UP Fintech Holding Limited, trading as Tiger Brokers, is a Cayman-incorporated holding company over a digital brokerage and margin-lending group with licensed subsidiaries in New Zealand, Singapore, the United States and Australia, and one reported operating segment.
Evidence now
Fiscal 2025 (audited) total revenues were US$612.065m, commissions 43.60 per cent and interest income 41.99 per cent of the mix, with net income attributable to ordinary shareholders of US$170.900m, and the second quarter of 2026 printed total revenues of US$182.268m, the highest in the record.
Main risk
The central risk is the 22 May 2026 CSRC Beijing Bureau penalty of about RMB308.1m plus confiscation of about RMB103.1m over unlicensed cross-border securities, fund and futures business in mainland China, whose cash payment schedule, instalment or appeal outcome is not disclosed.
Next proof
The next test is the third-quarter 2026 release: whether funded accounts and client assets keep rising, how the margin book funds itself from the customer payable, and what the group discloses about the penalty cash flows and any restriction on mainland client acquisition.
UP Fintech Holding Limited, trading as Tiger Brokers, is a Cayman-incorporated, Nasdaq-listed holding company over a digital brokerage and margin-lending group: one reported operating segment, licensed subsidiaries in New Zealand, Singapore, the United States and Australia, and mainland China entities consolidated by contract.
FY2025 total revenues
US$612.065m
FY2025 net income attributable
US$170.900m
Q2 2026 total revenues
US$182.268m
Q2 2026 attributable income
US$39.357m
Customers with deposits, 30 June 2026
1,315.4 thousand
Client assets, 30 June 2026
US$60,728.0m
Total assets, 31 December 2025
US$8,226.531m
Shareholders' equity, 31 December 2025
US$865.507m
Cash segregated for regulatory purposes
US$3,401.889m
Broker-dealer net capital vs requirement
US$633.373m vs US$85.286m
CSRC penalty and confiscation
RMB308.1m and RMB103.1m
Share price, 23 September 2026
US$4.815 close
Information cutoff
23 September 2026
Public evidence is below. The authenticated private research library holds a release-state record for this company. It carries no current decision, fair value or investment action. Private research status.
The live questionCan the flow-and-balance engine keep growing while the mainland penalty, the customer-funded margin book and a single reported segment carry the disclosure burden?The penalty announced on 22 May 2026 of about RMB308.1m plus confiscation of about RMB103.1m sits unpaid in disclosure terms, the customer payable of US$5,095.966m funds the margin book of US$1,785.416m, and no covenant schedule or consolidated-versus-fully-disclosed split is published.
What improved
Customers with deposits rose from 904.6 thousand to 1,315.4 thousand across the record, fiscal 2025 net income attributable reached US$170.900m, and the second quarter of 2026 printed the highest total revenues in the window.
What became more demanding
The average commission rate fell from 0.0315 per cent in 2023 to 0.0260 per cent in 2025, the allowance for doubtful accounts fell while the margin book grew, and the first quarter of 2026 printed a US$26.9m loss on the regulatory charge.
Strongest alternative explanation
Ten of the 32 detected price moves are unexplained, the peer control is a single series, and the customer-funded balance sheet is read from two balance-sheet lines, so the same evidence is consistent with a deferred recovery in funded-account growth as with an uninterrupted one.
The decisive missing fact
The third-quarter 2026 release, the FY2026 Form 20-F and any further regulatory announcement will show whether funded accounts and client assets keep rising, how the margin book funds itself, and what the penalty cash flows are.
Drawn from the evidence on this page: the improvement, the constraint, the benign reading and the fact that would settle it. It states no view on the shares.
Private working record
Private working materials are not published or available for sharing. This public page contains factual evidence and open questions only. Private research status records that no current decision authority is available.
On this page
Business anatomy · from inputs to customer value
Accounts, trades, the margin book and the corporate desk
The platform opens funded accounts, routes and executes trades for commissions, lends against the margin book for interest, and underwrites new issues for corporate clients.
Follow the operating chain from demand or inputs to customer outcome and cash.
Revenue engineOnboarding
Open and fund the account
What happensInvestors open accounts remotely and deposit cash; the group records a customer payable and segregates the cash regulators require.
How it earnsFunded accounts reached 1,315.4 thousand at 30 June 2026, from 904.6 thousand at end-2023.
Capital allocationExecution
Route and execute the trade
What happensThe platform routes orders to the exchanges and clearing agents, settles them, and collects commissions on the volume traded.
Capital at riskCommissions were US$266.835m in fiscal 2025 against US$159.045m in fiscal 2024.
Company actionMargin
Lend against the margin book
What happensThe group sets collateral lists and margin ratios, lends cash and securities, and books interest on the balance.
Value createdInterest income was US$256.997m in fiscal 2025, on a 5.33 per cent average yield.
Cash conversionCorporate
Underwrite and distribute new issues
What happensThe group underwrites initial public offerings, distributes new shares through its retail base, and administers employee equity schemes.
Cash triggerIn 2025 the group joined 47 IPOs and served 748 corporate clients through the ESOP business.
