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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2019 shares
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Registrant Name	UP Fintech Holding Ltd
Entity Voluntary Filers	No
Entity Central Index Key	0001756699
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Class A ordinary shares
Entity Common Stock, Shares Outstanding	1,777,218,449
Class B ordinary shares
Entity Common Stock, Shares Outstanding	337,611,722

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 59,408,555	$ 34,406,970
Cash-segregated for regulatory purpose	317,915,092	6,695,436
Term deposits	65,601,207	29,999,865
Receivables from customers (net of allowance of US$nil as of December 31, 2018 and 2019)	106,113,896	353,304
Receivables from brokers, dealers, and clearing organizations (net of allowance of US$nil as of December 31, 2018 and 2019):
Related parties	185,047,211	9,619,438
Others	9,274,205	1,073,972
Financial instruments held, at fair value	14,881,240	6,435,241
Prepaid expenses and other current assets	8,020,192	5,803,195
Amounts due from related parties	3,484,434	8,518,358
Total current assets	769,746,032	102,905,779
Right-of-use-assets	5,732,559
Property, equipment and intangible assets, net	9,535,541	2,330,433
Goodwill	2,421,403
Long-term investments	6,017,219	2,386,691
Other noncurrent assets	3,045,732	1,255,447
Deferred tax assets	12,561,461	6,336,815
Total assets	809,059,947	115,215,165
Liabilities:
Payables to customers	512,481,679	6,564,154
Payables to brokers, dealers and clearing organizations
Related parties	53,774,882
Others	1,355,112
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Group of US$6,939,074 and US$9,267,717 as of December 31, 2018 and 2019, respectively)	16,881,957	10,423,107
Deferred income - current	697,330
Lease liabilities - current (including lease liabilities - current of the consolidated VIEs without recourse to the Group of US$1,097,916 as of December 31, 2019)	2,401,566
Total current liabilities	587,592,526	16,987,261
Deferred income - non-current	1,552,595
Lease liabilities - non-current (including lease liabilities - non-current of the consolidated VIEs without recourse to the Group of US$100,701 as of December 31, 2019)	3,440,092
Deferred tax liabilities	1,449,000
Total liabilities	594,034,213	16,987,261
Commitments and Contingencies (Note 18)
Mezzanine equity:
Redeemable noncontrolling interest of sponsored fund	3,084,122	2,204,940
Total mezzanine equity	3,084,122	124,105,861
Shareholders' (deficit)/equity:
Additional paid-in capital	285,767,622	42,520,332
Statutory reserve	724,008
Accumulated deficit	(73,704,745)	(66,391,306)
Accumulated other comprehensive loss	(866,421)	(544,988)
Total UP Fintech Holding Limited shareholder's (deficit)/equity	211,941,612	(24,406,223)
Noncontrolling interest		(1,471,734)
Total (deficit)/equity	211,941,612	(25,877,957)
Total liabilities, mezzanine equity and (deficit)/equity	809,059,947	115,215,165
Series A convertible redeemable preferred shares
Mezzanine equity:
Preferred stock		16,486,780
Series B-1 convertible redeemable preferred shares
Mezzanine equity:
Preferred stock		17,169,446
Series B-2 convertible redeemable preferred shares
Mezzanine equity:
Preferred stock		9,593,789
Series B-3 convertible redeemable preferred shares
Mezzanine equity:
Preferred stock		21,470,906
Series C convertible redeemable preferred shares
Mezzanine equity:
Preferred stock		47,980,000
Subscriptions receivable		(800,000)
Series C-1 convertible redeemable preferred shares
Mezzanine equity:
Preferred stock		10,000,000
Class A ordinary shares
Shareholders' (deficit)/equity:
Common stock	17,772	2,166
Class B ordinary shares
Shareholders' (deficit)/equity:
Common stock	$ 3,376	3,376
Angle preferred shares
Shareholders' (deficit)/equity:
Equity with preferential rights		$ 4,197

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Allowance of receivables from customers	$ 0	$ 0
Allowance of receivables from brokers, dealers, and clearing organizations	0	0
Payables due to customers	512,481,679	6,564,154
Accrued expenses and other current liabilities	16,881,957	$ 10,423,107
Operating Lease, Liability, Current	2,401,566
Operating Lease, Liability, Noncurrent	$ 3,440,092
Series A convertible redeemable preferred shares
Temporary equity, par value (in US dollars per share)		$ 0.00001
Temporary equity, shares authorized (in shares)		279,389,307
Temporary equity, shares issued (in shares)		279,389,307
Temporary equity, shares outstanding (in shares)		279,389,307
Temporary equity, liquidation preference		$ 19,784,136
Series B-1 convertible redeemable preferred shares
Temporary equity, par value (in US dollars per share)		$ 0.00001
Temporary equity, shares authorized (in shares)		188,378,334
Temporary equity, shares issued (in shares)		188,378,334
Temporary equity, shares outstanding (in shares)		188,378,334
Temporary equity, liquidation preference		$ 20,263,335
Series B-2 convertible redeemable preferred shares
Temporary equity, par value (in US dollars per share)		$ 0.00001
Temporary equity, shares authorized (in shares)		76,812,654
Temporary equity, shares issued (in shares)		76,812,654
Temporary equity, shares outstanding (in shares)		76,812,654
Temporary equity, liquidation preference		$ 11,512,547
Series B-3 convertible redeemable preferred shares
Temporary equity, par value (in US dollars per share)		$ 0.00001
Temporary equity, shares authorized (in shares)		147,755,566
Temporary equity, shares issued (in shares)		147,755,566
Temporary equity, shares outstanding (in shares)		147,755,566
Temporary equity, liquidation preference		$ 25,765,087
Series C convertible redeemable preferred shares
Temporary equity, par value (in US dollars per share)		$ 0.00001
Temporary equity, shares authorized (in shares)		205,991,949
Temporary equity, shares issued (in shares)		98,834,937
Temporary equity, shares outstanding (in shares)		98,834,937
Temporary equity, liquidation preference		$ 56,616,000
Series C-1 convertible redeemable preferred shares
Temporary equity, par value (in US dollars per share)		$ 0.00001
Temporary equity, shares authorized (in shares)		18,597,738
Temporary equity, shares issued (in shares)		18,597,738
Temporary equity, shares outstanding (in shares)		18,597,738
Temporary equity, liquidation preference		$ 12,000,000
Class A ordinary shares
Common stock, par value (in US dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	4,662,388,278	3,144,831,053
Common stock, shares issued (in shares)	1,777,218,449	216,546,541
Common stock, shares outstanding (in shares)	1,777,218,449	216,546,541
Class B ordinary shares
Common stock, par value (in US dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	337,611,722	518,507,295
Common stock, shares issued (in shares)	337,611,722	337,611,722
Common stock, shares outstanding (in shares)	337,611,722	337,611,722
Angle preferred shares
Preferred Stock, par value (in US dollar per share)		$ 0.00001
Preferred Stock, Shares Authorized (in shares)		419,736,104
Preferred stock, shares issued (in shares)		419,736,104
Preferred Stock, Shares Outstanding (in shares)		419,736,104
VIEs
Accrued expenses and other current liabilities	$ 9,267,717	$ 6,939,074
Operating Lease, Liability, Current	1,097,916
Operating Lease, Liability, Noncurrent	$ 100,701

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Total revenues	$ 58,662,900	$ 33,560,265	$ 16,949,184
Interest expense	(4,101,528)
Total Net Revenues	54,561,372	33,560,265	16,949,184
Operating cost and expenses:
Execution and clearing	(2,519,238)	(257,115)	(38,041)
Employee compensation and benefits (including share-based compensation of US$349,700, US$34,204,761 and US$4,062,600 for the years ended December 31, 2017, 2018 and 2019, respectively)	(35,787,458)	(55,656,219)	(11,950,692)
Occupancy, depreciation and amortization	(3,572,260)	(2,621,699)	(1,167,628)
Communication and market data	(6,494,006)	(3,558,546)	(2,943,301)
Marketing and branding	(7,103,178)	(10,526,940)	(6,288,254)
General and administrative	(9,259,484)	(7,831,860)	(3,576,478)
Total operating cost and expenses	(64,735,624)	(80,452,379)	(25,964,394)
Other (expense)/income:
Others, net	869,028	725,446	(95,982)
Loss before income taxes	(9,305,224)	(46,166,668)	(9,111,192)
Income tax benefits	3,355,366	1,873,113	1,183,698
Net Loss	(5,949,858)	(44,293,555)	(7,927,494)
Less:
Net income attributable to redeemable non-controlling interests	639,573
Net loss attributable to noncontrolling interests		(1,085,823)	(417,445)
Net loss attributable to UP Fintech Holding Limited	(6,589,431)	(43,207,732)	(7,510,049)
Net loss attributable to ordinary shareholders of UP Fintech Holding Limited	$ (6,589,431)	$ (43,207,732)	$ (7,510,049)
Net loss per share attributable to ordinary shareholders of UP Fintech Holding Limited:
Basic and diluted	$ 0.00	$ (0.09)	$ (0.02)
Weighted average shares used in calculating net loss per ordinary share:
Basic and diluted	1,751,784,176	506,393,198	443,814,916
Other comprehensive income/(loss), net of tax:
Unrealized gain on available-for-sale investments (net of tax effect of US$ nil, US$87,619 and US$ nil for the years ended December 31, 2017, 2018 and 2019, respectively)		$ 262,857
Changes in cumulative foreign currency translation adjustment	$ (321,433)	(935,612)	$ 1,620,635
Total Comprehensive loss	(6,271,291)	(44,966,310)	(6,306,859)
Commissions
Revenues:
Revenues	26,697,958	26,043,051	15,062,955
Financing service fees
Revenues:
Revenues	7,926,766	6,442,012	1,797,390
Interest income
Revenues:
Revenues	16,505,185	85,361
Other revenues
Revenues:
Revenues	$ 7,532,991	$ 989,841	$ 88,839

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Share-based compensation	$ 4,062,600	$ 34,204,761	$ 349,700
Unrealized gain on available for sale investments, tax	$ 0	$ 87,619	$ 0

- Definition

Amount of expense for award under share-based payment arrangement. Excludes amount capitalized.

+ References + Details

- Definition

Amount of tax expense (benefit), after reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) loss.

+ References + Details

CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT - USD ($)

Paid in capital

Preferred shares

Series Angel equity interest with preferential rights

Preferred shares

Angle preferred shares

Ordinary shares

Class A ordinary shares

Ordinary shares

Class B ordinary shares

Additional paid in capital

Class A ordinary shares

Additional paid in capital

Statutory Reserves

Accumulated other comprehensive (loss)/income

Accumulated deficit

Non controlling interests

Redeemable non-controlling interest of sponsored fund

Class A ordinary shares

Class B ordinary shares

Total

Beginning balance at Dec. 31, 2016

$ 357,338

$ 496,584

$ 6,942,155

$ (1,431,921)

$ (15,673,525)

$ 110,816

$ (9,198,553)

Changes in equity

Share based compensation

349,700

Foreign currency translation adjustment

1,638,655

(18,020)

1,620,635

Net loss

(7,510,049)

(417,445)

(7,927,494)

Return of capital to a limited partnership (note1)

^[1]

(140,229)

Ending balance at Dec. 31, 2017

357,338

496,584

7,291,855

206,734

(23,183,574)

(464,878)

(15,295,941)

Changes in equity

Reorganization effect (note 2)

^[2]

$ (357,338)

$ (496,584)

$ 4,197

$ 332

$ 4,106

845,287

Reorganization effect (note 2) (in shares)

^[2]

419,736,104

33,170,968

410,643,948

Issuance of ordinary shares

$ 25

$ 1,079

$ 178,429

$ 178,454

$ 1,079

Issuance of ordinary shares (In shares)

2,480,000

107,863,347

Class B ordinary shares converted into Class A ordinary shares

$ 1,809

$ (1,809)

Class B ordinary shares converted into Class A ordinary shares (in shares)

180,895,573

(180,895,573)

Share based compensation

34,204,761

Foreign currency translation adjustment

(1,014,579)

78,967

(935,612)

Investment in sponsored fund from noncontrolling shareholders

$ 2,204,940

Unrealized gain on availableforsale investments

262,857

Net loss

(43,207,732)

(1,085,823)

(44,293,555)

Ending balance at Dec. 31, 2018

$ 4,197

$ 2,166

$ 3,376

42,520,332

(544,988)

(66,391,306)

(1,471,734)

2,204,940

(25,877,957)

Ending balance (in shares) at Dec. 31, 2018

419,736,104

216,546,541

337,611,722

Changes in equity

Issuance of Class A ordinary shares upon initial public offering, net of offering costs of US$3,462,099

$ 2,373

114,763,528

114,765,901

Issuance of Class A ordinary shares upon initial public offering, net of offering costs of US$3,462,099 (in shares)

237,375,000

Conversion of convertible preferred shares to Class A ordinary shares upon initial public offering

$ (4,197)

$ 12,295

122,692,824

122,700,922

Conversion of convertible preferred shares to Class A ordinary shares upon initial public offering (in shares)

(419,736,104)

1,229,518,986

Issuance of Class A ordinary shares in relation to the acquisition of Marsco Investment Corporation

$ 85

2,999,915

3,000,000

Issuance of Class A ordinary shares in relation to the acquisition of Marsco Investment Corporation (in shares)

8,508,390

Issuance of Class A ordinary shares upon settlement of share-based awards

$ 853

200,157

201,010

Issuance of Class A ordinary shares upon settlement of share-based awards (in shares)

85,269,532

Share based compensation

4,062,600

Provision of statutory reserve

$ 724,008

(724,008)

Foreign currency translation adjustment

(321,433)

Investment in sponsored fund from noncontrolling shareholders

239,609

Net loss

(6,589,431)

639,573

(6,589,431)

Acquisition of additional equity interest from non-controlling shareholders

(1,471,734)

$ 1,471,734

Ending balance at Dec. 31, 2019

$ 17,772

$ 3,376

$ 285,767,622

$ 724,008

$ (866,421)

$ (73,704,745)

$ 3,084,122

$ 211,941,612

Ending balance (in shares) at Dec. 31, 2019

1,777,218,449

337,611,722

[1]	In August 2016, a subsidiary of the Group established a limited partnership, which was dissolved in November 2017.
[2]	Represents the reorganization transactions to redomicile the Company’s business from the People’s Republic of China (the “PRC”) to the Cayman Islands as described in Note 1.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2019 USD ($)
Class A ordinary shares
Offering costs	$ 3,462,099

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net loss	$ (5,949,858)	$ (44,293,555)	$ (7,927,494)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	4,062,600	34,204,761	349,700
Depreciation and amortization	752,167	473,730	342,450
Unrealized fair value change of financial instruments held, at fair value	(1,659,469)	(215,446)
Gain on disposal of subsidiaries	(467,500)
Impairment loss of equity investments	755,524
Loss on disposal of property and equipment	34,467
Foreign currency exchange loss/(gain)	(284,153)	(542,336)	451,407
Deferred income tax	(6,215,140)	(1,874,819)	(1,183,698)
Changes in operating assets and liabilities:
Financial instruments held, at fair value	(6,627,630)	(6,219,795)
Receivables from customers	(101,438,442)	(353,304)
Receivables from brokers, dealers and clearing organizations	(183,103,763)	1,128,931	185,906
Amounts due from related parties	401,748	(10,390,564)	(2,348,838)
Prepaid expenses and other current assets	(1,259,888)	(3,543,158)	(1,382,291)
Right-of-use assets	2,251,301
Other non-current assets	(435,614)
Payables to customers	481,105,480	5,316,263	1,247,803
Payables to brokers, dealers and clearing organizations	55,078,762
Accrued expenses and other current liabilities	6,200,824	5,137,692	2,640,752
Lease liabilities	(2,142,202)
Deferred income	2,249,925
Amounts due to related parties			(886,331)
Net cash (used in)/provided by operating activities	243,309,139	(21,171,600)	(8,510,634)
Cash flows from investing activities:
Purchase for property, equipment and intangible assets	(1,317,435)	(1,684,382)	(585,016)
Prepayment for acquisition and long-term investments subject to certain closing conditions	(854,891)
Payment for long-term investments	(600,000)		(2,151,761)
Prepayments to acquire the remaining equity interest of an equity method investee			(90,043)
Cash paid for acquisition, net of cash acquired	(6,008,680)
Cash-segregated for regulatory purpose acquired from acquisition	22,094,198
Proceeds received from disposal of long-term investment			227,472
Repayment of loans from related parties	1,585,591	1,793,993
Cash received from disposal of a subsidiary	106,105
Purchase of term deposits	(65,601,207)	(29,999,865)
Maturity of term deposits	29,999,865
Loans to employees	(1,154,938)
Loans to related parties	(288,719)	(5,233,963)	(1,070,662)
Net cash used in investing activities	(22,040,111)	(35,124,217)	(3,670,010)
Cash flows from financing activities:
Net proceeds received from initial public offering (net of offering cost of US$3,462,099)	114,765,901
Capital contribution in sponsored fund from redeemable noncontrolling shareholders	239,609	2,204,940
Repayment of loans to bank	(1,100,000)
Return of capital to a limited partnership			(140,229)
Net cash provided by financing activities	114,906,520	79,525,945	14,596,081
Increase in cash and cash equivalents	336,175,548	23,230,128	2,415,437
Effect of exchange rate changes	45,693	(189,163)	895,643
Cash and cash equivalents and cash-segregated for regulatory purpose, beginning of the year	41,102,406	18,061,441	14,750,361
Cash and cash equivalents and cash-segregated for regulatory purpose, end of the year	377,323,647	41,102,406	18,061,441
Supplemental disclosure of cash flow information:
Income tax paid	762,179		22,426
Acquisition consideration paid	6,348,290
Noncash investing activity:
Loan converted to longterm investment	3,846,699
Series A preferred shares
Cash flows from financing activities:
Amount received for total considerations			3,633,087
Series B+ preferred shares
Cash flows from financing activities:
Amount received for total considerations			9,593,789
Series B-3 convertible redeemable preferred shares
Cash flows from financing activities:
Advanced subscriptions received from investors of Series B3 convertible redeemable preferred shares			$ 1,509,434
Proceeds received from issuance of convertible redeemable preferred shares		19,961,472
Class A ordinary shares
Cash flows from financing activities:
Proceeds received from issuance of ordinary shares		178,454
Proceeds from issuance of Class A Ordinary Shares	201,010
Class B ordinary shares
Cash flows from financing activities:
Proceeds received from issuance of ordinary shares		1,079
Series C convertible redeemable preferred shares
Cash flows from financing activities:
Proceeds received from issuance of convertible redeemable preferred shares	$ 800,000	47,180,000
Series C-1 convertible redeemable preferred shares
Cash flows from financing activities:
Proceeds received from issuance of convertible redeemable preferred shares		$ 10,000,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Dec. 31, 2019 USD ($)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net of offering cost	$ 3,462,099

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2019

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

UP Fintech Holding Limited (the “Company”) was incorporated under the laws of Cayman Islands on January 26, 2018. The Company, its subsidiaries, its consolidated variable interest entities (“VIEs”) and VIEs’ subsidiaries (collectively, the “Group”) are primarily engaged in providing online brokerage services.

