Thank you, operator. Hello, everyone, and thank you for joining us for the call today.

UP Fintech Holding Limited's first quarter 2026 earnings release was distributed earlier today and is available on our IR website at ir.itigerup.com, as well as GlobeNewswire services. On the call today from UP Fintech are Mr.

Wu Tianhua, Chairman and CEO; Mr. John Zeng, our CFO; Mr.

Huang Lei, CEO of US Tiger Securities; and Mr. Kenny Zhao, 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.

The statements we are about to make contain forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement.

For more information, please refer to our Form 6-K furnished today and our annual report on Form 20-F filed on April 24th, 2026. We undertake no obligation to update any forward-looking statement, except as required under applicable law.

It is my pleasure to now introduce our Chairman and CEO, 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.

大家好！非常感谢各位参加老虎国际2026年第一季度财报发布会。

Hello, everyone. Thank you for joining the Tiger Brokers first quarter 2026 earnings conference call.

2026年第一季度，公司凭借多元化的业务品类，以及稳健增长的核心业务规模，本季度整体营收及核心经营数据实现了同比稳健增长。本季度公司总收入达到1.55亿美元，较去年同期增长26.3%；实现经营利润4755万美元，较去年同期增长17.5%。

In the first quarter of 2026, benefiting from our diversified offerings and steady expansion of core operations, we achieved solid year-over-year growth in total revenue and key operating metrics. Our total revenue for the quarter reached $155 million, representing a 26.3% increase year-over-year.

Operating profit reached $47.6 million, up 17.5% from the same period last year.

用户增长层面，本季度公司新增入金用户28,900人，新用户主要来源于新加坡和香港市场。截止到2026年第一季度末，公司累计的总入金用户数达到了128.28万人，较去年同期增长11.3%。客户资产方面，第一季度客户净入金规模达到29亿美元。这也是公司史上首次实现单季度来自综合账户的零售用户贡献的净入金突破20亿美元，充分印证了公司聚焦用户质量的发展战略取得的成效。用户结构与客户质量持续优化。第一季度市场波动下行，导致公司客户资产产生了49亿美元的市值浮亏。受此影响，第一季度末公司客户总资产环比小幅回落3.2%，但依旧保持了强劲的同比增长态势，同比提升28.4%。期末客户总资产达到589亿美元。进入第二季度以后，Nasdaq市场已经开启反弹。第二季度截止到目前，一季度产生的客户资产市值的浮亏已经得到了全部的修复。此外我们也很高兴地看到，即使在市场回调给客户资产带来较大的市值浮亏的情况下，凭借健康的净入金，第一季度所有海外市场均实现了客户资产的环比的上升。其中美国客户的资产环比上升近40%，澳新和香港市场客户资产也分别实现了高个位数和双位数的环比增长。

We onboarded 28,900 new funded accounts this quarter, Singapore and Hong Kong markets are the primary contributors. As of the end of the first quarter, the number of our total funded accounts reached 1.28 million, a year-over-year increase of 11.3%.

In terms of client assets, we saw a net asset inflow of $2.9 billion in the first quarter. In particular, net asset inflow from retail users under consolidated accounts exceeded $2 billion for the first time in our history.

This fully demonstrated that our strategy prioritizing user quality has delivered tangible results, with our user profile and client quality seeing further improvement. Due to the market turbulence in the first quarter, our client assets experienced mark-to-market losses of $4.9 billion.

As a result, total client assets at quarter end slightly down 3.2% quarter-over-quarter, yet maintained robust year-over-year growth of 28.4%, reached $58.9 billion at the end of the first quarter. Looking into the second quarter, Nasdaq has started to rebound and all mark-to-market losses on client assets recorded in the first quarter has been fully recovered on a quarter-to-date basis.

Additionally, we are glad to see that despite notable market pullbacks, which led to substantial mark-to-market losses on client assets, healthy net asset inflow drove a quarter-over-quarter increase in client assets across all the overseas markets. US client assets rose nearly 40% quarter-over-quarter, while Australia, New Zealand, and Hong Kong posted high single-digit and double-digit quarter-over-quarter growth, respectively.