Original SMID Research comic. AI-assisted, analyst-directed monochrome artwork depicts the evidenced operating steps of UP Fintech Holding Limited; deterministic captions and dated mix figures state the economics using issuer disclosures available to 2026-09-23. The drawings are representative—not issuer artwork, an exact product or site design, a statement of scale, or a company forecast.
Investor translation
What matters after the operating picture
Four questions connect the business model to cash and balance-sheet risk. This is a factual reading aid, not a valuation or recommendation.
Value lever
Commissions ride traded volume and interest rides the margin book, both of which printed record quarters in the second quarter of 2026.
Cash bottleneck
The business is funded by client payables that can leave quickly; holding-company cash depends on what the licensed subsidiaries can remit.
Credit breakpoint
Broker-dealer net capital of US$633.373m against a US$85.286m requirement, with the ratio falling from 9.53 to 7.43 as the requirement grew faster than capital.
Next proof
The third-quarter 2026 release, the FY2026 Form 20-F and any further regulatory announcement.
Text version of this comic
Revenue engine · Open and fund the account Investors open accounts remotely and deposit cash; the group records a customer payable and segregates the cash regulators require. How it earns: Funded accounts reached 1,315.4 thousand at 30 June 2026, from 904.6 thousand at end-2023.
Capital allocation · Route and execute the trade The platform routes orders to the exchanges and clearing agents, settles them, and collects commissions on the volume traded. Capital at risk: Commissions were US$266.835m in fiscal 2025 against US$159.045m in fiscal 2024.
Company action · Lend against the margin book The group sets collateral lists and margin ratios, lends cash and securities, and books interest on the balance. Value created: Interest income was US$256.997m in fiscal 2025, on a 5.33 per cent average yield.
Cash conversion · Underwrite and distribute new issues The group underwrites initial public offerings, distributes new shares through its retail base, and administers employee equity schemes. Cash trigger: In 2025 the group joined 47 IPOs and served 748 corporate clients through the ESOP business.
The company and the record behind this page
UP Fintech Holding Limited is a Cayman-incorporated holding company whose American depositary shares trade on the Nasdaq Global Select Market under TIGR, trading as Tiger Brokers. The group reports one operating segment: a digital brokerage platform serving retail and corporate clients, run through licensed subsidiaries in New Zealand, Singapore, the United States and Australia, with mainland China entities consolidated by contract. Financial years are calendar years.
The audited record runs fiscal 2023 to fiscal 2025 on Form 20-F, filed 22 April 2024, 23 April 2025 and 24 April 2026, and the unaudited quarterly record runs to the second quarter of 2026, released on 26 August 2026. Eleven registered sources were read for the private record: three audited annual reports, seven quarterly results releases furnished on Form 6-K, and the regulatory announcement of 22 May 2026. Every headline figure below is traced to a claim identifier in the private record; this page reproduces the figures and names the source document and period.
The estate carries no rating, no valuation, no forecast of its own and no recommendation for this company, and the private record's rating state is NOT_RATED. This page reports the evidence, the gaps and what a reader can watch; it does not say what the shares are worth.
Fiscal 2023 to fiscal 2025, as the audited statements report them, US$ unless stated. Source: consolidated statements of operations on Form 20-F, filed 24 April 2026 (FY2025), 23 April 2025 (FY2024) and 22 April 2024 (FY2023).
The chief operating decision maker is the chief executive officer, the measure of segment profit is consolidated net income, and no asset information is evaluated by segment, so the corporate-services engine carries no separate profit and loss, cost base or capital allocation in the accounts. The revenue mix is four lines.
In fiscal 2025 commissions were US$266.835m, 43.60 per cent of total revenues; interest income US$256.997m, 41.99 per cent; other revenues US$77.510m, 12.66 per cent; and financing service fees US$10.723m, 1.75 per cent. Commissions are charged on traded volume; interest income is earned on the margin and securities-lending book the group finances for consolidated accounts; financing service fees are its share of margin lending a clearing agent provides to fully disclosed accounts; other revenues hold initial public offering distribution, wealth management and currency exchange.
Three value chains sit inside the one reported segment: brokerage flow, margin and funding balances, and corporate services. They share one pool of client payables, wholesale borrowings and convertible bonds, one set of clearing and execution entities, one app and one brand, across 1,346 employees at 31 December 2025, of whom 1,031 sit in mainland China and Hong Kong. Reliance on Interactive Brokers is shrinking: its share of total net revenues fell from 16.6 per cent in 2023 to 10.6 per cent in 2024 and 6.6 per cent in 2025, as the group's own United States broker-dealer took on about 90 per cent of United States cash equity and option trades by the end of 2025.
Revenue is booked where the licensed subsidiary sits: New Zealand US$219.594m, Singapore US$163.279m, the United States US$156.904m, Others US$70.017m and the Cayman Islands US$2.270m in fiscal 2025, the three largest booking centres carrying 88.2 per cent of total revenues. The segment note states the geographic analysis follows the location of the subsidiaries in which the transactions are recorded and does not reflect how the business is managed, so these are booking locations, not customer locations.
Fiscal 2025 revenue by geography, the location of the subsidiary in which the transaction is recorded, as the audited segment note reports it; the shares are direct calculations. Source: FY2025 Form 20-F segment note (filed 24 April 2026).
