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UP Fintech: Revenue Hits Record US$101M; Profit at Three-year Peak; Client Assets Doubled YoY to US$40.8 Billion

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NEW YORK, Nov. 12, 2024 /PRNewswire/ — UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), announced its unaudited financial results for the third quarter ended September 30, 2024. UP Fintech reported record revenue of US$101.1 million in the third quarter, representing a 15.6% increase quarter-over-quarter (QoQ) and a 44.1% increase year-over-year (YoY). Non-GAAP net income attributable to UP Fintech shareholders was US$20.1 million, up 286.5% QoQ and 25.6% YoY. The Company added 60,000 new accounts in Q3, bringing its total global account number to 2.37 million, a 10.2% YoY increase. New funded accounts increased by 50,500, driving total funded accounts to 1,032,800, a 19.3% YoY increase. Trading volume remained robust, with total trading volume increasing 103.1% YoY to US$163 billion. Strong net deposits propelled client assets to US$40.8 billion, a 6.7% QoQ and 115.9% YoY increase, reaching a record high.

UP Fintech’s founder and CEO, Wu Tianhua, stated, “In Q3, enhanced product experience drove significant business growth for the company, with revenue surpassing US$100 million — a record high — and profit reaching a three-year peak. Total client assets doubled YoY to US$40.8 billion, and the company has already achieved its annual guidance of acquiring 150,000 newly funded accounts by now. Global trading activity remained strong, with trading volume doubling YoY.”

“Tiger Brokers continued to improve client investment experiences by launching virtual trade-sharing accounts, allowing users to track the trades of prominent figures like Warren Buffett and Nancy Pelosi. In Hong Kong, Tiger introduced monthly options for Hong Kong stocks in September, boosting weekly trader engagement and order volumes. Recently, we launched weekly stock options for Hong Kong stocks, becoming one of the first brokers to offer cycle options trading in the region, enhancing trading convenience and options for local investors.”

SG: Achieved record-high quarterly trading volume and commission income

HK: Client assets grew 30% QoQ

In Singapore, Tiger Brokers saw significant growth in Q3, with several key metrics hitting an all-time high. Both total trading volume and commission income reached record levels, soaring 253% and 72% YoY, respectively. Net asset inflows climbed 134% YoY. Stock trading remained strong, with US and Singapore stock trading volumes reaching record highs, up 87% and 73% YoY. US options trading also performed exceptionally well, setting new records for the number of orders, trading volume, and commission income, with increases of 108%, 187%, and 59% YoY, respectively. Futures trading also saw record trading volume and commission income, jumping 357% and 110% YoY. In addition, the Cash Boost trading account, which was linked to the Central Depository (CDP) account in August, attracted a broader investor base, driving a 43% increase in trading orders and a 53% increase in gross commission QoQ. In September, the Tiger BOSS Debit Card and Tiger Vault were integrated for T+0 automated subscriptions and redemptions, streamlining clients’ daily spending, wealth management, and stock trading.

Hong Kong continued to attract high-quality clients in Q3, with client assets growing by over 30% QoQ. In Q3, Hong Kong launched stock options and short-selling to provide local investors with more comprehensive investment options. Following the introduction of monthly stock options in late September, weekly trading activity and order volume rose significantly, reflecting growing demand. Recently, Tiger also introduced weekly Hong Kong stock options, becoming one of the first brokers to support cycle options trading in the region. Since expanding virtual asset trading to retail investors on July 1, Tiger Brokers has seen a surge in the number of investors and orders. This quarter saw Hong Kong users’ crypto trading orders and volume jump 1,673% and 1,293% QoQ. Tiger Vault also remained popular, with USD money market fund orders and volume up 99% and 106%, and US Treasury bond orders and volume rising 119% and 160% QoQ.

In the U.S., TradeUP demonstrated robust growth momentum in Q3. User downloads grew by 122% compared to Q2, with account openings up by 88% QoQ, reflecting strong platform appeal and market reach. U.S. client trading volume in U.S. stocks grew 179% QoQ, while options trading increased by 89%. Q3 also marked progress in self-clearing for U.S. stocks and options, enhancing trade execution, stock lending, and settlement. Stock clearing volume rose 93% YoY and options clearing volume by 185%. Night trading delivered standout performance, with after-hours U.S. stock trading volume via Tiger’s self-clearing up by 240% QoQ. Additionally, leveraging diversified stock lending services, TradeUP’s stock lending and margin financing volume grew 114% YoY and 52% QoQ. As of Q3, TradeUP led six IPOs of Asia-Pacific companies, securing the top industry rank.

