Tiger Brokers and Futu Report Strong Overseas Growth Amid Beijing Crackdown on Mainland Trading

Tiger Brokers and Futu Holdings, among the region’s leading online brokerages, posted strong second‑quarter results as they expanded overseas to offset Beijing’s latest crackdown on illegal cross‑border stock trading.

UP Fintech Holding, the parent company of Tiger Brokers, reported on Wednesday that revenue increased 31.4% year‑over‑year to a record US$182.3 million. Net income attributable to shareholders fell to US$39.4 million, down from US$41.4 million in the prior year.

Chairman and CEO Wu Tianhua said the “great majority” of the 32,600 new funded accounts in the quarter came from Singapore and Hong Kong, lifting total accounts 10.3 per cent year on year to 1.32 million. Client assets also rose 16.7 per cent to US$60.7 billion.

Wu explained that, to simplify compliance and reduce tax reporting burdens, the firm launched a dedicated tax reporting tool under its Hong Kong, Singapore and New Zealand licences, and also introduced fractional share trading for Singapore‑listed equities and index options in Hong Kong.

Hong Kong client assets rose nearly 30% quarter‑on‑quarter following Tiger’s intensified offline client‑acquisition efforts, while US assets increased by almost 50% and assets in Australia and New Zealand grew by more than 30%.

Futu, which reported its results last week, posted revenue of HK$7.2 billion (US$918 million), a 35.6% increase, and net income attributable to shareholders of HK$3.64 billion, up 41.6%.

Funded accounts grew 33.6% to 3.84 million, with Malaysia leading for a third consecutive quarter, while Hong Kong and Singapore also ranked among the top contributors.

Source link