UP Fintech Holding (TIGR) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 23, 2022 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. And welcome to the UP Fintech Holding Limited Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. I must advise you that this conference is being recorded today, November 23, 2022.

I would now like to turn the conference over to your first speaker today, Mr. Aaron Lee, the Head of IR. Thank you. Please go ahead.

Aaron Lee

Thank you, Operator. Hello, everyone, and thank you for joining us for the call today. UP Fintech Holding Limited’s third Quarter 2022 earnings release was distributed earlier today and is available on our IR website at ir.itiger.com, as well as GlobeNewswire services.

On the call today from Up Fintech are Mr. Wu Tianhua, Chairman and Chief Executive Officer; Mr. John Zeng, Chief Financial Officer; and Mr. Huang Lei, CEO of U.S. Tiger Securities; and Mr. Kenny Zhao, our Financial Controller.

Mr. Wu will give an overview of our business operations and discuss corporate highlights. Mr. Zeng will then discuss our financial results. Both will be available to answer your questions during the Q&A session that follows their remarks.

Now let me cover the Safe Harbor. The statements we are about to make contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements.

For more information on factors that could cause actual results to materially differ from those in forward-looking statements, please refer to our Form 6-K furnished today November 23, 2022 and our annual report on Form 20-F filed on April 28, 2022. We undertake no obligation to update any forward-looking statements, except as required under applicable law.

It is my pleasure to now introduce our Chairman and Chief Executive Officer, Mr. Wu. Mr. Wu will make remarks in Chinese, which will be followed by an English translation. Mr. Wu, please go ahead with your remarks.

Wu Tianhua

Hello, everyone. Thank you for joining us for Tiger Brokers’ third quarter 2022 earnings conference call. The macro environment showed no significant improvement over the fourth quarter. Price tightening and rate increase has slowed down market activity and transaction volume, restricting our trading commission and IPOs underwriting income. This income from margin financing and securities lending benefited due to the higher interest rate.