UP Fintech: Q1 Revenue and Client Assets Grow Steadily, Total Revenue Up 26.3% YoY

"Technology and product innovation remain key drivers of user value for us. In Q1, TigerAI delivered strong momentum, with platform conversations rising nearly fivefold YoY, reflecting growing user engagement. During the quarter, we upgraded TigerAI to a multi-agent architecture, further enhancing model efficiency and user experience. We continued to enhance our investment toolkit with new features such as Hong Kong index options, options TWAP orders, Hong Kong ETF IPO subscriptions and dividend reinvestment, offering investors greater flexibility and a more seamless one-stop experience."

Singapore extended the market lead with 9 consecutive quarters of order growth

In Singapore, the Company continued to deliver strong performance across key operating metrics, further reinforcing its position as a leading local digital brokerage. During the quarter, net asset inflows exceeded US$1 billion. Trading activity remained robust, with Q1 total trading volume reaching a record high, up 140.5% YoY. Total trading orders grew 28.9% YoY, marking the ninth consecutive quarter of growth and also reaching a new high. By asset class, Singapore stock trading volume rose 106% YoY, while US stock and US options trading volume increased 37.6% and 56%, respectively, reflecting growing demand for global asset allocation among local investors. Tiger BOSS Debit Card*, Singapore's first debit card offering fractional share rewards for spending, continued to gain traction. Total cardholders increased 25% YoY in Q1, while monthly spending exceeded S$1 million (approximately US$780,000) for 11 consecutive months. During the quarter, the card added 14 new local brand partners, further expanding user benefits and local lifestyle offerings. In addition, the Company continued to strengthen its local brand presence and community engagement by supporting charity organization HaoRenHaoShi, reflecting its long-term commitment to the Singapore market and local community.

Hong Kong trading volume surged more than fivefold, earning continued industry recognition

In Hong Kong, improving sentiment in AI and hard-tech sectors helped support a market recovery in the first quarter, driving continued strong momentum for our Hong Kong market. During the quarter, total trading volume and total orders increased 536% and 89% YoY, respectively, while total account openings rose 104% YoY. Net asset inflows also recorded double-digit QoQ growth. Meanwhile, Hong Kong stock trading volume and order volume both increased 191% YoY, while crypto assets under custody (AUC) and crypto trading volume rose 139.7% and 60.9%, respectively. The Company also received multiple industry recognitions during the quarter, including Best Digital Broker 2026 at The Asset Triple A Digital Awards. Additional accolades included HKEX's Top Breakthrough Broker (Equities) and Top Breakthrough Broker (Futures and Options) awards, as well as CME Group's APAC New Product Growth Award, Outstanding Contribution to Derivatives Market Development, and Investor Education Excellence Award.

Strong operational execution and platform recognition across the US, Australia and New Zealand

In the US, the Company delivered strong performance across key operating metrics. In Q1, US business profit increased 14% QoQ, demonstrating solid profitability and disciplined operational execution. As brand recognition continued to expand, AUC in the US market grew 39% QoQ. Trading activity remained robust, with US stock shares traded surging 207% QoQ, US stock trading volume rising 139%, and options contracts traded increasing 20%. The strong performance reflected continued investor engagement and growing adoption of the platform's products and trading capabilities.

In Australia and New Zealand, we further strengthened our local brand presence and user trust through continued product innovation and strong user experience. In Australia, business scale more than doubled during the quarter, with total trading volume up 122% YoY, net asset inflows rising 135%, and new account openings increasing 43.3%. The Company was also recognized with the WeMoney 2026 Best for Features Award, highlighting its continued leadership in trading functionality. New Zealand also delivered strong growth across key metrics, with total trading volume rising 387% YoY, first-time deposits increasing 49%, and trading accounts growing 44%. Demand for US stocks remained strong as US stock orders increased 52% YoY, reflecting growing investor demand for global asset allocation and continued trading activity on the platform.

TigerAI upgraded to multi-agent and Q1 conversations surged nearly fivefold

2026 Hong Kong IPO subscription amount surpassed HK$1 Trillion in May

In the first quarter, commission income reached US$67.2 million, up 15.3% YoY, while interest-related income rose 18.7% to US$66.9 million. The Company continued to expand its global product offering through ongoing product innovation and platform enhancements. During the first quarter, the platform further strengthened its derivatives offering by launching Hong Kong index options trading** and introducing options TWAP (Time-Weighted Average Price) orders, helping investors reduce market impact costs and improve execution in large options trades. In Hong Kong, the platform added support for ETF IPO subscriptions and launched a dividend reinvestment program, further enhancing long-term investment tools for local users. In addition, TigerAI delivered breakout growth during the quarter, with the number of total users and conversations increasing 135.1% and 480.7% YoY, respectively. In Q1, TigerAI was officially upgraded to a multi-agent architecture, enabling user requests to be dynamically routed to the most suitable models based on task complexity, language, query type and scenario, improving efficiency, cost optimization and response quality. The platform also launched a dedicated AI futures analysis, further enhancing futures-related query accuracy and user experience. During the quarter, platform trading activity continued to improve, with average daily trades (DARTs) across all asset classes increasing 17.3% YoY, while the after-hours US stock DARTs surged 103.2%.

