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SINGAPORE, Aug. 29, 2023 /PRNewswire/ -- Coinstore's Brand Launch Conference 2023 is set to take place on September 12th, 1PM at The Fullerton Hotel, Singapore. This event is organized by Coinstore and is co-hosted by prominent blockchain companies such as Cadano, Dfinity, W3GG, Infinity Ventures Crypto, Emurgo Ventures, and is sponsored by prestigious industry leaders including Animoca Brands, Unix Gaming, Nordek and more. Leveraging on the momentum of the world's largest blockchain event, Token2049, the upcoming Coinstore Brand Launch Conference 2023 in Singapore marks the official debut of the emerging digital asset exchange, Coinstore. During the event, Coinstore will globally unveil its fresh brand positioning, unveil key regional markets, introduce product and services, as well as outline the company's future strategic plans. With over 300 industry luminaries and key opinion leaders, along with more than 100 top-tier venture capitalist representatives, as well as participation from over 50 renowned companies and institutions, the conference is anticipated to draw over 400 industry enthusiasts and stakeholders. Additionally, support from esteemed media partners such as Coinlive, further underscores the significance of this event. Coinstore's Token 2049 booth and Gamefi Night Attendees are cordially invited to visit Coinstore's Token 2049 booth on the 4th floor (P124) and 5th floor (P19) on the main exhibition areas. Additionally, on September 13th at 7PM, Coinstore will be hosting the "Coinstore Gamefi night" at The Spot Singapore. We cordially extend our invitation for your participation at this special occasion. Coinstore, a dark horse in the digital asset exchange emerging market Coinstore.com is a world-leading digital asset trading platform that strongly focuses on emerging high-growth markets. Established in December 2020, our founding team comprises seasoned financial and blockchain experts from top-tier investment banks, hedge funds, and the world's leading digital asset trading platforms. As of May 2023, the platform boasts over 3.6 million registered users with an impressive peak daily transaction volume of $453,186,502. With its services extending across 175 countries and regions, Coinstore's influence is particularly strong in Indonesia, India, and Nigeria. By 2025, our ultimate ambition is to cement our status as the primary entry point for digital assets, catering to millions of users worldwide, and becoming the premier global platform in emerging markets. Coinstore, The first choice for the initial launch Bringing together premium assets from around the world, Coinstore aims to establish itself as the leading premier global platform for exclusive premier listings. In the rapidly evolving landscape of cryptocurrency exchanges, Coinstore, based in Singapore, stands out by thoroughly analyzing our business logic and positioning. With a strong emphasis on product and service experiences, we proudly present our brand positioning and value proposition as "The Premier Global Platform for Exclusive Premier Listings." Coinstore believes in providing users with a wider range of tradable high-quality assets, delivering better trading experiences, and higher investment returns. With utmost responsibility to provide projects with convenient and valuable end-to-end services, we strive to continuously innovate and improve our products, ensuring premium services for our users. Focusing on "emerging markets" and cultivating regional traffic Coinstore have effectively established a network of global sites and business centers in emerging markets, strategically positioned to capitalize on the growing opportunities these markets offer. With over 200 international staff and 13 centers worldwide, we are committed to providing localized professional connections and services to our global user base. Our dedicated local teams in the United Kingdom, India, the United Arab Emirates, South Korea, Indonesia, Vietnam, the Philippines, Malaysia, and other regions demonstrate our deep commitment to serving our users with expertise and understanding of their local markets. Coinstore has built a service team focused on project services. On the business side, they have established 13 overseas operational centers with localized teams in the United Kingdom, India, the United Arab Emirates, South Korea, Indonesia, Vietnam, the Philippines, Malaysia, and other countries, allowing us to quickly reach 70% of blockchain projects worldwide. Coinstore has established a Memorandum of Understanding (MOU) with Kadin Bandung, a prominent business association. Additionally, we have entered into an agreement with AFAB, the Philippine's free trade authority. This collaboration marks a significant step towards fostering mutually beneficial partnerships. On October 18, 2022, Coinstore signed a Memorandum of Understanding (MOU) with Kadin Bandung, a prominent business association in Jakarta, aiming to jointly enhance the quality of the Indonesian crypto ecosystem. On June 8, 2023, Coinstore entered into an agreement with AFAB, the Philippine's free trade authority, promoting cross-border Crypto networking and collaboration of Coinstore in the Philippines. To establish a stronger presence in regional markets and mobilize local resources, Coinstore has launched two major offline conference brands, 'CS Connect' and 'Cryptalk,' regularly held in various emerging markets. These conferences bring together local project