Up Fintech Holding Ltd (NASDAQ:TIGR) Q4 2019 Earnings Conference Call - Final Transcript

Mar 25, 2020 • 08:00 am ET

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Up Fintech Holding Ltd (NASDAQ:TIGR) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the UP Fintech Holding Limited, Fourth Quarter 2019 Earnings Conference Call. [Operator Instructions]. There will be a presentation followed by a question-and-answer session. I must advise you that this conference is being recorded today, Wednesday the 25th, 2020.

I would now like to hand the conference over to your first speaker today, Mr. Clark Soucy. Thank you. Please go ahead.

Executive
Clark S. Soucy

Thank you, Rachel. Hello everyone, and thank you for joining us for the call today. UP Fintech Holding Limited's fourth quarter 2019 earnings release was distributed earlier today and is available on our IR website at ir.itiger.com as well as GlobeNewswire 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 the SEC.

Any forward-looking statements that we make on this call are based on assumptions as of today. But we do not take any obligation to update these statements except as required under applicable law.

It is now my pleasure to 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.

Executive
Tianhua Wu

[Foreign Speech].

Good evening, everyone, and thank you very much for attending the Tiger Brokers' 2019 fourth quarter and full year earnings conference call. Before I elaborate on our business results, I would like to make a brief comment on the virus pandemic.

Since we operate an online platform, there has not been a substantial impact on our business. However, the health and safety of our employees is paramount and our firm has taken extra precautions. At our global offices, employees are working in shifts or from home. I will now continue with my prepared remarks.

In the fourth quarter, Tiger delivered impressive financial results. Total revenue was $20 million, a new all-time high and nearly 110% increase over the same period last year. In the fourth quarter of 2019, we achieved the fastest year-over-year revenue growth of any quarter last year.

In addition, I would like to highlight that we continue to optimize our revenue mix. Interest rate income which is interest income, plus financing service fee exceeded commission income and accounted for 38% of total revenue. 2B revenue, which includes our corporate services of IPO distribution