产品端，公司持续迭代升级产品功能，优化用户的投资体验。本季度，我们对老虎AI功能进行了重要的升级，全新搭建了多智能体的架构，将行情检索、市场分析、风险控制等功能拆分为独立的智能模块，大幅提升智能分析输出的精准度和专业性。同时我们也正式上线了期货AI的智能模块，有效提升期货相关分析的准确率和实用性，显著改善了用户对老虎AI期货知识的使用体验。除此之外，老虎AI也在原有的双模型架构上成功接入Claude大模型，升级为三模型协同AI工具，智能化的赋能能力实现了大幅提升。在衍生品的交易领域，平台上线了香港指数期权交易和期权TWAP订单等专业的功能，帮助投资者在复杂的市场环境下实现更优的交易方案。

We keep rolling out features updates to enhance users' overall investment experience. This quarter, we delivered a major upgrade to Tiger AI with a brand-new multi-agent architecture.

We split functions including market quote search, market analysis, and risk control into standalone AI agents, which has greatly boosted the accuracy of our AI-driven insights. We also officially launched a dedicated AI agent for futures.

It delivers more reliable, practical analysis and improves how users interact with our futures tools. Besides, Tiger AI has upgraded from our original dual-model framework to a three-model collaborative system by integrating with Claude model, marking a substantial improvement in our intelligent service capability.

For derivative features, we rolled out Hong Kong index option trading and option TWAP orders, helping investors execute better trading strategies under volatile markets.

老虎国际的2B业务保持发展势头。投行业务侧，本季度我们承销了10宗港股IPO项目，涵盖了包括MiniMax、智谱AI等头部的人工智能企业；同时也顺利完成了2宗大型美国的SPAC IPO项目。此外，港股打新市场需求持续旺盛，2026年以来，老虎平台港股新股的认购总额已经突破了1万亿港币。ESOP业务方面，本季度新增客户42家。截止到2026年3月末，公司累计服务ESOP客户达到了790家，反映了市场对专业ESOP服务与数字化管理工具的持续的旺盛需求。

Our 2B business continued to perform well. In the first quarter, we underwrote 10 Hong Kong IPOs, covering leading AI companies including MiniMax and Zhipu AI.

We also successfully completed two large-scale US SPAC IPOs. In addition, demand for Hong Kong IPO subscription remains robust.

Year to date, the total subscription amount for Hong Kong IPOs on our platform has exceeded HK$1 trillion. As for our ESOP business, we added 42 new clients in the first quarter.

As of the end of March 2026, our total ESOP clients served reached 790, indicating a sustained strong market demand for professional ESOP services and digital management solutions.

为表明我们对公司长期发展前景的信心，以及对回报股东价值的承诺，公司董事会已批准一项股份回购计划，回购金额最高不超过5000万美元，回购期间为2026年的6月1号到2027年的6月1号，共12个月。

To demonstrate our confidence in the company's long-term growth and our commitment to delivering shareholder value, our Board of Directors has approved a share repurchase program of up to $50 million to be implemented over a 12-month period from June 1st, 2026 to June 1st, 2027.

现在请CFO John跟各位汇报一下财务细节。

Now I'd like to invite our CFO, John, to go over our financials.

All right. Thanks, Tianhua and Aaron.

Let me go through our financial performance for the first quarter. All numbers are in US dollar.

Commission income was $67.2 million, increased 15% year-over-year and decreased 5% quarter-over-quarter. Interest income was $64.5 million, increased 20% year-over-year while decreased 10% quarter-over-quarter.

Together, total revenue reached $155 million, up 26% year-over-year and down 12% quarter-over-quarter. Cash equity take rate was 5 bps this quarter, down from 6.4 bps a quarter ago.

The main driver was a quarter-over-quarter increase of roughly $10 billion in trading volume in US Tiger. However, this uptick didn't translate into commission revenue, as in the US, we offer zero-commission pricing for local users.