In Australia, Tiger Brokers continued to build trust with local clients, achieving a 104% YoY increase in newly funded accounts. Net asset inflows grew 207% YoY and 82% QoQ. Gross commission income rose 122% YoY. In August, Tiger Trade received the Finder 2024 “Best Mobile App” award in Australia, earning significant industry recognition. In New Zealand, Q3 saw strong trading activity on Tiger’s platform, attracting a large number of high-quality clients, with total deposits increasing 128% YoY, and trading volume surging 249% YoY. US stocks and options trading continued to perform well, with the number of orders growing 114% and 124% YoY respectively in Q3.

New subscriptions to Trade Feed grew 85% QoQ
Tiger Vault’s users doubled YoY

In Q3, commission income rose 20.9% QoQ to US$41.2 million, while interest-related income grew 22% YoY to US$50.8 million. Tiger Brokers continues to enhance its one-stop global investing experience. Product enhancements include enriched options functions with the addition of implied volatility and options volatility analysis*, catering to professional users and helping them select appropriate options strategies. A new “Yield Hunting” product list on Tiger’s wealth homepage provides rich historical backtesting performance and fundamental information, empowering high-net-worth individuals to optimize investment decisions and maximize returns. Key metrics such as backtested PoP(Probability of Profit) and are assignment probability have been added to the FCN notes details page. A new watchlist assistant feature* provides timely alerts on stock movements for holdings, helping investors avoid missing crucial investment opportunities. The Trade Feed feature continues to upgrade, with the significant addition of Guru Tracker* in Q3, allowing users to track the trades of prominent figures like Warren Buffett and Nancy Pelosi. Trade Feed is now supported in Australia, helping novice investors stay informed on the latest trading activity. The number of new Trade Feed feature subscriptions grew significantly, up 85% QoQ.

On the wealth management side, spurred by the Federal Reserve’s rate cuts, assets under management (AUM) and users grew 101% and 92% YoY in Q3. Tiger Vault continued to gain traction, with AUM and users increasing 99% and 106% YoY. Tiger Wealth’s expanded product range is driving deeper client engagement across asset classes. The AUM of US Treasury bonds held by wealth clients grew 64% QoQ. Gross merchandise value (GMV) for structured notes traded by high-net-worth clients saw a growth rate of over 112% QoQ. To help clients navigate market volatility, Tiger Wealth launched thematic content and a series of livestreams on topics such as the “US Election” and “Trading Amidst Rate Cuts” in Q3, featuring expert insights and providing timely, in-depth market analysis. Tiger Wealth’s newly launched Hong Kong immigration through investment services and flexible US Treasury Discretionary Portfolio Management (DPM) services also proved popular with high net worth clients in Q3.

Since its launch, the TradingFront asset management platform (TAMP) has focused on providing flexible account structures, convenient online account opening, and multi-market, multi-asset trading services, steadily building a strong reputation among trading-oriented institutional clients. In Q3, TradingFront platform AUM grew 16% QoQ, and the number of regular investing accounts increased 20% QoQ. At the Singapore Financial Advisers Association (AFA) annual conference in August, Tiger highlighted how TradingFront empowers financial advisors to leverage fintech and AI, keeping pace with industry changes and continuously enhancing their service efficiency and capabilities.

Among the top three HK IPO underwriters
Employee stock option management SaaS platform net profit jumped over 2.7 times QoQ

In Q3, UP Fintech’s other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), reached US$9.1 million. Tiger Brokers continued to demonstrate its strong capabilities and expertise in US stock underwriting. In the reporting period, Tiger served as the lead underwriter for three US IPOs, acting as the sole lead underwriter for both NIP Group and XCharge. Leveraging its superior trade execution capabilities, Tiger also facilitated three share repurchase agreements for US-listed companies in Q3. Furthermore, Tiger underwrote nine Hong Kong IPOs in the reporting period, including those of Metasurface Technologies, Zhonggan Communication, Xi’an Kingfar Property, and Fangzhou Jianke, ranking among the top three on the Hong Kong IPO underwriting league table for Q3.

