [15] - The investment banking business saw a 33% YoY increase in the number of underwritings [15] Recognition and Awards - The company received multiple industry accolades, including recognition as a leading broker in Hong Kong and Australia [6][7]