Nine quarters of claim rows run from the fourth quarter of 2023 to the second quarter of 2026; the quarters ended 31 March 2024 and 30 June 2024 carry no claim rows and are a gap in the record rather than an estimate.
Customers with deposits rose from 904.6 thousand at the end of 2023 to 1,315.4 thousand at 30 June 2026, customer accounts from 2,195.7 thousand to 2,740.4 thousand, and client assets from US$30,597.5m to US$60,728.0m; the customer series and the asset series rose through the two loss quarters. Two quarters printed losses: the fourth quarter of 2023 at US$1.8m and the first quarter of 2026 at US$26.9m, the quarter in which the regulatory matter was recognised. Client assets peaked at US$61,037.7m on 30 September 2025, and 32,600 new funded clients were added in the second quarter of 2026.
Trading volume reached US$345,271.9m in the second quarter of 2026, of which stocks US$154,491.8m and 26,304.0 thousand options and futures contracts. The average commission rate over trading volume fell from 0.0315 per cent in 2023 to 0.0288 per cent in 2024 and 0.0260 per cent in 2025, which the group attributes to lower average fee rates from industry competition, so growth came from volume and mix.
The second quarter of 2026, released 26 August 2026: total revenues US$182.268m, the highest in the window and 31.4 per cent above the US$138.720m of a year earlier; commissions US$78.301m, interest income US$79.808m, other revenues US$20.967m and financing service fees US$3.192m; total net revenues US$160.746m; income from operations US$56.808m; income before income taxes US$54.567m; attributable income US$39.357m. The release prints the total margin financing and securities lending balance at US$7.4bn, up 28.9 per cent year over year, a release-text figure rather than a claim row. In the quarter the group underwrote 14 Hong Kong listings, distributed 4 United States listings, and served 840 corporate clients through the employee equity scheme business at 30 June 2026.
Nine quarters of the operating series, as the releases report them: revenues and attributable income in US$m, customers with deposits in thousands, client assets and trading volume in US$m. Source: quarterly results releases furnished on Form 6-K, 19 March 2025 to 26 August 2026.
The business is financed by its customers. Payables to customers were US$5,095.966m at 31 December 2025 against US$3,574.651m a year earlier, beside cash segregated for regulatory purposes of US$3,401.889m against US$2,464.684m. The annual report states the mechanism: subsidiaries must segregate or set aside customer cash, a matching payable is recorded on receipt, and segregated cash is restricted cash.
Receivables from customers, the group's own margin book, were US$1,785.416m against US$1,052.973m, up 69.6 per cent in fiscal 2025 and 22.4 per cent in the first half of 2026, against 42.6 and 22.5 per cent for the customer payable. The register computes the share of the float lent back to customers at 0.2946 at the end of 2024, rising to 0.3504 at the end of 2025 and holding at 0.3500 at 30 June 2026. Nothing reconciles the customer payable to the segregated and unsegregated cash, so the float actually lent to customers is an interpretation from two balance-sheet lines.
Asset quality is the weakest evidence. The allowance for doubtful accounts charged through the cash-flow statement fell from US$14.293m in fiscal 2024 to US$1.332m in fiscal 2025 while the margin book grew, and the accumulated allowance printed in the balance-sheet line labels rose from US$5.051m at 31 December 2025 to US$6.865m at 30 June 2026, 0.28 to 0.31 per cent of the gross receivable. No delinquency, ageing, collateral-value, loan-to-value, margin-call or write-off series exists, so this is not evidence of provision adequacy in either direction.
The convertible bonds are US$155.0m issued in 2021 across three private placements at a 1.00 per cent coupon, maturing in February, April and May 2026; carrying value US$162.178m at 31 December 2025, split US$111.178m current and US$51.0m non-current. In March and April 2026 the group repaid US$100.0m of principal and the accumulated interest, and two amendments extended US$30m of one series and all US$21m of another by two years, the extended US$51.0m equal to the amount carried non-current. Coupon, conversion price and full amended terms are not carried, and no covenant schedule exists anywhere in the record.
Regulatory capital: group broker-dealer net capital was US$633.373m against a requirement of US$85.286m at 31 December 2025, leaving US$548.087m excess; the prior year US$484.616m net against US$50.877m required. The net-capital-to-requirement ratio fell from 9.53 to 7.43 as the requirement grew 67.6 per cent while net capital grew 30.7 per cent; only per-entity net capital is valued, not per-entity requirements, so the cause cannot be attributed from this record. Capital rules may prevent a broker-dealer from distributing or withdrawing capital, require prior notice, and limit dividends to the holding company; holding-company liquidity depends on that gate and on unsegregated cash, which fell from US$793.1m at 31 December 2025 to US$544.6m at 30 June 2026 while segregated cash rose.
The group states it lacks unfettered access to its mainland variable interest entities' revenues because of dividend restrictions, foreign-exchange controls and foreign-investment restrictions, with RMB cash in mainland domestic companies of US$20.8m at 31 December 2025. Cash and cash equivalents were US$791.017m at 31 December 2025, and operating cash flow of US$1,316.685m in fiscal 2025 against US$827.978m a year earlier carried the growth of client payables and margin balances rather than the income statement alone. The group's own positions are small: financial instruments held at fair value of US$85.5m and crypto assets held of US$4.3m. Wholesale borrowings from licensed financial institutions and clearing agents appear in the narrative and in interest expense of US$73.4m but not as a separate claim line, a gap in the record rather than a nil balance.
