Fintech PR

UP Fintech Reports a Net Profit for the First Time

Published

4 years ago

June 2, 2020

Despite being faced with a challenging start in 2020 due to the outbreak of the COVID-19 pandemic and the accompanying global economic volatility, UP Fintech Holding Limited (“UP Fintech” or the “Company”) (NASDAQ: TIGR), a leading online brokerage firm focusing on global Chinese investors, recently posted impressive first-quarter financial results.

In the first quarter of 2020, UP Fintech’s total securities trading volume was $44.1 billion, up 58.3% year-over-year. The number of clients who opened an account increased by approximately 94,000 from the previous quarter and the number of accounts with deposits increased by approximately 20,900. The quarterly growth rate in funded accounts was about 2.5 times that of the same quarter last year and marked a record high for a single quarter. The company also reported total client account balance of $5.5 billion as of March 31, 2020, a 79.9% increase from a year ago.

Increased trading activities from more client accounts contributed to an increase in UP Fintech’s revenues. UP Fintech’s total revenues increased by 136.7% year-over-year to $23.2 million for the first quarter of 2020. Commissions increased by 124.6% year-over-year to $14.3 million. Interest and other related income (financing service fees) jumped by 128.9% to $6.41 million from a year ago. Other revenues, driven by a growing institutional businesses, increased by 291.3% to $2.51 million from the first quarter of 2019.

Due to the solid results from multiple business segments, UP Fintech reached profitability for the first time since its launch in 2015, with a net income attributable to UP Fintech of $3.03 million for the quarter, representing a milestone for the company.

Mr. Wu Tianhua, CEO of UP Fintech commented, “During the unprecedented market conditions caused by the pandemic, we managed to grow our user base and remain agile in our business operations; there is still strong demand in the market for our services. By constantly adding new features and investment products to our proprietary trading platform, we continue to improve our user experience and enhance user stickiness. We are also expanding our institutional business, particularly investment banking, equity underwriting, and ESOP services, all of which helped us grow our revenue streams substantially.”

UP Fintech’s growing capability to serve corporate clients is well-recognized. In 2019, UP Fintech’s subsidiaries served as an underwriter in 12 Chinese ADR IPOs in the U.S. In the first quarter of 2020, only six Chinese companies listed on U.S. exchanges and four of them had UP Fintech’s subsidiaries act as the underwriter for their offerings, including Phoenix Tree Holdings Ltd (DNK), Lizhi Inc (LIZI), Huize Holding Ltd (HUIZ), and Zhongchao Inc (ZCMD). It should also be noted that UP Fintech led U.S. IPO underwriting of Chinese companies by deal count among brokerages in the first quarter of 2020. Between the end of 2017 and the first quarter of 2020, UP Fintech helped 44 China-based companies go public in the U.S.

“The lockdowns enforced in many cities in the wake of the coronavirus dealt a blow to traditional in-person IPO roadshows. UP Fintech overcame this challenge by moving face-to-face meetings online. Our ability to organize virtual roadshows for prospective issuers demonstrates our flexibility and the strong relationships that we built with more than 500 institutional investors across North America and Asia-Pacific,” said Mr. Wu.

According to Mr. Wu, the company further strengthened its market position in ESOP management services after a year of heavy investment in system architecture. UP Fintech now counts over 50 client firms across more than 10 industries, including Xiaomi Corp (1810) and Viomi Technology Co. (VIOT). The ESOP management system has been updated over 11 times and has over 109 specific features to address clients’ diversified needs.

In addition, UP Fintech also saw a surge in client engagement with its wealth management business. Due to market volatility in the first quarter of 2020, some investors moved their money into relatively lower volatility investments; many of them chose “Cash Plus,” an innovative cash management feature that the company launched in late 2019. In the first quarter “Cash Plus” reported an increase in assets under management of 170% and a 1000% increase in client numbers.

Besides “Cash Plus”, UP Fintech recently launched its “Fund Mall”, a brand new wealth management feature that provides a one-stop-shop for investing in global mutual funds. The Fund Mall includes over 50 well-known mutual funds managed by top-tier global asset managers with deep investment expertise and rigorous risk management capabilities.

Mr. Wu noted that the number of mutual funds in the Fund Mall will reach 100 in the second quarter of fiscal 2020. UP Fintech will also launch a proprietary “fund rating system” to enable clients to screen funds based on custom criteria such as return and fund size. Mr. Wu said that the company would make more specialized features available in the future to further increase clients’ ability to analyze prospective investment opportunities.

UP Fintech’s efforts to accelerate its international expansion continue in 2020. Its wholly owned Singapore subsidiary, Tiger Brokers (Singapore) Pte Ltd, received a Capital Markets Services License from the Monetary Authority of Singapore (MAS) in 2019 and has already commenced providing securities trading services to Singapore nationals. In addition, the company has offices in the U.S. and New Zealand and it expects to offer services to a wider spectrum of investors located in other countries and regions as it continues to scale internationally.

“Our proprietary technology is the backbone for our growth and enables us to provide efficient and first-rate services in a cost-effective manner. In the near future, by leveraging the best available technology, we aim to continuously deliver new solutions to offer our users a personalized investing experience and grow our company for many years to come,” Mr. Wu said.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

SOURCE UP Fintech Holding Limited

Fintech PR

ROYAL CANADIAN MINT REPORTS PROFITS AND PERFORMANCE FOR Q3 2024

Published

8 hours ago

November 22, 2024

CISION (PR Newswire)

OTTAWA, ON, Nov. 22, 2024 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) announces its financial results for the third quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.

“As the markets continue to change, the Mint is proving its ability to seize on new opportunities thanks to its diversified structure and flexible business strategy” said Marie Lemay, President and CEO of the Royal Canadian Mint.

The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.

