Singapore-headquartered Tiger Brokers to double Hong Kong staff as it targets offshore China wealth
Photo: Depositphotos/leungchopan
HONG KONG: Singapore-headquartered firm Tiger Brokers plans to double its Hong Kong office's headcount over the next two to three years, as it aims to tap into the growing offshore Chinese wealth in the city, Reuters reported, citing the company's founder and CEO Tianhua Wu as saying on Monday.
Founded in Beijing in 2014, the Monetary Authority of Singapore (MAS)-licensed broker currently employs 60 people in Hong Kong. Tiger Brokers' parent firm, UP Fintech Holding, was listed in the United States in 2019.
Mr Wu, a former tech veteran, said Hong Kong is a 'very important global financial centre', not just because of its several million local residents but because it is backed by China, noting that the growing offshore Chinese wealth will need investment services.
He said securities trading activities in the offshore Chinese market have gone up since Beijing started rolling out stimulus measures last September. This trend continued despite ongoing global trade tensions.
This year, mainland investors have put HK$651 billion (S$107 billion) into Hong Kong-listed shares through the Southbound Stock Connect, more than double the HK$283 billion bought in the same period last year, according to CICC analysts on Tuesday.
Reuters reported that the capital inflows have been a boost for Hong Kong brokers that serve mainland clients, amid trade tensions due to US tariffs.
One of the companies that was drawn to the Hong Kong market was China's Ant Group, which bought a 50.55% stake in local broker Bright Smart in April.
Mr Wu said Tiger Brokers expects demand to grow from both wealthy individuals and corporate clients as more high-net-worth (HNW) Chinese set up family offices in Hong Kong, and local businesses want to expand overseas.
He also noted that 'star' Chinese firms coming to Hong Kong have increased interest in buying and trading new shares. /TISG
Read also: Hong Kong pulls ahead of Singapore in family office race, for now, as both cities face economic hurdles
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