As of December 31, 2019, details of the Group’s subsidiaries, VIEs and VIEs’ subsidiaries were as follows:


	Date of	Place of	Percentage of
	incorporation or	establishment/	legal
	acquisition	incorporation	ownership
Subsidiaries:
Tiger Holdings Group Limited (“Tiger Holdings”)	August 01, 2015	New Zealand	100	%
Tiger Brokers (NZ) Limited (“TBNZ”) 1	August 02, 2016	New Zealand	100	%
U-Tiger SPC (“U-Tiger SPC”)	June 18, 2017	Cayman Islands	100	%
I-Tiger Global Investment SPC (“I-Tiger SPC”)	July 12, 2017	Cayman Islands	100	%
I‑Tiger Capital Management Limited (“I‑Tiger Capital Management”)	July 12, 2017	Cayman Islands	65	%
I‑Tiger Global Investment Management Limited (“I‑Tiger Global Investment”)	July 12, 2017	Cayman Islands	100	%
I‑Tiger Capital Limited (“I‑Tiger Capital”)	July 12, 2017	Cayman Islands	65	%
Prosperous Investment Management Limited (“Prosperous Investment”)	July 12, 2017	Cayman Islands	100	%
Tiger Brokers(AU)Pty Limited (“TBAU”) 2	September 26, 2017	Australia	100	%
Up Fintech International Limited (“Up International”)	February 08, 2018	Hong Kong	100	%
Tiger Fintech (Singapore) PTE Ltd. (“Tiger SG”)	March 13, 2018	Singapore	100	%
Tiger Brokers (Singapore) PTE Ltd. (“Tiger Brokers SG”)	March 27, 2018	Singapore	100	%
US Tiger Securities, Inc. (“US Tiger Securities”)	March 30, 2018	United States of America(“USA”)	100	%
Ningxia Xiangshangyixin Technology Co., Ltd (“Ningxia XSYX”, “Ningxia WFOE”)	May 17, 2018	PRC	100	%
Up Fintech Global Holdings Limited (“Up Global”)	June 15, 2018	BVI	100	%
Tiger Fintech Holdings, Inc (“Tiger Fintech Holdings”)	July 09, 2018	USA	100	%
Xiangshang Upfintech Holding Limited (“Xiangshang Upfintech Holding”)	July 11, 2018	BVI	100	%
Beijing Xiangshangyixin Technology Co., Ltd (“Beijing XSYX”, “Beijing WFOE”)	July 26, 2018	PRC	100	%
Trading Front Inc (“Trading Front”)	August 01, 2018	USA	100	%
Wealthn LLC (“Wealthn”)	August 01, 2018	USA	100	%
Uptech Global Holding Limited (“Uptech Holding”)	August 03, 2018	British Virgin Islands (“BVI”)	100	%
Tiger Fixed Income Portfolio Limited (“Tiger Fixed”)	September 06, 2018	Cayman Islands	100	%
JV Uptech Holding limited (“JV”)	September 18, 2018	BVI	100	%
Kastle Limited (“Kastle”)	October 15, 2018	Hong Kong	100	%
Fleming Funds Management Pty Limited (“Fleming”)	November 22, 2018	Australia	100	%
Amtiger Consultants Private Limited (“Amtiger”)	January 09, 2019	India	99.999	%
Tung Chi Consulting Limited (“Tung Chi”)	January 29, 2019	Hong Kong	100	%
Marsco Investment Corporation (“Marsco”)	July 12, 2019	USA	100	%
Tiger Investor Services Pty Limited (“Tiger Investor”)	July 29, 2019	Australia	100	%
Subsidiaries:
Tradeup Inc. (“Tradeup”)	October 10, 2019	USA	100	%
VIEs:
Ningxia Xiangshang Rongke Technology Co.,LTD (“Ningxia Rongke”, “Ningxia VIE”)	June 11, 2014	PRC	Consolidated VIE
Beijing Xiangshang Yiyi Laohu Technology Group Co.,LTD (“Beijing Yiyi”, “Beijing VIE”)	October 29, 2018	PRC	Consolidated VIE
TigerShares Trust (“Trust”)	September 25, 2018	USA	Consolidated VIE
VIEs’ subsidiaries:
Tiger Technology Corporation Limited (“Tiger Technology”)	October 14,2014	Hong Kong	VIE’s subsidiary
Tiger Holdings, LLC (“Tiger LLC”)	October 13, 2015	USA	VIE’s subsidiary
Beijing U‑Tiger Network Technology Co., LTD. (“Beijing U‑Tiger Network”)	April 20, 2016	PRC	VIE’s subsidiary
Beijing U‑Tiger Business Service Co., Ltd (“Beijing U‑Tiger Business”)	April 21,2016	PRC	VIE’s subsidiary
Beijing Chenhao Technology Co., LTD. (“Beijing Chenhao”)	August 11, 2016	PRC	VIE’s subsidiary
Tiger Financial Information Service (NX) Co., Ltd. (“Tiger Financial Information”)	September 09, 2016	PRC	VIE’s subsidiary
Tiger Rongke Technology Co., Ltd. (“Tiger Rongke”)	November 09, 2016	PRC	VIE’s subsidiary
Fangguang Technology (NX) Co., Ltd. (“Fangguang Technology”)	November 16, 2016	PRC	VIE’s subsidiary
Yunxin (Beijing) Information Consulting Co., Ltd. (“Beijing Yunxin”)	November 23, 2016	PRC	VIE’s subsidiary
Xinhu Information Technology (SH) Co., Ltd (“Shanghai Xinhu”)	July 05, 2017	PRC	VIE’s subsidiary
Top Capital Partners Custodians Limited (“Top Capital Partners Custodians”)	September 13,2017	New Zealand	VIE’s subsidiary
Beijing Zhijianfengyi Information Technology Co., Ltd (“Beijing ZJFY”)	January 25, 2018	PRC	VIE’s subsidiary
Shenzhen Xiang Shang Hu Xun Technology Co., LTD. (“Hu Xun”)	June 20, 2018	PRC	VIE’s subsidiary
Beijing Beihu Commercial Service Co., Ltd (“Beihu”)	August 10, 2018	PRC	VIE’s subsidiary
Beijing Huyi Technology Co., Ltd (“Huyi”)	September 05, 2018	PRC	VIE’s subsidiary
Guangzhou U-Tiger Technology Co.,LTD (“Guangzhou U-Tiger”)	December 24, 2018	PRC	VIE’s subsidiary
Shenzhen Huichuang Tianrong Asset Management Co.,Ltd. (“Huichuang Tianrong”)	January 26, 2019	PRC	VIE’s subsidiary
Tiger Brokers International Limited (“TB International”)	September 26, 2019	Hong Kong	VIE’s subsidiary
Tiger Brokers Group Limited (“TB Group”)	September 26, 2019	Hong Kong	VIE’s subsidiary
Tiger Assets Management Corporation Limited (“Tiger Asset Management”)	September 26, 2019	Hong Kong	VIE’s subsidiary

1 In June, 2019, the name of “Top Capital Partners Limited” was changed to “Tiger Brokers (NZ) Limited”

2 In May, 2019, the name of “Top Capital Partners (Australia) PTY Limited” was changed to “Tiger Brokers (AU) Pty Limited”

History of the Group and reorganization under identical common ownership

The Group’s history began in June 2014 with the commencement of operations of Ningxia Rongke, as a limited liability company in PRC incorporated by Mr. Tianhua, Wu, Chief Executive Officer (the “CEO”). From December 2014 to January 2017, after the incorporation of the Ningxia Rongke, series Angel, A, B, B+ investors (collectively, the “equity investors”) each acquired certain equity interest with preferential rights of Ningxia Rongke.

In June 2018, the Company undertook a series of reorganization transactions to re‑domicile its business from the PRC to the Cayman Islands (the “Re‑domiciliation”). The main purpose of the Re‑domiciliation was to establish a Cayman holding company for the existing business in preparation for its overseas initial public offering. At the same shareholding percentages and the rights of each shareholder were substantially the same in Ningxia Rongke and the Company, the Re‑domiciliation was accounted for as a reorganization of entities under common ownership. As a result, the consolidated financial statements for the year ended December 31, 2017 represent Ningxia Rongke’s historical consolidated financial statements as if the corporate structure of the Company had been in existence since the beginning of the periods presented. The consolidated financial statements as of and for the year ended December 31, 2018 represent the consolidated financial statements of the Group.

The VIE arrangements

To provide the Company control over the VIEs and the rights to the expected residual returns of the VIEs and VIEs’ subsidiaries, on June 7, 2018, Ningxia WFOE entered into a series of contractual arrangements as described below, and as amended on December 17, 2018, with the Ningxia Rongke and its equity investors. On October 30, 2018, Beijing WFOE entered into a series of substantially same contractual arrangements with Beijing Yiyi.

As a result of entering into these contractual agreements, the Company through its wholly owned subsidiaries, Ningxia WFOE and Beijing WFOE (the “WOFEs”), has (1) power to direct the activities of the VIEs that most significantly affect the entities’ economic performance and (2) the right to receive economic benefits of the VIEs that could be significant to the VIEs. Accordingly, The Company is considered the primary beneficiary of the VIEs and consolidate the VIEs’ financial results of operations, assets, and liabilities in the Company’s consolidated financial statements. The Company also believes that this ability to exercise control ensures that the VIEs will continue to execute and renew the exclusive business cooperation agreements and pay service fees to the Company. The ability to charge service fees in amounts determined at the Company’s sole discretion, and by ensuring that the exclusive business cooperation agreements are executed and renewed indefinitely, the Company has the right to receive substantially all of the economic benefits from the VIEs.

Agreements that were entered to provide the Company effective control over the VIEs

Exclusive Option Agreements. The respective equity investors of the VIEs entered into Exclusive Option Agreements with the WFOEs respectively, pursuant to which the equity investors of the VIEs grant the WFOEs an irrevocable and exclusive right to purchase or designate one or more persons to purchase the equity interests in the VIEs then held by the equity investors of the VIEs once or at multiple times at any time in part or in whole at the WFOEs’ sole and absolute discretion to the extent permitted by PRC laws. The standard equity interest purchase price is RMB10 (US$1.5). If a minimum price limited by PRC law applicable is more than RMB10 (US$1.5), the purchase price of the equity interest shall equal such minimum price. The agreement shall remain effective for a term of ten years and renewable at the WFOEs’ election.

Powers of Attorney. The equity investors of the VIEs signed the irrevocable Powers of Attorney to appoint the WFOEs as the attorney‑in‑fact to act on the equity investors’ behalf on all rights that the equity investors have in respect of their equity interest in the VIEs conferred by relevant laws and regulations and the articles of association of the VIEs. The rights include but not limited to attending shareholders meeting, exercising voting rights, designating and appointing on behalf of the equity investors, the legal representative (chairperson), the director, supervisor, the chief executive officer and other senior management members of the VIEs. Power of Attorney is coupled with an interest and shall be irrevocable and continuously valid from the date of execution of the Powers of Attorney.

Spousal Consent letters. The spouse of each married equity investors of the VIEs has signed a spousal consent letter, which unconditionally and irrevocably agreed not to assert any rights over the equity interest in the VIEs held by and registered in the name of their spouse. In addition, in the event that the spouse obtains any equity interest in the VIEs for any reason, they agreed to be bound by the contractual arrangements.

Commitment letters. The respective equity investors of the VIEs entered into Commitment letters with the WFOEs respectively. The equity investors of the VIEs undertake that, when exercising their options, they will refund, without any conditions, any amount and fees to the WFOEs which exceed the share purchase price provided in the Exclusive Option Agreements.

Agreements that were entered to transfer economic benefits to the Company

Exclusive Business Cooperation Agreements. The WFOEs entered into Exclusive Business Cooperation Agreements with the VIEs and their equity investors. Under the agreements, VIEs agree to appoint the WFOEs as their exclusive services provider to provide the business support, technical and consulting services at a determined price. The WFOEs shall have exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance of the agreement. The annual service fee should not be less than 99% of VIEs’ total net profit and could be decided and adjusted by the WFOEs. The service agreement shall remain effective for ten years. The WFOEs has the right to unilaterally extend the agreement and the VIEs shall accept the extended term unconditionally.

Equity Pledge Agreements. The equity investors of the VIEs entered into Equity Pledge Agreements with the WFOEs, under which the equity investors pledged all of the equity interest in the VIEs to the WFOEs to ensure that the WFOEs collect all payments due by the VIEs, including without limitation the consulting and service fees regularly from the VIEs under the Exclusive Business Cooperation Agreements. The WFOEs shall have the right to collect dividends generated by the equity interest during the term of pledge. If any event of default, the WFOEs, as the pledgee, will be entitled to take possession of the equity interest pledged and to dispose of the pledged equity interest. The Equity Pledge Agreements remain continuously valid until all payments due under the Exclusive Business Cooperation Agreements have been fulfilled by the VIEs.

Risks in relation to the VIE structure

The Company believes that the WFOEs’ contractual arrangements with the VIEs and their respective subsidiaries are in compliance with PRC laws and are legally enforceable. The equity investors of the VIEs are also major shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements and if the shareholders were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing the VIEs not to pay the service fees when required to do so.

The Company’s ability to control the VIEs also depends on the power of attorney. The WFOEs have to vote on all matters requiring shareholders’ approval in the VIEs. As noted above, the Company believes this power of attorney is legally enforceable but may not be as effective as direct equity ownership.

The shareholders are required to complete the registration of the equity pledge under the agreements with competent government authorities. In case any of the shareholders is in breach, the WFOEs will be entitled to certain right, including the right to dispose the pledged equity interest and to receive proceeds from the auction or sale of the pledge equity interests. The Company has completed the registration of the equity pledges relating to the VIEs with the local government authorities.

In addition, if the legal structure and contractual arrangements were found to be in violation of any existing PRC laws and regulations, the PRC regulatory authorities could:

revoke the Group’s business and operating licenses;

require the Group to discontinue or restrict its operations;

restrict the Group’s right to collect revenues;

restrict or prohibit the Group to finance its business and operations in China;

require the Group to restructure the operations;

impose additional conditions or requirements with which the Group might not be able to comply, levy fines, confiscate the Group’s income or the income of its PRC subsidiary or affiliated PRC entities; or

take other regulatory or enforcement actions against the Group that could be harmful to its business.

The imposition of any of these penalties could result in a material adverse effect on the Group’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIEs, VIEs’ subsidiaries, or the right to receive their economic benefits, the Group would no longer be able to consolidate the VIEs and VIEs’ subsidiaries. The Group does not believe that any penalties imposed or actions taken by the PRC government would result in the liquidation or dissolution of the Company, the WFOEs, the VIEs and their respective subsidiaries.

The following financial statement amounts and balances of the VIEs were included in the accompanying consolidated financial statements after the elimination of intercompany transaction and balances within the Group:


	As of December 31,
	2018	2019
	US$	US$
Current assets	17,648,541	11,412,715
Non-current assets	9,581,582	5,838,056
Total assets	27,230,123	17,250,771
Current liabilities	6,939,074	10,365,633
Non-current liabilities	—	100,701
Total liabilities	6,939,074	10,466,334


	For the years ended December 31,
	2017	2018	2019
	US$	US$	US$
Total revenues	16,949,184	27,536,436	3,089,605
Net Loss	(7,927,494)	(4,948,406)	(24,539,413)


	For the years ended December 31,
	2017	2018	2019
	US$	US$	US$
Net cash (used in)/provided by operating activities	(8,510,634)	3,768,318	33,354,051
Net cash used in investing activities	(3,670,010)	(2,456,147)	(726,601)
Net cash provided by/(used in) financing activities	14,596,081	(1,509,434)	—

The VIEs contributed an aggregate of 100%, 82% and 6% of the consolidated revenues for the years ended December 31, 2017, 2018 and 2019, respectively. As of December 31, 2018 and 2019, the VIEs accounted for an aggregate of 24% and 2%, respectively, of the consolidated total assets, and 41% and 2%, respectively, of the consolidated total liabilities.

There are no consolidated VIEs’ assets that are collateralized for the VIEs’ obligations and can only be used to settle the VIEs’ obligations. There are no creditors (or beneficial interest holders) of the VIEs that have recourse to the general credit of the Company or any of its consolidated subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs.

Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of their statutory reserve and their share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 21 for disclosure of restricted net assets.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principle of consolidation

The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As described in Note 1, the consolidated financial statements of the Group for the year ended December 31, 2017 represent Ningxia Rongke's historical consolidated financial statements as if the corporate structure of the Company had been in existence since the beginning of the periods presented. The consolidated financial statements as of and for the years ended December 31, 2018 and 2019 represent the consolidated financial statements of the Group. The Company believes that the disclosures are adequate to make the information presented not misleading.

Consolidation of sponsored funds

The Company has a trust that develops and holds an exchange‑trade fund (the “sponsored fund”) that is publicly traded. The fund is managed by a subsidiary of the Company. Decisions regarding the trustees of the trust and certain key activities of the sponsored fund within the trust, such as appointment of the sponsored fund’s investment adviser, resides at the trust level. As a result, shareholders of the sponsored fund lack the ability to control the key decision‑making processes that most significantly affect the economic performance of the sponsored fund. Accordingly, the Company believes that the trust and the sponsored fund are variable interest entities (“VIEs”) and shall be evaluated for consolidation as VIEs.

The Company provides seed funding to new sponsored fund and may hold a significant interest in the shares of a sponsored fund during the seed investment stage when the sponsored fund’s investment track record is being established. To the extent that the Company’s interest in a sponsored fund is limited to: (i) fixed management fee and (ii) other interests that, in aggregate, would absorb an insignificant amount of variability in the fund, the Company’s management contract would not be considered a variable interest that provides the Company with the power to direct the activities of the fund and would therefore not be required to consolidate the fund. However, the Company has concluded that its fees earned from asset management arrangement with sponsored fund in which the Company holds a significant (at least 10 percent) ownership interest in the fund do represent variable interests that convey both power, in combination with the ownership interest, and significant economic exposure (both characteristics of a controlling financial interest) to the Company and therefore the Company would be the primary beneficiary that required to consolidate the fund.

Upon consolidation, management fee revenue earned on, as well as the Company’s investments in, the consolidated sponsored funds are eliminated. The Company retains the specialized accounting treatment of the sponsored fund in consolidation whereby the underlying investments are carried at fair value, reflected in financial instruments held, at fair value, in the Company’s consolidated balance sheets, with corresponding changes in fair value reflected in others, net in the Company’s consolidated statements of operations. The non-controlling interest represents third-party interests of the Company's consolidated sponsored fund. This interest is redeemable at the option of the investors and therefore is recorded as mezzanine equity. Redeemable non-controlling interest is recorded at redemption value which approximates the fair value at each reporting period. When the Company no longer holds a controlling financial interest in the sponsored fund, the Company deconsolidates the sponsored fund and removes the related assets, liabilities and redeemable non-controlling interests from its balance sheet. Because consolidated sponsored funds carry their assets and liabilities at fair value, there is no incremental gain or loss recognized upon deconsolidation .

Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include allowance for doubtful accounts, the useful lives of long‑lived assets, impairment of long‑lived assets and goodwill, fair value measurement of long-term equity securities without readily determinable fair value, long‑term available‑for‑sale investments, fair value measurement of ordinary shares and preferred shares, purchase price allocation for business acquisition, share‑based compensation, the valuation allowance for deferred tax assets and income tax. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements.

Fair value

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Authoritative literature provides a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model‑derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Fair value of financial instruments

The Group’s financial instruments consist primarily of cash and cash equivalents, cash—segregated for regulatory purpose, term deposits, financial instruments held, at fair value, derivative assets or liabilities in relation to the Company’s derivative transactions, receivables from or payable to customers, receivables from or payables to brokers, dealers, clearing organizations, amount due from related parties, long–term equity securities without readily determinable fair value, and long-term available–for– sale investments. The Company carries its financial instruments held, at fair value, long-term available–for–sales investments at fair value. Financial instruments held, at fair value, based upon quoted market price, consist of stock investments related to the exchange trade funds (“ETFs”), US treasuries and corporate bonds. The carrying amounts of cash and cash equivalents, cash—segregated for regulatory purpose, term deposits, receivables from or payables to customers, receivables from or payables to brokers, dealers and clearing organizations, amount due from related parties approximate their fair values due to the short–term maturities of these instruments.

Derivative financial instruments

The Company may utilize derivative financial instruments to mitigate the risk of fair value change of its investments in certain consolidated sponsored funds seeded for business development purposes. These derivative financial instruments are not designated as hedging instruments for accounting purposes. The Company does not use derivative financial instruments for speculative purposes. The Company records the derivative financial instruments in financial instrument held, at fair value or accrued expenses and other current liabilities on its consolidated balance sheets and measures these instruments at fair value. The Company has entered into certain stock index future contracts. As of December 31, 2018 and 2019, the Company held 48 and 34 outstanding future contracts with a notional value of US$6,079,920 and US$5,951,530, respectively, and the remaining contract term for the contracts outstanding at December 31, 2018 and 2019 was 2.5 and 2.6 months, respectively. For the years ended December 31, 2018 and 2019, the Company recognized US$123,662 realized gain and US$1,766,679 realized loss from settled future contracts; US$507,810 unrealized investment gain and US$158,900 unrealized investment loss arise from fair value changes were recorded in others, net on the consolidated statements of operations, respectively.

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions, term deposits with an original maturity of three months or less and highly liquid investments, which are unrestricted from withdrawal or use, or which have original maturities of three months or less when purchased.

Cash—segregated for regulatory purposes

Certain subsidiaries of the Company are obligated by rules mandated by their primary regulators to segregate or set aside amount of cash deposited by the customer and the Company. Such regulations are promulgated to protect customer assets and meet the capital adequacy and other regulatory requirement. A corresponding payable to customers is recorded upon receipt of the cash from the customer.

As of December 31, 2019, Marsco, the Company’s broker-dealer subsidiary located in the USA, had a cash of US$25,167,014 segregated for the exclusive benefit of customers under Rule 15c3-3 of the Securities Exchange Act.

Term deposits

Term deposits consist of bank deposits with an original maturity of greater than three months and less than one year.

Receivables from and payable to Customers

Receivables from customers include the margin loans extended to consolidated accounts customers by the Group. Securities owned by the customers, which are not recorded in the consolidated balance sheets, are held as collateral for amounts due on the loan receivables. Receivables from customers are recorded net of allowance for doubtful accounts. Revenues earned from the margin loan transactions are included in interest income. The amounts receivable from customers that are determined by management to be uncollectible when the fair value of the collaterals fall under the carrying value of the receivables are recorded as bad debt expense in the consolidated statements of operations. For the years ended December 31, 2017, 2018 and 2019, no allowance for doubtful accounts were recorded. Receivables from customers also include cash collateral advanced to consolidated account customers derived from security lending activities.

