UP Fintech Holding stock (US90353W1018): delisting from Nasdaq shifts focus to OTC trading

UP Fintech Holding has been delisted from Nasdaq and now trades over the counter in the US, while the online broker continues to serve mainly Asian clients through its Tiger Trade platform. What the structural shift could mean for international and US-based investors.

UP Fintech Holding, better known to many investors under its Tiger Brokers brand, has seen its American depositary shares move from the Nasdaq to the over-the-counter market in the US, following a delisting process completed in early 2025 according to company announcements and exchange disclosures. The online brokerage group continues to operate its Tiger Trade trading platform for mainly Asian clients and maintains its US presence via OTC trading, as reflected in recent market data from major US quotation services.

As of: 05/17/2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: UP Fintech Holding
• Sector/industry: Online brokerage and financial services
• Headquarters/country: China (focus on China and Asia-Pacific markets)
• Core markets: Cross-border securities trading for retail investors in Asia and Chinese clients trading offshore markets
• Key revenue drivers: Commissions, margin financing interest, securities lending and related brokerage services
• Home exchange/listing venue: Over-the-counter in the United States (former Nasdaq listing under the ticker TIGR)
• Trading currency: US dollar for the ADRs

UP Fintech Holding: core business model

UP Fintech Holding operates primarily as an online brokerage platform that gives individual investors access to equities, ETFs and other financial products listed on global exchanges. The business is centered around its Tiger Trade mobile and desktop application, which offers multi-currency accounts, cross-border trading and analytical tools tailored to tech-savvy retail clients. The company’s customer base historically has been concentrated in mainland China, Singapore and other Asia-Pacific markets, where demand for international diversification and US-listed growth stocks has expanded over the past decade, a trend also described in sector research published in 2023 by several regional brokerage industry associations.

The group earns a significant portion of its income from transaction-based commissions on equity and derivative trades executed through the Tiger Trade platform. In addition, it generates interest income from margin financing and idle client cash balances, as well as securities lending activities connected to margin accounts. This combination of commission and interest revenue is typical for digitally focused brokers and makes the company’s performance sensitive to both trading activity and prevailing interest rate levels. During periods of heightened market volatility, trading volumes tend to rise, providing a supportive backdrop for commission-based income, although volumes can also decline quickly when investor sentiment turns cautious.

Beyond core brokerage, UP Fintech Holding has developed ancillary services such as account management tools, access to IPO subscriptions in certain markets and stock transfer capabilities for clients moving portfolios from traditional brokers. In some jurisdictions it partners with licensed local entities to provide custody and settlement services, while focusing internally on technology, customer service and product design. This asset-light model means the company relies heavily on its technology infrastructure and on maintaining regulatory approvals across multiple regions. Compliance with securities regulators in markets such as Singapore and other Asia-Pacific hubs remains a decisive factor for the long-term viability of the cross-border brokerage model.

Main revenue and product drivers for UP Fintech Holding

The primary revenue driver for UP Fintech Holding is trading volume on its Tiger Trade platform. When clients place more orders, particularly in US and Hong Kong equities, commission revenue tends to increase. According to the company’s historical filings for fiscal years up to 2023, reported in annual reports published in 2024 and earlier, a large share of client assets has been allocated to US-listed growth stocks and Chinese companies with dual listings. This concentration exposes the broker’s activity levels to sentiment swings in both US technology shares and Chinese equities listed offshore, which have experienced pronounced volatility in recent years.

Margin financing is another key revenue component. Clients who borrow funds to increase their purchasing power pay interest on those margin loans, often at variable rates tied to prevailing short-term benchmarks. As global interest rates rose from 2022 onward, many online brokers, including firms operating in Asia-focused cross-border trading, reported higher interest spreads on client balances. For UP Fintech Holding, this environment can support net interest income; however, it also raises risk management demands, as leveraged clients are more vulnerable to market downturns that might trigger margin calls and credit losses. The company’s risk controls and collateral requirements therefore play a central role in protecting its balance sheet.

In addition to trading and margin revenue, the company offers value-added services such as premium research access, data feeds and advanced order types for active traders. Some of these services are bundled into account tiers, while others are charged as separate fees. Although these fees are typically a smaller portion of total revenue compared with commissions and interest income, they can help diversify the revenue base and foster deeper engagement among frequent traders. Over the longer term, the company may also explore wealth management or advisory-style products, following a pattern seen among several digital brokers that have introduced robo-advisory services or managed portfolios to complement their transactional offerings.

Industry trends and competitive position

The online brokerage industry in which UP Fintech Holding operates has undergone rapid change since the mid-2010s, driven by the rise of mobile trading apps, commission compression and increased regulatory scrutiny. In the United States, the move to zero-commission trading on many platforms led to new monetization models such as payment for order flow and expanded margin lending, while in parts of Asia, commission rates have generally remained higher, creating room for regional platforms to compete on user experience and product breadth rather than price alone. UP Fintech Holding positions itself as a technology-led broker that bridges Asia-based clients with global markets, especially US equities, a strategy that differentiates it from brokers focused exclusively on domestic exchanges.