Within commission revenue, about 67% comes from cash equities, 25% from options, and the rest from futures and other products. Now on to cost.

Interest expense was $18.1 million, decreased by 5% quarter-over-quarter, in line with the decrease in interest income, and increased 21% compared to the same quarter last year. Execution and clearing expense were $5 million, a decrease of 6% from the same period last year, due to more self-clearing of US and Hong Kong securities.

Employee compensation and benefits expense were $46.8 million, an increase of 39% year-over-year, due to the headcount increase to strengthen R&D. Occupancy, depreciation, and amortization expense were $2.7 million, increased 25% year-over-year, due to the increase in office space and relevant leasehold improvements.

Communication and market data expense were $13.6 million, an increase of 39% year-over-year, due to the increase in user base and IT-related service fees. Marketing expense were $14 million this quarter, increased 29% year-over-year, as we focused on acquiring higher-quality users and accelerating the expanding of our wealth management products.

General and administrative expense were $7 million, increased 37% year-over-year, due to an increase in professional service fees. Total operating costs were $89.2 million, an increase of 33% from the same quarter of last year.

On May 22nd, we received a regulatory penalty notice, totally approximately RMB411 million. We have fully accounted for this amount in our first quarter results as a non-operating expense.

This is a one-time, non-recurring charge and will not have material impact on our core business and overall financial health. As the result, net loss and non-GAAP net loss were $26.9 million and $23.8 million.

Operating profits were $47.5 million, increased 17% year-over-year. Now I have concluded our presentation.

Operator, please open the line for Q&A. Thanks.

Peter。我们这边有两个问题。第一就是想请管理层讲解一下应该如何解读5月22日发布的监管新规，对于我们的业务和相关大陆客户会有什么影响？可否请管理层介绍一下大陆零售客户对于我们的客户资产和收入贡献的占比？第二是想问公司提到本季度来自零售用户的净入金超过20亿美金达到历史新高，能否按照市场给我们拆分一下？那我做一下翻译。Thanks for giving me the opportunity to ask questions. This is Peter Zhang from JPMorgan.

I have two questions. First is how do you interpret the new regulatory rules released on May 22nd, and what will be the impact on your business?

Also, could you share the mainland retail clients' share of your total client assets as of end first quarter, as well as their contribution to the total revenue in first quarter? Second, management has mentioned that the quarterly net asset inflow from retail clients has reached a record high in first quarter.

Can we have some color on the regional breakdown? Thank you.

谢谢。第一问题，今年5月22号，证监会联合多部门发布了相关的行业监管新规。那全公司我们也第一时间高度重视并积极的响应。那本次监管的政策更新呢，是对全行业统一适用的，并非针对老虎国际一家公司。那具体来讲，第一点，关于罚款的这个事项，本次是一个一次性的处罚，罚款金额合计4.11亿人民币左右，折合约6000万美元。那以公司目前的盈利能力与现金储备来看，该笔罚款不会对公司的核心业务和未来发展构成重大的影响。那第二点是关于行业规则的调整以及对公司的影响。那本次监管政策最核心的变化，是监管逻辑从身份的审核转变为属地管理。因此，两年整改期并不是清退账户，而是限制在境内的行为。那本次所有的监管约束均聚焦于在境内的这个业务行为。那此外，新规也禁止券商、银行在内地开展跨境投资业务的营销，那同时要求关停内地的官方网站，下架内地应用市场类的相关应用。那上述很多整改动作，公司已于2023年的5月份全部完成。那需要强调的是，本次政策的调整对海外市场的用户均没有影响。那截止到第一季度末，综合账户大陆的零售用户客户资产占整个集团客户总资产的比例为10%左右，净收入的占比在20%到25%区间。那我们也看到新规出台到目前为止，大陆零售用户存在净出金的情况，那我们认为这是短期很正常反应，并会逐渐的稳定。那其他海外市场的零售用户不受影响。事件发生后至今，整体依然是净入金的情况。

I'll translate. On May 22nd, China's securities regulator, together with multiple ministries, rolled out a new industry-wide regulation governing cross-border securities, futures, and fund trading by mainland investors.