Payable to customers represent the closing cash balance to the customers, which include cash deposit and cash collateral received from consolidated account customers derived from security borrowing activities.

The Company receives or advances cash collateral, in an amount generally equal to or in excess of the fair value of the securities borrowed and loaned by customers. The Company monitors the market value of securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded as permitted contractually. Interest income and interest expense are recorded on an accrual basis.

Receivables from and Payables to brokers, dealers and clearing organizations

Receivables from brokers, dealers and clearing organizations include customers’ cash deposits, the Group’s revenue receivables, cash collateral advanced for consolidated account customers’ security borrowing activities, and net receivables arising from unsettled trades.

Payables to brokers, dealers and clearing organizations include cash collateral received for consolidated account customers’ security lending activities.

Securities borrowing transactions require the Company to deposit cash with the lender, and securities lending transactions result in the Company receiving collateral in the form of cash from the brokers, dealers and clearing organization. The cash collateral advanced to or received from the brokers are in an amount generally equal to or in excess of the market value of the securities that borrowed or loaned by the consolidated account customers. The Company monitors the market value of securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded as permitted contractually. Interest income and interest expense are recorded on an accrual basis.

Property, equipment, and intangible assets, net

Property and equipment mainly consist of electronic equipment, office equipment, leasehold improvements and software.

The property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight‑line basis over the following estimated useful lives:


Electronic equipment		3 years
Office equipment		5 years
Software		5 years
Leasehold improvement		Shorter of the lease terms or the estimated useful lives of the assets

Intangible assets mainly consists of the brokerage’s license in USA, New Zealand and Australia acquired by the Company, which are recognized as intangible assets with indefinite life, and it should not be amortized until its useful life is determined to be no longer indefinite. An intangible asset that is not subject to amortization is tested for impairment at least annually or if events or changes in circumstances indicate that the asset might be impaired.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired.

Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit.

Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The estimation of fair value of each reporting unit using a discounted cash flow methodology also requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Group's business, estimation of the useful life over which cash flows will occur, and determination of the Group's weighted average cost of capital. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results and market conditions. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for the reporting unit.

The Group first assesses relevant events and circumstances to determine whether it is necessary to perform the two-step goodwill impairment test. If, after assessing the totality of events or circumstances such as those described in the preceding paragraph, the Group determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the first and second steps of the goodwill impairment test are unnecessary. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit is greater than zero and its fair value exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of the affected reporting unit’s goodwill to the carrying value of that goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. This allocation process is only performed for purposes of evaluating goodwill impairment and does not result in an entry to adjust the value of any assets or liabilities. The Group concluded that the estimated fair value for its reporting unit with goodwill substantially exceeded the related carrying value and no impairment charges was recognized for the years ended December 31, 2017, 2018 and 2019.

Lease

The Group leases offices and other facilities in different cities in the PRC, New Zealand, USA and other countries. The Group determines whether an arrangement constitutes a lease and records lease liabilities and right-of-use assets on its consolidated balance sheets at the lease commencement. The Group measures its lease liabilities based on the present value of the total lease payments not yet paid discounted based on the more readily determinable of the rate implicit in the lease or its incremental borrowing rate, which is the estimated rate the Group would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. The Group estimates its incremental borrowing rate based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to its own. The Group measures right-of-use assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under the lease. The Group begins recognizing operating lease expense when the lessor makes the underlying asset available to the Group. The Group's leases have remaining lease terms of up to ten years, some of which include options to extend the leases for an additional period which has to be agreed with the lessors based on mutual negotiation. After considering the factors that create an economic incentive, the Group did not include renewal option periods in the lease term for which it is not reasonably certain to exercise.

For short-term leases, the Group records operating lease expense in its consolidated statements of operations on a straight-line basis over the lease term and record variable lease payments as incurred.

Long‑term investment

The Group’s long‑term investments consist of equity securities without readily determinable fair values, and available‑for‑sale securities investments.

(a)

Equity securities without readily determinable fair values

For investments in equity securities without readily determinable fair values, the Group elects to use the measurement alternative defined as cost, less impairment, adjusted by observable price change. The Group reviews its equity securities without readily determinable fair values investments for impairment at each reporting period by performing a qualitative assessment considering impairment indicators. The Group recorded nil, nil and US$755,524 impairment loss on its equity securities without readily determinable fair values during the years ended December 31, 2017, 2018 and 2019.

(b)

Available‑for‑sale investments

For investments which are determined to be debt securities, the Group accounts for them as long‑term available‑for‑sale investments when they are not classified as either trading or held‑to‑maturity investments.

Available‑for‑sale investment is carried at its fair value and the unrealized gains or losses from the changes in fair values are included in accumulated other comprehensive income or loss.

The Group reviews its investments for other than temporary impairment based on the specific identification method. The Group considers available quantitative and qualitative evidence in evaluating potential impairment of its investments. If the cost of an investment exceeds the investment’s fair value, the Group considers, among other factors, general market conditions, government economic plans, the duration and the extent to which the fair value of the investment is less than the cost, the Group’s intent and ability to hold the investment, and the financial condition and near term prospects of the investees. The Group recorded nil impairment losses on its available‑for‑sale investments during the years ended December 31, 2017, 2018 and 2019, respectively.

Revenue recognition

Commissions

Commissions earned for the Group’s online brokerage business in customers’ fully disclosed accounts and consolidated accounts are accrued on a trade date basis and are reported as commissions in the consolidated statements of operations.

(a)

Fully disclosed accounts

According to the attributes of transactions under fully disclosed accounts, the Group provides the agreed services to its customers in facilitating the trades and recognizes the commission revenue collected from its partner, net of clearing cost and execution cost of the trades.

(b) Consolidated accounts

According to the attributes of transactions under consolidated accounts, the Group provides brokerage service for its customers and therefore recognize the full amount of revenue for the commission fee charged to the customers.

Financing service fees

The Group earns financing service fees in connection with the margin financing and securities borrowing and lending transactions provided by brokers to fully disclosed account customers, which are recorded on an accrual basis and is included in financing service fees in the consolidated statements of operations.

Interest income and expense

The Group earns interest income and incurs interest expense primarily in connection with its margin financing and its securities borrowing and lending activities offered by the Group to consolidated account customers. The Group also earns interest income from bank deposits. Interest income and expense are recorded on an accrual basis and are included in the consolidated statements of operations.

Other revenues

Other revenues consist of the revenue arising from initial public offering (“IPO”) distribution service and other services. Revenue from the IPO distribution service is derived from IPO underwriting and new share subscription services in relation to IPOs in the USA and Hong Kong capital market. IPO distribution revenue are generally recognized when the services are completed. The Group also earns revenue from promotional and advertisement services and financial advisory service rendered to the customers, which are recorded over the period of service provided.

Research and development expenses

Research and development expenses primarily consist of salaries and employee benefits for research and development personnel, rental and depreciation expenses in the development of the Group’s proprietary trading platform, back‑end technology and customer relationship management system. For the years ended December 31, 2017, 2018 and 2019, US$6,059,525 and US$11,282,241 and US$18,033,074 of research and development costs have been expensed as incurred as the costs qualifying for capitalization have been insignificant.

Occupancy, Depreciation and Amortization

Occupancy expenses consist primarily of lease payments on office and data center leases and related occupancy costs, such as utilities. Depreciation and amortization expenses result from the depreciation of fixed assets, such as electronic equipment, office equipment as well as leasehold improvements, and the amortization of intangible assets.

Share‑based compensation

Share‑based payment transactions with employees and managements, such as share options are measured based on the grant date fair value of the equity instrument. The Group has elected to recognize compensation expenses using the straight‑line method for all employee equity awards granted with graded vesting provided that the amount of compensation cost recognized at any date is at least equal to the portion of the grant‑date value of the options that are vested at that date, over the requisite service period of the award, which is generally the vesting period of the award. Compensation expenses for awards with performance conditions is recognized when it is probable that the performance condition will be achieved. The Group elects to recognize forfeitures when they occur.

Income taxes

Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more‑likely‑than‑not that a portion of or all of the deferred tax assets will not be realized.

The Group accounts for uncertain tax positions by reporting a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. Tax benefits are recognized from uncertain tax positions when the Group believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Group recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.

Comprehensive loss

Comprehensive loss consists of two components, net loss and other comprehensive income or loss, net of tax. Other comprehensive income or loss refers to revenue, expenses, and gains and losses that are recorded as an element of shareholders’ equity but are excluded from net loss. The Group’s other comprehensive income or loss consists of foreign currency translation adjustments from its subsidiaries not using the US$ as their functional currency and the fair value change of long‑term available‑for‑sale investments of the Group, if any. Comprehensive loss is reported in the consolidated statements of comprehensive loss.

Non‑controlling interests

For the Company’s consolidated subsidiaries, non‑controlling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Non‑controlling interests are classified as a separate line item in the equity section of the Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of operations to distinguish the interests from that of the Company.

Foreign currencies

The reporting currency of the Company is the US$. The Company and the Company’s subsidiaries with operations in the PRC, Hong Kong, New Zealand, Singapore, Australia, the United States and other jurisdictions generally use their respective local currencies as their functional currencies. The financial statements of the Company’s subsidiaries, other than the subsidiaries with functional currency in US$, are translated into US$ using the exchange rate as of the balance sheet date for assets and liabilities and the average daily exchange rate for each month for income and expense items. Translation gains and losses are recorded as a separate component of other comprehensive income or loss in the consolidated statements of change in deficit and consolidated statements of comprehensive loss.

In the financial statements of the Company’s subsidiaries, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the consolidated statements of operations during the year in which they occur.

RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. The Group’s cash and cash equivalents denominated in RMB amounted to US$6,884,354, US$3,696,283 and US$9,473,171 as of December 31, 2017, 2018 and 2019, respectively.

Net loss per share

Basic loss per ordinary share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The Group’s preferred shares were participating securities as they participated in undistributed earnings on an as‑if‑converted basis. Accordingly, the Group uses the two‑class method whereby undistributed net income is allocated on a pro rata basis to the ordinary shares and preferred shares to the extent that each class may share in income for the period; whereas the undistributed net loss for the period is allocated to ordinary shares only because the redeemable and non‑redeemable preferred shares are not contractually obligated to share the loss.

Diluted loss per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had redeemable and non‑redeemable preferred shares, share options and restricted share units, which could potentially dilute basic loss per share. To calculate the number of shares for diluted loss per ordinary share, the effect of the preferred shares is computed using the as‑if‑converted method; the effect of the share options and restricted share units is computed using the treasury stock method.

Concentration of credit risk

The Group's exposure to credit risk associated with its trading and other activities is measured on an individual counterparty basis, as well as by groups of counterparties that share similar attributes. Concentrations of credit risk can be affected by changes in political, industry, or economic factors. To reduce the potential for risk concentration, credit limits are established and exposure is monitored in light of changing counterparty and market conditions. As of December 31, 2018 and 2019, the Group did not have any material concentrations of credit risk outside the ordinary course of business.

Concentration of revenue

There is no customer accounting for 10% or more of total revenues for the years ended December 31, 2017, 2018 and 2019, respectively.

Concentration of supplier

The Group relies on third parties for the execution and clearing of trade requests made by customers. In instances where these parties fail to perform their obligations, the Company may be temporarily unable to find alternative suppliers to satisfactorily deliver services to its customers in a timely manner, if at all.

For the years ended December 31, 2017, 2018 and 2019, 99.5%, 96.8% and 78.4% of its total net revenues were executed and cleared by one supplier, Interactive Brokers.

Newly adopted accounting pronouncements

In February 2016, the FASB issued ASU 2016–02, Leases (Topic 842) . The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right–of– use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. For public companies, the guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the guidance is permitted. In July 2018, ASU 2016-02 was updated with ASU No. 2018-11, Targeted Improvements to ASC 842, which provides entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. Before ASU 2018-11 was issued, transition to the new lease standard required application of the new guidance at the beginning of the earliest comparative period presented in the financial statements.

The Group adopted Topic 842 on January 1, 2019 using the modified retrospective transition approach allowed under ASU 2018-11, without adjusting the comparative periods presented. The Group elected the practical expedients under ASU 2016-02 which includes the use of hindsight in determining the lease term and the practical expedient package to not reassess whether any expired or existing contracts are or contain leases, to not reassess the classification of any expired or existing leases, and to not reassess initial direct costs for any existing leases. Upon adoption of Topic 842, the Group recognized both a right-of-use assets and corresponding lease liabilities on the consolidated balance sheet. The adoption did not have a material impact on the Group’s consolidated statements of operations or consolidated statements of cash flows upon adoption as described in Note 17. The adoption of Topic 842 also did not result in a cumulative-effect adjustment to retained earnings.

Recent accounting pronouncements not yet adopted

In June 2016, the FASB issued ASU 2016-13, Financial instruments - credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This ASU affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual rights to receive cash. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). In April 25, 2019, ASU 2016-13 was updated with ASU 2019-04, which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. ASU 2019-04 provides certain alternatives for the measurement of the allowance for credit losses (ACL) on accrued interest receivable (AIR). These measurement alternatives include (1) measuring an ACL on AIR separately, (2) electing to provide separate disclosure of the AIR component of amortized cost as a practical expedient, and (3) making accounting policy elections to simplify certain aspects of the presentation and measurement of such AIR. For entities that have not yet adopted ASU 2016-13, the effective dates and transition requirements for the amendments in ASU 2019-04 are the same as the effective dates and transition requirements in ASU 2016-13. An entity may early adopt ASU 2019-04 in any interim period after its issuance if the entity has adopted ASU 2016-13. The Group has evaluated the effect of the adoption of this ASU and does not expect there will be significant impact on its consolidated financial statements from the adoption of the new guidance.

In August 2018, the FASB issued ASU 2018‑13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement to ASC Topic 820, Fair Value Measurement (Topic 820) . ASU 2018‑13 modifies the disclosure requirements for fair value measurements by removing, modifying, and/or adding certain disclosures. ASU 2018‑13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. An entity is permitted to early adopt by modifying existing disclosures and delay adoption of the additional disclosures until the effective date. The Group has evaluated the effect of the adoption of this ASU and does not expect there will be significant impact on its consolidated financial statements and related disclosures.

In October 2018, the FASB issued ASU 2018‑17, Consolidation (Topic 810): Targeted Improvements to the Related Party Guidance for Variable Interest Entities . ASU 2018‑17 changes how entities evaluate decision‑making fees under the variable interest entity guidance. To determine whether decision‑making fees represent a variable interest, an entity considers indirect interests held through related parties under common control on a proportional basis, rather than in their entirety. This guidance will be adopted using a retrospective approach and is effective for the Company on January 1, 2020. The Group has evaluated the effect of the adoption of this ASU and does not expect there will be significant impact on its consolidated financial statements and related disclosures.

REVENUE FROM CONTRACTS WITH CUSTOMERS

12 Months Ended

Dec. 31, 2019

REVENUE FROM CONTRACTS WITH CUSTOMERS

REVENUE FROM CONTRACTS WITH CUSTOMERS

3. REVENUE FROM CONTRACTS WITH CUSTOMERS

The Group has early adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) in fiscal year ended December 31, 2017 using the full retrospective approach. The adoption had no impact on the Group's opening accumulated deficit.

Revenue from contracts with customers is recognized when or as the Group satisfies its performance obligations by transferring the promised services to the customers. A service is transferred to a customer when or as the customer obtains control of that service. A performance obligation may be satisfied at a point in time or over time. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Group determines the customer obtains control over the promised service. Revenue from a performance obligation satisfied over time is recognized by measuring the Group’s progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. The amount of revenue recognized reflects the consideration the Group expects to receive in exchange for those promised services (i.e., the “transaction price”).

The Group’s revenues from contracts with customers are recognized when the performance obligations are satisfied at an amount that reflects the consideration expected to be received in exchange for such services. The majority of the Group’s performance obligations are satisfied at a point in time upon the successful execution and clearing of the customer’s trade order. Revenue is collected from the Group’s clearing partners in the brokerage business or from the customers directly by debiting their brokerage account with the Group.

Nature of Services

The Group’s services under contracts with customers are mainly related to its commission earned from its online brokerage business under the consolidated accounts (which customer information are not disclosed to the broker) and the fully disclosed accounts. The Group’s main sources of revenue from contracts with customers are as follows:

Commissions are charged for each customer trade order executed and cleared by a third‑party broker. For consolidated accounts, commission fees are deducted from the customer’s account at the time of trade order initiation and a pre‑determined portion is directed to the broker. The Group recognizes revenue at the time of execution of the order (i.e., trade date) on a gross basis as the Group is determined to be the primary obligor in fulfilling the trade order initiated by the customer. For fully disclosed accounts, every time the broker executes and clears a trade, the broker collects the commissions, deducts its pre‑determined portion and returns the rest of the commission fees to the Group. Accordingly, the commission fee is recorded on a net basis.

ii)

Finance servicing fees are related to margin loans and securities borrowing and lending activities provided by the brokers under the fully disclosed accounts. Revenue is recognized over the period that the margin loans and securities borrowing and lending activities are outstanding.

iii)

Interest income is generated from margin loans and securities borrowing and lending activities provided to consolidated account customers and interest income from bank deposits. Interest income is recognized on an accrual basis .

The Group provides IPO distribution services, including IPO underwriting and new share subscription services in relation to IPOs in the USA and Hong Kong capital market amounted at nil, US$475,055 and US$3,142,763 for the years ended December 31, 2017, 2018 and 2019. The Group also provides promotional and advertisement service and financial advisory service under the contracts with customers.

BUSINESS ACQUISITIONS

12 Months Ended

Dec. 31, 2019

BUSINESS ACQUISITIONS

BUSINESS ACQUISITIONS

4. BUSINESS ACQUISITIONS

Acquisition of Marsco

In July 2019, the Group acquired 100% of the equity interests in Marsco for a total consideration of US$9,348,290 in a combination of US$6,348,290 of cash and US$3,000,000 of Class A ordinary shares of the Company. Marsco is a licensed U.S self-clearing broker-dealer that focuses on empowering self-directed investors with the necessary tools to manage their portfolios. Marsco brings in rich broker dealer experience in execution and clearing.

The acquisition was recorded using the acquisition method of accounting. Accordingly, the acquired assets and liabilities were recorded at their fair value at the date of acquisition. The tangible and intangible assets valuation disclosed below was based on a valuation analysis prepared by the management with the assistance from an independent third-party appraiser. In order to value the intangible asset, a multi period excess earnings method (“MPEEM”), a method of discount cash flow, was used. The MPEEM requires significant judgment and estimates by the management on future earnings as well as the economic useful life, taking into account certain factors including the appropriate discount rate. Marsco’s financial statements constituted less than 1% of revenue and 4.1% of total assets of the Company for and as of the year ended December 31, 2019.

The purchase price was allocated at the date of acquisition as follows:


	US$	Amortization period
Cash and cash equivalents	339,611
Cash-segregated for regulatory purpose	22,094,198
Other current assets	5,098,900
Property, plant and equipment	5,581	3-5 years
Intangible assets
Operating License	6,900,000	Indefinite life
Goodwill	2,421,403
Other current liabilities	(26,062,403)
Deferred tax liabilities	(1,449,000)
	9,348,290

The goodwill is mainly attributable to intangible assets that cannot be recognized separately as identifiable assets under U.S.GAAP, and comprise of (a) the assembled work force and (b) the expected but unidentifiable business growth as a result of synergy effect from the acquisition. The acquired goodwill is not deductible for tax purposes.

The Group incurred total acquisition costs of $377,239. The acquisition costs were primarily related to legal, accounting and advisory services and were expensed as incurred for the year ended December 31, 2019 and are included in general and administrative expenses in the consolidated statements of operations.

The following information summarizes the results of operations attributable to the acquisition included in the Group's consolidated statement of operations since the acquisition date:


		For the year ended December 31,
		2019
		US$
Net revenues		416,143
Net income		15,723

Pro forma information of acquisitions

The following unaudited pro forma information summarizes the results of operations of the Group for the years ended December 31, 2018 and 2019 assuming that the acquisition of Marsco occurred as of January 1, 2018. The following pro forma financial information is not necessarily indicative of the results that would have occurred had the acquisitions been completed at the beginning of the periods as indicated, nor is it indicative of future operating results:


	For the years ended December 31,
	2018	2019
	US$	US$
	Unaudited	Unaudited
Pro forma net revenue	34,652,211	55,150,145
Pro forma net loss	(44,107,663)	(5,799,848)

PREPAID EXPENSES AND OTHER ASSETS

12 Months Ended

Dec. 31, 2019

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS


	As of December 31,
	2018	2019
	US$	US$
IPO distribution and promotional and advertisement service receivables	—	2,080,411
Input VAT receivables	1,030,107	1,626,213
Interest receivables	158,306	1,526,625
Prepayment for share purchase in relation to acquisition (Note 18) and long-term investment	—	854,891
Prepaid professional service fees	1,161,320	405,094
Prepaid data and IT service expenses	—	391,214
Advances to employees	1,258,313	286,900
Prepaid marketing expenses	189,503	222,167
Rental and other deposits	421,059	215,182
Prepaid IPO related professional fees	1,391,231	—
Others	193,356	411,495
	5,803,195	8,020,192

PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2019

PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS, NET

PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS, NET

6. PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS, NET

Property, equipment and intangible assets, net, consisted of the following:


	As of December 31,
	2018	2019
	US$	US$
Electronic Equipment	1,638,673	1,530,269
Office Equipment	38,130	219,418
Leasehold improvement	655,975	543,262
Software	—	197,564
Less: accumulated depreciation	(997,991)	(1,028,796)
Property and equipment, net	1,334,787	1,461,717
Licenses	995,646	7,967,036
Trademark	—	117,424
Less: accumulated amortization	—	(10,636)
Intangible assets, net	995,646	8,073,824
Total	2,330,433	9,535,541

Depreciation and amortization expenses for the years ended December 31, 2017, 2018 and 2019 were US$342,450, US$473,730 andUS$752,167, respectively.