teams, media, key opinion leaders (KOLs), and investors to explore the latest trends and developments in the cryptocurrency field. To date, more than 15 conferences have been held, covering countries such as Colombia, London, Thailand, Russia, the Philippines, Malaysia, Vietnam and many more. In the second half of 2023, Coinstore is expected to host more than 20 Cryptalk events and 30 Connect events, covering over 20 countries. In response to local KOLs, Coinstore introduced the Teamster and CS League programs in September 2022, gathering an alliance of KOLs from various emerging markets such as Indonesia, India, Thailand, and Vietnam. Each KOL has a fan base ranging from 1,000 to 100,000, covering 32 major countries across different industries. They are committed to supporting Coinstore's online promotion efforts in the long term. As of 2023, a total of 978 KOLs have participated in the program. Coinstore Social Media Twitter | Facebook | Youtube |
Highlights of the Interim Results as of June 30, 2023: Revenue reached RMB1,142.2 million, representing a year-on-year increase of approximately 3.0% Gross profit amounted to RMB406.0 million, representing a year-on-year increase of approximately 17.7% Adjusted Non-IFRS net profit amounted to RMB146.1 million, representing a year-on-year increase of approximately 64.2% HONG KONG, Aug. 29, 2023 /PRNewswire/ -- On August 29, 2023, Viva Biotech Holdings Group ("Viva Biotech", "the Group" or "the Company", stock code: 1873.HK) announced that during the period ended June 30, 2023 (the "Reporting Period"), the revenue of the Group during the Reporting Period increased by approximately 3.0% from RMB1,108.7 million for the corresponding period of last year to RMB1,142.2 million; and the gross profit increased by approximately 17.7% from RMB345.0 million for the corresponding period of last year to RMB406.0 million. The Company's adjusted non-IFRS net profit increased by approximately 64.2% from RMB89.0 million for the corresponding period of last year to RMB146.1 million. This was mainly attributable to the investment income from successful exit of portfolio companies as well as the positive contribution from the changes in CDMO product structures. In addition, during the Reporting Period, the Group successfully entered into SPA agreements with strategic investors Temasek and HighLight Capital for raising a total of nearly US$210 million, and the financing planned to be completed in the second half of 2023. While providing the Company a solution to repayment of convertible bonds, the introduction of strategic investors will contribute to our corporate governance, business operations and investment and financing plans, and generate strong synergy in terms of strategic development in the long run. This will strongly support the company's long-term development and the implementation and continuous advancement of its integrated strategy. CRO Business Continued to Grow with an Attractive Outlook During the first half of 2023, the Company's revenue from CRO business increased by approximately 8.7% from RMB406.0 million for the corresponding period of last year to RMB441.3 million. The slower revenue growth in the first half of 2023 compared to previous years was mainly attributable to the impact of global biopharmaceutical investment and financing slowdown on innovative drug R&D investment, as well as a strategic adjustment of our EFS business. Overall, despite the challenging external conditions, the Company has managed to maintain a trend of steady growth. The Company's order backlog amounted to approximately RMB973.0 million, representing a decrease from the corresponding period of last year. Although the growth rate of backlog orders has been somewhat affected by the slowdown in global biopharmaceutical investment and financing, as well as the strategic adjustments in the EFS business, it can be foreseen that in the future, as the global biopharmaceutical investment and financing market gradually warms up, the Company will also strengthen its BD team, optimize innovative online and offline marketing activities, proactively implement the integration strategy for biological and chemical segments, and establish active presence in emerging technology platforms to fuel sustainable growth of its CRO business. As of June 30 2023, the Company had delivered more than 56,128 protein structures to our clients, approximately 7,203 of which were newly delivered in the first half of the year and conducted R&D on over 1,892 independent drug targets, 14 of which were newly delivered in the first half of the year. Currently, the Company maintains a leading position in the industry worldwide in the field of protein structure analysis. In addition, we seek to maximize the value of existing customers through the synergistic development of biological and chemical segments while continuing to step up the integration of digital marketing and our business development team. Besides, the Company will continue to tap into emerging technology platforms. As of the end of the Reporting Period, the Company has newly established a covalent compound library and a molecular glue screening platform. Besides, the Company will apply the in-depth learning functions of CADD in design of macromolecular drugs, such as antibody structure prediction and prediction of feasibility of antibody development. The cumulative number of clients served had increased to 1,314, including the global top ten pharmaceutical companies (by reported total