Broker-dealer net capital, as the Form 20-F regulatory notes report it, US$. Source: FY2025 and FY2024 Forms 20-F (filed 24 April 2026 and 23 April 2025).
On 22 May 2026 the Beijing bureau of the China Securities Regulatory Commission announced findings against certain subsidiaries over unlicensed cross-border securities business and illegal fund and futures activity in mainland China: an aggregate administrative penalty of about RMB308.1m, confiscation of illegal income of about RMB103.1m and a separate RMB1.25m warning and penalty on the chief executive personally.
The first-quarter 2026 release states the amounts were reflected in that quarter's statements inside the residual line Others, net, which printed −US$64.096m against −US$1.340m a year earlier. The two corporate amounts, about RMB411.2m together, imply a charge of about US$59.7m at about RMB6.41 per dollar, a calculation the sources do not confirm because the rate used is not disclosed; the register records the charge as 7.6 per cent of the equity reported at 31 March 2026. The group states that it accepts the penalty and is carrying out the required rectification.
Cash paid by 30 June 2026, any instalment or appeal outcome and any restriction on mainland-origin client acquisition are not disclosed. Mainland China retail client assets under consolidated accounts were about 10 per cent of total client assets at the end of 2025. The second quarter recovered to US$39.357m of attributable profit.
On the announcement session the shares fell 25.3 per cent on 40.7 times median volume, and the next session rose 14.9 per cent. Both sessions sit in the private record's price-driver map; the filing timestamp falls inside the session, so the record treats the coincidence as a timing association rather than an attribution.
The announced amounts and the quarter that recorded them. Source: regulatory announcement furnished on Form 6-K on 22 May 2026; first-quarter 2026 results release furnished on 2 June 2026.
What the share price did, and what the issuer filed beside it
This is a 36-month record of UP Fintech's dividend-adjusted American Depositary Share price history, the Nasdaq Composite Index control, the session-aligned FUTU Holdings peer return, and the selected issuer filings that carried information. It records what the price did; it does not infer a cause from proximity to a filing.
Large moves were detected mechanically before being matched to issuer filings. The table retains all 32 detected moves. The residual is the move less the Nasdaq Composite Index return. The filing record is the SEC EDGAR history for CIK 1756699, enumerated on 23 September 2026; company press releases outside SEC filings were not enumerated, and broker research, block trades, index reviews and trade press were not examined.
Click a quarter — on the chart or in the return strip under it — to read its filings beside its large moves.
Key: UP Fintech Holding Limited (TIGR) as a solid line; Nasdaq Composite Index rebased, dashed; peer median rebased, dotted; the peer median runs off scale Jul 25–May 26 and is clipped there; filing ticks above the axis; ex-dividend ticks on it; numbered pins are moves with a written note; plain dots are other detected moves.
How to read the tags.Market-wide and Sector-wide mean the index or the peer median moved with the share over the same session or week; Residual means the move is still large after both are subtracted. A residual is what is left over, not a cause: it does not establish that the company’s own news moved the price, and an unchanged or thinly traded price is not proof that no information arrived. Returns use the dividend-adjusted close; a filing released after the open is read against the next session.
Q3 2023
25 Sep 2023 – 29 Sep 2023 (part quarter)
TIGR −0.4%IXIC −0.4%Peer median −0.4%Range US$5.04–US$5.14Close US$5.12
Key developments
No selected issuer filing carrying information this quarter.
Large price moves
No session cleared the large-move threshold this quarter.
Q4 2023
2 Oct 2023 – 29 Dec 2023
TIGR −13.7%IXIC +13.6%Peer median −5.5%Range US$4.03–US$5.36Close US$4.42
Key developments
No selected issuer filing carrying information this quarter.
Large price moves
1
27 Nov 2023 · −8.2% · Residual · index −0.1%, peers −3.4%, left over −4.8%
The session that moved -8.2% is the session the issuer furnished Form 6-K — tigr-6k-2023_q3.htm: 22177; tigr-ex99_1.htm: 559159.
TIGR +22.1%IXIC +8.3%Peer median +21.2%Range US$3.14–US$4.76Close US$4.20
Key developments
22Apr
US$3.21Results
FY2023 annual report filed on Form 20-F
The audited annual report for the year ended 31 December 2023 was filed on SEC EDGAR. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
Reaction (same session, order not established): TIGR +1.9% · IXIC +1.1% · peers +1.4% · 0.5× median volumeSource: Form 20-F FY2023
5Jun
US$4.22Results
Q1 2024 results furnished on Form 6-K
The condensed results release for the quarter ended 31 March 2024 was furnished on Form 6-K. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
Reaction (same session, order not established): TIGR +4.2% · IXIC +2.0% · peers +1.4% · 2.5× median volumeSource: Q1 2024 Form 6-K
Large price moves
6
2 May 2024 · +9.7% · Sector-wide · index +1.5%, peers +11.9%, left over −2.2%
The shares moved +9.7% while the sector peer FUTU moved +11.9% and the index +1.5%.
