CompaniesTIGR
Overview
TIGR
UP Fintech (Tiger Brokers)
Financial ServicesOnline BrokerageChina ADRHigh Growth
$5.17+3.2%
Market Cap
$900M
SEC 20-F / company IR
P/E (TTM)
12.0×
via financials
Rev Growth YoY
45.8%
+45.8%SEC filing
Gross Margin
87.6%
SEC filing
FCF Yield
5.5%
calculated
Upside to FV
—
vs fair value
Conviction
3/587.6% gross margin and 45.8% revenue growth at a single-digit multiple — but a CSRC crackdown puts the mainland model on a two-year clock.
Research Depth
ScreeningDeep DiveFull Model
Updated 15d ago
Thesis
UP Fintech runs a fast-growing online brokerage with 87.6% gross margins, 45.8% revenue growth and an F-score of 9 — the fundamentals of a compounder at a value multiple. The overhang is existential and regulatory: a coordinated CSRC crackdown on cross-border brokers (May 2026) effectively imposes a two-year rectification on the mainland China business. The valuation is cheap, but the regulatory risk is the dominant variable.
Bull Case
Margins87.6% gross margin; 45.8% revenue growth, 66.4% earnings growth.
QualityF-score 9, Altman-Z 20, net cash ~539% of a stressed earnings base.
ValuationSingle-digit forward multiple for a high-growth platform.
Bear Case
RegulatoryCSRC + 7 agencies launched a crackdown (May 22, 2026); RMB 308.1M penalty + RMB 103.1M confiscated; two-year rectification.
ExistentialCrackdown effectively kills the mainland China business model; class action filed.
Key Metrics
Market Cap
$900M
SEC 20-F / company IR
Enterprise Value
$360M
calculated
Revenue (TTM)
$390M
SEC filing
P/E (TTM)
12.0×
via financials
Forward P/E
9.0×
consensus
P/S (TTM)
2.3×
via financials
P/B
1.4×
via financials
EV/EBITDA
7.0×
calculated
PEG
0.3×
calculated
Revenue Growth
45.8%
SEC filing
Gross Margin
87.6%
SEC filing
Operating Margin
28.0%
SEC filing
Net Margin
20.0%
SEC filing
Free Cash Flow
$50M
SEC filing
FCF Yield
5.5%
calculated
Debt / Equity
0.1×
SEC filing
Current Ratio
1.6×
SEC filing
Short Interest
6.0%
exchange
Institutional Own.
40.0%
13F
Insider Own.
25.0%
proxy
Shares Out.
174.0M
SEC filing
Float
130.0M
exchange
Valuation
Price vs Fair Value
Valuation pending
Scenario fair-value range awaiting model.
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches Deep Dive.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
Peer set pending
Comparable companies awaiting selection.
Financials
Income statement pending
Awaiting SEC filing backfill.
Balance sheet pending
Awaiting SEC filing backfill.
Cash flow pending
Awaiting SEC filing backfill.
Awaiting filing backfill.
Catalysts
Ongoing
Regulatoryhigh relevance
CSRC rectification period
Two-year remediation; mainland model impaired.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| CSRC cross-border broker crackdown | Regulatory | Critical | High | Two-year rectification effectively kills the mainland business; RMB 411M total penalties; class action filed. |
| China ADR structure | Regulatory | High | Medium | HFCAA tail risk; no HK escape listing. |
Technical Snapshot
52-Week Range
$4.00$5.17$13.55
RSI (14)
49
neutral
50-Day MA
$5.40
-4.3%below
200-Day MA
$6.10
-15.2%below
Avg Vol (30d)
8M
-5%vs average
Support Levels
$5.00$4.36
Resistance Levels
$5.80$6.50
Price path reconstructed from the 52-week range, current price, and 50/200-day moving averages — connect a live market-data feed for production.
Ownership & Insider Activity
Top Institutional Holders via 13F filings
13F holdings pending
Institutional holder detail awaiting filing.
Insider Activity
Insiders own ~24.6%; institutions ~32.1%. Short interest ~7.1% (yfinance-validated).
Insider transactions pending
This section is being deepened.
Peer Comparison
Peer set pending
Comparable companies awaiting selection.
Research Notes
2026-06-01Internal
Regulatory overhang dominates
High-quality fundamentals (87.6% gross margin, F-score 9) offset by an existential CSRC crackdown imposing a two-year rectification on the mainland business. Risk explicitly flagged; valuation alone does not de-risk the name.