revenue for the first half of 2023), and revenue from the top ten customers accounted for 26.9% of the total revenue. Clients of our CRO business are geographically diverse, of whom those from overseas contributed approximately 86.5% of our total revenue, representing a year-on-year increase of approximately 12.4%, and those from mainland China contributed approximately 13.5% of our total revenue, representing a year-on-year decrease of approximately 10.5%. During the Reporting Period, our utilization of synchrotron radiation source reached 1,020 hours. The Company established long-term cooperation with 13 synchrotron radiation source centers around the world, which are distributed in 10 countries/regions, i.e., Shanghai, China, the United States, Canada, Japan, Australia, the United Kingdom, France, Germany, Switzerland and Taiwan, China, thus guaranteeing uninterrupted data collection all year round. Gross Profit from CDMO Grew Desirably with an Increasing Number of CMC Projects During the reporting period, the group attached great importance to the strategic cooperation and synergistic effects with its subsidiary, Langhua Pharmaceutical. On one hand, it enhanced the capacity layout and business structure adjustments of the CDMO business. On the other hand, it focused on optimizing and redirecting the CMC business. During the first half of 2023, Langhua Pharmaceutical's revenue amounted to RMB700.9 million, representing a year-on-year decrease of approximately 0.3%; and its gross profit amounted to RMB208.1 million, representing a year-on-year increase of approximately 25.3%. The higher growth of gross profit than that of revenue was mainly attributable to CDMO product structure changes during the Reporting Period. As of June 30, 2023, Langhua Pharmaceutical had served a total of 875 clients, with the top ten clients accounting for 62.1% of its total revenue. The retention rate of the top ten clients was 100%. During the Reporting Period, in respect of capacity building, our total available capacity has reached 860 cubic meters. In addition, Langhua Pharmaceutical is planning to build a new production capacity of 400 cubic meters in 2024 and 2025. Currently, the relevant ground work is under construction, and the selection and procurement process for certain equipment has started. These capacity additions will provide adequate support to our future revenue growth. CMC business witnessed an increasing number of projects, but remained in the profit ramp-up stage for new operations. 143 new drug projects have been completed or are in progress since the establishment of CMC. As of the end of the Reporting Period, the number of CMC R&D personnel had reached 129; and the CMC business generated revenue of nearly RMB25.0 million during the Reporting Period. Looking forward, the Company will further strengthen business development and introduction of high-quality CMC projects, leveraging potential internal project resources and enhancing costs effectiveness to achieve a break-even for CMC business. In addition, in terms of the number of customers, CMC customers secured through external business development accounted for nearly 78.0%, versus nearly 22.0% introduced from Viva Biotech; in terms of order value, CMC orders secured through external business development accounted for 37.0%, versus 63.0% introduced from Viva Biotech. Achieve the Investment Income from Successful Exit of Incubation Portfolio Companies and Will Continue the Incubation Business Through the Establishment of Investment Funds in Future During the Reporting Period, the Company successfully realized 5 investment exits or partial exits, two of which occurred subsequent to the Reporting Period, and received the relevant investment income. In addition, we added one start-up to our portfolio companies through a stock-for-stock deal. As of June 30, 2023, the Group had invested in a total of 92 portfolio companies. The portfolio companies are mainly from the United States, Canada, Europe and China. 67.0% of the portfolio companies are from North America and 26.0% are from China. In the first half of 2023, 7 of our portfolio companies completed or were close to completing a new round of financing, raising approximately US$156.0 million in total. The R&D efforts of the portfolio companies were advancing smoothly, with the total number of pipeline projects reaching close to 217, of which 182 pipelines are in the preclinical stage and 35 pipelines in the clinical stage. So far, the Group has successfully realized 11 investment exits or partial exits, and may have nearly 11 potential exits for our portfolio companies in the next one to three years. In addition, the Company is proactively applying for a fund manager license in the PRC, with relevant work in smooth progress. We intend to conduct incubation business through the establishment of investment funds in future, so as to mitigate pressure on Group-level liquidity and the appropriation of funds. Technological Highlights and R&D Breakthroughs During the Reporting Period, the Group's R&D spending was RMB76.7 million, representing a year-on-year increase of 87.5% from RMB40.9 million for the six months ended June 30, 2022. For our CRO business, we have built several core technological platforms, including: the PROTAC technology platform, protein production, preparation and structure research platform, Cryo-EM technology platform, membrane protein research technology, drug screening technology, bioassay platform, computer-aided drug