UP Fintech Holding Limited’s Initial Public Offering And NASDAQ Listing


Davis Polk advised the representatives of the underwriters on the SEC-registered initial public offering by UP Fintech Holding Limited (Tiger Trade) of 13,000,000 American Depositary Shares, each representing 15 Class A ordinary shares, for total proceeds of $104 million.

The underwriters have fully exercised the over-allotment option granted by Tiger Trade and purchased an additional 1,950,000 ADSs, for additional proceeds of $15.6 million. The ADSs are listed on the NASDAQ Global Select Market under the symbol “TIGR.”

Citigroup, Deutsche Bank Securities, AMTD Global Markets Limited, China Merchants Securities (HK) Tiger Brokers and Top Capital Partners Limited acted as underwriters in the deal.

Tiger Trade is a leading online brokerage firm focusing on global Chinese investors. Tiger Trade’s proprietary trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. Tiger Trade’s continuous focus on offering innovative products and services and a superior user experience has enabled Tiger Trade to become one of the most utilized and well-recognized online trading platforms for Chinese investors around the world.

The Davis Polk corporate team included partners Li He (Picture) and James C. Lin, counsel Terrence R. O’Donnell and registered foreign lawyer Fei (Grace) Kong. Counsel Alon Gurfinkel and associates Omer Harel and Veronica Davis provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Counsel Zachary J. Zweihorn and associate Sijia Cai provided U.S. regulatory advice.

Involved fees earner: Sijia Cai – Davis Polk & Wardwell; Veronica Davis – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; Fei Kong – Davis Polk & Wardwell; James Lin – Davis Polk & Wardwell; Terrence O’Donnell – Davis Polk & Wardwell; Zachary J. Zweihorn – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: AMTD Global Markets; China Merchants Securities ; Citigroup Global Markets Ltd; Deutsche Bank Securities; Top Capital Partners Limited;

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Author: Michael Patrini