TIGR +27.1%IXIC +2.6%Peer median +45.8%Range US$3.42–US$5.34Close US$5.34
Key developments
30Aug
US$3.64Results
Q2 2024 results furnished on Form 6-K
The condensed results release for the quarter ended 30 June 2024 was furnished on Form 6-K. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
Reaction (same session, order not established): TIGR −6.4% · IXIC +1.1% · peers +5.2% · 3.4× median volumeSource: Q2 2024 Form 6-K
Large price moves
9
19 Sep 2024 · +9.5% · Sector-wide · index +2.5%, peers +13.9%, left over −4.5%
The shares moved +9.5% while the sector peer FUTU moved +13.9% and the index +2.5%.
TIGR +21.0%IXIC +6.2%Peer median −14.4%Range US$5.50–US$12.39Close US$6.46
Key developments
24Oct
US$6.14Corporate action
Follow-on offering of 17,250,000 ADSs at US$6.25 per ADS closed
The prospectus supplement, pricing and closing filings for the follow-on offering of 17,250,000 American Depositary Shares at US$6.25 per ADS were filed on SEC EDGAR between 22 and 24 October 2024. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
The condensed results release for the quarter ended 30 September 2024 was furnished on Form 6-K. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
Reaction (same session, order not established): TIGR −10.2% · IXIC −0.1% · peers −8.7% · 2.4× median volumeSource: Q3 2024 Form 6-K
Large price moves
14
1 Oct 2024 · +16.7% · Sector-wide · index −1.5%, peers +12.4%, left over +4.2%
The shares moved +16.7% while the sector peer FUTU moved +12.4% and the index -1.5%.
TIGR +33.0%IXIC −10.4%Peer median +28.0%Range US$5.76–US$9.69Close US$8.59
Key developments
18Mar
US$9.69Results
Q4 and FY2024 results furnished on Form 6-K
The condensed results release for the quarter ended 31 December 2024 was furnished on Form 6-K. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
Reaction (same session, order not established): TIGR +21.6% · IXIC −1.7% · peers −2.3% · 5.8× median volumeSource: Q4 2024 Form 6-K
Large price moves
23
18 Mar 2025 · +21.6% · Residual · index −1.7%, peers −2.2%, left over +23.8%
The session that moved +21.6% is the session the issuer furnished Form 6-K — tigr-6k-2024_q4.htm: 25985; tigr-ex99_1.htm: 713202.
TIGR +12.3%IXIC +17.7%Peer median +20.8%Range US$6.63–US$9.97Close US$9.65
Key developments
23Apr
US$7.40Results
FY2024 annual report filed on Form 20-F
The audited annual report for the year ended 31 December 2024 was filed on SEC EDGAR. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
Reaction (same session, order not established): TIGR +3.8% · IXIC +2.5% · peers +3.4% · 0.8× median volumeSource: EDGAR 20-F filings for CIK 1756699
30May
US$8.11Results
Q1 2025 results furnished on Form 6-K
The condensed results release for the quarter ended 31 March 2025 was furnished on Form 6-K. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
Reaction (same session, order not established): TIGR −3.8% · IXIC −0.3% · peers −5.1% · 1.9× median volumeSource: Q1 2025 Form 6-K
Large price moves
24
25 Jun 2025 · +22.4% · Residual · index +0.3%, peers +6.0%, left over +16.4%
No announcement in the enumerated tape covers this window; the move is left unexplained.
TIGR +10.6%IXIC +11.2%Peer median +40.7%Range US$9.12–US$12.99Close US$10.67
Key developments
27Aug
US$11.57Results
Q2 2025 results furnished on Form 6-K
The condensed results release for the quarter ended 30 June 2025 was furnished on Form 6-K. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
Reaction (same session, order not established): TIGR −9.8% · IXIC +0.2% · peers −3.2% · 4.1× median volumeSource: Q2 2025 Form 6-K
Large price moves
25
22 Aug 2025 · +13.2% · Residual · index +1.9%, peers +5.7%, left over +7.5%
No announcement in the enumerated tape covers this window; the move is left unexplained.
TIGR −10.4%IXIC +2.6%Peer median −5.6%Range US$7.89–US$10.91Close US$9.56
Key developments
4Dec
US$9.01Results
Q3 2025 results furnished on Form 6-K
The condensed results release for the quarter ended 30 September 2025 was furnished on Form 6-K. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
Reaction (same session, order not established): TIGR +4.0% · IXIC +0.2% · peers +1.5% · 2.3× median volumeSource: Q3 2025 Form 6-K
Large price moves
26
10 Oct 2025 · −11.3% · Sector-wide · index −3.6%, peers −11.2%, left over −0.2%
The shares moved -11.3% while the sector peer FUTU moved -11.2% and the index -3.6%.
