Some metric comparison between tiger brokers and futu.

1. Up Fintech Holding Limited (TIGR.US)
* Initial Analysis – Comp *
James Yeh
March 19, 2019

2. TIGR Operating Metrics
@yuinausicaa | yuinausicaa.com
jamesckyeh@mail2000.com.tw
2
368
713
1,580
2016 2017 2018
No. of Registered Users
79
205
502
2016 2017 2018
No. of Customer Accounts
14
42
82
2016 2017 2018
No. of Customers w/ Deposits
Customer Acquisition Customer Behavior & Engagement
(K)
575
1,786
2,357
2016 2017 2018
Total Account Balance
16,338
63,296
119,221
2016 2017 2018
Trading Volume
13
38
76
2016 2017 2018
Number of Trading Customers(K)
(USD M)
(USD M)
Source: Company

3. 14
42
82
35
80
133
2016 2017 2018
No. of Customers w/Assets
Conversion
5.2% 2.4%
TIGR vs FHL – Operating Metrics
@yuinausicaa | yuinausicaa.com
jamesckyeh@mail2000.com.tw
3
368 713
1,580
3,191
3,903
5,579
2016 2017 2018
No. of Registered Users
79
205
502
148
287
502
2016 2017 2018
No. of Customers w/ Accounts
TIGR FHL
(K)
CAGR: 107% 32%
CAGR: 152% 84%
CAGR: 144% 94%
TIGR FHL
575
1,786
2,3571,979
5,670
6,500
2016 2017 2018
Total Account Balance
16,338
63,296
119,221
25,018
66,139
115,829
2016 2017 2018
Trading Volume
84.9%
88.5%
TIGR FHL
Reported/Estimated Annual Retention
Balance Turnover2: 57.6x 19.0x
Avg. Balance per Customer w/ Assets: $28,885 $48,940
(USD1 M)
(USD M)
Note: 1. USD:HKD = 1:7.8305; 2. Defined as trading volume in the
period divided by average of beginning and ending of total account
balance during the period

4. TIGR vs FHL – CAC, Contribution Profit & Financial Metrics
@yuinausicaa | yuinausicaa.com
jamesckyeh@mail2000.com.tw
4
254
150
129
213
66
94
2016 2017 2018
All-in CAC1 per Customer w/ Assets
260
333
365
151
323
540
2016 2017 2018
Contribution Profit2 per Customer w/Assets
(10,423)
(7,577)
(10,089)(11,406)
213
19,022
2016 2017 2018
Adjusted P&L
Margin: -30.1% 18.4%
5,476
16,949
33,560
11,112
39,801
103,613
2016 2017 2018
Total Revenues
TIGR FHL TIGR FHL
(USD K)(USD)
CAGR: 148% 205%
Note:
1. All-in CAC is defined as selling & marketing expenses for FHL or
branding and marketing expenses for TIGR
2. For FHL, it’s gross profit while for TIGR, it’s total revenues minus
operation costs and expenses of execution & clearing and communication
& market data
Profitable
Growth

5. TIGR vs FHL – Valuation
@yuinausicaa | yuinausicaa.com
jamesckyeh@mail2000.com.tw
5
0.811
2.002
TIGR FHL
(USD B)
Note: 1. Based on 2,024,748,114 ordinary shares post offering and assuming over-allotment option exercised in full and $6 per ADS; 2. As of March 15, 2019