- Definition

The entire disclosure for intangible assets and long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

LONG TERM INVESTMENTS

12 Months Ended

Dec. 31, 2019

LONG TERM INVESTMENTS

LONG TERM INVESTMENTS

7. LONG‑TERM INVESTMENTS

Equity securities without readily determinable fair value

The Group had the following equity securities without readily determinable fair value:


	As of December 31,
	2018	2019
	US$	US$
Tibet Gelonghui Information Technology Co., LTD (“Gelonghui”) (a)	1,454,440	1,436,413
UNext Group Limited ("UNext") (b)	—	600,000
Total	1,454,440	2,036,413

(a)

In October 2017, the Group acquired 1.0% of the equity interests of Gelonghui for a purchase consideration of US$1,536,972 (RMB10,000,000). Gelonghui is principally engaged in information technology development, technical consultation and technical services. On January 1, 2018, the Group adopted ASU 2016‑01 and ASU 2018‑03 with no significant impacts noted. No fair value change was recorded for the years ended December 31, 2018 and 2019. The change of balance was foreign exchange difference.

(b)

In December 2019, the Group acquired 0.6% of the equity interests of UNext for a purchase consideration of US$600,000. UNext is principally engaged in financing service. No fair value change was recorded for the year ended December 31, 2019.

Available‑for‑sale investments

The Group had the following available‑for‑sale investments:


	As of December 31,
	2018	2019
	US$	US$
Beijing Yingxin Network Technology Co., LTD (“Yingxin”) (c)	762,955	753,496
Beijing Smart Zhenzhi Technology Co., LTD (“Zhenzhi”) (d)	169,296	167,197
Alphalion Technology Holding Limited (“Alphalion”) (e)	—	3,060,113
Total	932,251	3,980,806

(c) In September 2017, the Group acquired 2.91% of the equity interests of Yingxin for a purchase consideration of US$461,092 (RMB3,000,000). Yingxin is principally engaged in IT services, including systems, data or maintenance. The investment was classified as available‑for‑sale security as the Group determined that the preferred shares were debt securities due to the redemption option available to the investor and measured the investment subsequently at fair value . The unrealized holding gains of nil, US$326,623 and nil were reported in other comprehensive income or loss for the years ended December 31, 2017, 2018 and 2019, respectively. The change of balance in 2019 was foreign exchange difference.

(d) In July 2017, the Group acquired a 3.33% equity interest of Zhenzhi for a purchase consideration of US$153,697 (RMB1,000,000). Zhenzhi is principally engaged in IT services, including software maintenance, application service and data processing. The investment was classified as available‑for‑sale security as the Group determined that the preferred shares were debt securities due to the redemption option available to the investors and measured the investment subsequently at fair value. The unrealized holding gains of nil, US$23,853 and nil were reported in other comprehensive income or loss for the years ended December 31, 2017, 2018 and 2019, respectively. The change of balance in 2019 was foreign exchange difference.

(e) In February 2019, the Group entered into a series of agreements to convert its short-term interest-free loans to Alphalion Technology Holding Limited and its affiliates amounted at US$3,060,113 into a 25% equity interest of Alphalion (Note 15). Alphalion is principally engaged in IT services, including software maintenance, application service and data processing. The investment was classified as available-for-sale security as the Group determined that the preferred shares were debt securities due to the redemption option available to investors and measured the investment subsequently at fair value. No fair value change was recorded for the year ended December 31, 2019.

- Definition

The entire disclosure for investment.

+ References + Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2019

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:


	As of December 31,
	2018	2019
	US$	US$
Accrued payroll and welfare	6,157,611	9,444,626
Tax payables	862,487	2,677,610
Accrued marketing expenses	1,331,988	2,416,759
Accrued professional expenses	543,335	1,185,326
Accrued data and IT service expenses	—	552,814
Advanced from customers	375,481	294,881
Rental payables	468,472	—
Others	683,733	309,941
	10,423,107	16,881,957

INCOME TAXES

12 Months Ended

Dec. 31, 2019

INCOME TAXES

INCOME TAXES

9. INCOME TAXES

PRC

Under the PRC Enterprise Income Tax Law (the “EIT Law”), the standard enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25%. In addition, the EIT Law and its implementing rules permit qualified “High and New Technologies Enterprise” (the “HNTE”) to enjoy a reduced 15% EIT rate. Beijing U‑Tiger Business began to qualify as an HNTE under the EIT Law in 2017, subject to the tax rate of 15% with a valid period of three years starting from December 2017, respectively. The Group’s other subsidiaries are subject to income tax rate of 25%, according to EIT Law.

Cayman Islands

Under the current laws of the Cayman Islands, the Group is not subject to tax on its income or capital gains.

New Zealand

The Group’s subsidiaries, TBNZ, Tiger Holdings and Top Capital Custodians, are located in New Zealand and are subject to an income tax rate of 28% for taxable income earned in New Zealand.

Hong Kong

The Group’s subsidiaries, Up International, Tiger Technology, Tiger Brokers, Tiger Securities, Tung Chi and Tiger Assets, are located in Hong Kong and are subject to a profits tax rate of 8.25% on assessable profits on the first Hong Kong Dollars (“HK$”) 2,000,000 and 16.5% for any assessable profits in excess of HK$2,000,000 starting from the financial commencing on April 1, 2018.

USA

The Group’s subsidiaries, Marsco, Tiger LLC, US Tiger Securities, Tiger Fintech Holdings, Trading Front, Tradeup, Wealthn LLC and Trust, are located in the USA and are subject to income tax rate of up to 35% for taxable income earned in the USA. On December 22, 2017, the 2017 U.S. Tax Cuts and Jobs Act (the “Tax Act”) was signed into law. The Tax Act reduced tax rates and modified certain policies, credits, and deductions and has certain international tax consequences. The Tax Act reduced the federal corporate tax rate from a maximum of 35% to a flat 21% rate. The Tax Act’s corporate rate reduction became effective January 1, 2018.

Singapore

The Group’s subsidiaries, Tiger SG and Tiger Brokers SG, are located in Singapore and are subject to an income tax rate of 17% for taxable income earned in Singapore.

Australia

The Group’s subsidiaries, TBAU and Fleming, are located in Australia and are subject to an income tax rate of 27.5% for taxable income earned in Australia.

India

The Group's subsidiary, Amtiger is located in India and is subject to an income tax rate of 25% for taxable income earned in India.

The current and deferred portions of income taxes included in the consolidated statements of operations were as follows:


	For the years ended December 31,
	2017	2018	2019
	US$	US$	US$
Current tax expenses	—	1,706	2,859,774
Deferred tax benefits	(1,183,698)	(1,874,819)	(6,215,140)
Income tax benefits	(1,183,698)	(1,873,113)	(3,355,366)

The significant components of the Group’s deferred tax assets were as follows:


	As of December 31,
	2018	2019
	US$	US$
Deferred tax assets
Accrued expenses	16,965	46,004
Impairment loss from equity investments	—	134,304
Deductible advertising expenses	522,076	429,228
Net operating loss carryforwards	8,738,089	16,926,698
Trading losses	78,500	—
Less: valuation allowance	(2,931,196)	(4,888,240)
Less: changes in fair value of investment	(87,619)	(86,533)
Deferred tax assets, net	6,336,815	12,561,461

Deferred tax liabilities
Acquired intangible assets	—	1,449,000

Valuation allowance is provided against deferred tax assets when the Group determines that it is more‑likely‑than‑not that the deferred tax assets will not be utilized in the future. The Group considers positive and negative evidence on each individual subsidiary basis to determine whether some portion or all of the deferred tax assets will be more‑likely‑than‑not realized.

As of December 31, 2018 and 2019, the Group had net operating loss carryforwards of US$42,118,357 and US$70,615,285, respectively. As of December 31, 2019, the net operating loss carryforwards will begin to expire in 2021. Management assessed the positive and negative evidence in certain entities in the PRC, United States, New Zealand and Singapore, and estimated they will have sufficient future taxable income to utilize the existing deferred tax assets. Significant objective positive evidence included the significant growth in customer trading activities in the New Zealand entities where tax losses could be carried forward indefinitely , net operating loss in the United States can be carried forward for 20 years for losses recognized in 2017 or prior and carry forward indefinitely for net operating loss generated starting in 2018, up to 80% limit of taxable income, and the net operating loss can be carried forward with no time limit in Singapore per the local tax laws. Other factors management considered include the likelihood for continued qualification of a PRC entity as “HNTE” which provides tax loss carryforward of 10 years as opposed to the typical 5 years. On the basis of this evaluation, the Group have concluded that deferred tax asset recognized for certain entities in the PRC, United States, New Zealand and Singapore is more likely than not to be realized.

The recording and ultimate reversal of valuation allowances for the deferred tax asset requires significant judgment associated with past and projected performance. In assessing the realizability of deferred tax assets, management considered the taxable future earnings and the expected timing of the reversal of temporary differences. As of December 31, 2018 and 2019, valuation allowances of US$2,931,196 and US$4,888,240 respectively, were provided for net operating loss carryforwards totaled US$14,729,491 and US$23,654,338. To the extent that actual experience deviates from the assumptions, the projections would be affected and hence management’s assessment of realizability of deferred tax assets may change.

Reconciliation between the income tax benefit computed by applying the PRC tax rate to loss before income taxes and the actual income tax benefit were as follows:


	For the years ended December 31,
	2017		2018		2019
	US$		US$		US$
Net loss before provision for income taxes	(9,111,192)		(46,166,668)		(9,305,224)
PRC statutory tax rate	25	%	25	%	25	%
Income tax at statutory tax rate	(2,277,798)		(11,541,667)		(2,326,306)
Effect of income tax rate difference in other jurisdictions	132,949		439,213		124,406
Effect of income tax exemptions and preferential tax rates	151,317		(1,679,031)		(5,153,269)
Effect of expenses not deductible for tax purposes	81,938		9,053,735		1,425,861
Changes in valuation allowance	727,896		1,854,637		2,573,942
Income tax benefit	(1,183,698)		(1,873,113)		(3,355,366)

ORDINARY SHARES	12 Months Ended
ORDINARY SHARES	Dec. 31, 2019
ORDINARY SHARES
ORDINARY SHARES	10. ORDINARY SHARES The Company’s Amended and Restated Memorandum of Association authorizes the Company to issue 4,662,388,278 Class A ordinary shares and 337,611,722 Class B ordinary shares with a par value of US$0.00001 per share. The shareholders of Class A ordinary shares and Class B ordinary shares have the same rights except for the voting and conversion rights. Each Class A ordinary share is entitled to one vote, and is not convertible into Class B ordinary share under any circumstance; and each Class B ordinary share is entitled to twenty votes, and will be automatically converted into one Class A ordinary share under certain circumstances. Upon the Re-domiciliation described in Note 1, the Company had 33,170,968 Class A ordinary shares and 410,643,948 Class B ordinary shares issued and outstanding, respectively. In June 2018, the Company further issued 2,480,000 Class A ordinary shares and 107,863,347 Class B ordinary shares. In November 2018, 180,895,573 Class B ordinary shares were redesignated into Class A ordinary shares. As of December 31, 2018, the Company had 216,546,541 Class A ordinary shares and 337,611,722 Class B ordinary shares issued and outstanding, respectively. In March 2019, the Company completed its initial public offering, and newly issued 237,375,000 Class A ordinary shares (represented by 15,825,000 ADSs), including 13,125,000 Class A ordinary shares issued through a private placement from an existing shareholder, IB Global Investment LLC, an affiliate of Interactive Brokers and 29,250,000 Class A ordinary shares issued from exercising the over-allotment option by the underwriters. Upon the completion of the initial public offering, 1,210,906,902 outstanding Series Angel, A, B-1, B-2, B-3 and C preferred shares were converted into 1,210,906,902 Class A ordinary shares on a one-for-one basis, and 18,597,738 outstanding Series C-1 preferred shares were converted into 18,612,084 Class A ordinary shares, reflecting the anti-dilution adjustments to the conversion rate based on the initial public offering price of US$8.00 per ADS. As of December 31, 2019, the Company had 1,777,218,449 Class A ordinary shares and 337,611,722 Class B ordinary shares issued and outstanding, respectively.

PREFERRED SHARES

12 Months Ended

Dec. 31, 2019

PREFERRED SHARES

PREFERRED SHARES

11. PREFERRED SHARES

The Series Angel preferred shares are recorded as permanent equity in the consolidated balance sheet as such preferred shares do not have redemption right.

The Series A, B‑1, B‑2, B‑3, C and C‑1 preferred shares, which were redeemable by the Company upon occurrence of certain events, are recorded as mezzanine equity in the consolidated balance sheets.

The significant terms of the preferred shares issued by the Company are as follows:

Voting rights

The holders of preferred shares and ordinary shares shall vote together based on their shareholding ratio.

Dividends

No dividend, whether in cash, in property or in shares of the Company, shall be paid on any other shares, unless and until a preferential dividend in cash and/or share is, in advance, paid in full on each preferred share.

If the Board of Directors decides to pay dividends, the holders of Series A, B‑1, B‑2, B‑3, C and C‑1 preferred shares shall be entitled to receive, on a pro rata basis, out of any funds legally available therefor, non‑cumulative dividends of 8% of the consideration that they paid for the equity interests.

Liquidation preference

In the event of liquidation, each holder of preferred shares, shall be entitled to receive, prior to the holders of ordinary shares, the relevant amount equal to 120% of issued price, plus all declared but unpaid dividends (“preference amount”) on each such preferred shares.

In the event of insufficient funds available to pay in full the preference amount in respect of each preferred shares, the entire assets and funds of the Company legally available for distribution to the holders of the preferred shares shall be distributed on a pro rata basis among the holders in proportion to issued price.

Redemption

For Series A, B‑1, B‑2, B‑3, C and C‑1 preferred shares, upon the occurrence of any of the following events (the “Redemption Events”),

(i)

The Company fails to complete a Qualified IPO within sixty (60) months from February 21, 2017 ; (which under the former agreement, it was from the issuance date);

(ii)

Certain shareholders or the Company committed significant breach of its obligations, and no corrections were made within thirty (30) days after being notified by the preferred shareholders (upon the expiration of thirty (30) days which is earlier); or

(iii)

The principal business of the Group companies suffered a material adverse effect or become unable to carry on as the principal business of Group companies, as the Group companies (i) violated applicable laws, regulations, departmental rules and mandatory provisions of normative documents existing currently and enacted later, (ii) were deemed as not compliant with regulatory requirements, or (iii) were under attention or warning by relevant government departments, each of which had the adverse effect unable to eliminate and results in the business unable to carry on even after an adjustment by the Group companies.

Each holder of the Series A, B‑1, B‑2, B‑3, C and C‑1 preferred shares may require that the Company redeem any or all of the outstanding Series A, B‑1, B‑2, B‑3, C and C‑1 preferred shares held by such holder with redemption price calculated on the agreed terms.

Conversion

(i)

Optional Conversion

Each holder of the preferred shares shall be entitled to convert any or all of its preferred shares at any time, without the payment of any additional consideration, into such number of fully paid and non‑assessable Class A ordinary shares per preferred share. The number of the Class A ordinary shares to which a holder shall be entitled upon conversion of each preferred share shall be the quotient of the original purchase price divided by the then‑effective conversion price. The initial conversion price of the preferred shares shall be equal to the applicable original purchase price, and the initial conversion ratio for the preferred shares into the Class A ordinary shares shall be 1:1, subject to adjustments of (a) share splits and combinations; (b) ordinary share dividends and distributions; (c) reorganizations, mergers, consolidations, reclassifications, exchanges, substitutions; (d) anti‑dilution.

(ii)

Automatic Conversion

Each preferred share shall automatically be converted into the appropriate number of fully‑paid, non‑assessable Class A ordinary shares at the then‑effective conversion price upon the earlier of (a) immediately prior to the closing of a Qualified IPO, or (b) the written consent of the holders of a majority of the preferred shares.

As stated above, upon the completion of the initial public offering, 1,210,906,902 outstanding Series Angel, A, B-1, B-2, B-3 and C preferred shares were converted into 1,210,906,902 Class A ordinary shares on a one-for-one basis, and 18,597,738 outstanding Series C-1 preferred shares were converted into 18,612,084 Class A ordinary shares, reflecting the anti-dilution adjustments to the conversion rate based on the initial public offering price of US$8.00 per ADS.

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2019

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

12. FAIR VALUE MEASUREMENT

Measured at fair value on a recurring basis

The Company measures financial instruments held, at fair value and long-term available‑for‑sale investments on a recurring basis.

The fair value of the Company’s financial instruments held, at fair value are determined based on the quoted market price (Level 1).

The Group measured the fair value of its long‑term available‑for‑sale investments using the income approach and considered those as Level 3 measurement because the Group used unobservable inputs to determine their fair values. Specifically, the Group estimates the fair value of these investments based on the discounted cash flow approach which requires significant judgments, including the estimation of future cash flows, which is dependent on internal forecasts, the estimation of long‑term growth rate of a company’s business, the estimation of the useful life over which cash flows will occur, and the determination of the weighted average cost of capital. Significant increases or decreases in any of those inputs in isolation would result in a significant change in fair value measurement.

As of December 31, 2018 and 2019, information about inputs for the fair value measurements of the Group’s assets that were measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:


	As of December 31, 2018
	Quoted
	prices in
	active	Significant
	markets for	other	Significant
	identical	observable	unobservable
	instruments	inputs	inputs	Total
	(Level 1)	(Level 2)	(level 3)	balance
	US$	US$	US$	US$
Financial instruments held, at fair value	6,435,241	—	—	6,435,241
Long‑term available‑for‑sale investments	—	—	932,251	932,251
Total	6,435,241	—	932,251	7,367,492


	As of December 31, 2019
	Quoted
	prices in
	active	Significant
	markets for	other	Significant
	identical	observable	unobservable
	instruments	inputs	inputs	Total
	(Level 1)	(Level 2)	(level 3)	balance
	US$	US$	US$	US$
Financial instruments held, at fair value
ETFs	9,096,579	—	—	9,096,579
US T-bill	5,527,192	—	—	5,527,192
Corporate bonds	257,469	—	—	257,469
Accrued expenses and other current liabilities	158,900	—	—	158,900
Long‑term available‑for‑sale investments	—	—	3,980,806	3,980,806
Total	15,040,140	—	3,980,806	19,020,946

Measured at fair value on a non‑recurring basis

The Group measures the equity securities without readily determinable fair value at fair value on a nonrecurring basis whenever there is an impairment indicator or any changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Group recognized nil, nil and US$755,524 impairment loss related to the long-term equity securities without readily determinable fair value for the years ended December 31, 2017, 2018 and 2019, respectively.

The Group measured the value of its share options and restricted share units granted to employees and management at fair value to determine the share‑based compensation expenses on each of the grant date. The fair value was determined using models with significant unobservable inputs (Level 3 inputs).

The Group measures goodwill at fair value on a nonrecurring basis and will perform goodwill impairment test annually or more often if event occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carry amount. The Group measured acquired intangible assets using the income approach‑discounted cash flow method when events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. The Group did not recognize any impairment loss related to other intangible assets arising from acquisitions during the year ended December 31, 2019. The fair value of goodwill is determined using discounted cash flows, and an impairment loss will be recognized for any excess in the carrying value of goodwill over the implied fair value of goodwill. The Group did not recognize any impairment loss related to goodwill during the year ended December 31, 2019.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

SHARE BASED COMPENSATION

12 Months Ended

Dec. 31, 2019

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION

13. SHARE‑BASED COMPENSATION

The Group implemented a share incentive plan in June 2014 (the “2014 Plan”) which allows the Group to grant options and restricted share units to employees, directors and consultants of the Group. Under the 2014 Plan, the maximum aggregate number of shares that may be issued shall not exceed 187,697,314 ordinary shares.

