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Independent Singapore
2 days ago
- Business
- Independent Singapore
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
Business Times
3 days ago
- Business
- Business Times
Online broker Tiger to double Hong Kong headcount, targets offshore China wealth
[HONG KONG] Tiger Securities plans to double its headcount in Hong Kong over the next two to three years as the online brokerage targets a bigger share of the growing offshore Chinese wealth in the financial hub, its chief executive said. The Singapore-headquartered firm, founded in 2014 in Beijing, currently employs 60 people in Hong Kong, where it started operations in late 2022, founder and CEO Tinahua Wu said late Monday. 'Hong Kong is a very important global financial centre and it's not only about the several million local residents,' Wu said. Tiger's parent firm UP Fintech Holding listed in the US in 2019. 'It is because it's backed by China,' the 40-year-old former tech veteran said, adding growing accumulation of Chinese wealth offshore needs investment services. Securities trading activities have risen in the offshore Chinese market since Beijing started to unveil a slew of stimulus last September, a trend which has not been dampened by the global trade tensions, according to Wu. Mainland investors have poured HK$651 billion (S$107 billion) into Hong Kong-listed shares via the Southbound Stock Connect so far this year, more than double the HK$283 billion during the same period last year, CICC analysts said in a note on Tuesday. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The capital inflows augurs well for local brokerages closely connected to clients in China, the world's second-largest economy, at a time when US President Donald Trump's trade war weighs on investor appetite for US assets. The buoyant Hong Kong market has attracted some companies such as Chinese e-commerce giant Alibaba-affiliate Ant Group to foray into Hong Kong by acquiring a 50.55 per cent stake in local broker Bright Smart in April. As more Chinese high-net-worth individuals set up family offices in Hong Kong and domestic companies increasingly seek to expand offshore, Wu said that Tiger expects sizeable growth in demand from both individual and corporate clients. Tiger holds more than US$50 billion worth of assets globally and operates in markets beyond Hong Kong, including the US, Australia, New Zealand, and Singapore. The brokerage's assets under custody, a key measure of client holdings in Tiger's Hong Kong accounts, quadrupled in the first quarter of 2025 from the same period last year, according to UP Fintech's first quarter report. Strong pipeline of initial public listings in Hong Kong with 'star' Chinese firms coming to raise funds in the city has also resulted in heightened interest in buying and trading new shares, he said. REUTERS