These new rules apply to the entire industry, not only our firm. We took this new regulation very seriously with swift response.

First, regarding the fine, this is a one-time penalty totaling approximately RMB410 million, equivalent to around $60 million. Given our current profitability and cash reserves, this fine will not materially affect our core operations or long-term development.

Second, on the regulatory overhaul and its business impact, the core shift here is the regulatory approach moving from user identity verification to territory-based oversight. Therefore, the two-year rectification period is not about closing all existing PRC client accounts, but to restrict trading activities when they are onshore in mainland China.

This new regulation targets onshore operation of all industry players. Under this new rule, brokers and banks cannot market cross-border investment services within mainland China and are required to close down mainland-focused official websites and to remove relevant apps from local app stores.

We've already completed all these requirement rectification back in May 2023. It is important to note that policy changes have no impact on users offshore.

As of the end of the first quarter, mainland retail investors' client assets under consolidated accounts accounted for roughly 10% of our total client assets and contributed between 20% to 25% of our total net revenue. Since the new rules were announced, we saw some uptick in asset outflow from mainland retail accounts.

We believe this is a normal short-term market reaction, and we expect outflow to stabilize soon. Our retail users in other overseas markets remain unaffected and still record net asset inflows as usual throughout the period.

第二个问题，关于Omnibus零售入金的一个breakdown。本季度Omnibus的零售用户的净入金当中，90%左右都来自于大陆以外市场的贡献。那整体来看，新加坡市场贡献了1/3以上，澳新和美国市场合计贡献1/3左右，那其余的都是来自于香港市场。

For second question, roughly 90% of our total net asset inflow from Omnibus retail accounts this quarter came from markets outside of mainland China. By region, Singapore contributed over one-third of the total net asset inflow, Australia and New Zealand plus US combined for around another one-third, and the remainder came from Hong Kong retail users.

Thanks, Peter. Operator, move on to the next question, please.

Cindy。那我这边也有两个问题。第一个问题的话，想请教一下，因为看到公司第一季度的环比来看的话，take rate是有所下降的，尤其是正股交易这一块。那可否请公司这边给我们说明一下这个背后的原因？那第二个的话是因为我们这一次本次有受到这个一次性的一个事件的影响，单季度是亏损的，但我们也注意到这个所得税的费用的金额环比是上升的，那主要的原因为何？那我们应该怎么看未来公司的这个effective的tax rate？那我很快速地翻译一下我的问题。Thanks for taking my call. I have two questions here.

First one is we noticed that the first quarter take rate decreased sequentially, especially for the stock commission rate. Can you let us know what's the reasoning behind it?

Second, this quarter the company was affected by the one-off penalty resulting in a quarterly loss, but income tax expense increased sequentially. What are the reasons for this, and how should we expect the effective tax rate going forward?

Thank you.

Cindy你好，我来回答这两个问题吧。首先关于你的第一个问题是take rate的。一季度无论整体的trading volume还是正股的trading volume，环比其实都是有所上升的，但佣金收入环比有下降5%左右。主要的原因，就是take rate有所下降，主要的原因是有这么两个：一个是1季度港股交易量占比有所提升，受到对于香港用户交易港股免佣的影响，整体来看港股的take rate相比美股的take rate略低在两个bps左右，所以港股交易量占比的提升会拉低整体正股的take rate。第二个原因是在本季度的时候老虎美国有一些质量不错且交易风格偏高频的用户拉高了该牌照在一季度的trading volume，但由于我们老虎美国按照当地的市场惯例是零佣金，因此使得整体的take rate看起来也会比较低一点。然后blended take rate的这个下降，除了以上提到的正股的原因以外，就是一季度的期货在佣金收入的占比也从四季度6%提升到了8%左右。那由于期货的trading volume是按照notional value来计算的，因此也会拉高我们整体的交易量，造成blended commission rate的下滑。那我先翻译一下。So total trading volume and equity trading volume both increased quarter-over-quarter, but commission revenue fell roughly 5%, leading to a lower blended take rate.