TIGR −34.1%IXIC −7.1%Peer median −16.7%Range US$6.07–US$11.12Close US$6.30
Key developments
19Mar
US$6.83Results
Q4 and FY2025 results furnished on Form 6-K
The condensed results release for the quarter ended 31 December 2025 was furnished on Form 6-K. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
Reaction (same session, order not established): TIGR −3.1% · IXIC −0.3% · peers −3.6% · 2.7× median volumeSource: EDGAR 6-K filings for CIK 1756699
Large price moves
28
2 Jan 2026 · +9.2% · Sector-wide · index −0.0%, peers +8.7%, left over +0.5%
The shares moved +9.2% while the sector peer FUTU moved +8.7% and the index -0.0%.
TIGR −30.2%IXIC +21.4%Peer median −30.4%Range US$4.36–US$7.30Close US$4.40
Key developments
24Apr
US$6.94Results
FY2025 annual report filed on Form 20-F
The audited annual report for the year ended 31 December 2025 was filed on SEC EDGAR. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
Reaction (same session, order not established): TIGR +5.2% · IXIC +1.6% · peers +3.7% · 1.1× median volumeSource: Form 20-F FY2025
22May
US$4.36Corporate action
CSRC administrative penalty announced on Form 6-K
The announcement states an aggregate administrative penalty of about RMB308.1m and confiscation of about RMB103.1m on certain subsidiaries over unlicensed cross-border securities business and illegal fund and futures activity in mainland China, and a separate RMB1.25m penalty on the chief executive. Cash paid or provisioned by 30 June 2026, any instalment or appeal outcome and any restriction on mainland-origin client acquisition are not disclosed in the record.
Reaction (same session, order not established): TIGR −25.3% · IXIC +0.2% · peers −27.5% · 30.2× median volumeSource: CSRC penalty Form 6-K
2Jun
US$4.97Results
Q1 2026 results furnished on Form 6-K
The condensed results release for the quarter ended 31 March 2026 was furnished on Form 6-K. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
Reaction (same session, order not established): TIGR −3.9% · IXIC +0.0% · peers −0.9% · 4.3× median volumeSource: Q1 2026 Form 6-K
Large price moves
29
22 May 2026 · −25.3% · Residual · index +0.2%, peers −27.5%, left over +2.2%
The session that moved -25.3% is the session the issuer furnished Form 6-K — 6-k_may_2026.htm: 26846; tigr-ex99.htm: 6909.
TIGR +9.4%IXIC +3.6%Peer median +20.3%Range US$4.52–US$5.46Close US$4.82
Key developments
26Aug
US$5.46Results
Q2 2026 results furnished on Form 6-K
The condensed results release for the quarter ended 30 June 2026 was furnished on Form 6-K. Selected from the enumerated EDGAR filing history for CIK 1756699; shown as a dated public fact, not as price causation.
Reaction (same session, order not established): TIGR −0.1% · IXIC −0.1% · peers +1.4% · 2.0× median volumeSource: Q2 2026 Form 6-K
Large price moves
32
27 Aug 2026 · −7.3% · Residual · index +1.6%, peers −2.2%, left over −5.2%
Form 6-K — tigr-6k-2026_q2.htm: 27693; tigr-ex99_1.htm: 691032 was furnished on 2026-08-26, before the session that moved -7.3%.
Yahoo Finance daily closes for TIGR from 25 September 2023 to 23 September 2026 (751 sessions). Returns and thresholds use the split- and dividend-adjusted series; ex-dividend mechanics are therefore not counted as price moves. The Nasdaq Composite Index is the market control. The peer control is the session-aligned return of FUTU Holdings Limited (FUTU). No dividends or splits fell inside the window, and no detected move sits on an ex-date.
The full move register — every large move and its market and sector controls
Every threshold-detected move in the 36-month window: 32 moves, all retained from the public price-driver map. Residual means the move remains large after both the Nasdaq Composite Index and the FUTU peer return are subtracted.
