Wednesday, 2024 April 17

Xiaomi-backed UP Fintech to raise $150m in US IPO

UP Fintech Holding Limited, which is known as Tiger Brokers in Asia, has filed its prospectus with the US Securities and Exchange Commission for an initial public offering to raise a maximum of US$150 million.

By January this year, Tiger Brokers, which was set up in 2014 to meet Chinese individual investors’ appetite to allocate assets worldwide, has offered channels for them to trade US-listed, Hong-Kong listed and UK-listed stocks.

UP Fintech claims in this filing that, in 2017, it had a market share of approximately 58.4% in the online brokerage business targeting global Chinese investors, citing the iResearch consulting group.

Tiger Brokers closed its US$80 million Series C financing in July last year, which brought the company’s valuation to US$1.06 billion.

Prior to this, Chinese smartphone vendor Xiaomi invested over 100 million yuan (US$15.6 million) in Tiger Brokers’ Series A financing.

Jingli Song
Jingli Song
I believe Chinese innovation at various level needs to be known by the world.

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