There are two key main factors. Number one is Hong Kong trading volume made up a larger share of total stock trading volume in the first quarter.

We offer zero commission for Hong Kong users trading Hong Kong stock, and the take rate for Hong Kong stock is about 2 bps lower than that of the US stocks. A higher proportion of Hong Kong trading volume would drag down the overall stock take rate.

Another reason is Tiger US onboarded some active users this quarter and saw an uptick in total trading volume. In the US, we follow market practice and offer zero commissions, which further compressed the stock take rate.

Beyond those two factors, revenue from futures trading rose around 6% in fourth quarter to roughly 8% in first quarter. Since future volume is calculated based on notional value, the enlarged total trading volume caused a decrease in blended commission rate.

然后你的第二个问题是关于这个

effective tax

rate的问题。首先来讲，就是我们近期收到的这个行政罚款，按照税法的规定是不能作为费用在税前扣除的，也就是实际上tax口径下的税前利润要加上我们这次收到的罚款金额6000万美金。然后所得税费用的环比上升，主要的原因是由于员工股票奖励所导致的non-cash的所得税费用调整。简单的来说，就是说公司授予员工的股票奖励在财务上会每个季度按照总额进行摊销，形成人力成本的一部分，包括已经成熟归属的部分，也包括尚未成熟的部分。但税务上只认可已经成熟部分的摊销，对于未成熟部分摊销产生的费用是不允许税前扣除的，因此会形成一个递延所得税的资产。当一季度公司的股价有下跌的时候，整体未归属员工的股票池的价值也会随之下降，形成的递延税资产也会随之下降。因此在一季度由于这个原因就冲减了400万美金左右的递延税资产，并计入了所得税的费用。同样，如果未来股价上涨，也会形成新的递延税资产，并冲减当期的所得税费用。我们认为剔除该类影响，公司未来合理的effective tax rate应该是在低于20%的这个水平的。那我翻译一下。Based on tax rules, administrative fines are non-deductible tax items. Our taxable income is calculated based on pre-tax profit before the penalty.

The primary reason of this income tax increase was due to a non-cash tax adjustment linked to employee stock incentives. We amortize share-based compensation expense each quarter for accounting purpose, covering both vested and unvested employee stocks.

For tax purpose, however, only amortization relates to vested award is tax-deductible. Non-deductible amortization on unvested shares is factored in deferred tax asset.

As our share price declined in first quarter, which reduced the fair value of unvested employee stock incentives, this led to a write-down of prior deferred tax asset of around $4 million, and this amount was recorded as an increase in income tax expense. Conversely, a future share price rebound would also boost deferred tax asset and reduce tax expense accordingly.

Excluding this one-time non-cash impact, we expect our effective tax rate to stay below 20% going forward. Thanks.

Thanks. Operator, move on to the next question, please.

Yoyo。那我这边的话也是两个问题想要请教一下。首先的话是想要请教一下咱们二季度以来的run rate如何，包括咱们看到像这个入金用户数、客户的交易活跃度，然后包括像客户资产的一些变化趋势大概是怎么样的。然后第二个问题的话想要请教一下关于这个新增入金用户数，想请教一下咱们看一季度的话如果按照地区分拆大概是怎样一个分布？另外的话因为我们看一季度这个新增入金用户数2.89万，那可能没有达到我们此前给的全年新增15万人指引的这么一个增量节奏，所以也想请教一下管理层咱们后续的话是否会去加大这个获客的投入，或者去相应的做这个全年新增用户指引的调整？那我这边也快速翻译一下。Thanks management for taking my questions. This is Yoyo Fan from CICC.

I have two questions. Firstly, could you share more on our run rate since Q2?

What's the trend of the new funded clients, trading velocity, and the client AUM? Second question is on the net new funded accounts in Q1.

What's the regional breakdown? It seems that the number of the newly added clients has not met the pace required for the full-year guidance.

Will you invest more in client acquisition or adjust the full-year guidance?

