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.”

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 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. Members of the Davis Polk team are based in the Hong Kong, Beijing, London, Washington DC and New York offices.