In relation with the Re‑domiciliation, the Company adopted the 2018 share incentive plan, which was approved by the board of directors of the Company to replace the previous 2014 share incentive plan created in June 2014 of the Group. The terms of the 2018 share incentive plan are substantially the same as those under the 2014 share incentive plan, except that the number of options and restricted share units and exercise price were adjusted on a diluted basis in accordance to the number of shares of the Company upon the Re‑domiciliation. The awards granted and outstanding under the 2014 share incentive plan survived and remained effective and binding under the 2018 share incentive plan. In December 2018, the Board of Directors of the Company approved to expand the aggregate number of shares that may be issued to not exceed 254,697,314 ordinary shares.

In March 2019, the Group implemented the 2019 Performance Incentive Plan (the “2019 Plan”), which was approved by the board of directors of the Company to grant a maximum number of 52,000,000 ordinary shares under the 2019 Plan.

Share options

The Company has granted service-based share options, which will vest and become exercisable in three instalments, with 50% of the total number of ordinary shares subject to such option becoming vested and exercisable on the second anniversary of the vesting commencement date, and 25% becoming vested and exercisable on each of the third and fourth anniversary of the vesting commencement date. The grant date of the share options is the vesting commencement date. The Company also has granted performance-based share options with performance conditions included semi-annual performance results and operating and financial results of the Company. The performance-based share options will commence to vest once the performance conditions are been satisfied. Upon termination of employment, all the options that have not been vested will be forfeited. The terms of the options shall not exceed ten years from the date of grant. In addition, the company has the right to purchase:

upon termination for death, disability or retirement, the employees’ vested and/or exercised options at a price of 50% of the fair market value as of the latest practicable date prior to the termination, within 6 months from the employees’ termination;

upon dismissal for cause, all the employees’ vested and/or exercised option at a purchase price equals to the exercise price the employees paid to the Company;

upon other terminations of employment, the employees’ vested and/or exercised option at a price of 30% of the fair market value as of the latest practicable date prior to the termination, within 6 months from the employees’ termination.

As the terms permit the Company to purchase these share options at an amount that is equal to or less than the fair value, the Company evaluates the classification for each awards upon the occurrence of each employment termination. The termination of employees have been insignificant for all periods presented. As of December 31, 2018 and 2019, the share option award is classified as equity.

The Group calculated the estimated fair value of the options on the respective grant dates using the binomial‑lattice option valuation model with the following assumptions for each applicable period which took into account variables such as volatility, dividend yield, and risk‑free interest rate, the probability that the option will be exercised prior to the end of its contractual life, and the probability of termination or retirement of the option holder in computing the value of the option.

The fair value of the options granted was estimated on the date of grant that prepared by the management with the assistance of an independent third‑party appraiser, and was determined using a binomial model with the following assumptions:


	Fair value per
	ordinary share	Exercise	Expected		Contractual	Risk‑free		Expected
	at grant date(1)	price(2)	volatility(3)		life(4)	interest rate(5)		dividend(6)
	US$	US$
Granted in 2014	0.008	0.00001	40	%	10 years	3.0-3.1	%	0.0
Granted in 2015	0.008-0.016	0.00001	39	%	10 years	2.5-3.1	%	0.0
Granted in 2016	0.019-0.030	0.00001	39	%	10 years	2.3-3	%	0.0
Granted in 2017	0.034-0.059	0.00001-0.040	39	%	10 years	3.0-3.2	%	0.0
Granted in 2018	0.147-0.405	0.0001-0.200	35-38	%	10 years	3.1-3.8	%	0.0
Granted in 2019	0.274-0.484	0.00001-0.274	37-39	%	10 years	3.0-3.4	%	0.0

(1)

Fair value of underlying ordinary shares. Prior to the completion of initial public offering, the estimated fair value of the ordinary shares underlying the options as of the respective grant dates was determined based on a valuation with the assistance of a third party appraiser. The fair value of the underlying ordinary shares is determined based on the closing market price of the share after the completion of initial public offering in March 2019.

(2)

Exercise price. The exercise price of the options was determined by the Company’s Board of Directors.

(3)

Volatility. The volatility of the underlying ordinary shares was estimated based on the historical share price movement of the comparable companies for the period of time close to the expected time to exercise.

(4)

Contractual life. The contractual life of the share options was the period between the grant date and the expiry date.

(5)

Risk free rate. Risk free rate is estimated based on market yield of U.S. Sovereign Curve with maturity close to the share options as of the valuation date, plus country spread.

(6)

Expected dividend. The Company does not expect to declare any dividends in the foreseeable future.

A summary of the Company’s share option activities for the year ended December 31, 2019 is presented below:

Service-based share options:


		Weighted	Weighted
	Number of	average	average	Aggregate
	share	exercise	remaining	intrinsic
	options	price	contractual life	value
		US$	Years	US$
Outstanding as of January 1, 2019	136,028,000	0.01666	7.27	74,861,376
Granted	14,159,744	0.25409
Exercised	(82,857,500)	0.00001
Forfeited	(8,455,000)	0.05521
Outstanding as of December 31, 2019	58,875,244	0.05868	8.11	10,478,715

The aggregate intrinsic value is calculated as the difference between the exercise price of the awards and the fair value of the underlying ordinary shares at each reporting date, for those awards that had exercise price below the estimated fair value of the relevant ordinary shares.

The Group recognized share-based compensation expenses for service-based share options at US$345,203, US$1,522,271 and US$2,231,270 for the years ended December 31, 2017, 2018 and 2019, respectively. As of December 31, 2019, total unrecognized share-based compensation expenses relating to these share options was US$6,015,195. The expense is expected to be recognized over a weighted-average period of 2.7 years.

Performance-based share options:


	Number of	Weighted	Weighted average	Aggregate
	share	average	remaining	intrinsic
	options	exercise price	contractual life	value
		US$	Years	US$
Outstanding as of January 1, 2019	—	—	—	—
Granted	47,108,000	0.00524
Forfeited	(10,050,000)	0.00137
Outstanding as of December 31, 2019	37,058,000	0.00629	9.01	8,537,131

The Group recognized share-based compensation expenses for performance-based share options when it is probable that the performance condition will be achieved. For the years ended December 31, 2017, 2018 and 2019, nil, nil and US$7,866 of share-based compensation expenses were recorded, respectively. As of December 31, 2019, total unrecognized share-based compensation expenses relating to these share options was US$17,627,760. The expense is expected to be recognized over a weighted-average period of 4.0 years.

RSUs

During the years ended December 31, 2017, 2018 and 2019, the Company granted nil, 10,200,000 and 20,019,012 service-based RSUs and performance-based RSUs to certain management and employees, respectively. The RSUs are not transferable and may not be sold or pledged and the holder has no voting or dividend right on the non vested shares. In the event a non vested shareholder’s employment for the Group is terminated for any reason prior to the fourth anniversary of the grant date, the holder’s right to the non vested shares will terminate effectively. The outstanding RSUs shall be automatically terminate and be cancelled without payment of any consideration. In addition, the RSUs has substantially the same terms as the options described above. The fair value of such RSUs is measured at the fair value of the Company’s ordinary shares on the grant date.

A summary of the Company’s RSU activities for the year ended December 31, 2019 is presented below:

Service-based RSUs:


		Weighted-Average
	Number of Units	Grant-Date Fair Value
		US$
Unvested as of January 1, 2019	10,800,000	0.33
Granted	18,319,012	0.35
Exercised	(2,162,032)	0.47
Forfeited	—
Unvested as of December 31, 2019	26,956,980	0.36

The Group recognized share-based compensation expenses for service-based RSUs at US$4,497, US$324,565 and US$1,685,646 for the years ended December 31, 2017, 2018 and 2019, respectively. As of December 31, 2019, total unrecognized share-based compensation expenses relating to these RSUs was US$7,803,087. The expense is expected to be recognized over a weighted average period of 3.3 years.

Performance-based RSUs:


		Weighted-Average
	Number of Units	Grant-Date Fair Value
		US$
Unvested as of January 1, 2019	—	—
Granted	1,700,000	0.40
Exercised	(250,000)	0.48
Forfeited	—
Unvested as of December 31, 2019	1,450,000	0.38

The Group recognizes share-based compensation expenses for performance-based RSUs when it is probable that the performance condition will be achieved. For the years ended December 31, 2017, 2018 and 2019, nil, nil and US$137,818 of share-based compensation expenses were recorded, respectively. As of December 31, 2019, total unrecognized share-based compensation expenses relating to these RSUs was US$511,464. The expense is expected to be recognized over a weighted-average period of 3.7 years.

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2019

NET LOSS PER SHARE

NET LOSS PER SHARE

14. NET LOSS PER SHARE

For the purpose of calculating net loss per share as a result of the Re‑domiciliation as described in Note 1, the number of shares used in the calculation reflects the outstanding shares of the Company as if the Re‑domiciliation took place at the earliest period presented.

The following table sets forth the computation of basic and diluted net loss per share for the following years:


	For the years ended December 31,
	2017	2018	2019
	US$	US$	US$
Numerator:
Net loss attributable to UP Fintech Holding Limited	(7,510,049)	(43,207,732)	(6,589,431)
Net loss attributable to ordinary shareholders of UP Fintech Holding Limited	(7,510,049)	(43,207,732)	(6,589,431)
Denominator:
Weighted average shares used in calculating net loss per ordinary shares
Basic and diluted	443,814,916	506,393,198	1,751,784,176
Net loss per ordinary shares
Basic and diluted	(0.02)	(0.09)	(0.00)

The following table summarizes potential ordinary shares outstanding excluded from the computation of diluted net loss per ordinary share for the years ended December 31, 2017, 2018 and 2019, because their effect is anti-dilutive:


	For the years ended December 31,
	2017	2018	2019

Share issuable upon exercise of share options	103,175,000	136,028,000	95,933,244
Share issuable upon exercise of RSUs	600,000	10,800,000	28,406,980
Share issuable upon conversion of Series Angel preferred shares	419,736,104	419,736,104	—
Share issuable upon conversion of Series A preferred shares	279,389,307	279,389,307	—
Share issuable upon conversion of Series B-1 preferred shares	188,378,334	188,378,334	—
Share issuable upon conversion of Series B-2 preferred shares	76,812,654	76,812,654	—
Share issuable upon conversion of Series B-3 preferred shares	—	147,755,566	—
Share issuable upon conversion of Series C preferred shares	—	98,834,937	—
Share issuable upon conversion of Series C-1 preferred shares	—	18,597,738	—

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2019

RELATED PARTY BALANCES AND TRANSACTIONS

15. RELATED PARTY BALANCES AND TRANSACTIONS

Amount due from related parties:


		As of December 31,
Name	Relationship with the Company	2018	2019
		US$	US$
Interactive Brokers LLC (1)	Under common control with a shareholder of the Company	9,619,438	185,047,211
Xiaomi Corporation and its affiliates (2)	Shareholder of the Company	919,964	397,590
Alphalion Technology Holding Limited and its affiliates (“Alphalion Group”) (3)	Long-term available-for-sale investee	3,320,113	886,844
Guangzhou 88 Technology Limited (“Guangzhou 88”) (4)	Entity controlled by management of the Company’s subsidiary	786,586	—
Fast Connection Limited (5)	Entity controlled by a shareholder of the Company	2,200,000	2,200,000
Officer of the Company (6)	Management of the Company	1,291,695	—

(1)

The amount represents the Group’s customer deposit, revenue receivables, cash collaterals for securities borrowing transactions from the Company’s trade execution partner and principle shareholder, Interactive Brokers.

(2)

The amount represents the Group’s prepaid marketing expense to Xiaomi Corporation and its affiliates.

(3)

The amounts represent short-term, interest-free loans provided to the respective parties to facilitate their daily operational cash flow needs as of December 31, 2018 and 2019. In February of 2019, the Group entered into a series of agreements whereby US$3,060,113 of the loans provided to Alphalion Group were converted into a long-term available-for-sale investment (Note 7) and the remaining US$260,000 was repaid. The balance as of December 31, 2019 represents the new short-term, interest-free loans provided to its affiliate.

(4)

The amounts represent short-term loans provided to the Guangzhou 88 to facilitate their daily operational cash flow needs, which was subsequently converted into equity securities of Guangzhou 88 and fully impaired during the year of 2019.

(5)

The amount represents the Group’s prepaid consulting fee to Fast Connection Limited as of December 31, 2018 and 2019.

(6)

The amount represents personal interest-free loan to the Company’s officers, including Mr. Tianhua Wu and others, which were fully repaid in February of 2019.

Amount due to related parties:


		As of December 31,
Name	Relationship with the Company	2018	2019
		US$	US$
Interactive Brokers LLC (7)	Under common control with a shareholder of the Company	—	53,774,882
		—	53,774,882

(7)

The amount represents the Group’s cash collaterals received for securities lending transactions from the Company’s trade execution partner and principle shareholder, Interactive Brokers.

Transactions with related parties:


		For the years ended
		December 31,
Name	Relationship with the Company	2017	2018	2019
		US$	US$	US$
Xiaomi Corporation and its affiliates (8)	Shareholder of the Company	497,635	1,297,395	517,134

(8) The amounts represent the purchase of marketing services from Xiaomi Corporation and its affiliates for the years ended December 31, 2017, 2018 and 2019, respectively.


		For the years ended
		December 31,
Name	Relationship with the Company	2017	2018	2019
		US$	US$	US$
Interactive Brokers LLC (9)	Under common control with a shareholder of the Company	—	19,664,763	38,089,982

(9) The amounts represent the commissions, financing service fees, interested income and other revenues earned from Interactive Brokers for periods from June of 2018, when Interactive Brokers became the Company’s shareholder, to December 31, 2018 and for the year ended December 31, 2019, respectively.


		For the years ended
		December 31,
Name	Relationship with the Company	2017	2018	2019
		US$	US$	US$
Interactive Brokers LLC (10)	Under common control with a shareholder of the Company	—	210,535	2,102,385

(10) The amounts represent the execution and clearing fees paid to Interactive Brokers for periods from June of 2018, when Interactive Brokers became the Company’s shareholder, to December 31, 2018 and for the year ended December 31, 2019, respectively.


		For the years ended December 31,
Name	Relationship with the Company	2017	2018	2019
		US$	US$	US$
Alphalion Group (11)	Long-term available-for-sale investee	—	—	617,500

(11) The amounts represent the sale of a Group subsidiary to Alphalion Group for a gain of US$617,500 in 2019 with a consideration for the sale of US$106,105.


		For the years ended December 31,
Name	Relationship with the Company	2017	2018	2019
		US$	US$	US$
Guangzhou 88 (12)	Entity controlled by management of the Company’s subsidiary	—	—	755,524

(12) The amount represents the Company’s impairment loss on equity investment in Guangzhou 88. The Company has converted its short-term, interest-free loans provided to Guangzhou 88 into equity interests and measured at long-term equity securities without readily determinable fair value. Guangzhou 88 was a software development company that principally engaged in providing investor events information. In 2019, the equity investment was fully impaired due to the operating difficulties of Guangzhou 88 which subsequently dissolved in February 2020.

COLLATERALIZED TRANSACTIONS

12 Months Ended

Dec. 31, 2019

COLLATERALIZED TRANSACTIONS

COLLATERALIZED TRANSACTIONS

16. COLLATERALIZED TRANSACTIONS

The Group accepted collateral in connection with client margin loans and security borrowing and lending transactions for consolidated account customers. The Group monitors required margin and collateral level on a daily basis in compliance with regulatory and internal guidelines and controls its risk exposure through financial, credit, legal reporting system. Under applicable agreements, customers are required to deposit additional collateral or reduce holding positions, when necessary to avoid forced liquidation of their positions.

Margin loans are extended to customers on demand and are not committed facilities. Underlying collateral for margin loans is evaluated with respect to the liquidity of the collateral positions, valuation of securities, volatility analysis and an evaluation of industry concentrations. The Group’s collateral policies minimize the Group’s credit exposure to margin loans in the event of a customer’s default.

The following table summarizes the amounts related to collateralized transactions as of December 31, 2018 and 2019:


	As of December 31,
	2018	2019
	US$	US$
Total client margin asset	2,036,488	332,460,879
Fulfillment of client margin financings	—	42,704,203
Fulfillment of client short sales	—	10,815,155
Securities lending to other brokers	—	55,098,508
Total collateral repledged	—	108,617,866

Lease

12 Months Ended

Dec. 31, 2019

Lease

Lease

17. Lease

Operating leases

The Group’s leases consist of operating leases for corporate offices, data centers, and other facilities. The Group determines if an arrangement is a lease at inception. Some lease agreements contain lease and non-lease components, which the Group choose to account for as separate components. The allocation of the consideration between the lease and the non-lease components is based on the relative stand-alone prices of lease components included in the lease contracts. As of December 31, 2019, the Group had no long-term leases that were classified as a financing lease. As of December 31, 2019, the operating leases that have not yet commenced is immaterial. The arrangements of remaining lease terms are one year to ten years.

Total operating lease expenses for the year ended December 31, 2019 was US$2,692,632, and was recorded in occupancy, depreciation and amortization on the consolidated statements of operations, including short-term lease expenses of US$378,830.

A summary of supplemental information related to operating leases as of December 31, 2019 is as follows:


	For the year ended
	December 31, 2019
	US$
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	2,389,515
Non-cash right-of-use assets in exchange for new lease obligations:
Operating leases	5,050,642
Weighted average remaining lease term:
Operating leases	4	years
Weighted average discount rate:
Operating leases	6.0	%

The following is a maturity analysis of the annual undiscounted cash flows for the years ended December 31:


		As of December 31, 2019
		US$
Years ending December 31:
2020		2,672,568
2021		1,380,725
2022		867,840
2023		578,422
2024		488,389
2025 and after		561,804
Total undiscounted operating lease payments		6,549,748
Less: imputed interest		708,090
Present value of operating lease liabilities		5,841,658

Future minimum payments under non-cancelable operating leases in accordance with ASC Topic 840 consisted of the following at December 31, 2018:


		As of December 31, 2018
		US$
Years ending December 31:
2019		1,799,942
2020		1,155,540
2021 and after		91,249
Total		3,046,731

Payments under operating leases are expensed on a straight-line basis over the periods of their respective leases. The terms of the leases do not contain contingent rents.

COMMITMENTS AND CONTINGENCY	12 Months Ended
COMMITMENTS AND CONTINGENCY	Dec. 31, 2019
COMMITMENTS AND CONTINGENCY
COMMITMENTS AND CONTINGENCY	18. COMMITMENTS AND CONTINGENCY Capital commitments In April 2019, the Company entered into a sale and purchase agreement to acquire 100% equity interest of a company located in Hong Kong in a total consideration of US$1,540,555 (HK$12,000,000). The closing of the acquisition is subject to the approval of changes of control from local regulatory authorities. As of December 31, 2019, the acquisition is not closed and the capital commitment contracted but not paid was US$1,078,389 (HK$8,400,000).

REGULATORY REQUIREMENT

12 Months Ended

Dec. 31, 2019

REGULATORY REQUIREMENT

REGULATORY REQUIREMENT

19. REGULATORY REQUIREMENT

The Company’s broker-dealer subsidiaries, TBNZ, Marsco, US Tiger Securities and Tiger Brokers SG are subject to capital requirements determined by its respective regulators.

TBNZ, the Company’s New Zealand subsidiary, is subject to New Zealand’s Exchange (“NZX”) capital adequacy requirements under the Section 19, NZX Participant Rules, by which TBNZ’s current financial health is measured by assessing its liquidity against the risks it is exposed to. At all times TBNZ must maintain its net capital (described as “net tangible current assets” or “NTCA” under NZX’s rule), at a level equal to, or greater than the net capital requirement (described as “prescribed minimum capital adequacy” or “PMCA”).

In December 2019, TBNZ received an inspection report from FMA ("Financial Market Authority of New Zealand") for failing to have several adequate anti-money laundering protections in place. The warnings do not suggest that the business have allowed or enabled illegal activity to take place. TBNZ has submitted the remediation plan on April 17, 2020 which outlined and described the measures and time line to amend the issues to become compliant.

Marsco and US Tiger Securities, the Company’s USA subsidiaries, are subject to the Uniform Net Capital Rule (Rule 15c3-1) under the Exchange Act in the USA, which requires the maintenance of minimum net capital.

Tiger Brokers SG, the Company’s Singapore subsidiary, is subject to the Securities and Futures Regulations 2013 (Rg 2013) under the Chapter 289 of Securities and Futures Act in Singapore, which requires the maintenance of minimum net capital.

As of December 31, 2018 and 2019, all of the Company’s broker-dealer subsidiaries met applicable minimum net capital requirements. The tables below summaries the net capital, the capital requirement and the excess net capital for the Company’s broker-dealer subsidiaries as of December 31, 2018 and 2019:


	Net Capital	Requirement	Excess Net Capital
	US$	US$	US$
December 31, 2018
TBNZ	4,940,125	1,292,056	3,648,069
US Tiger Securities	1,058,863	5,000	1,053,863
Total	5,998,988	1,297,056	4,701,932


	Net Capital	Requirement	Excess Net Capital
	US$	US$	US$
December 31, 2019
TBNZ	26,633,575	17,279,461	9,354,114
Marsco(1)	15,224,882	250,000	14,974,882
US Tiger Securities	4,227,994	100,000	4,127,994
Tiger Brokers SG(2)	1,615,957	823,313	792,644
Total	47,702,408	18,452,774	29,249,634

(1)

Marsco was acquired by the Company in July of 2019.