#
Session
TIGR
IXIC
Peers
Left over
Control result
What the evidence supports
1
27 Nov 2023
−8.2%
−0.1%
−3.4%
−4.8%
Residual
The session that moved -8.2% is the session the issuer furnished Form 6-K — tigr-6k-2023_q3.htm: 22177; tigr-ex99_1.htm: 559159. FUTU −3.4
2
1 Mar 2024
+7.5%
+1.1%
+3.8%
+3.6%
Sector-wide
The shares moved +7.5% while the sector peer FUTU moved +3.8% and the index +1.1%. FUTU +3.8
3
14 Mar 2024
−11.1%
−0.3%
−13.8%
+2.7%
Sector-wide
The shares moved -11.1% while the sector peer FUTU moved -13.8% and the index -0.3%. FUTU −13.8
4
20 Mar 2024
−9.2%
+1.2%
+2.0%
−11.2%
Residual
The session that moved -9.2% is the session the issuer furnished Form 6-K — tigr-6k-2023_q4.htm: 22759; tigr-ex99_1.htm: 648051. FUTU +2.0
5
week to 22 Mar 2024
−16.7%
+2.9%
−0.1%
−16.6%
Residual
No announcement in the enumerated tape covers this window; the move is left unexplained. FUTU −0.1
6
2 May 2024
+9.7%
+1.5%
+11.9%
−2.2%
Sector-wide
The shares moved +9.7% while the sector peer FUTU moved +11.9% and the index +1.5%. FUTU +11.9
7
13 May 2024
+10.3%
+0.3%
+5.3%
+5.0%
Sector-wide
The shares moved +10.3% while the sector peer FUTU moved +5.3% and the index +0.3%. FUTU +5.3
8
week to 17 May 2024
+18.9%
+2.1%
+16.7%
+2.2%
Sector-wide
The shares moved +18.9% while the sector peer FUTU moved +16.7% and the index +2.1%. FUTU +16.7
9
19 Sep 2024
+9.5%
+2.5%
+13.9%
−4.5%
Sector-wide
The shares moved +9.5% while the sector peer FUTU moved +13.9% and the index +2.5%. FUTU +13.9
10
24 Sep 2024
+14.0%
+0.6%
+11.3%
+2.7%
Sector-wide
The shares moved +14.0% while the sector peer FUTU moved +11.3% and the index +0.6%. FUTU +11.3
11
26 Sep 2024
+15.6%
+0.6%
+7.9%
+7.7%
Sector-wide
The shares moved +15.6% while the sector peer FUTU moved +7.9% and the index +0.6%. FUTU +7.9
12
week to 27 Sep 2024
+24.1%
+0.9%
+30.8%
−6.6%
Sector-wide
The shares moved +24.1% while the sector peer FUTU moved +30.8% and the index +0.9%. FUTU +30.7
13
30 Sep 2024
+16.6%
+0.4%
+11.6%
+4.9%
Sector-wide
The shares moved +16.6% while the sector peer FUTU moved +11.6% and the index +0.4%. FUTU +11.6
14
1 Oct 2024
+16.7%
−1.5%
+12.4%
+4.2%
Sector-wide
The shares moved +16.7% while the sector peer FUTU moved +12.4% and the index -1.5%. FUTU +12.4
15
2 Oct 2024
+29.4%
+0.1%
+4.9%
+24.4%
Residual
No announcement in the enumerated tape covers this window; the move is left unexplained. FUTU +4.9
16
4 Oct 2024
+34.8%
+1.2%
+4.2%
+30.6%
Residual
No announcement in the enumerated tape covers this window; the move is left unexplained. FUTU +4.2
17
week to 4 Oct 2024
+170.5%
+0.1%
+49.4%
+121.2%
Residual
No announcement in the enumerated tape covers this window; the move is left unexplained. FUTU +49.4
18
8 Oct 2024
−16.1%
+1.4%
−13.1%
−3.0%
Sector-wide
The shares moved -16.1% while the sector peer FUTU moved -13.1% and the index +1.4%. FUTU −13.1
19
week to 11 Oct 2024
−30.4%
+1.1%
−13.2%
−17.2%
Residual
No announcement in the enumerated tape covers this window; the move is left unexplained. FUTU −13.3
20
14 Oct 2024
−15.2%
+0.9%
−4.2%
−11.0%
Residual
No announcement in the enumerated tape covers this window; the move is left unexplained. FUTU −4.2
21
9 Dec 2024
+26.3%
−0.6%
+17.8%
+8.6%
Sector-wide
The shares moved +26.3% while the sector peer FUTU moved +17.8% and the index -0.6%. FUTU +17.8
22
week to 13 Dec 2024
+24.4%
+0.3%
+3.9%
+20.5%
Residual
No announcement in the enumerated tape covers this window; the move is left unexplained. FUTU +3.9
23
18 Mar 2025
+21.6%
−1.7%
−2.2%
+23.8%
Residual
The session that moved +21.6% is the session the issuer furnished Form 6-K — tigr-6k-2024_q4.htm: 25985; tigr-ex99_1.htm: 713202. FUTU −2.3
24
25 Jun 2025
+22.4%
+0.3%
+6.0%
+16.4%
Residual
No announcement in the enumerated tape covers this window; the move is left unexplained. FUTU +6.0
25
22 Aug 2025
+13.2%
+1.9%
+5.7%
+7.5%
Residual
No announcement in the enumerated tape covers this window; the move is left unexplained. FUTU +5.6
26
10 Oct 2025
−11.3%
−3.6%
−11.2%
−0.2%
Sector-wide
The shares moved -11.3% while the sector peer FUTU moved -11.2% and the index -3.6%. FUTU −11.1
27
19 Nov 2025
−10.6%
+0.6%
−1.1%
−9.5%
Residual
No announcement in the enumerated tape covers this window; the move is left unexplained. FUTU −1.1
28
2 Jan 2026
+9.2%
−0.0%
+8.7%
+0.5%
Sector-wide
The shares moved +9.2% while the sector peer FUTU moved +8.7% and the index -0.0%. FUTU +8.7
29
22 May 2026
−25.3%
+0.2%
−27.5%
+2.2%
Residual
The session that moved -25.3% is the session the issuer furnished Form 6-K — 6-k_may_2026.htm: 26846; tigr-ex99.htm: 6909. FUTU −27.5
30
week to 22 May 2026
−29.2%
+0.5%
−33.3%
+4.1%
Residual
The session that moved -29.2% is the session the issuer furnished Form 6-K — 6-k_may_2026.htm: 26846; tigr-ex99.htm: 6909. FUTU −33.3
31
26 May 2026
+14.9%
+1.2%
+20.0%
−5.1%
Residual
Form 6-K — 6-k_may_2026.htm: 26846; tigr-ex99.htm: 6909 was furnished on 2026-05-22, before the session that moved +14.9%. FUTU +20.0
32
27 Aug 2026
−7.3%
+1.6%
−2.2%
−5.2%
Residual
Form 6-K — tigr-6k-2026_q2.htm: 27693; tigr-ex99_1.htm: 691032 was furnished on 2026-08-26, before the session that moved -7.3%. FUTU −2.2
The market series is Yahoo Finance daily data for TIGR, retrieved 23 September 2026; no second price source was retained. The peer set is a single name (FUTU Holdings), so the sector control is indicative rather than exact, and the peer return is reported beside the benchmark on every move so a reader can see both. Filings are dated entries read as unordered same-session associations unless the move itself is weekly.
