UP Fintech CEO: China's financial market full of potential

chinadaily.com.cn | Updated: 2020-05-29 06:40

Wu Tianhua, CEO of UP Fintech Holding Ltd [Photo provided to chinadaily.com.cn]

"I'm very optimistic about the potential of China's financial market," Wu Tianhua, CEO of UP Fintech Holding Ltd, told China Daily Website during an online interview on May 20.

"From a global perspective, China's financial market plays an imperative role. Currently, whether in terms of quantity or global influence, China is the second-largest market," said the CEO of the online brokerage firm focusing on global Chinese investors.

Wu said that in the years to come, financial services won't look the same, adding that as Chinese across the world are becoming wealthier, they are getting "pain spots", and they need better experiences in financial services.

When COVID-19 began ravaging the globe, they were able to let senior managements from Kingsoft Cloud in Beijing communicate with the American side for listing issues, through cloud service, Wu said.

It was the first time when he helped his client launch a cloud roadshow and take part in its bell-ring ceremony in Beijing for floating in US stock market.

Wu said the company has seen rapid growth in the last several years. The online brokerage firm delivered net revenues at $54.6 million, a 62.6 percent rise year-on-year, and registered total net revenues of $18.5 million, a 94.0 percent increase from the fourth quarter of 2018, according to the firm's unaudited financial results for 2019 fourth quarter.

Reforms including the STAR board and ChiNext board have attracted many excellent companies. The entire Chinese financial system founded in 1990 is still in its infancy. It will grow better with more influence and will grow with China's comprehensive power, he said.

In response to central government's role in stabilizing economy, Wu said, "COVID-19 did take a toll on the macroeconomy and many industries. But the government launched a string of effective macro policies including MLF interest cuts and large-scale reverse repos. I think it is of great help to secure activities in the market and for enterprises."