The Employee Stock Ownership Plan (ESOP) front, or UponeShare, added 18 new enterprise clients to reach 597 total clients served. Client retention improved significantly, with repeat orders exceeding new orders and growing 33.3% QoQ. Meanwhile, the Company continued to expand into new business models, signing its first software product order during the quarter. Following its milestone of achieving profitability in Q2, the employee stock option management SaaS platform maintained its positive momentum in Q3, with net profit surging by over 270% QoQ and on track for full-year profitability.

Regarding Tiger Enterprise Account, the Company added 13 new clients this quarter, including ChaPanda, Shansong, and YXT.com, bringing the total number of enterprise clients to 455. During the quarter, the Company facilitated Tuya Inc.’s Q2 earnings call, promoting effective communication with the market. “Tiger Online Show”, a high-profile, in-depth interview series, partnered with Kingsoft Cloud executives in September to provide investors with insights and guidance on investment decisions in the cloud services sector. Additionally, the Tiger Enterprise Account has successfully organized an investor relations event for Eastbuy, delving into the business development of livestream e-commerce and exploring new industry trends.

*Available in certain markets

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SOURCE UP Fintech Holding Limited

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Equinix Continues to Expand Sustainability Initiatives with Additional €1.15 Billion in Green Bonds

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REDWOOD CITY, Calif., Nov. 25, 2024 /PRNewswire/ — Equinix, Inc. (Nasdaq: EQIX), the world’s digital infrastructure company®, today announced that it has issued an additional €1.15 billion in green bonds. This builds on more than $750 million offerings in green bonds that Equinix completed in September this year. With these latest issuances, Equinix will have issued a total of approximately $6.9 billion of green bonds, making it a top 5 issuer of green bonds in the U.S. Equinix will utilize the green bonds to further its sustainability initiatives and enhance the operational efficiency of its global business.

“We view green finance as an integral part of our sustainability strategy at Equinix,” said Katrina Rymill, SVP Corporate Finance & Sustainability, Equinix. “Our green bonds demonstrate Equinix’s continued commitment to design, build and deliver the most reliable, secure and sustainable data center and digital infrastructure possible in order to benefit our customers, our investors, and the communities in which we operate.”

Equinix issued €650 million principal amount of 3.25% senior green notes due 2031 and €500 million principal amount of 3.625% senior green notes due 2034. Equinix used rate locks to hedge a significant portion of the interest rate risk associated with the issuance of the Euro green bonds. Accounting for such hedges, the 6-year and the 10-year Euro green bonds are expected to carry an effective coupon to Equinix of 3.27% and 3.65%, respectively. The offering closed on November 22, 2024.

Equinix intends to allocate an amount equal to the net proceeds from the green bonds to finance or refinance, in whole or in part, recently completed or future Eligible Green Projects. Equinix’s allocation strategy includes covering project expenditures up to two years before the issuance of the green bonds and three years following the green bond issuance. These projects, which form the backbone of the company’s sustainability mission, span a wide range of impactful categories—from green building development and renewable energy innovations to advanced energy efficiency, resource conservation and cutting-edge decarbonization solutions.

Highlights/Key Facts

Equinix’s Eligible Green Projects follow its 2024 Green Finance Framework based on the Green Bond Principles of June 2021 and Green Loan Principles of February 2023, a set of guidelines that promote transparency and integrity in, and advance the standardization of, green debt disclosures. The Framework aims to increase Equinix’s focus on protecting the environment and addressing global climate change through greenhouse gas emissions reductions, increasing resource efficiency and driving corporate transparency and accountability.Globally, Equinix has continued to invest in new and innovative technologies in energy efficiency, renewable energy and heat export projects as part of its global Future First sustainability strategy, focusing on areas that have the greatest impact on customers and key stakeholders.In 2023, it maintained 96% renewable energy coverage across its portfolio. It also remains focused on improving the energy efficiency of its facilities as measured by power usage effectiveness (PUE), which improved 8%+ compared to the prior year.In addition, Equinix was recognized for its climate performance and transparency in 2023 by achieving the highest ranking of the CDP’s prestigious Climate Change A List for the second consecutive year. Of 23,000+ companies that disclosed environmental data to CDP in 2023, less than 2% received the top score.