What is not established
This page carries no rating, no fair value, no price target, no expected return and no recommendation. No forecast model was built for this company, so no valuation was produced: the private record's model state is blocked and its valuation distribution is not estimable. The rendered private copies await an independent inspection that is not yet recorded. A company in that position lands NOT_RATED with an evidence-library page under the house standard, and this is that page.
The record is deliberately incomplete in three ways, and each gap is recorded rather than filled. First, source depth: eleven of the 156 filings on the parent's SEC enumeration are registered and read; the stream from 2018 to 2026 is enumerated and dated but not read end to end; company press releases outside SEC filings were not enumerated because the investor-relations site did not answer from the retrieval host. Second, entity coverage: no subsidiary's own register was enumerated, the New Zealand licensees, the largest revenue geography, carry an unenumerated tape, and Yax HK appears in the regulatory note but not the subsidiary list, so only its net capital figure is recorded. Third, the peer map holds Futu as a single price-series control and Interactive Brokers as the clearing agent and ecosystem-adjacent name; the record holds no peer financials, and the issuer does not name its competitors in the sources read.
What the record does not disclose: a cash payment schedule, instalment or appeal outcome for the regulatory amounts after 31 March 2026, or any restriction on mainland-origin client acquisition; a covenant schedule for any facility, and the coupon, conversion price and full amended terms of the convertible notes after the 2026 extensions; a quarterly margin-balance claim row; the split between consolidated and fully disclosed accounts, so the group's own margin book cannot be separated from the clearing agent's; quarterly asset yields, funding-cost rates and a repricing profile; revenue per funded account, retention, churn and conversion; any geographic cut of client assets, funded accounts or margin balances beyond the mainland share of about 10 per cent of client assets at the end of 2025; and any balance-sheet date before 31 December 2024.
On the price record specifically, there is one peer control only, and ten of the 32 detected moves in the 36-month record are left unexplained rather than given a story. What the next twelve months will settle: the third-quarter 2026 release (funded accounts, client assets, the margin balance and the penalty cash flows), the FY2026 Form 20-F (the audited statements, the allowance for doubtful accounts and the regulatory capital at year end), and any further regulatory announcement.
Every other test on this page waits for the company to file. These do not. Each row is a series you can look up yourself, free, today — with the level this reading was built against, the levels that would put it in question, and what the series cannot tell you.
the daily closing price on any market site or broker application Nasdaq / market data vendors
Last recorded
4.82 US$ per ADS, 2026-09-23
What the reading assumes
6.25 US$ per ADS (the October 2024 follow-on offering price per ADS, October 2024)
Watch / alert
4 and 3 US$ per ADS, on a move below — currently between the assumed level and the watch level
How often to look
daily (the series prints daily)
What it points to. the share price sets the cost of equity and option-based compensation, and extreme sessions have accompanied the regulatory announcements
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. This is a price, not the business: the record's own map leaves ten of its 32 detected moves unexplained, and one peer series is too narrow a control to read a session from.
Settled by the next quarterly results release, due 2026-12-15. Lead time: same session.
the key-operating-data section of each quarterly results release on SEC EDGAR UP Fintech Holding Limited
Last recorded
7.4 US$ billions, 2026-06-30
What the reading assumes
5.4 US$ billions (the level at the end of fiscal 2025, 31 December 2025)
Watch / alert
6.2 and 5.4 US$ billions, on a move below — currently at or better than the level the reading assumed
How often to look
quarterly (the series prints quarterly)
What it points to. the balance is the earning-asset base of the interest income the group reports
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. The figure is printed in release text rather than as a claim row, it is not reconciled to receivables from customers, and it includes balances financed through clearing agents for fully disclosed accounts.
Settled by the next quarterly results release, due 2026-12-15. Lead time: one quarter.
Watchlist reviewed on 2026-09-23; each observation has its own date above. This watchlist date does not change the company research cutoff. A series moving past a level is a reason to re-read the case, not a recommendation. The same series across every company covered: what you can watch.
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Filing identifiers, retrieval dates and the full source register for this page are held in the private research record. Corrections are welcome through the contact address; a corrected figure replaces the figure in place, with the correction noted on this page.
Behind the lock
The authenticated research library holds a release-state record for this company, and carries no current rating, fair value, forecast, issuer-credit opinion or investment action. The public page retains reported evidence and open questions.
Financials
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