UP Fintech (TIGR.O): Citi Conference Takeaways: Decent 202Q6 Run Rate; Near-term Earnings Impact of Regulatory Tightening Manageable

Research evidence excerpt

UP Fintech (TIGR.O): Citi Conference Takeaways: Decent 202Q6 Run Rate; Near-term Earnings Impact of Regulatory Tightening Manageable

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23 Jun 2026 00:59:10 ET │ 10 pages

UP Fintech (TIGR.O)

Citi Conference Takeaways: Decent 2Q26 Run Rate; Near-term Earnings

Impact of Regulatory Tightening Manageable

CITI’S TAKE Buy / High Risk

We hosted UP Fintech at Citi’s 2026 Financials and Property Conference. Price (22 Jun 26 16:00) US$4.75

Key takeaways below. Target price US$7.10

Expected share price return 49.5%Regulatory outlook and impact: Regarding onshore brokerage accounts tightening,

TIGR has implemented buying/deposit restrictions on PRC ID account holders Expected dividend yield 0.0%

physically located in China since 12 June 2026. The restrictions on PRC ID account Expected total return 49.5%

holders are based on their IP address, although TIGR acknowledged VPN is still a Market Cap US$892M

loophole for these account holders to evade such restrictions. TIGR expects similar

restrictions to be implemented on other offshore brokers (e.g. Interactive Brokers) for

their PRC ID account holders in the future. Currently, PRC ID holders can still open

bank accounts in foreign banks (although declaration of funding sources is required), Judy ZhangAC

which can then be channeled to offshore brokers (given the funds are sourced +852-2501-2798

offshore, as specified by latest SFC requirements). Mgmt. does not see material near- judy1.zhang@citi.com

term earnings impact (only a few percentage point revenue hit in the near term), with

AUM outflow stabilised at c.USD200mn after the regulation tightening, due to:

i) already stringent KYC requirement for onshore account opening since late 2022;

ii) some PRC ID account holders also provided their non-China identification after the