China-focused online brokerage Up Fintech Holdings sets terms for its U.S. IPO
CGTN

Up Fintech Holding, an online brokerage focusing on global investors in China, announced terms for its planned initial public offering (IPO) on the U.S. stock market Monday.

The company plans to list on the NASDAQ under the symbol "TIGR," by offering 13 million American depositary shares (ADS) at a price range of five to seven dollars, according to its prospectus filed with the U.S. Securities and Exchange Commission.

Each ADS represents 15 Class A ordinary shares of the company, said the filing.

Citi and Deutsche Bank are the joint bookrunners on the deal.

Online brokers utilize apps and websites to provide integrated online securities services, including customer acquisition, account opening, securities trading and other value-added services.

Up Fintech Holding, a China-based company, was founded in 2014, and launched its trading platform in August 2015 for investors to trade in equities and other financial instruments on multiple exchanges around the world.

The company is the largest online broker focusing on global Chinese investors in terms of U.S. securities trading volume in 2017, with a market share of approximately 58.4 percent, said its filing, citing the iResearch report.

Up Fintech Holding generates revenues primarily by charging its customers' commission fees for the trading of securities as well as earning interest income or financing service fees arising from trading activities.

It pocketed 33.6 million U.S. dollars in total revenue in 2018, as compared with 16.9 million dollars in 2017.

Source(s): Xinhua News Agency