On May 16, 2023, UP Fintech issued a press release responding to requirements of the China Securities Regulatory Commission (“CSRC”). The press release stated that “the Company will change its approach of updating user terminals for existing Chinese mainland clients and will remove its app “Tiger International” from the Chinese mainland application market starting on May 18, 2023, in order to complete the rectification work with satisfactory results.
On this news, UP Fintech’s American depositary receipt (“ADR”) price fell 7% to close at $2.64 per ADR on May 16, 2023.