Fintech PR
UP Fintech Reports a Net Profit for the First Time
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
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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