{
 "company": "UP Fintech Holding Limited",
 "ticker": "NASDAQ:TIGR",
 "source_page": "https://smidresearch.com/companies/up-fintech/",
 "information_cutoff": null,
 "licence": "Public evidence-library figures as filed by the issuer and recomputed by SMID Research; cite the page and its information cut-off. No rating, fair value, price target or recommendation is included. Not investment advice.",
 "tables": [
  {
   "index": 1,
   "section": "The company and the record behind this page",
   "caption": "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).",
   "headers": [
    "Line",
    "FY2023",
    "FY2024",
    "FY2025"
   ],
   "rows": [
    [
     "Commissions",
     "92,593,458",
     "159,045,052",
     "266,834,904"
    ],
    [
     "Interest income",
     "149,291,006",
     "191,754,746",
     "256,997,093"
    ],
    [
     "Other revenues",
     "18,444,293",
     "29,430,071",
     "77,509,959"
    ],
    [
     "Financing service fees",
     "12,178,838",
     "11,311,560",
     "10,722,961"
    ],
    [
     "Total revenues",
     "272,507,595",
     "391,541,429",
     "612,064,917"
    ],
    [
     "Interest expense",
     "(46,957,657)",
     "(60,803,516)",
     "(73,355,788)"
    ],
    [
     "Total net revenues",
     "225,549,938",
     "330,737,913",
     "538,709,129"
    ],
    [
     "Net income",
     "33,007,427",
     "61,353,928",
     "171,481,621"
    ],
    [
     "Net income attributable to ordinary shareholders",
     "32,563,525",
     "60,727,920",
     "170,899,537"
    ],
    [
     "Basic earnings per ordinary share (US$)",
     "0.014",
     "0.025",
     "0.064"
    ],
    [
     "Diluted earnings per ordinary share (US$)",
     "0.014",
     "0.024",
     "0.062"
    ]
   ]
  },
  {
   "index": 2,
   "section": "One reported segment, four revenue lines",
   "caption": "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).",
   "headers": [
    "Booking location",
    "FY2025 revenue",
    "Share of total revenues"
   ],
   "rows": [
    [
     "New Zealand",
     "219,594,468",
     "35.88%"
    ],
    [
     "Singapore",
     "163,278,999",
     "26.68%"
    ],
    [
     "United States",
     "156,904,380",
     "25.64%"
    ],
    [
     "Others",
     "70,017,480",
     "11.44%"
    ],
    [
     "Cayman Islands",
     "2,269,590",
     "0.37%"
    ],
    [
     "Total",
     "612,064,917",
     "100.00%"
    ]
   ]
  },
  {
   "index": 3,
   "section": "The operating series by quarter",
   "caption": "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.",
   "headers": [
    "Quarter",
    "Total revenues",
    "Net income attributable",
    "Customers with deposits",
    "Client assets",
    "Trading volume"
   ],
   "rows": [
    [
     "Q4 2023",
     "70.0",
     "−1.8",
     "904.6",
     "30,597.5",
     "81,765.2"
    ],
    [
     "Q3 2024",
     "101.1",
     "17.8",
     "1,032.8",
     "40,763.6",
     "162,990.0"
    ],
    [
     "Q4 2024",
     "124.1",
     "28.1",
     "1,092.0",
     "41,725.2",
     "198,016.9"
    ],
    [
     "Q1 2025",
     "122.6",
     "30.4",
     "1,152.9",
     "45,861.9",
     "217,453.6"
    ],
    [
     "Q2 2025",
     "138.7",
     "41.4",
     "1,192.7",
     "52,056.3",
     "284,038.2"
    ],
    [
     "Q3 2025",
     "175.2",
     "53.8",
     "1,224.2",
     "61,037.7",
     "209,421.4"
    ],
    [
     "Q4 2025",
     "175.6",
     "45.2",
     "1,253.9",
     "60,806.7",
     "316,599.0"
    ],
    [
     "Q1 2026",
     "154.9",
     "−26.9",
     "1,282.8",
     "58,880.0",
     "323,907.4"
    ],
    [
     "Q2 2026",
     "182.3",
     "39.4",
     "1,315.4",
     "60,728.0",
     "345,271.9"
    ]
   ]
  },
  {
   "index": 4,
   "section": "Balance sheet and the funding structure",
   "caption": "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).",
   "headers": [
    "Line",
    "31 December 2024",
    "31 December 2025"
   ],
   "rows": [
    [
     "Net capital",
     "484,616,278",
     "633,373,460"
    ],
    [
     "Requirement",
     "50,877,264",
     "85,285,990"
    ],
    [
     "Excess net capital",
     "433,739,014",
     "548,087,470"
    ],
    [
     "Tiger Brokers (Singapore)",
     "205,992,868",
     "262,485,542"
    ],
    [
     "TradeUP Securities",
     "204,825,441",
     "253,654,596"
    ],
    [
     "Tiger Brokers (HK)",
     "58,838,395",
     "87,921,190"
    ],
    [
     "US Tiger Securities",
     "10,731,914",
     "12,915,603"
    ],
    [
     "Yax HK",
     "n.a.",
     "4,736,551"
    ]
   ]
  },
  {
   "index": 5,
   "section": "The mainland China penalty matter",
   "caption": "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.",
   "headers": [
    "Line",
    "Amount"
   ],
   "rows": [
    [
     "Administrative penalty on subsidiaries",
     "about RMB308.1m"
    ],
    [
     "Confiscation of illegal income",
     "about RMB103.1m"
    ],
    [
     "Penalty on the chief executive personally",
     "RMB1.25m"
    ],
    [
     "Corporate amounts together",
     "about RMB411.2m"
    ],
    [
     "Q1 2026 Others, net (the line that recorded them)",
     "−US$64.096m"
    ],
    [
     "Q1 2025 Others, net",
     "−US$1.340m"
    ],
    [
     "Implied charge at about RMB6.41 per dollar",
     "about US$59.7m"
    ]
   ]
  },
  {
   "index": 6,
   "section": "Q3 2026",
   "caption": "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.",
   "headers": [
    "#",
    "Session",
    "TIGR",
    "IXIC",
    "Peers",
    "Left over",
    "Control result",
    "What the evidence supports"
   ],
   "rows": [
    [
     "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"
    ]
   ]
  }
 ]
}