UP Fintech Holding Limited Completes the Acquisition of Ocean Joy Securities Limited

Rhea-AI Summary

UP Fintech Holding Limited (Nasdaq: TIGR) has successfully completed the acquisition of Ocean Joy Securities Limited, a firm licensed by the Hong Kong Securities and Futures Commission for regulated activities. This acquisition enables UP Fintech to commence its brokerage operations in Hong Kong, enhancing its market presence. The company aims to leverage its advanced technology and mobile-first strategy to improve customer service and attract new clients while providing diverse financial instruments across multiple exchanges globally.

Positive

• Completion of Ocean Joy Securities Limited acquisition enhances market presence in Hong Kong.
• Strategic entry into a new market is expected to expand client base and revenue opportunities.

Negative

• None.

BEIJING, Oct. 29, 2021 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced that it has completed the acquisition of Ocean Joy Securities Limited, a firm licensed with the Hong Kong Securities and Futures Commission for Type I (Dealing in Securities) and Type II (Dealing in Futures Contracts) regulated activities.

With the closing of this acquisition, the Company expects to start to operate its brokerage business in Hong Kong. 

About UP Fintech Holding Limited

UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

For more information on the Company, please visit: https://ir.itiger.com.

Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the cooperation with Interactive Brokers LLC and Xiaomi Corporation and its affiliates; the Company’s growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 28, 2021. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

For investor and media inquiries please contact:

Investor Relations Contact
Clark S. Soucy
UP Fintech Holding Limited
Email: ir@itiger.com

FAQ

What is the purpose of UP Fintech's acquisition of Ocean Joy Securities Limited?

The acquisition aims to enhance UP Fintech's market presence and enable brokerage operations in Hong Kong.

When was the acquisition of Ocean Joy Securities Limited completed by UP Fintech?

The acquisition was completed on October 29, 2021.

How will the acquisition of Ocean Joy Securities Limited impact UP Fintech's business?

The acquisition is expected to expand UP Fintech's client base and provide new revenue opportunities by operating in Hong Kong.

What regulatory approvals are related to the acquisition of Ocean Joy Securities Limited?

Ocean Joy Securities Limited is licensed by the Hong Kong Securities and Futures Commission for Type I and Type II regulated activities.