Chinese online broker UP Fintech surges in Nasdaq debut

UP Fintech Holding Limited, which is known as Tiger Brokers in Asia, saw its share price rise by 36.5% to US$10.92 on Wednesday, its first trading day on the Nasdaq, after raising US$104 million durin

UP Fintech Holding Limited, which is known as Tiger Brokers in Asia, saw its share price rise by 36.5% to US$10.92 on Wednesday, its first trading day on the Nasdaq, after raising US$104 million during the company’s initial public offering.

The online broker, which allows Chinese retail investors to trade stocks listed outside the Chinese mainland—including in Hong Kong, the United States and the United Kingdom—set its IPO price at US$8, above the previously expected range of US$5 to US$7.

Its major rival Futu raised US$90 million in its IPO on the Nasdaq on March 8th. On Wednesday, the stock closed at US$17.12, down by 6.45% from the previous trading day, but was still well above its IPO price of US$12.

Wu Tianhua (right), founder of UP Fintech Holding Limited, poses in celebration for the company’s debut on the Nasdaq on March 20th, 2019, local time.