design (CADD), medicinal chemistry, etc. During the Reporting Period, the Company newly established a covalent compound library and a molecular glue screening platform. The newly established library of covalent compounds has been synthesized through in-house design, containing 1000 compounds with a molecular weight range of 150-350Da. It has been officially made available for external use, suitable for mass spectrometry and cellular-level screening, and can provide sufficient compounds for subsequent activity validation. In terms of the molecular gel screening platform, the company has developed a comprehensive system for molecular gel screening, including ASMS affinity screening, followed by SPR binding kinetics studies and validation of ternary complex formation. Besides, the Company also provides services relevant to PROTAC drug R&D, and revenue generated in this regard accounted for almost 12.3% of total revenue from CRO business. Our services primarily include studies on protein preparation and structure, high-throughput screening of PROTAC molecules, kinetics, drug metabolism, pharmaceutical chemistry, Bioassay, CADD, etc. As of June 30, 2023, the Company had conducted research into over 50 E3 ligase structures and delivered more than 110 target protein–PROTAC-E3 ligase ternary compound structures. I It is expected that PROTAC business will add fresh impetus to the sustainable growth of CRO business in the future. From the perspective of current progress of computer-aided drug design (CADD) platforms, CADD is based on physical chemistry models and empowered by artificial intelligence algorithms with the aid of supercomputing clusters and has been widely used in various drug R&D stages. Our Computational Chemistry Department has developed a series of advanced project-oriented algorithms (such as FEP) to resolve real-world problems. Comparing with traditional computational chemistry tools and commercially-available software packages, such implementations of the cutting-edge techniques better facilitates the progress of drug R&D projects. In addition to traditional small molecule drug design, the methods developed by the computational chemistry platform have also been applied to a broad range of drug modalities and have achieved breakthroughs through experimental validation such as antibodies, peptides, RNA therapies. Staff and Facilities As of June 30, 2023, the Group had a total of 2,271 employees, of whom the number of CRO R&D personnel reached 1,341. The Company has also accelerated the construction of office and laboratory facilities, including: The Group's new headquarters in Zhoupu, Shanghai with a total area of approximately 40,000 square meters has been put into full operation. The incubation center located in Faladi Road, Shanghai has usable GFA of approximately 7,576 square meters, including 5,552 square meters of laboratory area. The park with a total GFA of 64,564 square meters in Chengdu, of which 12,210 square meters of properties had been partially put into use as of June 30, 2023, including 10,800 square meters of laboratory area. For the novel drug incubation center with a GFA of approximately 77,500 square meters in Qiantang New District, Hangzhou, we will consider several potential construction options in future. A park in Suzhou with a GFA of approximately 7,169 square meters, including nearly 3,250 square meters of laboratory area. Shanghai Supercomputing Center has been officially put into operation. Currently, it can support computer aided drug design (CADD) calculation, artificial intelligence in drug discovery (AIDD) related calculation, and crystal structure and Cryo-EM (Micro-ED) calculation. Dr. Cheney Mao, Chairman and Chief Executive Officer of Viva Biotech Holdings, said, "With unique advantages in structure-based drug discovery (SBDD), the Company continue to increase the cross-promotion between biology and chemistry businesses and strengthen the construction of a one-stop drug R&D and manufacturing service platform, deepen the synergy between CRO and CDMO business, improve the capacity building for front-end projects to increase the funnel effect, accelerate back-end direction of customer traffic, and actively build an open cooperation platform and win-win ecosystem for biomedical innovators around the world." About Viva Biotech Established in 2008, Viva Biotech (01873.HK) provides one-stop services ranging from early-stage Structure-Based Drug R&D to commercial drug delivery to global biopharmaceutical innovators. The Group offers leading early-stage to late-phase drug discovery expertise by integrating dedicated team of experts, cutting-edge technology platforms, and state-of-the-art equipment in X-ray crystallization, Cryo-EM, ASMS, SPR, HDX, CADD, and much more. The business covers all aspects of therapeutic strategies and drug modalities, including small molecules and biologics across the pharma and biotech spectrum. The experienced chemistry team, led by senior medicinal chemists and drug discovery biologists, provides services for drug design, medicinal chemistry (hit to lead and lead optimization), custom synthesis, chemical analysis and purification, kilogram scale-up, peptide synthesis and corresponding bioassays. With subsidiary Langhua Pharma, the Group offer worldwide pharmaceutical and biotech partners a one-stop integrated CMC (Chemical, Manufacturing, and Control) service from preclinical to commercial manufacturing. Additionally, Viva Biotech embedded an equity for service (EFS) model to high potential startups to address unmet medical needs. As of June 30, 2023, Viva Biotech had cumulatively provided drug R&D and manufacturing services to 2,189 global biotech and pharmaceutical clients and invested in and incubated 92 biomedical startups. In the future, the Company will continue to strengthen its technological barriers and improve R&D and manufacturing service capabilities to provide high-quality diversified services to more startup innovative drug companies and mid-to-large pharmaceutical companies globally, benefiting patients worldwide.