However, the competitive landscape is intense. In mainland China and the broader Asia-Pacific region, multiple digital brokers and traditional securities firms are competing to attract younger, mobile-first investors. Some of these rivals are backed by large financial groups or technology conglomerates, providing them with strong brand recognition and capital resources. UP Fintech Holding therefore needs to continuously invest in marketing, customer acquisition and platform enhancements to maintain market share. Industry reports published by regional securities associations and consulting firms in 2023 emphasized that customer retention and cost-efficient acquisition are key challenges for cross-border brokers targeting affluent retail clients in Asia.

Another important trend is the growing emphasis on regulatory compliance and investor protection, particularly for cross-border brokerage platforms serving clients in multiple jurisdictions. Regulators in markets such as Singapore, Hong Kong and the United States have tightened rules on issues like client asset segregation, disclosure of risks and suitability assessments. For UP Fintech Holding, maintaining licenses and meeting capital and conduct requirements across these markets is essential for sustaining operations and avoiding interruptions. While compliance spending can weigh on profitability in the short term, it is increasingly viewed as a core competitive factor that can build trust among clients and counterparties.

Why UP Fintech Holding matters for US investors

For US-based investors, UP Fintech Holding represents an example of a China-focused fintech and brokerage company that historically chose to access international capital through an American listing. Even though the company’s American depositary shares now trade over the counter following the discontinuation of its Nasdaq listing, the stock can still be relevant as a niche exposure to the growth of cross-border retail investing originating in Asia. The business connects a large pool of overseas investors with US and global equities, effectively acting as a distribution channel for US capital markets to international retail clients. As such, the company’s trading volumes can reflect broader sentiment toward US technology and growth stocks among Asian investors.

US investors who follow the online brokerage industry may also view UP Fintech Holding as part of a wider peer group that includes domestic trading apps and global competitors that offer multi-market access. While many US-focused brokers generate a majority of their business from domestic clients, UP Fintech Holding’s emphasis on Asia-based users provides a complementary perspective on international flows into US equities and ETFs. From a macro standpoint, sustained interest from overseas retail investors can support liquidity and depth in key US-listed securities, even if individual brokers represent only a small share of total trading volume.

The shift from a major exchange listing to OTC trading has implications for visibility and liquidity from the perspective of institutional and retail investors in the US. Over-the-counter securities typically see lower average daily volumes and may not be eligible for inclusion in certain index products or institutional mandates that require exchange-traded listings. As a result, the investor base for UP Fintech Holding’s shares may tilt more toward specialized investors who actively follow OTC securities and are comfortable with the associated liquidity profile. This structural aspect is important for US investors assessing how easily positions can be entered or exited and how closely the share price may track underlying fundamentals.

What type of investor might consider UP Fintech Holding – and who should be cautious?

UP Fintech Holding may appeal primarily to investors who are comfortable with international exposure, emerging-market regulatory environments and the dynamics of the online brokerage sector. Such investors typically accept that reported results can be influenced by factors beyond the company’s direct control, including market volatility, changes in retail risk appetite and shifts in Chinese and global economic conditions. They may also look for companies that leverage technology to scale customer acquisition and improve operating efficiency, recognizing that digital-first brokers can, in favorable environments, expand user bases quickly without the branch networks traditional firms maintain.

On the other hand, more risk-averse investors or those focused on stable dividends and predictable cash flows may find the profile of UP Fintech Holding less aligned with their preferences. Revenue tied to trading activity tends to fluctuate significantly over the cycle, meaning that periods of strong growth can be followed by quieter phases when volumes and commission income decline. In addition, the regulatory and geopolitical context surrounding Chinese and cross-border fintech firms can introduce headline risk, where news about oversight actions or policy changes can lead to sharp price reactions. These characteristics suggest that the stock may be more suitable for investors who understand and monitor such risks closely.

Investors evaluating UP Fintech Holding also need to be comfortable analyzing financial reports and disclosures that incorporate both US and regional accounting and regulatory frameworks. Although the company historically filed annual reports with the US Securities and Exchange Commission for its ADRs, its operating focus remains firmly rooted in Asia-Pacific. This cross-jurisdictional structure can add complexity when assessing governance, risk management and long-term strategic positioning, making thorough due diligence particularly important for anyone considering an exposure to the shares.

Conclusion

UP Fintech Holding occupies a distinct niche as an Asia-focused online broker connecting retail investors with US and global securities through its Tiger Trade platform. The transition of its shares from a Nasdaq listing to OTC trading in the US has implications for liquidity and investor visibility, yet the underlying business continues to be driven by client trading volumes, interest income and the broader appetite for cross-border investing. For US investors, the stock represents a specialized way to observe and potentially participate in the growth of international retail flows into US markets, but it also carries the typical risks of a cyclical, transaction-driven business and the additional complexity of operating across multiple regulatory regimes.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.