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Briefing: Xiaomi-backed trading firm Tiger Brokers to raise $91 million in US IPO
老虎证券赴美IPO最高募资9100万 小米盈透有意认购 – Sina Finance
What happened: Xiaomi-backed online trading platform Tiger Brokers plans to raise up to $91 million in its US initial public offering (IPO), issuing 13 million American Depository Shares (ADS) at $5 to $7 per share, according to the prospectus updated on Monday. The China-based online brokerage firm will launch the roadshow for its global offering this week, and is targeting end-March for its Nasdaq listing.
Why it’s important: Chinese smartphone maker Xiaomi holds 14.1% of UP Fintech Holding, which runs the Tiger Brokers platform, and Interactive Brokers Group, one of the largest American online brokerages, holds a 7.7% share. Both parties have expressed interest in increasing their holdings. Tiger Brokers aims to expand its global market share beyond that of its rival, Tencent-backed Futu Securities, which went public on Nasdaq on Friday. Its shares surged 9.66% on Monday at the end of the day’s trading. However, neither Futu nor Tiger Brokers have been granted licenses by Chinese regulators to offer trading services in mainland China, according to TMTPOST (in Chinese).