The nonprofit agriculture sustainability organization is currently piloting its international farmland management standard in Canada with Manulife Investment Management, Bonnefield Financial, Farm Credit Canada, and McCain Foods. ARLINGTON, Va., Aug. 29, 2023 /PRNewswire/ -- Leading Harvest, an industry leader in agriculture sustainability, has announced it is piloting its innovative, third-party audited Farmland Management Standard in Canada, with plans to officially launch in the country by the end of the year. The pilot comes as the federal government works on its first sustainable agriculture strategy and just months after the launch of the Sustainable Canadian Agricultural Partnership between the federal, provincial, and territorial governments to strengthen the agriculture, agri‐food, and agri‐based products sector. "Leading Harvest is a game-changer. The organization has demonstrated certification can be applied across all crop types, geographies, and management systems to provide assurance that operations are well rooted in best practices, while ensuring a commitment to robust management and continuous improvement," said Oliver Williams, Global Head of Agricultural Investments at Manulife Investment Management and member of the Leading Harvest Board of Directors. "As we look forward to the launch of the Canadian program, we become one step closer to a single, comprehensive sustainability standard across the globe." The Leading Harvest Farmland Management Standard was the first universal, outcomes-based sustainability standard to focus on continuous improvement in agriculture. Just three years after its launch in the United States, nearly 3 million acres representing more than 100 crop types globally have enrolled. Earlier this year, Leading Harvest successfully launched in Australia with enrollment across all six states. Leading Harvest looked to Canada to continue its expansion due to the growing demand for sustainability assurance across the Canadian food and agriculture sectors. "There is an increasingly urgent demand for verification of sustainable practices from farmers, consumers, and investors alike. Farmers, agribusiness operators, and others across the food and agriculture sectors must now deliver on ambitious commitments, and on short timelines. The rapid expansion of Leading Harvest's Farmland Management Standard across continents and hemispheres is a testament to the need for a sector-wide, universally applicable framework for continuously improving agricultural sustainability," says Kenny Fahey, President and CEO of Leading Harvest. "With our Canadian pilot, Leading Harvest continues to demonstrate that alignment across the value chain can drive greater outcomes for all. We appreciate the leadership of our Canadian pilot participants and look forward to welcoming more food and agriculture leaders from across Canada on this journey." The Leading Harvest Canada pilot program has been facilitated with Anchoring Support from Manulife Investment Management and support from Bonnefield Financial, Farm Credit Canada, and McCain Foods. The pilot will adapt the same Farmland Management Standard that was implemented in the United States and Australia to Canada's unique agronomic, regulatory, and operating environment through further stakeholder input and field testing. Leading Harvest expects to increase participation and representation from across the agricultural value chain over the course of the pilot. More information about Leading Harvest, the Farmland Management Standard, and how to join can be found at www.LeadingHarvest.org. About Leading Harvest: Leading Harvest is a nonprofit organization that provides transparent standards and education to enable and validate the global transition to a more sustainable agricultural system. Its innovative, third-party audited Farmland Management Standard has been applied across diverse farming operations and crop types globally with almost 3 million acres now enrolled. It was launched in 2020 by and for stakeholders across the supply chain, from farmland owners to companies and communities, including listening sessions across regions. Leading Harvest Founding Supporters include Cargill, Nestlé, John Deere, and Nutrien Ag Solutions.