The Company's IPO subscription business remained among the top three in Hong Kong. In Q1, cumulative subscription amount reached HK$543.7 billion, up 170% YoY, with Hong Kong local client subscription amount surging more than 667%. As of May 19, The Company's 2026 Hong Kong IPO subscription amount officially surpassed HK$1 trillion, reaching the milestone in just 139 days — the fastest annual pace in the Company's history.

Wealth business grew strongly with million-dollar clients increasing by 60%

The Company's wealth management business also maintained strong momentum in Q1. Retail wealth AUC increased 43.8% YoY, while cash management tool Tiger Vault AUC grew 25.8%, including 183.2% growth in Hong Kong. Demand for long-term wealth products continued to rise, with Hong Kong non-money market fund AUC increasing more than fivefold and Singapore non-money market fund AUC rising 157%. Structured note trading also delivered strong performance, with quarterly trading volume rising 238.3% YoY and trading accounts increasing 200.9%. The Company's high-net-worth client base continued to expand, with the number of active wealth clients holding US$1 million+ in assets increasing 60.4% YoY, while assets held by this group rose 83.4%. Meanwhile, the discretionary portfolio management business under the Type 9 licensed managed accounts remained strong, with AUM increasing 66.1% QoQ and account numbers rising 120% YoY.

In Q1, the Company's turnkey asset management platform (TAMP) TradingFront continued to scale rapidly. AUC increased 230% YoY, while structured product trading volume surged 602.4%. TradingFront also upgraded Smart Fund AI into a new Smart Fund Diagnosis module, leveraging automated fund analysis to further enhance fund research and asset allocation efficiency. By continuously integrating core brokerage infrastructure with AI capabilities, TradingFront is helping institutional partners navigate market opportunities and volatility with greater efficiency and precision.

Strong investment banking quarter with 10 Hong Kong IPOs and participation in major US Deals

ESOP new client signings up 110% YoY

In the first quarter, the Company's other revenue, including investment banking, ESOP and other corporate services, reached US$20.7 million, representing a 161.4% YoY increase.

Investment banking continued to deliver strong performance. In Hong Kong, the Company underwrote 10 IPOs in Q1, including high-profile AI sector listings such as MiniMax and Zhipu AI, further demonstrating the team's execution capabilities in large IPO transactions. The Company also participated in multiple A+H IPO offerings, including Longcheer Technology, Gon Technology, Woer Heat - Shrinkable Material and MeiG Smart Technology. In addition, the Company was appointed as Overall Coordinator (OC) for three Hong Kong IPO projects — Yuyantang, Tongbo Technology and Tobita — reflecting continued market recognition of its professional service capabilities. In the US, the Company continued to expand its presence in large capital markets transactions and diversified offering types. During the quarter, it participated in two major SPAC IPO transactions — Fortress Value Acquisition Corp. V (US$250 million) and KPET Ultra Paceline Corp (US$200 million). In the digital assets sector, the Company also participated in BitGo, one of the first major US IPOs in the sector in 2026. The offering raised approximately US$213 million and priced above the top end of the marketed range, further reinforcing the Company's growing presence in digital asset finance.

The Company's ESOP platform, UponeShare, saw sustained growth momentum in Q1. The platform added 42 new clients during the quarter, including Kelun-Biotech, GenFleet Therapeutics, and Bao Pharma, bringing the total client base to 790 companies. During the period, the number of newly signed clients surged by 110% YoY, while revenue from consulting and SaaS services rose 78%, underscoring sustained demand for professional ESOP solutions and digital management tools.

For Tiger Enterprise Account, the Company added 11 new enterprise clients in Q1, including Green Tea Group, Bao Pharma, Baige Online, and Manycore Technology, bringing the cumulative total to 533.

*Tiger Brokers (Singapore) Pte. Ltd. partners with locally licensed institutions to provide debit card issuance and related account services.

 **Available in selected markets.

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SOURCE UP Fintech Holding Limited