第一问题，展望第二季度的话，目前入金用户数方面，那我们预计环比交易稳定，主要贡献市场依然是香港和新加坡的市场。那交易活跃度这个方面，第二季度截止到目前来看，无论是DARTs还是佣金收入，相比第一季度均有所提升。那美股活跃度的提升尤为明显。二季度截止到目前，美股正股的交易额已经达到了一季度整个季度的水平。客户资产方面，此前也提到了，一季度产生了近50亿美元的mark-to-market loss，在第二季度截止到目前已经全部收复。那同时零售用户在第二季度的净入金依然是比较健康的。那因此我们预期，如果6月份市场环境没有明显改变的话，那客户资产环比会有不错的上升。

For your first question about our run rate in the second quarter, for the number of new users, we expect the number to stay stable quarter-over-quarter, with Hong Kong and Singapore remaining our top contributing markets. Trading activity has picked up notably in the second quarter quarter-to-date.

Both DARTs and commission income are higher than the Q1 level. US stock trading activity saw the most significant improvement, with Q2 to date US cash equity trading volume already matching the full Q1 total.

Regarding client assets, quarter to date, we have fully recovered the nearly $5 billion mark-to-market losses recorded in the first quarter. Retail net asset inflow remained healthy so far in the second quarter.

Assuming no material shifts in the market conditions through June, we expect total client assets to post a solid quarter-over-quarter increase.

第二个问题，在第一季度的新增入金用户中，我们的breakdown情况是这样子的：来自于新加坡市场和香港市场的贡献占到了75%以上，那其中两个市场各占一半左右；澳新市场的贡献在20%左右；那剩余的是来自于美国市场。关于全年的这个指引，首先直接回答你的问题，我们目前保持不变。那这个指引呢是基于国际化展业带来的增量做出的一个估计，所以5.22的这个监管更新对我们全年的新增入金的这个指引并没有实质的影响。此外，今年以来市场波动对投资者的情绪有所影响，那我们期待下半年的地缘冲突和通胀预期会有所改善，这样带来更好的用户数量增长表现。此外我们在衡量获客成本的时候，像人均CAC、ROI等指标固然是最重要的，但基于公司目前的战略，用户质量优先，并将客户资产也就是净入金作为评价用户质量的主要的这个KPI，那因此我们认为最直接体现获客成本效率的指标是获客成本和零售用户当季度净入金的一些比例关系，也就是说每产生1美金的获客成本可以带来多少美元的净入金。那我们看到这个比值在今年的第一季度是170美元左右，过去四个季度是在150美元左右，那再往前看一年是120美金左右。那因此我们对公司的获客策略以及在过去一年实现的效果还是比较满意的。

For new funded accounts in the first quarter, Singapore and Hong Kong together accounted for over 75% of the total, split almost evenly between these two markets. Australia and New Zealand contributed around 20%, with the rest coming from the US.

Even with the headline news on May 22nd, we are confident about our full-year guidance and our global expansion. Market volatility has affected investor sentiment so far this year.

We are optimistic that easing geopolitical tensions and improved inflation expectations in the second half will drive stronger user growth. In addition, it's noteworthy to point out that when evaluating customer acquisition, while indicators like average CAC or ROI are important, our strategic priority is user quality, with client assets and net asset inflow as our core KPIs.

Therefore, we view the ratio of customer acquisition cost to quarterly retail net asset inflow as a more relevant measure of acquisition efficiency. In other words, just how much net asset inflow we can generate per dollar spent on the client acquisition.

This ratio was at roughly $170 in the first quarter, compared to around $150 over the past four quarters, and approximately $120 in the year before that. This shows that our customer acquisition strategy is indeed effective in acquiring high-quality users.

Thanks. Operator, let's just move on to the next question.

Thanks. I'd like to thank everyone for joining our call today, and now closing the call on behalf of the management team here at Tiger.

We do appreciate your participation in today's call. If you have any further questions, please reach out to our Investor Relations team.

This concludes the call, and thank you very much for your time.