(2)

Tiger Brokers SG started to operate its business in December of 2019.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1C
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958572-112826

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section 50
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
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-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958570-112826

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958577-112826

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=117337116&loc=d3e65071-112826

+ Details

EMPLOYEE BENEFIT PLAN	12 Months Ended
EMPLOYEE BENEFIT PLAN	Dec. 31, 2019
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN	20. EMPLOYEE BENEFIT PLAN Full time PRC employees of the Group are eligible to participate in a government‑mandated multi‑employer defined contribution plan under which certain pension benefits, medical care, unemployment insurance and employee housing fund are provided to these employees. The PRC labor regulations require the Group to accrue for these benefits based on a percentage of each employee’s salary income. Total provisions for employee benefits were US$2,654,545 , US$4,332,246 and US$5,618,209 for the years ended December 31, 2017, 2018 and 2019, respectively, reported as a component of salary and compensation expenses when incurred.

- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References + Details

STATUTORY RESERVES AND RESTRICTED NET ASSETS	12 Months Ended
STATUTORY RESERVES AND RESTRICTED NET ASSETS	Dec. 31, 2019
STATUTORY RESERVES AND RESTRICTED NET ASSETS
STATUTORY RESERVES AND RESTRICTED NET ASSETS	21. STATUTORY RESERVES AND RESTRICTED NET ASSETS In accordance with the PRC laws and regulations, the Group’s subsidiaries located in the PRC, are required to provide for certain statutory reserves. These statutory reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund or discretionary reserve fund, and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires a minimum annual appropriation of 10% of after‑tax profit (as determined under accounting principles generally accepted in China at each year‑end); the other fund appropriations are at the subsidiaries’ or the affiliated PRC entities’ discretion. These statutory reserve funds can only be used for specific purposes of enterprise expansion, staff bonus and welfare, and are not distributable as cash dividends except in the event of liquidation of Group’s subsidiaries, affiliated PRC entities and their respective subsidiaries. The Group’s subsidiaries are required to allocate at least 10% of their after‑tax profits to the general reserve until such reserve has reached 50% of their respective registered capital. As of December 31, 2018, none of the Group’s PRC subsidiaries has a general reserve that reached 50% of their registered capital threshold. The Group did not made appropriation to these statutory reserve funds due to the loss position of the Group’s PRC subsidiaries for the years ended December 31, 2017 and 2018. For the year ended December 31, 2019, Beijing U-Tiger Business made appropriation to these statutory reserve funds of US$724,008 due to the profit position, which also reached the maximum required amount of 50% of its registered capital. Appropriations to the enterprise expansion reserve and the staff welfare and bonus reserve are to be made at the discretion of the Board of Directors of each of the Group’s subsidiaries. As a result of these PRC laws and regulations and the requirement that distributions by the PRC entities can only be paid out of distributable profits computed in accordance with the PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the Group. Amounts restricted include paid‑in capital and the statutory reserves of the Group’s PRC subsidiaries. The aggregate amounts of capital and statutory reserves restricted which represented the amount of net assets of the relevant subsidiaries in the Group not available for distribution were US$15,870,509, US$26,348,780 and US$40,221,504 as of December 31, 2017, 2018 and 2019, respectively.

SEGMENT INFORMATION	12 Months Ended
SEGMENT INFORMATION	Dec. 31, 2019
SEGMENT INFORMATION
SEGMENT INFORMATION	22. SEGMENT INFORMATION Segments are business units that offer different services and are reviewed separately by the chief operating decision maker (the “CODM”), or the decision‑making group, in deciding how to allocate resources and in assessing performance. The CODM, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Group’s Chief Executive Officer. The Group operates as a single operating segment. The single operating segment is reported in a manner consistent with the internal reporting provided to the CODM.

SUBSEQUENT EVENT	12 Months Ended
SUBSEQUENT EVENT	Dec. 31, 2019
SUBSEQUENT EVENT
SUBSEQUENT EVENT	23. SUBSEQUENT EVENT The Group has evaluated subsequent events through April 29th, 2020, which is the date when the audited consolidated financial statements were issued. On March 25, 2020, the Board of Directors of the Company approved a share repurchase program, which the Company may purchase a maximum of US$20.0 million outstanding ADSs over the next twelve months.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principle of consolidation

Consolidation of sponsored funds

Use of estimates

Fair value

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Fair value of financial instruments

Derivative financial instruments

Cash and cash equivalents

Cash-segregated for regulatory purposes

Cash—segregated for regulatory purposes

Term deposits

Term deposits consist of bank deposits with an original maturity of greater than three months and less than one year.

Receivables from and payable to Customers

Receivables from brokers, dealers and clearing organizations

Receivables from and Payables to brokers, dealers and clearing organizations

Payables to brokers, dealers and clearing organizations include cash collateral received for consolidated account customers’ security lending activities.

Property, equipment, and intangible assets, net

Property and equipment mainly consist of electronic equipment, office equipment, leasehold improvements and software.

The property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight‑line basis over the following estimated useful lives:


Electronic equipment		3 years
Office equipment		5 years
Software		5 years
Leasehold improvement		Shorter of the lease terms or the estimated useful lives of the assets

Goodwill

Lease

Long term investment

Long‑term investment

The Group’s long‑term investments consist of equity securities without readily determinable fair values, and available‑for‑sale securities investments.

(a)

Equity securities without readily determinable fair values

(b)

Available‑for‑sale investments

Available‑for‑sale investment is carried at its fair value and the unrealized gains or losses from the changes in fair values are included in accumulated other comprehensive income or loss.

Revenue recognition

Commissions

(a)

Fully disclosed accounts

(b) Consolidated accounts

Financing service fees

Interest income and expense

Other revenues

Research and development expenses

Occupancy, Depreciation and Amortization

Share based compensation

Share‑based compensation

Income taxes

Comprehensive loss

Non controlling interests

Non‑controlling interests

Foreign currencies

Net loss per share

Concentration of credit risk

Concentration of revenue

There is no customer accounting for 10% or more of total revenues for the years ended December 31, 2017, 2018 and 2019, respectively.

Concentration of supplier

For the years ended December 31, 2017, 2018 and 2019, 99.5%, 96.8% and 78.4% of its total net revenues were executed and cleared by one supplier, Interactive Brokers.

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2019

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of details of the Group's subsidiaries, VIEs and VIEs' subsidiaries


	Date of	Place of	Percentage of
	incorporation or	establishment/	legal
	acquisition	incorporation	ownership
Subsidiaries:
Tiger Holdings Group Limited (“Tiger Holdings”)	August 01, 2015	New Zealand	100	%
Tiger Brokers (NZ) Limited (“TBNZ”) 1	August 02, 2016	New Zealand	100	%
U-Tiger SPC (“U-Tiger SPC”)	June 18, 2017	Cayman Islands	100	%
I-Tiger Global Investment SPC (“I-Tiger SPC”)	July 12, 2017	Cayman Islands	100	%
I‑Tiger Capital Management Limited (“I‑Tiger Capital Management”)	July 12, 2017	Cayman Islands	65	%
I‑Tiger Global Investment Management Limited (“I‑Tiger Global Investment”)	July 12, 2017	Cayman Islands	100	%
I‑Tiger Capital Limited (“I‑Tiger Capital”)	July 12, 2017	Cayman Islands	65	%
Prosperous Investment Management Limited (“Prosperous Investment”)	July 12, 2017	Cayman Islands	100	%
Tiger Brokers(AU)Pty Limited (“TBAU”) 2	September 26, 2017	Australia	100	%
Up Fintech International Limited (“Up International”)	February 08, 2018	Hong Kong	100	%
Tiger Fintech (Singapore) PTE Ltd. (“Tiger SG”)	March 13, 2018	Singapore	100	%
Tiger Brokers (Singapore) PTE Ltd. (“Tiger Brokers SG”)	March 27, 2018	Singapore	100	%
US Tiger Securities, Inc. (“US Tiger Securities”)	March 30, 2018	United States of America(“USA”)	100	%
Ningxia Xiangshangyixin Technology Co., Ltd (“Ningxia XSYX”, “Ningxia WFOE”)	May 17, 2018	PRC	100	%
Up Fintech Global Holdings Limited (“Up Global”)	June 15, 2018	BVI	100	%
Tiger Fintech Holdings, Inc (“Tiger Fintech Holdings”)	July 09, 2018	USA	100	%
Xiangshang Upfintech Holding Limited (“Xiangshang Upfintech Holding”)	July 11, 2018	BVI	100	%
Beijing Xiangshangyixin Technology Co., Ltd (“Beijing XSYX”, “Beijing WFOE”)	July 26, 2018	PRC	100	%
Trading Front Inc (“Trading Front”)	August 01, 2018	USA	100	%
Wealthn LLC (“Wealthn”)	August 01, 2018	USA	100	%
Uptech Global Holding Limited (“Uptech Holding”)	August 03, 2018	British Virgin Islands (“BVI”)	100	%
Tiger Fixed Income Portfolio Limited (“Tiger Fixed”)	September 06, 2018	Cayman Islands	100	%
JV Uptech Holding limited (“JV”)	September 18, 2018	BVI	100	%
Kastle Limited (“Kastle”)	October 15, 2018	Hong Kong	100	%
Fleming Funds Management Pty Limited (“Fleming”)	November 22, 2018	Australia	100	%
Amtiger Consultants Private Limited (“Amtiger”)	January 09, 2019	India	99.999	%
Tung Chi Consulting Limited (“Tung Chi”)	January 29, 2019	Hong Kong	100	%
Marsco Investment Corporation (“Marsco”)	July 12, 2019	USA	100	%
Tiger Investor Services Pty Limited (“Tiger Investor”)	July 29, 2019	Australia	100	%
Subsidiaries:
Tradeup Inc. (“Tradeup”)	October 10, 2019	USA	100	%
VIEs:
Ningxia Xiangshang Rongke Technology Co.,LTD (“Ningxia Rongke”, “Ningxia VIE”)	June 11, 2014	PRC	Consolidated VIE
Beijing Xiangshang Yiyi Laohu Technology Group Co.,LTD (“Beijing Yiyi”, “Beijing VIE”)	October 29, 2018	PRC	Consolidated VIE
TigerShares Trust (“Trust”)	September 25, 2018	USA	Consolidated VIE
VIEs’ subsidiaries:
Tiger Technology Corporation Limited (“Tiger Technology”)	October 14,2014	Hong Kong	VIE’s subsidiary
Tiger Holdings, LLC (“Tiger LLC”)	October 13, 2015	USA	VIE’s subsidiary
Beijing U‑Tiger Network Technology Co., LTD. (“Beijing U‑Tiger Network”)	April 20, 2016	PRC	VIE’s subsidiary
Beijing U‑Tiger Business Service Co., Ltd (“Beijing U‑Tiger Business”)	April 21,2016	PRC	VIE’s subsidiary
Beijing Chenhao Technology Co., LTD. (“Beijing Chenhao”)	August 11, 2016	PRC	VIE’s subsidiary
Tiger Financial Information Service (NX) Co., Ltd. (“Tiger Financial Information”)	September 09, 2016	PRC	VIE’s subsidiary
Tiger Rongke Technology Co., Ltd. (“Tiger Rongke”)	November 09, 2016	PRC	VIE’s subsidiary
Fangguang Technology (NX) Co., Ltd. (“Fangguang Technology”)	November 16, 2016	PRC	VIE’s subsidiary
Yunxin (Beijing) Information Consulting Co., Ltd. (“Beijing Yunxin”)	November 23, 2016	PRC	VIE’s subsidiary
Xinhu Information Technology (SH) Co., Ltd (“Shanghai Xinhu”)	July 05, 2017	PRC	VIE’s subsidiary
Top Capital Partners Custodians Limited (“Top Capital Partners Custodians”)	September 13,2017	New Zealand	VIE’s subsidiary
Beijing Zhijianfengyi Information Technology Co., Ltd (“Beijing ZJFY”)	January 25, 2018	PRC	VIE’s subsidiary
Shenzhen Xiang Shang Hu Xun Technology Co., LTD. (“Hu Xun”)	June 20, 2018	PRC	VIE’s subsidiary
Beijing Beihu Commercial Service Co., Ltd (“Beihu”)	August 10, 2018	PRC	VIE’s subsidiary
Beijing Huyi Technology Co., Ltd (“Huyi”)	September 05, 2018	PRC	VIE’s subsidiary
Guangzhou U-Tiger Technology Co.,LTD (“Guangzhou U-Tiger”)	December 24, 2018	PRC	VIE’s subsidiary
Shenzhen Huichuang Tianrong Asset Management Co.,Ltd. (“Huichuang Tianrong”)	January 26, 2019	PRC	VIE’s subsidiary
Tiger Brokers International Limited (“TB International”)	September 26, 2019	Hong Kong	VIE’s subsidiary
Tiger Brokers Group Limited (“TB Group”)	September 26, 2019	Hong Kong	VIE’s subsidiary
Tiger Assets Management Corporation Limited (“Tiger Asset Management”)	September 26, 2019	Hong Kong	VIE’s subsidiary

Schedule of amounts and balances of the VIEs


	As of December 31,
	2018	2019
	US$	US$
Current assets	17,648,541	11,412,715
Non-current assets	9,581,582	5,838,056
Total assets	27,230,123	17,250,771
Current liabilities	6,939,074	10,365,633
Non-current liabilities	—	100,701
Total liabilities	6,939,074	10,466,334


	For the years ended December 31,
	2017	2018	2019
	US$	US$	US$
Total revenues	16,949,184	27,536,436	3,089,605
Net Loss	(7,927,494)	(4,948,406)	(24,539,413)


	For the years ended December 31,
	2017	2018	2019
	US$	US$	US$
Net cash (used in)/provided by operating activities	(8,510,634)	3,768,318	33,354,051
Net cash used in investing activities	(3,670,010)	(2,456,147)	(726,601)
Net cash provided by/(used in) financing activities	14,596,081	(1,509,434)	—

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives of property, plant and equipment


Electronic equipment		3 years
Office equipment		5 years
Software		5 years
Leasehold improvement		Shorter of the lease terms or the estimated useful lives of the assets

BUSINESS ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2019

BUSINESS ACQUISITIONS

Schedule of allocation of purchase price as of the acquisition date


	US$	Amortization period
Cash and cash equivalents	339,611
Cash-segregated for regulatory purpose	22,094,198
Other current assets	5,098,900
Property, plant and equipment	5,581	3-5 years
Intangible assets
Operating License	6,900,000	Indefinite life
Goodwill	2,421,403
Other current liabilities	(26,062,403)
Deferred tax liabilities	(1,449,000)
	9,348,290

Marsco

BUSINESS ACQUISITIONS

Schedule of operations attributable to the acquisition included in the Group's consolidated statement of operations


		For the year ended December 31,
		2019
		US$
Net revenues		416,143
Net income		15,723

Schedule of proforma acquistion


	For the years ended December 31,
	2018	2019
	US$	US$
	Unaudited	Unaudited
Pro forma net revenue	34,652,211	55,150,145
Pro forma net loss	(44,107,663)	(5,799,848)

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Summary of prepaid expenses and other assets


	As of December 31,
	2018	2019
	US$	US$
IPO distribution and promotional and advertisement service receivables	—	2,080,411
Input VAT receivables	1,030,107	1,626,213
Interest receivables	158,306	1,526,625
Prepayment for share purchase in relation to acquisition (Note 18) and long-term investment	—	854,891
Prepaid professional service fees	1,161,320	405,094
Prepaid data and IT service expenses	—	391,214
Advances to employees	1,258,313	286,900
Prepaid marketing expenses	189,503	222,167
Rental and other deposits	421,059	215,182
Prepaid IPO related professional fees	1,391,231	—
Others	193,356	411,495
	5,803,195	8,020,192

PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2019

PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS, NET

Summary of property, equipment and intangible assets, net


	As of December 31,
	2018	2019
	US$	US$
Electronic Equipment	1,638,673	1,530,269
Office Equipment	38,130	219,418
Leasehold improvement	655,975	543,262
Software	—	197,564
Less: accumulated depreciation	(997,991)	(1,028,796)
Property and equipment, net	1,334,787	1,461,717
Licenses	995,646	7,967,036
Trademark	—	117,424
Less: accumulated amortization	—	(10,636)
Intangible assets, net	995,646	8,073,824
Total	2,330,433	9,535,541

LONG TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2019

LONG TERM INVESTMENTS

Summary of equity securities without readily determinable fair value


	As of December 31,
	2018	2019
	US$	US$
Tibet Gelonghui Information Technology Co., LTD (“Gelonghui”) (a)	1,454,440	1,436,413
UNext Group Limited ("UNext") (b)	—	600,000
Total	1,454,440	2,036,413

(a)

(b)

Summary of available for sale investments


	As of December 31,
	2018	2019
	US$	US$
Beijing Yingxin Network Technology Co., LTD (“Yingxin”) (c)	762,955	753,496
Beijing Smart Zhenzhi Technology Co., LTD (“Zhenzhi”) (d)	169,296	167,197
Alphalion Technology Holding Limited (“Alphalion”) (e)	—	3,060,113
Total	932,251	3,980,806

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Summary of accrued expenses and other current liabilities


	As of December 31,
	2018	2019
	US$	US$
Accrued payroll and welfare	6,157,611	9,444,626
Tax payables	862,487	2,677,610
Accrued marketing expenses	1,331,988	2,416,759
Accrued professional expenses	543,335	1,185,326
Accrued data and IT service expenses	—	552,814
Advanced from customers	375,481	294,881
Rental payables	468,472	—
Others	683,733	309,941
	10,423,107	16,881,957

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of current and deferred portions of income taxes included in the consolidated statements of operations


	For the years ended December 31,
	2017	2018	2019
	US$	US$	US$
Current tax expenses	—	1,706	2,859,774
Deferred tax benefits	(1,183,698)	(1,874,819)	(6,215,140)
Income tax benefits	(1,183,698)	(1,873,113)	(3,355,366)

Schedule of significant components of the Group's deferred tax assets


	As of December 31,
	2018	2019
	US$	US$
Deferred tax assets
Accrued expenses	16,965	46,004
Impairment loss from equity investments	—	134,304
Deductible advertising expenses	522,076	429,228
Net operating loss carryforwards	8,738,089	16,926,698
Trading losses	78,500	—
Less: valuation allowance	(2,931,196)	(4,888,240)
Less: changes in fair value of investment	(87,619)	(86,533)
Deferred tax assets, net	6,336,815	12,561,461

Deferred tax liabilities
Acquired intangible assets	—	1,449,000

Schedule of Reconciliation between the income tax benefit computed by applying the PRC tax rate to loss before income taxes and the actual income tax benefit


	For the years ended December 31,
	2017		2018		2019
	US$		US$		US$
Net loss before provision for income taxes	(9,111,192)		(46,166,668)		(9,305,224)
PRC statutory tax rate	25	%	25	%	25	%
Income tax at statutory tax rate	(2,277,798)		(11,541,667)		(2,326,306)
Effect of income tax rate difference in other jurisdictions	132,949		439,213		124,406
Effect of income tax exemptions and preferential tax rates	151,317		(1,679,031)		(5,153,269)
Effect of expenses not deductible for tax purposes	81,938		9,053,735		1,425,861
Changes in valuation allowance	727,896		1,854,637		2,573,942
Income tax benefit	(1,183,698)		(1,873,113)		(3,355,366)

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References + Details

FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2019

FAIR VALUE MEASUREMENT

Schedule of fair value measurements of the Group's assets that were measured at fair value on a recurring basis


	As of December 31, 2018
	Quoted
	prices in
	active	Significant
	markets for	other	Significant
	identical	observable	unobservable
	instruments	inputs	inputs	Total
	(Level 1)	(Level 2)	(level 3)	balance
	US$	US$	US$	US$
Financial instruments held, at fair value	6,435,241	—	—	6,435,241
Long‑term available‑for‑sale investments	—	—	932,251	932,251
Total	6,435,241	—	932,251	7,367,492


	As of December 31, 2019
	Quoted
	prices in
	active	Significant
	markets for	other	Significant
	identical	observable	unobservable
	instruments	inputs	inputs	Total
	(Level 1)	(Level 2)	(level 3)	balance
	US$	US$	US$	US$
Financial instruments held, at fair value
ETFs	9,096,579	—	—	9,096,579
US T-bill	5,527,192	—	—	5,527,192
Corporate bonds	257,469	—	—	257,469
Accrued expenses and other current liabilities	158,900	—	—	158,900
Long‑term available‑for‑sale investments	—	—	3,980,806	3,980,806
Total	15,040,140	—	3,980,806	19,020,946

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References + Details

SHARE BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

SHARE BASED COMPENSATION

Summary of fair value of the options granted was estimated on the date of grant that prepared by the management with the assistance of an independent third party appraiser, and was determined using a binomial model


	Fair value per
	ordinary share	Exercise	Expected		Contractual	Risk‑free		Expected
	at grant date(1)	price(2)	volatility(3)		life(4)	interest rate(5)		dividend(6)
	US$	US$
Granted in 2014	0.008	0.00001	40	%	10 years	3.0-3.1	%	0.0
Granted in 2015	0.008-0.016	0.00001	39	%	10 years	2.5-3.1	%	0.0
Granted in 2016	0.019-0.030	0.00001	39	%	10 years	2.3-3	%	0.0
Granted in 2017	0.034-0.059	0.00001-0.040	39	%	10 years	3.0-3.2	%	0.0
Granted in 2018	0.147-0.405	0.0001-0.200	35-38	%	10 years	3.1-3.8	%	0.0
Granted in 2019	0.274-0.484	0.00001-0.274	37-39	%	10 years	3.0-3.4	%	0.0

(1)

(2)

Exercise price. The exercise price of the options was determined by the Company’s Board of Directors.

