Up Fintech Holding Ltd (NASDAQ:TIGR) Q2 2019 Earnings Conference Call - Final Transcript
Aug 23, 2019 • 08:00 am ET
Ladies and gentlemen, thank you for standing by and welcome to the UP Fintech Holding Limited Second Quarter 2019 Earnings Conference Call. [Operator Instructions] I must advise you that this conference is being recorded today, Friday, August 23rd, 2019.
I would now like to hand the conference over your first speaker today Mr. Clark S. Soucy. Thank you, please go ahead.
Clark S. Soucy
Thank you, Grace. Hello, everyone, and thank you for joining us for the call today. UP Fintech Holding Limited's 2019 second quarter earnings release was distributed earlier today and is available on our IR website at ir.itiger.com, as well as Globe Newswire services.
On the call today, from UP Fintech are Mr. Wu Tianhua, Chairman and Chief Executive Officer; Mr. John Zeng, Chief Financial Officer, Mr. Huang Lei, CEO of US Tiger Securities and Mr. Kenny Jao [Phonetic], 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. They will both be available to answer your questions during the Q&A session that follows their remarks.
Now let me cover the safe harbor. Today's discussion will contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with SEC.
Any forward-looking statements that we make on this call are based on assumptions as of today, and we do not take any obligation to update these 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.
Clark S. Soucy
I will now translate for Mr. Wu. Hello, everyone, and thank you for joining our second quarter 2019 earnings conference call. I am delighted to report that in the second quarter, Tiger delivered solid revenue growth across business segments. Total revenues were nearly $13 million, an 88% increase on the same period last year and a 34% increase from last quarter.
Our revenue sources became more diverse as we recognized approximately $3.5 million in net interest income, a large increase on the $1.5 million in the same period last year. Net interest income now accounts for nearly 30% of revenues as opposed to 22.6% during the same period last year. Our other revenues, which primarily comprise corporate services, such as ESOP and IPO distribution, among others, grew 12-fold over the same period last year.
I am proud to report that in the second quarter, Tiger participated in five US IPO's, burnishing our reputation as the market's leading online broker for US IPO's. Our ESOP business is also exhibiting strong growth. In just under a year since product launch, we have signed close to 30 corporate customers.
Now, I would like to give you an overview of