UP Fintech Holding Ltd. Sponsored ADR Class A(TIGR.US): Subsidiary fined 308.1 million yuan by Beijing regulator for conducting illegal activities such as unlicensed cross-border securities business.

On May 22, the China Securities Regulatory Commission announced that it would strictly investigate and deal with cases of illegal cross-border business operations by institutions such as Tiger Brokers. In response, UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR.US) announced that some of its subsidiaries had received notifications from the Beijing Regulatory Bureau of the China Securities Regulatory Commission, indicating that the bureau had initiated an investigation into their suspected illegal securities, fund, and futures business activities and found that these subsidiaries had engaged in unlicensed cross-border securities business, as well as illegal fund and futures activities in mainland China. Based on the investigation results, the Beijing Regulatory Bureau of the China Securities Regulatory Commission imposed a total of approximately 3.081 billion RMB in administrative penalties and confiscated a total of approximately 1.031 billion RMB in illegal gains. The company's director and CEO, Mr. Wu Tianhua, also received a warning and was fined 1.25 million RMB. As of the end of 2025, the retail client assets in mainland China accounted for approximately 10% of the company's total client assets in the consolidated financial statements.