(3)

(4)

Contractual life. The contractual life of the share options was the period between the grant date and the expiry date.

(5)

Risk free rate. Risk free rate is estimated based on market yield of U.S. Sovereign Curve with maturity close to the share options as of the valuation date, plus country spread.

(6)

Expected dividend. The Company does not expect to declare any dividends in the foreseeable future.

Summary of share option activities

Service-based share options:


		Weighted	Weighted
	Number of	average	average	Aggregate
	share	exercise	remaining	intrinsic
	options	price	contractual life	value
		US$	Years	US$
Outstanding as of January 1, 2019	136,028,000	0.01666	7.27	74,861,376
Granted	14,159,744	0.25409
Exercised	(82,857,500)	0.00001
Forfeited	(8,455,000)	0.05521
Outstanding as of December 31, 2019	58,875,244	0.05868	8.11	10,478,715

Performance-based share options:


	Number of	Weighted	Weighted average	Aggregate
	share	average	remaining	intrinsic
	options	exercise price	contractual life	value
		US$	Years	US$
Outstanding as of January 1, 2019	—	—	—	—
Granted	47,108,000	0.00524
Forfeited	(10,050,000)	0.00137
Outstanding as of December 31, 2019	37,058,000	0.00629	9.01	8,537,131

Schedule of restricted share units activity

Service-based RSUs:


		Weighted-Average
	Number of Units	Grant-Date Fair Value
		US$
Unvested as of January 1, 2019	10,800,000	0.33
Granted	18,319,012	0.35
Exercised	(2,162,032)	0.47
Forfeited	—
Unvested as of December 31, 2019	26,956,980	0.36

Performance-based RSUs:


		Weighted-Average
	Number of Units	Grant-Date Fair Value
		US$
Unvested as of January 1, 2019	—	—
Granted	1,700,000	0.40
Exercised	(250,000)	0.48
Forfeited	—
Unvested as of December 31, 2019	1,450,000	0.38

- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ References + Details

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2019

NET LOSS PER SHARE

Schedule of basic and diluted net loss per share


	For the years ended December 31,
	2017	2018	2019
	US$	US$	US$
Numerator:
Net loss attributable to UP Fintech Holding Limited	(7,510,049)	(43,207,732)	(6,589,431)
Net loss attributable to ordinary shareholders of UP Fintech Holding Limited	(7,510,049)	(43,207,732)	(6,589,431)
Denominator:
Weighted average shares used in calculating net loss per ordinary shares
Basic and diluted	443,814,916	506,393,198	1,751,784,176
Net loss per ordinary shares
Basic and diluted	(0.02)	(0.09)	(0.00)

Schedule of potential ordinary shares outstanding excluded from the computation of diluted net loss per ordinary share


	For the years ended December 31,
	2017	2018	2019

Share issuable upon exercise of share options	103,175,000	136,028,000	95,933,244
Share issuable upon exercise of RSUs	600,000	10,800,000	28,406,980
Share issuable upon conversion of Series Angel preferred shares	419,736,104	419,736,104	—
Share issuable upon conversion of Series A preferred shares	279,389,307	279,389,307	—
Share issuable upon conversion of Series B-1 preferred shares	188,378,334	188,378,334	—
Share issuable upon conversion of Series B-2 preferred shares	76,812,654	76,812,654	—
Share issuable upon conversion of Series B-3 preferred shares	—	147,755,566	—
Share issuable upon conversion of Series C preferred shares	—	98,834,937	—
Share issuable upon conversion of Series C-1 preferred shares	—	18,597,738	—

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of amount due from related parties

Amount due from related parties:


		As of December 31,
Name	Relationship with the Company	2018	2019
		US$	US$
Interactive Brokers LLC (1)	Under common control with a shareholder of the Company	9,619,438	185,047,211
Xiaomi Corporation and its affiliates (2)	Shareholder of the Company	919,964	397,590
Alphalion Technology Holding Limited and its affiliates (“Alphalion Group”) (3)	Long-term available-for-sale investee	3,320,113	886,844
Guangzhou 88 Technology Limited (“Guangzhou 88”) (4)	Entity controlled by management of the Company’s subsidiary	786,586	—
Fast Connection Limited (5)	Entity controlled by a shareholder of the Company	2,200,000	2,200,000
Officer of the Company (6)	Management of the Company	1,291,695	—

(1)

(2)

The amount represents the Group’s prepaid marketing expense to Xiaomi Corporation and its affiliates.

(3)

(4)

(5)

The amount represents the Group’s prepaid consulting fee to Fast Connection Limited as of December 31, 2018 and 2019.

(6)

The amount represents personal interest-free loan to the Company’s officers, including Mr. Tianhua Wu and others, which were fully repaid in February of 2019.

Amount due to related parties:


		As of December 31,
Name	Relationship with the Company	2018	2019
		US$	US$
Interactive Brokers LLC (7)	Under common control with a shareholder of the Company	—	53,774,882
		—	53,774,882

(7)

The amount represents the Group’s cash collaterals received for securities lending transactions from the Company’s trade execution partner and principle shareholder, Interactive Brokers.

COLLATERALIZED TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2019

COLLATERALIZED TRANSACTIONS

Schedule of fair values of client margin asset and security borrowings that were available to utilize as collateral


	As of December 31,
	2018	2019
	US$	US$
Total client margin asset	2,036,488	332,460,879
Fulfillment of client margin financings	—	42,704,203
Fulfillment of client short sales	—	10,815,155
Securities lending to other brokers	—	55,098,508
Total collateral repledged	—	108,617,866

- Definition

Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities.

+ References + Details

Lease (Tables)

12 Months Ended

Dec. 31, 2019

Lease

Summary of total operating lease cost


	For the year ended
	December 31, 2019
	US$
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	2,389,515
Non-cash right-of-use assets in exchange for new lease obligations:
Operating leases	5,050,642
Weighted average remaining lease term:
Operating leases	4	years
Weighted average discount rate:
Operating leases	6.0	%

Summary of maturity analysis of the annual undiscounted cash flows


		As of December 31, 2019
		US$
Years ending December 31:
2020		2,672,568
2021		1,380,725
2022		867,840
2023		578,422
2024		488,389
2025 and after		561,804
Total undiscounted operating lease payments		6,549,748
Less: imputed interest		708,090
Present value of operating lease liabilities		5,841,658

Summary of future minimum payments under non-cancelable operating leases


		As of December 31, 2018
		US$
Years ending December 31:
2019		1,799,942
2020		1,155,540
2021 and after		91,249
Total		3,046,731

REGULATORY REQUIREMENT (Tables)

12 Months Ended

Dec. 31, 2019

REGULATORY REQUIREMENT

Schedule of net capital requirement and the excess net capital for the Company's broker dealer subsidiaries


	Net Capital	Requirement	Excess Net Capital
	US$	US$	US$
December 31, 2018
TBNZ	4,940,125	1,292,056	3,648,069
US Tiger Securities	1,058,863	5,000	1,053,863
Total	5,998,988	1,297,056	4,701,932


	Net Capital	Requirement	Excess Net Capital
	US$	US$	US$
December 31, 2019
TBNZ	26,633,575	17,279,461	9,354,114
Marsco(1)	15,224,882	250,000	14,974,882
US Tiger Securities	4,227,994	100,000	4,127,994
Tiger Brokers SG(2)	1,615,957	823,313	792,644
Total	47,702,408	18,452,774	29,249,634

(1)

Marsco was acquired by the Company in July of 2019.

(2)

Tiger Brokers SG started to operate its business in December of 2019.

ORGANIZATION AND PRINCIPAL ACTIVITIES - Subsidiaries (Details)	Dec. 31, 2019
Tiger Holdings
Organization:
Legal ownership (as a percent)	100.00%
TBNZ
Organization:
Legal ownership (as a percent)	100.00%
I-Tiger SPC
Organization:
Legal ownership (as a percent)	100.00%
I-Tiger Capital Management
Organization:
Legal ownership (as a percent)	65.00%
I-Tiger Global Investment
Organization:
Legal ownership (as a percent)	100.00%
I-Tiger Capital
Organization:
Legal ownership (as a percent)	65.00%
TBAU
Organization:
Legal ownership (as a percent)	100.00%
Up International
Organization:
Legal ownership (as a percent)	100.00%
Tiger SG
Organization:
Legal ownership (as a percent)	100.00%
Tiger Brokers SG
Organization:
Legal ownership (as a percent)	100.00%
US Tiger Securities
Organization:
Legal ownership (as a percent)	100.00%
Ningxia XSYX, Ningxia WFOE
Organization:
Legal ownership (as a percent)	100.00%
Up Global
Organization:
Legal ownership (as a percent)	100.00%
Prosperous Investment
Organization:
Legal ownership (as a percent)	100.00%
U-Tiger SPC
Organization:
Legal ownership (as a percent)	100.00%
Tiger Fintech Holdings
Organization:
Legal ownership (as a percent)	100.00%
Xiangshang Upfintech Holding
Organization:
Legal ownership (as a percent)	100.00%
Beijing XSYX, Beijing WFOE
Organization:
Legal ownership (as a percent)	100.00%
Tradingfront
Organization:
Legal ownership (as a percent)	100.00%
Wealthn
Organization:
Legal ownership (as a percent)	100.00%
Uptech Holding
Organization:
Legal ownership (as a percent)	100.00%
Tiger Fixed
Organization:
Legal ownership (as a percent)	100.00%
JV
Organization:
Legal ownership (as a percent)	100.00%
Kastle
Organization:
Legal ownership (as a percent)	100.00%
Fleming
Organization:
Legal ownership (as a percent)	100.00%
Amtiger
Organization:
Legal ownership (as a percent)	99.999%
Tung Chi
Organization:
Legal ownership (as a percent)	100.00%
Marsco
Organization:
Legal ownership (as a percent)	100.00%
Tiger Investor
Organization:
Legal ownership (as a percent)	100.00%
Tradeup
Organization:
Legal ownership (as a percent)	100.00%

ORGANIZATION AND PRINCIPAL ACTIVITIES - The VIE arrangements (Details)	12 Months Ended
	Dec. 31, 2019 $ / shares	Dec. 31, 2019 ¥ / shares
ORGANIZATION AND PRINCIPAL ACTIVITIES
Standard equity interest purchase price \| (per share)	$ 1.5	¥ 10
Term (in years)	10 years	10 years

ORGANIZATION AND PRINCIPAL ACTIVITIES - Balances of the VIEs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Variable interest entity:
Current assets	$ 769,746,032	$ 102,905,779
Total assets	809,059,947	115,215,165
Current liabilities	587,592,526	16,987,261
Total liabilities	594,034,213	16,987,261
Total revenues	58,662,900	33,560,265	$ 16,949,184
Net loss	(5,949,858)	(44,293,555)	(7,927,494)
Net cash (used in)/provided by operating activities	243,309,139	(21,171,600)	(8,510,634)
Net cash used in investing activities	(22,040,111)	(35,124,217)	(3,670,010)
Net cash provided by/(used in) financing activities	114,906,520	79,525,945	14,596,081
VIEs
Variable interest entity:
Current assets	11,412,715	17,648,541
Non-current assets	5,838,056	9,581,582
Total assets	17,250,771	27,230,123
Current liabilities	10,365,633	6,939,074
Non-current liabilities	100,701
Total liabilities	10,466,334	6,939,074
Total revenues	3,089,605	27,536,436	16,949,184
Net loss	(24,539,413)	(4,948,406)	(7,927,494)
Net cash (used in)/provided by operating activities	33,354,051	3,768,318	(8,510,634)
Net cash used in investing activities	$ (726,601)	(2,456,147)	(3,670,010)
Net cash provided by/(used in) financing activities		$ (1,509,434)	$ 14,596,081
Consolidated revenues contributed by VIE	6.00%	82.00%	100.00%
Consolidated total assets contributed by VIE	2.00%	24.00%
Consolidated total liabilities contributed by VIE	2.00%	41.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative financial instruments (Details)	12 Months Ended
	Dec. 31, 2019 USD ($) contract	Dec. 31, 2018 USD ($) contract
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of outstanding future contracts \| contract	34	48
Notional value	$ 5,951,530	$ 6,079,920
Remaining contract term (in months)	2 months 18 days	2 months 15 days
Futures realized gain/(loss)	$ (1,766,679)	$ 123,662
Futures unrealized gain/(loss)	$ (158,900)	$ 507,810

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Segregated for Regulatory Purposes (Details)	Dec. 31, 2019 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash-segregated for regulatory purposes	$ 25,167,014

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Receivables from Customers (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Allowance for doubtful accounts	$ 0	$ 0	$ 0

- Definition

Amount of allowance for credit loss on accounts receivable, classified as current.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, equipment, and intangible assets, net (Details)	12 Months Ended
	Dec. 31, 2019
Electronic Equipment
Property, equipment, and intangible assets, net
Useful life (in years)	3 years
Office Equipment
Property, equipment, and intangible assets, net
Useful life (in years)	5 years
Software
Property, equipment, and intangible assets, net
Useful life (in years)	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Long-term investment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment loss on equity securities without readily determinable fair values	$ 755,524	$ 0	$ 0
Impairment loss on available-for-sale investments	$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Research and development expenses and Foreign currencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Significant accounting policies
Research and development expenses	$ 18,033,074	$ 11,282,241	$ 6,059,525
Cash and cash equivalents	59,408,555	34,406,970
CNY
Significant accounting policies
Cash and cash equivalents	$ 9,473,171	$ 3,696,283	$ 6,884,354

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

- Definition

The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of supplier (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total net revenues were executed and cleared by one supplier, Interactive Brokers \| Concentration of supplier
Concentration risk
Concentration risk (in percent)	78.40%	96.80%	99.50%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
IPO Distribution Services
Disaggregation of revenue
Revenue from contracts with customers	$ 3,142,763	$ 475,055	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References + Details

BUSINESS ACQUISITION (Details) - USD ($)	1 Months Ended	12 Months Ended
BUSINESS ACQUISITION (Details) - USD ($)	Jul. 31, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross		$ 6,348,290
Marsco
Business Acquisition [Line Items]
Equity interest acquired (as a percentage)	100.00%
Business Combination, Consideration Transferred	$ 9,348,290
Payments to Acquire Businesses, Gross	6,348,290
Business Combination, Acquisition Related Costs		$ 377,239
Business Combination, Consideration Transferred, Equity Interests Issued	$ 3,000,000
Maximum percentage of acquired entity revenue combined in consolidated financial statements		1.00%
Maximum percentage of acquired entity assets combined in consolidated financial statements		4.10%

- Definition

Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer.

+ References + Details

BUSINESS ACQUISITIONS - Purchase price allocation (Details) - USD ($)	Jul. 12, 2019	Dec. 31, 2019
Intangible assets
Goodwill		$ 2,421,403
Marsco
Business Acquisition [Line Items]
Cash and cash equivalents	$ 339,611
Cash-segregated for regulatory purpose	22,094,198
Other current assets	5,098,900
Property, plant and equipment	5,581
Intangible assets
Operating License	6,900,000
Goodwill	2,421,403
Other current liabilities	(26,062,403)
Deferred tax liabilities	(1,449,000)
Total purchase price	$ 9,348,290
Marsco \| Minimum
Business Acquisition [Line Items]
Property, plant and equipment, Amortization period (in years)	3 years
Marsco \| Maximum
Business Acquisition [Line Items]
Property, plant and equipment, Amortization period (in years)	5 years

BUSINESS ACQUISITIONS - Results of operations attributable to acquisition (Details) - Marsco	6 Months Ended
	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Net revenues	$ 416,143
Net income	$ 15,723

BUSINESS ACQUISITIONS - Proforma Acquisition (Details) - Marsco - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Pro forma information of acquisitions
Pro forma net revenue	$ 55,150,145	$ 34,652,211
Pro forma net loss	$ (5,799,848)	$ (44,107,663)

- Definition

The pro forma net Income or Loss for the period as if the business combination or combinations had been completed at the beginning of a period.

+ References + Details

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
PREPAID EXPENSES AND OTHER CURRENT ASSETS
IPO distribution and promotional and advertisement service receivables	$ 2,080,411
Input VAT receivables	1,626,213	$ 1,030,107
Interest receivables	1,526,625	158,306
Prepayment for share purchase in relation to acquisition and long-term investment	854,891
Prepaid professional service fees	405,094	1,161,320
Prepaid data and IT service expenses	391,214
Advances to employees	286,900	1,258,313
Prepaid marketing expenses	222,167	189,503
Rental and other deposits	215,182	421,059
Prepaid IPO related professional fees		1,391,231
Others	411,495	193,356
Prepaid expenses and other current assets	$ 8,020,192	$ 5,803,195

PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS, NET (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Equipment and Intangible Assets [Line Items]
Less: accumulated depreciation	$ (1,028,796)	$ (997,991)
Property and equipment, net	1,461,717	1,334,787
Intangible assets, net	8,073,824	995,646
Less: accumulated amortization	(10,636)
Property, equipment and intangible assets, net	9,535,541	2,330,433
Depreciation and amortization expenses	752,167	473,730	$ 342,450
Licenses
Property, Equipment and Intangible Assets [Line Items]
Intangible assets, net	7,967,036	995,646
Electronic Equipment
Property, Equipment and Intangible Assets [Line Items]
Property and equipment, gross	1,530,269	1,638,673
Office Equipment
Property, Equipment and Intangible Assets [Line Items]
Property and equipment, gross	219,418	38,130
Leasehold improvement
Property, Equipment and Intangible Assets [Line Items]
Property and equipment, gross	543,262	$ 655,975
Software
Property, Equipment and Intangible Assets [Line Items]
Property and equipment, gross	197,564
Trademark
Property, Equipment and Intangible Assets [Line Items]
Intangible assets, net	$ 117,424

LONG TERM INVESTMENTS -Equity securities without readily determinable fair value - (Details)	1 Months Ended
	Dec. 31, 2019 USD ($)	Oct. 31, 2017 CNY (¥)	Dec. 31, 2018 USD ($)	Oct. 31, 2017 USD ($)
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity securities without readily determinable fair value	$ 2,036,413		$ 1,454,440
Tibet Gelonghui Information Technology Co., LTD ("Gelonghui")
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity securities without readily determinable fair value	1,436,413		$ 1,454,440
Percentage of equity interest acquired		1.00%
Purchase consideration		¥ 10,000,000		$ 1,536,972
UNext Group Limited ("UNext")
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity securities without readily determinable fair value	$ 600,000
Percentage of equity interest acquired	0.60%
Purchase consideration	$ 600,000

LONG TERM INVESTMENTS - Available for sale investments - (Details)	1 Months Ended				12 Months Ended
	Sep. 30, 2017 CNY (¥)	Sep. 30, 2017 USD ($)	Jul. 31, 2017 CNY (¥)	Jul. 31, 2017 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Debt Securities, Available-for-sale
Long term available for sale investments					$ 3,980,806	$ 932,251
Unrealized gain on availableforsale investments						262,857
Beijing Yingxin Network Technology Co., LTD ("Yingxin")
Debt Securities, Available-for-sale
Long term available for sale investments					753,496	762,955
Percentage of equity interest acquired	2.91%	2.91%
Purchase consideration	¥ 3,000,000	$ 461,092
Unrealized gain on availableforsale investments					0	326,623	$ 0
Beijing Smart Zhenzhi Technology Co., LTD ("Zhenzhi")
Debt Securities, Available-for-sale
Long term available for sale investments					167,197	169,296
Percentage of equity interest acquired			3.33%	3.33%
Purchase consideration			¥ 1,000,000	$ 153,697
Unrealized gain on availableforsale investments					0	$ 23,853	$ 0
Alphalion Technology Holding Limited ("Alphalion")
Debt Securities, Available-for-sale
Long term available for sale investments					$ 3,060,113
Percentage of equity interest acquired					25.00%

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References + Details

- Definition

Amount after tax and reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) loss.

