Xiaomi-backed online trading platform UP Fintech Holding Limited, also known as "Tiger Brokers",ย ย announced on February 9 that it has signed a convertible note subscription agreement with a group of investors led by Xiaomi, and has issued a total of $65 million in convertible notes to the investors through a private placement.
The announcement stated that the placement of the notes is subject to customary conversion conditions and that the notes will mature in 2026 if not converted earlier.
Wu Tianhua, founder and CEO of Tiger Brokers, said the convertible bond financing funds will be used to enhance product development and self-clearing capabilities and to help conduct business internationally.
Benefiting from the hot investment in US and Hong Kong stocks, Tiger Brokers has maintained rapid growth in the past two years, and its account opening customers exceeded 1 million in October last year.
Founded in 2014, Tiger Brokers has obtained a total of 29 securities licenses or qualifications in the United States, Australia, Singapore, and other countries and regions, making it the most diversified brokerage firm licensed among Chinese US stock brokers.
Tiger Brokers received a Series A investment of over RMB 100 million ($15.5 million) from Xiaomi before the launch of Tiger Trade, a US and Hong Kong stock trading app, in August 2015, and is currently 13.55% owned by Xiaomi.
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