Tiger Brokers (UP Fintech Holding) and Futu Holdings have announced strong financial results for the second quarter, signaling a successful pivot toward international markets. Tiger Brokers reported a record revenue of US$182.3 million, representing a 31.4% year-on-year increase. Despite this top-line growth, the company’s net income attributable to shareholders saw a slight decline, falling to US$39.4 million from US$41.4 million in the same period last year.

These financial results arrive as both brokerages face a challenging regulatory landscape in mainland China. Beijing has implemented a series of crackdowns targeting illegal cross-border stock trading, which has effectively stalled growth opportunities within the domestic market. In response, both firms have aggressively expanded their operations overseas to diversify their revenue streams and mitigate the impact of domestic policy changes. While the revenue figures suggest that international expansion is successfully offsetting domestic stagnation, the slight dip in net income highlights the costs associated with this strategic shift and the ongoing pressure of operating under increased scrutiny.