+ References + Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued payroll and welfare	$ 9,444,626	$ 6,157,611
Tax payables	2,677,610	862,487
Accrued marketing expenses	2,416,759	1,331,988
Accrued professional expenses	1,185,326	543,335
Accrued data and IT service expenses	552,814
Advanced from customers	294,881	375,481
Rental payables		468,472
Others	309,941	683,733
Accrued expenses and other current liabilities	$ 16,881,957	$ 10,423,107

INCOME TAXES (Details) - HKD ($)	12 Months Ended
INCOME TAXES (Details) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure
Income tax rate (as a percent)	25.00%	25.00%	25.00%
HNTE
Income Tax Disclosure
Preferential tax rate (as a percent)	15.00%	15.00%	15.00%
HNTE \| Beijing U Tiger Business
Income Tax Disclosure
Preferential tax rate (as a percent)	15.00%	15.00%	15.00%
PRC
Income Tax Disclosure
Income tax rate (as a percent)	25.00%	25.00%	25.00%
Hong Kong \| Scenario 1
Income Tax Disclosure
Income tax rate (as a percent)	8.25%
Base profit for calculating tax rate	$ 2,000,000
Hong Kong \| Scenario 2
Income Tax Disclosure
Income tax rate (as a percent)	16.50%
Base profit for calculating tax rate	$ 2,000,000
USA
Income Tax Disclosure
Income tax rate (as a percent)	21.00%	21.00%	35.00%
SINGAPORE
Income Tax Disclosure
Income tax rate (as a percent)	17.00%
AUSTRALIA
Income Tax Disclosure
Income tax rate (as a percent)	27.50%
Tiger Holdings \| New Zealand
Income Tax Disclosure
Income tax rate (as a percent)	28.00%
Top Capital Custodians \| New Zealand
Income Tax Disclosure
Income tax rate (as a percent)	28.00%
Tiger Brokers \| New Zealand
Income Tax Disclosure
Income tax rate (as a percent)	28.00%
Amtiger \| India
Income Tax Disclosure
Income tax rate (as a percent)	25.00%

INCOME TAXES - Current and deferred portions of income taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAXES
Current tax expenses	$ 2,859,774	$ 1,706
Deferred tax benefits	(6,215,140)	(1,874,819)	$ (1,183,698)
Income tax benefits	$ (3,355,366)	$ (1,873,113)	$ (1,183,698)

- Definition

Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.

+ References + Details

- Definition

Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References + Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Significant components of the Group's deferred tax assets (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets
Accrued expenses	$ 46,004	$ 16,965
Impairment loss from equity investments	134,304
Deductible advertising expenses	429,228	522,076
Net operating loss carryforwards	16,926,698	8,738,089
Trading losses		78,500
Less: valuation allowance	(4,888,240)	(2,931,196)
Less: changes in fair value of investment	(86,533)	(87,619)
Deferred tax assets	12,561,461	6,336,815
Deferred tax liabilities
Acquired intangible assets	1,449,000
Net operating loss carryforwards	70,615,285	42,118,357
Valuation allowance for Operating loss carryforwards	$ 23,654,338	$ 14,729,491

INCOME TAXES - Income Tax Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAXES
Net loss before provision for income taxes	$ (9,305,224)	$ (46,166,668)	$ (9,111,192)
PRC statutory tax rate	25.00%	25.00%	25.00%
Income tax at statutory tax rate	$ (2,326,306)	$ (11,541,667)	$ (2,277,798)
Effect of income tax rate difference in other jurisdictions	124,406	439,213	132,949
Effect of income tax exemptions and preferential tax rates	(5,153,269)	(1,679,031)	151,317
Effect of expenses not deductible for tax purposes	1,425,861	9,053,735	81,938
Changes in valuation allowance	2,573,942	1,854,637	727,896
Income tax benefits	$ (3,355,366)	$ (1,873,113)	$ (1,183,698)

- Definition

Percentage of domestic federal statutory tax rate applicable to pretax income (loss).

+ References + Details

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to increase (decrease) in the valuation allowance for deferred tax assets.

+ References + Details

- Definition

+ References + Details

- Definition

The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations.

+ References + Details

- Definition

+ References + Details

ORDINARY SHARES (Details)	1 Months Ended			12 Months Ended
ORDINARY SHARES (Details)	Apr. 30, 2019 $ / shares shares	Mar. 31, 2019 shares	Nov. 30, 2018 shares	Dec. 31, 2019 $ / shares shares	Dec. 31, 2018 $ / shares shares	Jun. 30, 2018 shares
Class A ordinary shares
Class of Stock
Common stock, shares authorized (in shares)				4,662,388,278	3,144,831,053
Par value per share (in dollars per share) \| $ / shares				$ 0.00001	$ 0.00001
Votes per share (in votes)				one
Common stock, shares issued (in shares)				1,777,218,449	216,546,541	2,480,000
Common stock, shares outstanding (in shares)				1,777,218,449	216,546,541
Number of shares issued in conversion (in shares)	1,210,906,902		180,895,573
Shares issued during the period (in shares)		237,375,000
ADS issued during period		15,825,000
Offering price \| $ / shares	$ 8.00
Conversion ratio	1
Class A ordinary shares \| IPO
Class of Stock
Common stock, shares issued (in shares)				33,170,968
Common stock, shares outstanding (in shares)				33,170,968
Class A ordinary shares \| Over allotment option
Class of Stock
Shares issued during the period (in shares)		29,250,000
Class A ordinary shares \| Private placement
Class of Stock
Shares issued during the period (in shares)		13,125,000
Class B ordinary shares
Class of Stock
Common stock, shares authorized (in shares)				337,611,722	518,507,295
Par value per share (in dollars per share) \| $ / shares				$ 0.00001	$ 0.00001
Votes per share (in votes)				twenty
Common stock, shares issued (in shares)				337,611,722	337,611,722	107,863,347
Common stock, shares outstanding (in shares)				337,611,722	337,611,722
Class B ordinary shares \| IPO
Class of Stock
Common stock, shares issued (in shares)				410,643,948
Common stock, shares outstanding (in shares)				410,643,948
Series Angel, A, B-1, B-2, B-3 and C
Class of Stock
Number of shares issued in conversion (in shares)				1,210,906,902
Number of shares converted				1,210,906,902
Series Angel, A, B-1, B-2, B-3 and C \| IPO
Class of Stock
Number of shares converted	1,210,906,902
Series C-1 convertible redeemable preferred shares
Class of Stock
Number of shares issued in conversion (in shares)	18,612,084			18,612,084
Number of shares converted	18,597,738			18,597,738
Offering price \| $ / shares				$ 8.00

PREFERRED SHARES (Details)	1 Months Ended		12 Months Ended
PREFERRED SHARES (Details)	Apr. 30, 2019 shares	Feb. 21, 2017	Dec. 31, 2019 $ / shares shares
Class of Stock [Line Items]
Non-cumulative Dividend rate, as calculated on consideration paid for equity interests (as a percent)			8.00%
Liquidation preference (as a percent)			120.00%
Redemption events
Qualified IPO Threshold completion period		60 months
Significant breach, threshold correction period			30 days
Conversion
Conversion ratio			1
Series Angel, A, B-1, B-2, B-3 and C
Conversion
Number of shares issued in conversion (in shares)			1,210,906,902
Conversion ratio			1
Number of shares converted			1,210,906,902
Series C-1 convertible redeemable preferred shares
Conversion
Number of shares issued in conversion (in shares)	18,612,084		18,612,084
Number of shares converted	18,597,738		18,597,738
Offering price \| $ / shares			$ 8.00

FAIR VALUE MEASUREMENT - Measured at fair value on a recurring basis (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial instruments held, at fair value	$ 14,881,240	$ 6,435,241
Long term available for sale investments	3,980,806	932,251
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial instruments held, at fair value		6,435,241
Accrued expenses and other current liabilities	158,900
Long term available for sale investments	3,980,806	932,251
Total	19,020,946	7,367,492
Recurring \| Quoted prices in active markets for identical instruments (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial instruments held, at fair value		6,435,241
Accrued expenses and other current liabilities	158,900
Total	15,040,140	6,435,241
Recurring \| Significant unobservable inputs (level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long term available for sale investments	3,980,806	932,251
Total	3,980,806	$ 932,251
Recurring \| ETFs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial instruments held, at fair value	9,096,579
Recurring \| ETFs \| Quoted prices in active markets for identical instruments (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial instruments held, at fair value	9,096,579
Recurring \| US T-bill
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial instruments held, at fair value	5,527,192
Recurring \| US T-bill \| Quoted prices in active markets for identical instruments (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial instruments held, at fair value	5,527,192
Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial instruments held, at fair value	257,469
Recurring \| Corporate bonds \| Quoted prices in active markets for identical instruments (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial instruments held, at fair value	$ 257,469

FAIR VALUE MEASUREMENT - Measured at fair value on a non recurring basis (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
FAIR VALUE MEASUREMENT
Impairment loss on equity securities without readily determinable fair values	$ 755,524	$ 0	$ 0
Impairment loss on other intangible assets arising from acquisitions	0	0
Impairment loss on goodwill	$ 0	$ 0

- Definition

Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of an intangible asset (excluding goodwill) to fair value.

+ References + Details

SHARE BASED COMPENSATION (Details) - shares	12 Months Ended
SHARE BASED COMPENSATION (Details) - shares	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Maximum aggregate number of shares that may be issued			254,697,314	187,697,314
2019 Performance Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Maximum aggregate number of shares that may be issued		52,000,000
Share options
Share-based Compensation Arrangement by Share-based Payment Award
Term of option	10 years
Percentage of fair market value as of the latest practicable date upon termination for death, disability or retirement of employees	50.00%
Threshold period for vesting or exercising option upon termination for death, disability or retirement, the employees	6 months
Percentage of fair market value as of the latest practicable date upon other termination	30.00%
Threshold period for vesting or exercising option upon other termination	6 months
Share options \| Vested and exercisable on second anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	50.00%
Share options \| Vested and exercisable on third anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	25.00%
Share options \| Vested and exercisable on fourth anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	25.00%

SHARE BASED COMPENSATION - Fair value of options granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Contractual life	10 years	10 years	10 years	10 years	10 years	10 years
Share options
Share-based Compensation Arrangement by Share-based Payment Award
Fair value per ordinary share at grant date						$ 0.008
Exercise price (in dollars per share)				$ 0.00001	$ 0.00001	$ 0.00001
Expected volatility			39.00%	39.00%	39.00%	40.00%
Expected dividend	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Share options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Fair value per ordinary share at grant date	$ 0.274	$ 0.147	$ 0.034	$ 0.019	$ 0.008
Exercise price (in dollars per share)	$ 0.00001	$ 0.0001	$ 0.00001
Expected volatility	37.00%	35.00%
Risk free interest rate	3.00%	3.10%	3.00%	2.30%	2.50%	3.00%
Share options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Fair value per ordinary share at grant date	$ 0.484	$ 0.405	$ 0.059	$ 0.030	$ 0.016
Exercise price (in dollars per share)	$ 0.274	$ 0.200	$ 0.040
Expected volatility	39.00%	38.00%
Risk free interest rate	3.40%	3.80%	3.20%	3.00%	3.10%	3.10%

SHARE BASED COMPENSATION - Summary of share option activities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted average remaining contractual life and aggregate intrinsic value
Share-based compensation	$ 4,062,600	$ 34,204,761	$ 349,700
Share options
Number of share options
Outstanding at the beginning	136,028,000
Granted	14,159,744
Exercised	(82,857,500)
Forfeited	(8,455,000)
Outstanding at the end	58,875,244	136,028,000
Weighted average exercise price
Outstanding at the beginning (in dollars per share)	$ 0.01666
Granted (in dollars per share)	0.25409
Exercised (in dollars per share)	0.00001
Forfeited (in dollars per share)	0.05521
Outstanding at the end (in dollars per share)	$ 0.05868	$ 0.01666
Weighted average remaining contractual life and aggregate intrinsic value
Weighted average remaining contractual life	8 years 1 month 10 days	7 years 3 months 7 days
Aggregate intrinsic value	$ 10,478,715	$ 74,861,376
Share-based compensation	2,231,270	1,522,271	345,203
Total unrecognized share based compensation expense	$ 6,015,195
Weighted average period expected to be recognized for unrecognized share based compensation expense	2 years 8 months 12 days
Performance-based share options
Number of share options
Granted	47,108,000
Forfeited	(10,050,000)
Outstanding at the end	37,058,000
Weighted average exercise price
Granted (in dollars per share)	$ 0.00524
Forfeited (in dollars per share)	0.00137
Outstanding at the end (in dollars per share)	$ 0.00629
Weighted average remaining contractual life and aggregate intrinsic value
Weighted average remaining contractual life	9 years 4 days
Aggregate intrinsic value	$ 8,537,131
Share-based compensation	7,866	$ 0	$ 0
Total unrecognized share based compensation expense	$ 17,627,760
Weighted average period expected to be recognized for unrecognized share based compensation expense	4 years

SHARE BASED COMPENSATION - Restricted Share Units ("RSUs") (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted-Average Grant-Date Fair Value
Total share based compensation	$ 4,062,600	$ 34,204,761	$ 349,700
Service-based RSUs
Number of Units
Beginning balance	10,800,000
Granted	18,319,012
Exercised	(2,162,032)
Ending balance	26,956,980	10,800,000
Weighted-Average Grant-Date Fair Value
Beginning balance	$ 0.33
Granted	0.35
Exercised	0.47
Ending balance	$ 0.36	$ 0.33
Total share based compensation	$ 1,685,646	$ 324,565	4,497
Total unrecognized share based compensation expense	$ 7,803,087
Weighted average period expected to be recognized for unrecognized share based compensation expense	3 years 3 months 18 days
Performance-based RSUs
Number of Units
Granted	1,700,000
Exercised	(250,000)
Ending balance	1,450,000
Weighted-Average Grant-Date Fair Value
Granted	$ 0.40
Exercised	0.48
Ending balance	$ 0.38
Total share based compensation	$ 137,818	$ 0	$ 0
Total unrecognized share based compensation expense	$ 511,464
Weighted average period expected to be recognized for unrecognized share based compensation expense	3 years 8 months 12 days

NET LOSS PER SHARE (Details) - USD ($)	12 Months Ended
NET LOSS PER SHARE (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net loss attributable to UP Fintech Holding Limited	$ (6,589,431)	$ (43,207,732)	$ (7,510,049)
Net loss attributable to ordinary shareholders of UP Fintech Holding Limited	$ (6,589,431)	$ (43,207,732)	$ (7,510,049)
Weighted average shares used in calculating net loss per ordinary share:
Basic and diluted	1,751,784,176	506,393,198	443,814,916
Net loss per ordinary shares
Basic and diluted	$ 0.00	$ (0.09)	$ (0.02)

- Definition

The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

NET LOSS PER SHARE - Antidilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share options
Antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share	95,933,244	136,028,000	103,175,000
Restricted Share Units ("RSUs")
Antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share	28,406,980	10,800,000	600,000
Angle preferred shares
Antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share	0	419,736,104	419,736,104
Series A convertible redeemable preferred shares
Antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share	0	279,389,307	279,389,307
Series B-1 convertible redeemable preferred shares
Antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share	0	188,378,334	188,378,334
Series B-2 convertible redeemable preferred shares
Antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share	0	76,812,654	76,812,654
Series B-3 convertible redeemable preferred shares
Antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share	0	147,755,566	0
Series C convertible redeemable preferred shares
Antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share	0	98,834,937	0
Series C-1 convertible redeemable preferred shares
Antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share	0	18,597,738	0

RELATED PARTY BALANCES AND TRANSACTIONS (Details) - USD ($)	1 Months Ended
	Feb. 28, 2019	Dec. 31, 2019	Dec. 31, 2018
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties		$ 3,484,434	$ 8,518,358
Amount due to related parties		53,774,882
Interactive Brokers
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties		185,047,211	9,619,438
Amount due to related parties		53,774,882
Xiaomi Corporation and its affiliates
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties		397,590	919,964
Alphalion Group Limited
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties	$ 3,060,113	886,844	3,320,113
Repayments of Debt	$ 260,000
Guangzhou 88 Technology Limited
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties			786,586
Fast Connection Limited
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties		$ 2,200,000	2,200,000
Officer of the Company
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties			$ 1,291,695

RELATED PARTY BALANCES AND TRANSACTIONS - Transactions with related parties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Xiaomi Corporation and its affiliates
RELATED PARTY BALANCES AND TRANSACTIONS
Transactions with related parties	$ 517,134	$ 1,297,395	$ 497,635
Alphalion Group Limited
RELATED PARTY BALANCES AND TRANSACTIONS
Transactions with related parties	617,500
Consideration for sale	106,105
Guangzhou 88 Technology Limited
RELATED PARTY BALANCES AND TRANSACTIONS
Transactions with related parties	755,524
Commissions, financing service fees and other revenues \| Interactive Brokers
RELATED PARTY BALANCES AND TRANSACTIONS
Transactions with related parties	38,089,982	19,664,763
Execution and clearing fees \| Interactive Brokers
RELATED PARTY BALANCES AND TRANSACTIONS
Transactions with related parties	$ 2,102,385	$ 210,535

- Definition

Amount of cash inflow from sale of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References + Details

- Definition

Amount of transactions with related party during the financial reporting period.

+ References + Details

COLLATERALIZED TRANSACTIONS (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
COLLATERALIZED TRANSACTIONS
Total client margin asset	$ 332,460,879	$ 2,036,488
Fulfillment of client margin financings	42,704,203
Fulfillment of client short sales	10,815,155
Securities lending to other brokers	55,098,508
Total collateral repledged	$ 108,617,866

Lease - Operating leases (Details)	12 Months Ended
Lease - Operating leases (Details)	Dec. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Total operating lease cost	$ 2,692,632
Short-term lease expenses	378,830
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases	2,389,515
Non-cash right-of-use assets in exchange for new lease obligations: Operating leases	$ 5,050,642
Weighted average remaining lease term: Operating leases	4 years
Weighted average discount rate: Operating leases	6.00%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	10 years

Lease - Maturity analysis of the annual undiscounted cash flows (Details)	Dec. 31, 2019 USD ($)
Years ending December 31:
2020	$ 2,672,568
2021	1,380,725
2022	867,840
2023	578,422
2024	488,389
2025 and after	561,804
Total undiscounted operating lease payment	6,549,748
Less: imputed interest	708,090
Present value of operating lease liabilities	$ 5,841,658

Lease - Future minimum payments under non-cancelable operating leases (Details)	Dec. 31, 2019 USD ($)
Years ending December 31:
2019	$ 1,799,942
2020	1,155,540
2021 and after	91,249
Total	$ 3,046,731

- Definition

Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.

+ References + Details

- Definition

Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.

+ References + Details

- Definition

Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.

+ References + Details

COMMITMENTS AND CONTINGENCY - Capital commitments (Details) - Hong Kong	1 Months Ended		12 Months Ended
	Apr. 30, 2019 HKD ($)	Apr. 30, 2019 USD ($)	Dec. 31, 2019 HKD ($)	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Equity interest acquired (as a percentage)	100.00%	100.00%
Total consideration	$ 12,000,000	$ 1,540,555
Capital commitment contracted but not paid			$ 8,400,000	$ 1,078,389

- Definition

Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer.

+ References + Details

- Definition

Future cash outflow to pay for purchases of fixed assets that have occurred.

+ References + Details

REGULATORY REQUIREMENT (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
REGULATORY REQUIREMENT
Net Capital	$ 47,702,408	$ 5,998,988
Requirement	18,452,774	1,297,056
Excess Net Capital	29,249,634	4,701,932
TBNZ
REGULATORY REQUIREMENT
Net Capital	26,633,575	4,940,125
Requirement	17,279,461	1,292,056
Excess Net Capital	9,354,114	3,648,069
Marsco
REGULATORY REQUIREMENT
Net Capital	15,224,882
Requirement	250,000
Excess Net Capital	14,974,882
US Tiger Securities
REGULATORY REQUIREMENT
Net Capital	4,227,994	1,058,863
Requirement	100,000	5,000
Excess Net Capital	4,127,994	$ 1,053,863
Tiger Brokers SG
REGULATORY REQUIREMENT
Net Capital	1,615,957
Requirement	823,313
Excess Net Capital	$ 792,644

EMPLOYEE BENEFIT PLAN (Details) - USD ($)	12 Months Ended
EMPLOYEE BENEFIT PLAN (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
EMPLOYEE BENEFIT PLAN
Provision for employee benefits	$ 5,618,209	$ 4,332,246	$ 2,654,545

STATUTORY RESERVES AND RESTRICTED NET ASSETS (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Statutory reserve funds	$ 724,008
Amount of restricted net asset unconsolidated subsidiaries	$ 40,221,504	$ 26,348,780	$ 15,870,509

SUBSEQUENT EVENT (Details) $ in Millions	Mar. 25, 2020 USD ($)
SUBSEQUENT EVENT
Maximum number of ADSs authorized to be repurchased	$ 20.0