The new crown epidemic raged, overseas stock markets plummeted, and Tigers hit a new high in the number of new customers in a single season.
Beijing time on May 28, Tiger Securities (TIGR.US) released the first quarter of 2020 performance report before the US stock market. Data show that Tiger Securities’ revenue in the first quarter was 23.2 million US dollars, an increase of 136.7% year-on-year.
In the first quarter, Tiger Securities ’net profit was US $ 3.03 million, a loss of US $ 2.874 million in the same period last year, and a loss of US $ 557,000 in the previous quarter; non-GAAP net profit of US $ 4.249 million , Achieved profitability for three consecutive quarters, and turned losses into profits year-on-year, up 1300% month-on-month. This quarter, Tiger Securities ushered in full profit.
For this turnaround, Wu Tianhua, founder and CEO of Tiger Securities, said that in addition to being actively affected by U.S. stock market transactions in the first quarter, ESOP (Employee Option Management Program) services, investment banks and brokerage businesses are mutually benefiting each other. Large production and research investment, expansion of trading varieties, and the global market turmoil in the first quarter effectively managed risk exposure to respond to market volatility.
The internationalization business of Tiger Securities is also accelerating this year, and the company has already started its business in the US, New Zealand and Singapore. In the financial report, Wu Tianhua said: “In the first quarter of 2020, we began to attract Singapore customers and added real-time market data of Singapore-listed stocks to our platform. We look forward to acquiring more overseas users and providing new customers with Seamless access to global markets. “
In terms of business, Tiger Securities ’commission income for the quarter was US $ 14.3 million, an increase of 124.6% year-on-year; interest-related income was US $ 6.41 million, an increase of approximately 128.9% year-on-year; other income was US $ 2.5 million, an increase of 291.3% year-on-year.
In the above businesses, other income, mainly investment banking and ESOP (Employee Options Program), still contributed 10.8% of revenue in the quarter.
Despite the outbreak of the new crown epidemic in the first quarter, Chinese companies only went to the United States for listing due to traffic congestion and other factors, and the US stock IPO market was slightly sluggish. However, in the first quarter, Tiger Securities completed the underwriting of four US stock IPOs. Including eggshell apartment, litchi, Huizhi, Zhongchao medicine. As of the end of the first quarter, Tiger Securities had underwritten a total of 44 companies to go public in the United States, and ESOP had accumulatively signed over 50 customers including Xiaomi Group, Yunmi, and who to learn from.
In terms of user data, as of March 31, 2020, Tiger Securities account opening customers were 74.30000. The number of customers who opened accounts increased by approximately 94,000, and the number of gold deposit customers increased by approximately 21,000, a record high in the number of new customers in a single quarter. Total customer assets increased by 79.7% year-on-year to 5.493 billion US dollars.
Tiger Securities officially launched its wealth management business in 2020 and launched the “Fund Mall” function. At present, the fund supermarket has nearly 50 well-known global public funds including Fidelity, BlackRock and JPMorgan Chase product.
Looking forward to the next quarter, Wu Tianhua said that in the second quarter, online overseas public funds will reach about 100, while Tiger will launch a self-developed “multi-dimensional fund scoring system”.
In addition, Tiger Securities began the share repurchase program on April 1, 2020. From that day to May 26, 2020, the company repurchased 508,568 shares, involving an amount of approximately 1.5 million US dollars.
Since this year, the stock price of Tiger Securities has risen by 3.1%. At the close of the last US stock trading day, Tiger Securities reported $ 3.66, up 6.71%, and the latest total market value was $ 517 million.