TORONTO, Aug. 29, 2023 /PRNewswire/ -- Meeranda, a privately held Artificial Intelligence (AI) solutions provider, serving both Small and Medium Businesses (SMBs) and Global Multinational Corporations (MNCs), announced today its acceptance into the OVHcloud Startup Program. This acceptance comes merely days following Meeranda's enrollment into the Microsoft for Startups and the AWS Activate programs. The OVHcloud Startup Program, aims to foster innovation and aid startups by providing them with support, cutting-edge infrastructure, and strategic guidance. As a member of this program, Meeranda gains access to a range of resources and benefits that will accelerate its growth trajectory. Furthermore, via the showcase events, the program establishes a link between startups and mentors, investors, and fellow entrepreneurs. This facilitates cooperation and enables participants to garner insights from industry experts. "The great news just keeps coming. We are excited to take part in the OVHcloud Startup Program," said Mr. Raji Wahidy, Co-Founder and CEO of Meeranda. "We are looking forward to leveraging all the resources which will be made available to us to further fuel Meeranda's rapid growth. Being part of this program, along with our strategic partnerships with Microsoft for Startups and AWS Activate, shall empower us to expedite our technological development to realize our mission of delivering The New Personalized Customer Experience to our partners and their clients." Additional benefits to OVHcloud Startup Program include direct access to business utilities, tools for developers, technical assistance, and one-on-one mentorship. Meeranda will commence its Seed Funding round by the end of August 2023. About Meeranda Meeranda is a privately held Artificial Intelligence (AI) solutions provider, serving Small and Medium Businesses (SMBs) and Global Multinational Corporations (MNCs). Meeranda is best known for its Human-Like AI that intends to offer the new personalized customer experience to combat the ongoing frustration of dealing with chatbots and half-baked AI solutions. Although in its early stages, Meeranda already has agreements across six countries and seven industries, thus far. Follow MeerandaWebsite: https://meeranda.comMedia Kit: https://meeranda.com/media-kitX: https://x.com/HelloMeerandaFacebook: https://www.facebook.com/HelloMeerandaLinkedIn: https://www.linkedin.com/company/HelloMeerandaInstagram: https://instagram.com/HelloMeerandaThreads: https://instagram.com/HelloMeerandaYouTube: https://www.youtube.com/@meerandaTikTok: https://www.tiktok.com/@meeranda_ai Meeranda Inc., Media Relations, media@meeranda.com
Revenue for the quarter reached US$66.1 million, marking a 23.5% year-over-year (YoY) increase Non-GAAP profit soared to US$15.3 million, up 48.4% quarter-over-quarter (QoQ), achieving a two-year record high. The launch of TigerGPT, an AI-powered investment assistant, in Singapore, New Zealand, Australia, and Hong Kong SAR, highlights the Company's commitment to cutting-edge fintech innovation. SINGAPORE and NEW YORK, Aug. 29, 2023 /PRNewswire/ -- UP Fintech Holding Limited ("UP Fintech" or the "Company", Nasdaq: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm committed to redefining global investing through next-generation technologies, today announced its unaudited financial results for the second quarter ended June 30, 2023. Driven by a strategic global expansion and an unwavering commitment to fintech innovation, the Company's revenue for the quarter reached US$66.1 million, marking a 23.5% year-over-year (YoY) increase. The non-GAAP profit attributable to UP Fintech soared to US$15.3 million, up 48.4% quarter-over-quarter (QoQ) and nearly 3.4 times YoY, achieving a two-year record high, surpassing the previous year's total. During the second quarter, 58,582 new customer accounts were added to UP Fintech's global portfolio, bringing the total to 2.12 million. A total of 29,077 new customers with deposits (funded accounts) were added this quarter, elevating the total number of funded accounts to 840,931, marking a 15% increase YoY. The total trading volume by customers on the Company's platform reached US$65.1 billion during the second quarter, with US$19.3 billion attributed to stock trading. Additionally, 7.76 million options and futures contracts were traded by clients. Customer assets saw a significant increase, amounting to US$17.3 billion during the reporting period, a rise of 16.2% YoY. Moreover, the quarterly net asset inflow approached the substantial figure of US$1.6 billion, reflecting the strong trust and engagement the Company continues to foster within its client base. CEO highlights: strong performance, global expansion, and innovation Wu Tianhua, CEO and founder of UP Fintech, said: "The second quarter marked a period of gradual recovery in the overall market, and UP Fintech's performance mirrored this trend. Our revenue remained stable and showed encouraging improvement, culminating in a double-digit growth year-over-year. The non-GAAP net profit's significant growth, surpassing the total of the previous year, underscores our strong financial position. "In the realm of international expansion, we are proud to report robust growth in our global customers with deposits. With nearly 60,000 funded clients acquired in the first half, we've surpassed the halfway mark of our ambitious 100,000 new customer target for the year. Our strategic launch of diverse wealth management products in pivotal markets such as Singapore and Hong Kong SAR has resonated well with our clientele. These initiatives offer more financial choices in an unpredictable market landscape. Separately, Australia's record growth underscores our global expansion success. "As for product innovation, the second quarter saw the significant launch of our Hong Kong stock AIP (automatic investment plan). This positions Tiger Trade as one of the few platforms offering the AIP feature in both Hong Kong and U.S. stocks. By enabling small-amount investors to access high-priced stocks of premium companies, we have further democratized investment opportunities and broadened our reach. "Looking to the future, our commitment to product