A Chinese online brokerage app that lets retail investors trade US and Hong Kong stocks, options, and warrants from their phones, like a local Robinhood for cross-border markets. Founded in 2014, it also handles IPOs and employee stock plans. (40 words) Actual
Money comes from trading commissions, margin interest, and securities lending. Revenue grew from USD 0.27B in 2023 to USD 0.61B in 2025, with gross margin rising to 93.22% and net margin to 27.94% — high-margin, recurring as clients trade repeatedly. (38 words
Switching costs are real: clients' accounts, history, and margin relationships sit on the platform, and Tiger's proprietary tech plus local China focus makes it sticky. But competition from Futu Holdings and Interactive Brokers is intense, and regulatory press
