ECM

Brief IPOs & Placements: Up Fintech (Tiger Brokers) Pre-IPO Quick Note – Much Too Reliant on IBKR and more

In this briefing:

  1. Up Fintech (Tiger Brokers) Pre-IPO Quick Note – Much Too Reliant on IBKR
  2. Futu Holdings IPO Quick Note – Comparison with Tiger Brokers – Same Market, Different Economics
  3. China Risun (中国旭阳) IPO Quick Note: Past the Peak of Coking Cycle

1. Up Fintech (Tiger Brokers) Pre-IPO Quick Note – Much Too Reliant on IBKR

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Up Fintech (TIGR US) plans to raise up to US$150m in its US listing. The company counts Xiaomi Corp (1810 HK) and Interactive Brokers Group, Inc (IBKR US) as its main investors.

While TIGR has grown at a stupendous pace over the past three years, it has been able to do so owing to IBKR doing most of the heavy lifting of execution and clearing. While its trying to change that now, nearly all the revenue is still being driven by its IBKR affiliation.

I’ve covered some of the aspects of TIGR’s model in Futu Holdings IPO Quick Note – Comparison with Tiger Brokers – Same Market, Different Economics. In this insight, I’ll take a quick look at the company’s performance and the issues highlighted above. 

2. Futu Holdings IPO Quick Note – Comparison with Tiger Brokers – Same Market, Different Economics

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Futu Holdings Ltd (FHL US) plans to raise up to US$130m in its US listing. 

In my earlier insights, I looked at the company’s background,  past financial performance and scored the deal on our IPO framework.: 

In this insight, I do a quick comparison of Futu versus Up Fintech (TIGR US) (aka Tiger Brokers) who is regarded as Futu’s main competitor in the space.

3. China Risun (中国旭阳) IPO Quick Note: Past the Peak of Coking Cycle

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China Risun, a leading coking coal refining player in China, is seeking up to USD 243 million via a listing in Hong Kong. In this insight, we will discuss the following topics:

  • Company’s business and the value chain of coking coal
  • Industry backdrop of the coking coal processing industry in China
  • Shareholders and investors
  • Thoughts on valuation

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