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Tiger, Futu post strong overseas gains after Beijing clampdown stalls mainland growth

Brokerages shift to Southeast Asia, US and Europe amid Beijing’s stepped-up drive to root out illegal cross-border securities activity

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An ad for Tiger Brokers' AI chatbot runs on a Hong Kong tram. Photo: Handout
Daisy Wu

Tiger Brokers and Futu Holdings, two of the region’s largest online brokerages, posted robust second-quarter growth as they expanded overseas to absorb Beijing’s toughest crackdown yet on illegal cross-border stock trading.

UP Fintech Holding, parent of Tiger Brokers, reported on Wednesday that revenue rose 31.4 per cent year on year to a record US$182.3 million. Net income attributable to shareholders, however, slipped to US$39.4 million from US$41.4 million a year earlier.

Chairman and CEO Wu Tianhua said the “great majority” of the 32,600 new funded accounts in the quarter came from Singapore and Hong Kong, lifting total accounts 10.3 per cent year on year to 1.32 million. Client assets also climbed 16.7 per cent to US$60.7 billion.

“To streamline users’ compliance procedures and reduce tax declaration complexities, we rolled out a dedicated tax reporting tool under our Hong Kong, Singapore and New Zealand regulatory licences,” Wu said in an exchange filing, adding that Tiger also rolled out fractional share trading for Singapore-listed stocks and index options trading in Hong Kong.

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