and technological innovation remains unwavering. We will continue to fortify our leading positions in existing markets through quality financial services, streamline operations, and enhance efficiency. Our confidence in this strategic direction is steadfast, and we believe it will fuel sustainable growth, forging greater value for our customers and shareholders alike." Singapore: services introduced for high-net-worth clientsHong Kong SAR, Australia: broadened product portfolio In the second quarter, the Company further strengthened its presence in Singapore, a key strategic market. The Capital Market Services License (LMS) from the Monetary Authority of Singapore was obtained, followed by the subsequent launch of Tiger Fund Management (TFM) services. Targeting Singapore-centric investment themes such as Real Estate Investment Trusts (REITs), banking, and technology, TFM aims to secure long-term returns for high-net-worth clients. This initiative enhances the firm's wealth management capabilities in Singapore, where a remarkable monthly sequential growth rate in fund sales of up to 43% was observed during the quarter. Celebrating the Company's ninth anniversary, a series of offline events were hosted across Singapore's business districts, attracting over 10,000 participants and strengthening connections with clients. The Hong Kong market experienced significant growth in Q2, with newly funded account numbers nearly tripling sequentially. The product portfolio was expanded, adding Hong Kong Hang Seng Index futures and global futures. This quarter also marked the introduction of Tiger Vault, a cash management service featuring Hong Kong dollar and U.S. dollar money market funds. With a daily average yield of over US$ 1.3 per US$ 10,000 investment*, these innovative funds have outperformed similar products in Hong Kong SAR. Creative marketing efforts, including themed vehicles, resonated with the public, enhancing brand awareness and appeal. The number of funding customers in Australia reached a record high in the quarter, nearly doubling sequentially. An innovative uninvested cash interest service, with a U.S. dollar annual interest rate of up to 3.25%, received widespread acclaim, reflecting our commitment to benefiting customers. Recognition also came through awards such as the 2023 Outstanding Value Award from Canstar and the 2023 Expert's Choice from Mozo. In New Zealand, the company collaborated with Massey University and the University of Otago to extend educational initiatives, promoting financial literacy through simulated trading activities and special lectures. Hong Kong stock AIP launched with investment threshold at HK$500 TigerGPT officially unveiled in Singapore, New Zealand, Australia, and Hong Kong SAR In the second quarter, commission income reached US$22.0 million, and interest-related income climbed to US$39.3 million, marking a QoQ increase of approximately 5%. This financial performance coincides with the Company's ongoing commitment to innovation, demonstrated by the introduction of transformative features such as the Hong Kong stock automatic investment plan (AIP) and the AI-powered investment assistant, TigerGPT. The introduction of the Hong Kong stock AIP lowers the entry threshold to the Hong Kong stock market to just HKD 500. With flexible investment plans available on a weekly, bi-weekly, or monthly basis, the Company is democratizing investment, leading the industry with unparalleled accessibility and adaptability. TigerGPT, following a successful beta testing, was officially unveiled to users in Singapore, New Zealand, Australia, and Hong Kong SAR. TigerGPT's multi-round dialogue system delivers personalized content, enabling investors to rapidly access individual stock insights, distill key points from earnings calls, gauge market trends, and discern investor sentiment. This innovation significantly amplifies investment research efficiency and is seamlessly integrated with individual stock targets, alerting users to abnormal trading patterns or significant market events. The Company's wealth management business also saw robust growth, with a quarter-over-quarter increase of 41% in assets under management (AUM) and a 29% growth in users. The cash management product, "Tiger Vault," experienced a 44% surge in AUM and a 36% growth in users. Tiger Vault's unique ability to directly purchase stocks, options, funds, and IPO subscriptions offers customers a seamless and integrated investment experience. Notably, around 17% of new customers who funded their accounts this quarter have included wealth management products in their portfolios. UP Fintech in top three for Hong Kong stock underwritingESOP Client Engagement further strengthened During the reporting period, the Company's other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$4.8 million. In the U.S., the Company's investment banking division acted as the exclusive lead underwriter for Ispire Technology Lmt.'s IPO. Meanwhile, in Hong Kong SAR, the Company underwrote six IPO projects during the quarter. Having underwritten 13 Hong Kong stock IPOs in the first half of the year, the Company now ranks among the top three for Hong Kong stock underwriting, confirmed by third-party data provider Wind. On the ESOP front, the Company's brand UponeShare welcomed 30 new corporate clients during the quarter, elevating the total number of corporate clients to 478, a 31.3% increase YoY. The second quarter witnessed a substantial YoY growth in repurchase rate, exceeding 