The second-quarter print at UP Fintech Holding is the first clean look at Tiger Brokers after Beijing fined the original mainland cross-border model. Operating profit recovered and funded accounts kept rising in Singapore and Hong Kong, which is where management now says the franchise lives. The investment debate is whether that overseas book is a genuine replacement for the activity the China Securities Regulatory Commission just declared unlicensed, or whether the market is only seeing a one-quarter rebound in trading and margin while the compliance overhang stays unresolved.
Revenue in the June quarter reached $182 million. That is a record and a 31 percent rise from a year earlier. GAAP profit attributable to ordinary shareholders came in at $39 million. That follows a $27 million loss in the March quarter. The group booked roughly $60 million of CSRC penalties and confiscation in that earlier period. Interest income of $80 million outgrew commissions, and the margin and stock-loan book rose to $7 billion. Marketing spend nearly doubled and compensation jumped on severance, so the profit recovery is real but not cheap.
Client assets ended near $61 billion. Overseas retail inflows exceeded a billion and new funded accounts ran in the low thirties of thousands, almost all from Singapore and Hong Kong. Mainland retail assets were about a tenth of the book at year-end, which is why the fine did not empty the platform and why it also does not close the file. The next few prints decide whether funded-account adds stay in that range, whether interest income holds as the loan book grows, and whether the remaining buyback authorization gets used or sits idle while legal notices pile up.