Chinese online brokerage Up Fintech Holding to make Nasdaq debut next week

NEW YORK, March 16 (Xinhua) -- Up Fintech holding, an online brokerage focusing on global Chinese investors, will start trading on the Nasdaq Stock Market next week.

The company, which plans to list on the Nasdaq under the symbol "TIGR," is expected to start trading on March 20, according to IPOScoop, an independent research firm that predicts initial public offerings' (IPOs') opening-day performances.

Up Fintech holding is set to offer 13 million American depositary shares, or ADSs, for its IPO at a price range of 5 to 7 dollars, said its latest prospectus filed with the U.S. Securities and Exchange Commission.

Each ADS represents 15 Class A ordinary shares of the company.

Citi and Deutsche Bank are the joint bookrunners on the deal.

Online brokers utilize APPs and websites to provide integrated online securities services, including customer acquisition, account opening, securities trading and other value-added services.

Founded in 2014, the China-based company launched its trading platform in August 2015, which enables investors to trade in equities and other financial instruments on multiple exchanges around the world.

The company is the largest online broker focusing on global Chinese investors in terms of U.S. securities trading volume in 2017, with a market share of approximately 58.4 percent, said its filing, citing the iResearch report.

Up Fintech holding generates revenues primarily by charging its customers commission fees for trading of securities as well as earning interest income or financing service fees arising from trading activities.

It pocketed 33.6 million U.S. dollars in total revenue in 2018, as compared with 16.9 million dollars in 2017. Enditem