Additional Resources

Equinix Issues More Than $750 Million in Green Bonds to Drive Sustainability Initiatives [press release]What Are Green Bonds? How Are They Used in the Data Center Industry? [blog]2023 Equinix Sustainability Report and Global Reporting Initiative (GRI) Metrics [report]

About Equinix
Equinix (Nasdaq: EQIX) is the world’s digital infrastructure company®. Digital leaders harness Equinix’s trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.

Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. These forward-looking statements include, but are not limited to, statements about Equinix’s intent to allocate an amount equal to the net proceeds from the green bonds to finance, or refinance, a portfolio of Eligible Green Projects; the effective coupon rates on the green bonds as a result of hedging; the intended impact of Equinix’s Green Finance Framework; Equinix’s long-term sustainability goals; and similar statements that are not historical facts. Please see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix, for factors that might cause such differences. Equinix does not assume any obligation to update the forward-looking information contained in this press release.

 

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SOURCE Equinix, Inc.

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Reju and Nouvelles Fibres Textiles Collaborate on Textile Waste Circular Ecosystem in France

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PARIS, Nov. 25, 2024 /PRNewswire/ — Reju™, the progressive textile-to-textile regeneration company, and Nouvelles Fibres Textiles (NFT), a French company specialising in the recovery of end-of-life textiles, today announced a collaboration on the sourcing and recycling of textile waste to support the building of a circular ecosystem in France. NFT will supply secondary raw materials derived from used or unused waste textiles to Reju for recycling and production of regenerated Reju Polyester™.

Reju and NFT will collaborate to expand the collection and processing infrastructure for apparel and textile wastes from post-consumer and post-industrial sources. The collaboration will also allow for an open supply chain and guarantee 100% traceability of recycled materials.

Reju is developing the infrastructure to take textile waste and regenerate it at scale, starting with polyester. The end product – Reju Polyester™ – is expected to have a 50% lower carbon footprint than virgin polyester and can be regenerated infinitely. Reju’s first demonstration plant – Regeneration Hub Zero – is now operational in Frankfurt, Germany, and will come on line to enable the production of Reju PET in 2025.

Materials supplied by NFT will be processed at Reju’s new Regeneration Hub Zero in Frankfurt, Germany and the future Reju Regeneration Hubs in Europe.

NFT and its partners opened a unique semi-industrial site and research center for textile recycling in November 2023. The pilot line is the first to combine Pellenc ST’s automated sorting technologies with Andritz’ tearing lines to process high volumes of post-industrial and post-consumer textile waste, eliminate hard points, and turn them into industrial grade fiber and raw material feedstock for new recycling technologies like Reju. NFT also provides secondary raw materials to various industries including non-wovens, insulation, composites, plastics, and other textiles.

Patrik Frisk, CEO of Reju: “Reju and Nouvelles Fibres Textiles are using innovation and collaboration to accelerate the transition to a circular textile ecosystem. This valuable partnership demonstrates our collective commitment to addressing the problem of textile waste and developing new ways to use the resources we have within local supply chains. With the collection of textile waste mandatory in the European Union starting in 2025*, it is imperative we have scalable systems and partnerships to process what is collected and keep it from landfills or incineration. Together, Reju and NFT are building the technology and infrastructure to regenerate and reuse materials across industries and change the way we use our resources.”

Eric Boël and Etienne Wiroth, Co-directors of Nouvelles Fibres Textiles: “After 6 years of research and collaborative work, Nouvelles Fibres Textiles is now ready to collaborate with professionals who need to recycle their textiles. We have an innovative turnkey solution that transforms heterogeneous end-of-life textile streams into high-quality homogeneous raw materials while ensuring their traceability. Our partnership with Reju paves the way for the permindustry: a circular, more local, less carbon-intensive, and more collaborative industry—essentially, an industry that does good!”

*Read more about the European Union’s Waste Framework Directive (WFD) here.

About Reju
Reju is a materials regeneration company focused on creating innovative solutions for recycling polyester textiles and PET waste. Owned by Technip Energies and utilizing technology originating with IBM research, Reju aims to establish a global textile recycling circular ecosystem to address PET plastic found in textiles. Learn more at https://www.reju.com/.