Financial and Operational Highlights

The financial results for the third quarter of 2024 were ahead of target and higher than 2023 levels. Higher gold market pricing and foreign circulation volumes combined with lower fixed costs were the main drivers for the quarter over quarter increase. These increases were partially offset by lower than expected bullion volumes from the continued soft demand in the global bullion market. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan, the Mint’s Leadership team continues to actively monitor its status.
Consolidated revenue decreased to $252.7 million in 2024 (2023 – $360.6 million).
Revenue from the Precious Metals business decreased to $217.6 million in 2024
(2023 – $328.4 million):
- Gold bullion volumes decreased 38% quarter over quarter to 106.1 thousand ounces (2023 – 170.1 thousand ounces) while silver bullion volumes decreased 20% to 2.7 million ounces (2023 – 3.4 million ounces).
- Gold and silver market prices increased quarter over quarter by 27% and 23%, respectively.
- Sales of numismatic products decreased 12% quarter over quarter mainly due to the high demand in 2023 for the Queen Elizabeth II’s Reign products.
Revenue from the Circulation business increased to $35.1 million in 2024
(2023 – $32.2 million):
- Revenue from the Foreign Circulation business increased 77% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023.
- Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as fewer coins were required to replenish inventories, combined with lower program fees in accordance with the memorandum of understanding with the Department of Finance.
Overall, operating expenses decreased 27% quarter over quarter to $28.3 million (2023 – $36.0 million) mainly due to planned reductions in consulting and workforce expenses.

Consolidated results and financial performance
(in millions)

		13 weeks ended				39 weeks ended
				Change					Change
	September 28, 2024		September 30, 2023 Advertisement	$	%		September 28, 2024	September 30, 2023	$	%
Revenue	$	252.7 Advertisement	$ 360.6	(107.9)	(30)		$ 861.2	$ 1,841.8	(980.6)	(53)
Profit (loss) for the period	$ Advertisement	5.7	$ (5.8)	11.5	(198) Advertisement		$ 24.1	$ 15.0	9.1	61
Profit (loss) before income tax and other items ¹	$ Advertisement	1.4	$ (8.7)	10.1	(116)		$ 12.3	$ 23.4	(11.1)	(47) Advertisement
Profit (loss) before income tax and other items margin²		0.6 %	(2.4) %				1.4 %	1.3 %

(1) Profit (loss) before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit before income tax and other items is included on page 13 of the Mint’s 2024 Third Quarter Report.

(2) Profit (loss) before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before income tax and other items.

	As at
September 28, 2024 Advertisement				December 31, 2023		$ Change		% Change
Cash		$	58.4	$	59.8		(1.4)	(2) Advertisement
Inventories		$	71.5	$	68.8		2.7	4
Capital assets		$	174.2 Advertisement	$	173.0		1.2	1
Total assets		$	376.8	$	380.4		(3.6) Advertisement	(1)
Working capital		$	99.2	$	97.8		1.4	1

As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2024. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.

To read more of the Mint’s Third Quarter Report for 2024, please visit www.mint.ca.

About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours. As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations.

For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedIn, Facebook and Instagram.

FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES

This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.

This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities. Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2023 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2023. The forward-looking statements included in this Earnings Release are made only as of November 20, 2024 and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.

For more information, please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, [email protected]

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Fintech PR

OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers

Published

9 hours ago

November 22, 2024

CISION (PR Newswire)

MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.

The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures.

The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.

On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact.

The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries.

With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.

For more information: www.asharedpassion.com

Video: https://mma.prnewswire.com/media/2565600/ViniPortugal_and_OIVE.mp4

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Fintech PR

Alkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™

Published

11 hours ago

November 22, 2024

CISION (PR Newswire)

alkira-ranked-25th-fastest-growing-company-in-north-america-and-6th-in-the-bay-area-on-the-2024-deloitte-technology-fast-500™

Alkira attributes its 7,194% revenue growth to consistent innovation, enabling enterprises to overcome mounting network complexity in the cloud and AI era

SAN JOSE, Calif., Nov. 22, 2024 /PRNewswire/ — Alkira® Inc., the leader in Network Infrastructure as a Service, today announced that it ranked as the 6th fastest-growing technology company in the Bay Area and the 25th fastest-growing company in North America on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Now in its 30th year, the list recognized Alkira for achieving a growth rate of 7,194% during this period.

“Being recognized as one of North America’s fastest-growing companies by Deloitte is a tremendous honor. This achievement reflects Alkira’s unwavering commitment to equipping frontline networking teams with solutions that dramatically simplify enterprise networking amidst escalating complexity,” said Amir Khan, CEO at Alkira. “Today’s enterprises are racing to support cloud, AI and machine learning workloads, but their existing networks weren’t built for this dynamic environment. Alkira’s network infrastructure as-a-service platform enables organizations to connect any cloud, on-premise location, and remote user with a unified, secure, and highly scalable network fabric that reduces deployment times from months to minutes.”

“For 30 years we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”

“Innovation, transformation and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”

Overall, 2024 Technology Fast 500 companies achieved revenue growth ranging from 201% to 186,373% over the three-year time frame, with an average growth rate of 2,097% and median growth rate of 458%.

Now in its 30^th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

About Alkira
Alkira is the leader in Network Infrastructure on Demand. We unify any environments, sites, and users via an enterprise network built entirely in the cloud. The network is managed using the same controls, policies, and security systems network administrators know, is available as a service, and can instantly scale as needed. There is no new hardware to deploy, software to download, or architecture to learn. Alkira’s solution is trusted by Fortune 100 enterprises, leading system integrators, and global managed service providers. Learn more at alkira.com and follow us @alkiranet.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.

Media Contact:
Jelena Dopudj, Sr. Communications Manager, Alkira Marketing
[email protected]

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

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