UP Fintech Holding Ltd (TIGR)

Price$5.10Cached quoteAs of 2026-09-04 16:23 UTC

AI: Undervalued

Low earnings and book multiples price in substantial regulatory riskAt the latest $4.71 after-hours quote and approximately 179.85 million ADS-equivalent shares outstanding at June 30, TIGR has an equity value near $847 million and trades around 0.95x June shareholders' equity and roughly 8.5x trailing EPS.

June UP Fintech shareholders' equity was $887.1 million, while live-market data show trailing EPS near $0.56. Q2 revenue grew 31.4% year over year to a record $182.3 million, yet the shares remain below book value after the May China regulatory shock. The combination of strong overseas growth, profitability and a sub-1x book multiple supports an Undervalued verdict, although the discount is partly warranted by China regulatory, geopolitical and brokerage-cycle risks.

Client assets, funded accounts and trading activity continue to expandTiger Brokers ended Q2 with 1.315 million funded accounts, $60.7 billion of client assets and $345.3 billion of quarterly trading volume.

Funded accounts increased 10.3% year over year, client assets rose 16.7%, and total trading volume increased about 22%; stock trading volume more than doubled to $154.5 billion. Commissions increased 20.9% to $78.3 million and interest income rose 36.0% to $79.8 million. Overseas expansion is increasingly important: most new funded clients came from Singapore and Hong Kong, Hong Kong client assets rose nearly 30% sequentially, and Australia-New Zealand and U.S. client assets grew more than 30% and nearly 50%, respectively.

Balance-sheet scale largely reflects client and clearing balances rather than coJune total assets reached $9.75 billion and liabilities $8.86 billion, but most liabilities were matched brokerage obligations rather than ordinary corporate debt.

Payables to customers were $6.24 billion and payables to brokers and clearing organizations were $2.31 billion, while assets included $4.16 billion of regulatory-segregated cash and substantial customer and broker receivables. Corporate cash and term deposits totaled $544.6 million and convertible debt was about $53.1 million at June 30. Similarly, FY2025 operating cash flow of $1.317 billion was heavily influenced by movements in brokerage client and settlement balances, so it should not be valued like industrial free cash flow.

China regulation is the key discount, while buybacks provide some capital supporThe May CSRC action imposed roughly RMB411 million of combined penalties and confiscation and materially restricts mainland cross-border brokerage activity, but mainland exposure is becoming a smaller part of the business.

The CSRC found unlicensed cross-border securities, fund and futures activity and imposed approximately RMB308.1 million of penalties plus RMB103.1 million of illegal-income confiscation. Mainland retail client assets were about 10% of consolidated client assets at FY2025 year-end, while management has emphasized overseas markets as the growth engine. To support shareholder returns, the board authorized a $50 million 12-month repurchase program in June and had bought approximately $5 million of ADSs by August 26. Competitive risks remain high from other digital brokers, pricing pressure and reliance on third-party market infrastructure.

AI: News

Q2 delivered record revenue and broad overseas client growthUP Fintech's August 26 results showed record $182.3 million revenue, improving trading activity and continued asset inflows despite the mainland-China regulatory disruption.

Q2 operating income reached $56.8 million and GAAP net income attributable to shareholders was $39.4 million. The company added 32,600 funded clients and received more than $1.5 billion of net asset inflows from overseas retail users. Corporate activity also benefited from Hong Kong's active capital markets: UP Fintech underwrote 14 Hong Kong IPOs and distributed four U.S. IPOs during Q2. Hong Kong IPO fundraising has remained unusually strong in 2026, supporting brokerage, underwriting and investor-engagement opportunities while also attracting increased regulatory scrutiny.

Singapore platform recognition highlights continued international tractionOn September 17, Tiger Brokers Singapore was named Best Personal Investment Platform at the Euromoney Awards for Excellence 2026, alongside new operating data showing strong local engagement.

Tiger Brokers said Singapore Q2 trading volume reached a record and increased 92% year over year, while active trading accounts grew for a tenth consecutive year. The release also cited 98% customer retention in 2025 and continued adoption of TigerAI, cash-management and debit-card products. The recognition does not change financial guidance, but it reinforces Singapore's role as a key overseas market as UP Fintech reduces dependence on mainland-China users.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$612.1M	$391.5M	$272.5M	$225.4M	$264.5M	$138.5M	$58.7M	$33.6M	$16.9M
Research & development	$100.0M	$80.1M	$63.5M	$60.1M	$47.8M	$22.5M	$18.0M	$11.3M	$6.1M
Operating expenses	$330.3M	$252.3M	$192.7M	$205.0M	$228.5M	$107.4M	$64.7M	$80.5M	$26.0M
Operating income	$281.7M	$139.3M	$79.8M	$20.4M	$36.0M	$31.1M	−$6.1M	−$46.9M	−$9.0M
Operating margin	46.03%	35.57%	29.28%	9.05%	13.60%	22.48%	−10.35%	−139.73%	−53.19%
EBITDA	$284.6M	$141.9M	$82.6M	$23.2M	$37.3M	$32.1M	−$5.3M	−$46.4M	−$8.7M
EBITDA margin	46.50%	36.24%	30.33%	10.27%	14.10%	23.15%	−9.07%	−138.31%	−51.17%
Net income	$171.5M	$61.4M	$33.0M	−$2.3M	$14.7M	$19.2M	−$6.6M	−$43.2M	−$7.5M
Net profit margin	28.02%	15.67%	12.11%	−1.00%	5.55%	13.85%	−11.23%	−128.75%	−44.31%
Basic EPSper basic share	$0.06	$0.03	$0.01	$0.00	$0.01	$0.01	$0.00	-$0.09	-$0.02
Diluted EPSper diluted share	$0.06	$0.02	$0.01	$0.00	$0.01	$0.01	$0.00	-$0.09	-$0.02