About NFT
Tissages de Charlieu Groupe and Synergies TLC have partnered to create Nouvelles Fibres Textiles: the first industrial infrastructure deploying ANDRITZ’s automated sorting and textile recycling solutions, incorporating sorting technologies from Pellenc ST. It is capable of automatically sorting clothing by composition and color and can also remove hard points and pre-fray garments. At the end of the line, Nouvelles Fibres Textiles produces a secondary raw material designed for industries that use textile fiber (e.g., shredding/spinning, non-wovens, composite materials, etc.). Together with our partners, ANDRITZ and Pellenc ST, and all our clients, we conduct real-world productions and applied industrial research to address the challenges of valorization and supply chain sustainability. Nouvelles Fibres Textiles is already laying the foundations for a second material preparation plant scheduled for 2026, which will have an annual capacity of 20 to 30 thousand tons of post-consumer textiles and will create around thirty direct jobs.

The creation of Nouvelles Fibres Textiles represents a major advance in reducing the carbon footprint of the textile sector. Automated sorting was the last missing piece of a French circular economy loop, paving the way for a complete ecosystem that brings together brands, social and solidarity economy actors, collectors-sorters, and industrial players from various sectors, all united to serve consumers seeking more traceability and meaning in their donations and purchases.

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SOURCE Reju

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RevSpring Named a Top Software Company by The Software Report

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RevSpring recognized for its commitment to innovating healthcare engagement and payment solutions that improve the patient experience

NASHVILLE, Tenn., Nov. 25, 2024 /PRNewswire-PRWeb/ — RevSpring, the leading provider of healthcare engagement and payment solutions, has been named to The Software Report’s fifth annual ranking of the Top 100 Software Companies. The Software Report is a comprehensive source for market research and insights, business news, investment activity, and corporate actions related to the software sector.

“This award underscores our mission to drive the best outcomes for our customers through innovative patient engagement and payment solutions,” said MacKenzie.

The Top 100 companies were selected based on a thorough evaluation process, which included in-depth company research and consideration of numerous criteria such as customer satisfaction, corporate reputation and innovative capabilities.

“It’s a tremendous honor to be ranked among the Top 100 Software Companies,” said RevSpring CEO Scott MacKenzie. “This award underscores our mission to drive the best outcomes for our customers through innovative patient engagement and payment solutions.”

RevSpring earned the recognition largely because of its commitment to innovating healthcare engagement and payment solutions that improve the patient experience and drive better financial results for healthcare providers. Notably, RevSpring launched Engage IQ™ last year, the industry’s only connected patient engagement suite, which coordinates patient interactions from pre- to post-care and payment, allowing providers to fully optimize patient satisfaction, staff efficiency and financial outcomes.

Beyond this ranking, RevSpring’s dedication to innovation has gained praise from research firm KLAS, which rated RevSpring’s Talksoft® Patient Engagement Messaging Suite No. 1 in Patient Communications this year and recognized RevSpring for “Largest Growth in Capabilities” in 2023.

About RevSpring
RevSpring leads the market in healthcare engagement and payment solutions that inspire patients to participate in and pay for their healthcare. We’ve built Engage IQ™, the industry’s only connected patient engagement suite designed to coordinate patient interactions from pre-care to post-care to payment. RevSpring’s intelligent, holistic platform puts patient understanding at the center of one connected personal experience, allowing providers to fully optimize patient satisfaction, data accuracy, staff efficiency and financial outcomes. The company’s OmniChannel communications and payment solutions are backed by intelligence, analytics, contextual messaging and user experience best practices. RevSpring was rated #1 for Most New Capabilities in Patient Engagement by KLAS in 2023 and Best in KLAS in Patient Communications in 2024. To learn more, visit revspringinc.com/healthcare. Follow RevSpring on LinkedIn and X (formerly Twitter).

Media Contact

Kristen Jacobsen, RevSpring, 7639235280, kjacobsen@revspringinc.comwww.revspringinc.com

Kellie Kennedy, The Harbinger Group, 3129334903, kelliek@theharbingergroup.comwww.theharbingergroup.com

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SOURCE RevSpring

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