2.6 times, and a 15.7% QoQ growth, reinforcing client engagement. *Example based on underlying Bosera USD Money Market Fund A shares. During 2023 Q2, the fund's recent 7-day average yield per US$10,000 exceeded US$1.3. Past performance data from a third party does not predict future performance. About UP Fintech UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation. Founded in 2014, the Company relentlessly offers superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.UP Fintech strives to elevate financial technology R&D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds of tech experts, we develop our own technology infrastructure—an aggregation that enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency. In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 9 million users and more than 2 million account holders worldwide on our flagship platform "Tiger Trade", own 70 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong SAR, Australia, and Mainland China.For more information about UP Fintech as a Company, please visit itigerup.com.For media inquiries, please contact press@itiger.com Safe Harbor Statement This announcement contains forward−looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as "may," "might," "aim," "likely to," "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company's strategic and operational plans, and expectations regarding growth, expansion of its business lines and customer acquisition, and the Company's plans for future financing of its business, contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the cooperation with Interactive Brokers LLC and Xiaomi Corporation and its affiliates; the Company's ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company's revenues and certain cost or expense accounting policies; the effects of the global COVID-19 pandemic; and governmental policies and regulations affecting the Company's industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company's filings with the SEC, including the Company's annual report on Form 20-F filed with the SEC on April 26, 2023. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company's filings with the SEC.
HONG KONG SAR - Media OutReach - 29 August 2023 - Kunji Finance, the decentralized active portfolio management platform, is pleased to announce a strategic alliance with AsiaTokenFund Group. This collaboration has been established with the overarching objective of promoting the expansion of the emerging Kunji Finance platform across the Asian and European landscape. Kunji Finance is a non-custodial and multi-strategy digital asset management platform that connects asset managers with liquidity providers, allowing them to leverage their skills with access to further capital while generating trading-based profit opportunities for capital providers. The collaboration blends Kunji Finance's groundbreaking decentralized asset management protocol with AsiaTokenFund's financial and cryptocurrency expertise to herald a new era in efficiency for the adoption of technological solutions in Asian and EU markets. Kunji Finance's core mission is to connect expert asset managers with liquidity providers, allowing them to leverage their skills with access to further capital while generating trading-based profit opportunities for capital providers. The asset management services can be based on discretionary investment theses that run long and short strategies created by asset managers on the platform, enabling the creation of "hedge funds" for retail investors without any regulatory ambiguity. By utilizing the possibilities of Arbitrum blockchain technology and asset management principles, Kunji Finance has developed a platform for individuals to grow wealth. AsiaTokenFund Group (ATF) is an influential Web3 conglomerate headquartered in Southeast Asia. ATF operates a range of entities encompassing Web3 Media, NFT Media, Venture Capital, Media Agency, Tech Solutions, Events, and Accelerator. "AsiaTokenFund and Sky Wee have a very strong presence in the South East Asian Web3 communities and a history of partnering with successful products. We are proud to partner with them and look forward to benefiting from their network and presence", said Anurag Dixit, founder and CEO of Kunji Finance. "We are thrilled to announce our strategic partnership with Kunji Finance, a pioneering force in reshaping the landscape of digital asset management. At AsiaTokenFund Group, we have always aimed to provide innovative and transformative solutions to our partners, and collaborating with Kunji Finance aligns seamlessly with this commitment." Said Ken Nizam, Co-Founder & CEO of AsiaTokenFund Group "Kunji Finance's visionary approach to connecting expert asset managers with liquidity providers not only enhances capital accessibility but also democratizes the realm of hedge funds for retail investors, all within the secure framework of Arbitrum blockchain technology. Together, we look forward to empowering individuals across Asia with the tools to navigate and thrive in the ever-evolving world of wealth growth." Said Sky Wee, Co-Founder & Managing Partner of ATF Capital , a member of AsiaTokenFund Group. Benefitting from its strategic presence in Asian nations such as Thailand, Vietnam, Philippines, and Indonesia, AsiaTokenFund Group holds a substantial value for Kunji Finance. Hashtag: #AsiaTokenFundThe issuer is solely responsible for the content of this announcement.
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