TIGR · UP Fintech Holding Ltd. Sponsored ADR Class A

On May 22, 2026, UP Fintech Holding Limited disclosed that its subsidiaries received notices from the CSRC Beijing Bureau initiating an investigation into suspected illegal operations of securities, fund, and futures business. The CSRC found that these subsidiaries conducted unlicensed cross-border securities business and illegal activities in mainland China. Consequently, administrative penalties of approximately RMB308.1 million and confiscation of illegal income of approximately RMB103.1 million were imposed. Additionally, Mr. Tianhua Wu, the CEO and controlling person, received a warning and a penalty of RMB1.25 million. The company emphasized that retail client assets in mainland China represented only about 10% of total client assets as of the end of 2025, which may mitigate the direct financial impact on the overall business. UP Fintech stated it accepts the penalty, is fully cooperating with authorities, and will strictly implement required rectification measures. The company remains committed to compliance. This event underscores regulatory risks for Chinese cross-border brokerage firms and may lead to increased scrutiny or operational restrictions. Investors should monitor further developments, including potential impacts on the company's ability to serve mainland Chinese clients.