UP Fintech Receives SFC’s Nod for Acquisition of Ocean Joy Securities

Online brokerage firm UP Fintech Holding Limited (UP Fintech), known as “Tiger Brokers” in Asia, announced that it has received approval from the Hong Kong Securities and Futures Commission (SFC) to complete the acquisition of Ocean Joy Securities Limited (OJSL).

As OJSL is licensed with the SFC for Type I (Dealing in Securities) and Type II (Dealing in Futures Contracts) regulated activities, the regulator need to approve the acquisition deal. UP Fintech expects to complete the acquisition and, upon completion, expects to start to operate its brokerage business in Hong Kong.

UP Fintech is a leading online brokerage firm focusing on global investors. The company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world.

Last month, UP Fintech has released its financials for the second quarter​ ended 30 June 2021, showing a significant jump in revenues on a YoY basis.

More specifically, total revenue of the broker came in at $60.2 million, 98.7% higher than the same period in 2020. Total net revenues stood at $55.4 million, up 95% compared to Q2 2020.