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    Bo Pei

    Senior Equity Research Analyst specializing in technology sector coverage at U.S. Tiger Securities

    Bo Pei, CFA, is a Senior Equity Research Analyst specializing in technology sector coverage at US Tiger Securities, with a focus on major China Internet companies such as Baidu and high-growth tech names like Coinbase. His performance track record displays a 31.40% success rate and an average return of -15.6% overall, though his most profitable rating delivered a 241.8% return on Coinbase within a year. Beginning his analyst career at Susquehanna International Group before joining Oppenheimer & Co. to further focus on Chinese tech, he transitioned to US Tiger Securities where he leverages a Master of Science in Finance from Fordham University and is a CFA charterholder. Bo Pei is a registered professional with FINRA and holds recognized securities licenses supported by regulatory affiliations of his firm.

    Bo Pei's questions to Coinbase Global (COIN) leadership

    Bo Pei's questions to Coinbase Global (COIN) leadership • Q2 2025

    Question

    Bo Pei of U.S. Tiger Securities, Inc. asked about the early traction of the newly launched CFTC-regulated crypto perpetual futures in the U.S. and inquired about the timeline for this business to become a material revenue contributor.

    Answer

    CFO Alesia Haas reported strong early momentum, with volumes doubling week-over-week, but stressed that the immediate focus is on building liquidity and market share, not near-term monetization. CEO Brian Armstrong added that derivatives volume in Q2 exceeded $100 billion, underscoring the scale of the opportunity as they bring this popular offshore product to the U.S. market.

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    Bo Pei's questions to Coinbase Global (COIN) leadership • Q2 2025

    Question

    Bo Pei of US Tiger Securities, Inc. asked about the recently launched perpetual futures product in the U.S., inquiring about its early traction and the expected timeline for it to become a material revenue contributor for the company.

    Answer

    CFO Alesia Haas highlighted the significant market opportunity, noting that derivatives are 75% of the crypto market. She reported strong early momentum with volumes doubling week-over-week but stressed that the near-term focus is on building liquidity and market share, not immediate monetization. CEO Brian Armstrong added that Coinbase saw over $1 trillion in derivatives volume in Q2 and hit an all-time high of $1 billion in open interest.

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    Bo Pei's questions to Coinbase Global (COIN) leadership • Q1 2025

    Question

    Bo Pei of U.S. Tiger Securities asked a high-level question about the flexibility of Coinbase's strategy across different market environments, particularly how it emphasizes different areas in a bearish versus a bullish market.

    Answer

    CFO Alesia Haas explained that the company's long-standing strategy is to plan for a wide range of scenarios, including severe bear markets. They set expense growth plans against worst-case outcomes, which allows them to continue investing in their core strategy and product roadmap through market downturns. She stated that a bear market alone would not materially change their strategy, providing confidence in their ability to navigate volatility.

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    Bo Pei's questions to Coinbase Global (COIN) leadership • Q4 2024

    Question

    Bo Pei of U.S. Tiger Securities, Inc. asked why the retail trading fee rate increased slightly amid surging volume, and how Coinbase competes with platforms offering a broader range of non-crypto products.

    Answer

    CFO Alesia Haas explained the fee rate was stable because growth was strong across both simple and advanced trading, so the product mix did not shift disproportionately. CEO Brian Armstrong and President & COO Emilie Choi addressed competition by stating they welcome new entrants as it validates and grows the entire market. They reiterated that being 'crypto-native' is a core advantage, as all asset classes will eventually be tokenized and move on-chain.

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    Bo Pei's questions to Coinbase Global (COIN) leadership • Q3 2024

    Question

    Bo Pei followed up on the retail take rate, asking for the specific volume contribution from stablecoins and whether the resulting mix shift is a structural or temporary trend.

    Answer

    CFO Alesia Haas stated she does not believe the shift is structural, as stablecoin trading is often driven by temporary arbitrage opportunities that vary by quarter. While not quantifying the exact volume, she confirmed it was the most material factor in the take rate change for Q3.

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    Bo Pei's questions to Ispire Technology (ISPR) leadership

    Bo Pei's questions to Ispire Technology (ISPR) leadership • Q2 2025

    Question

    Inquired about the rationale for the stock buyback program, the timeline for reaching cash flow breakeven, the potential impact of U.S. tariffs and regulations under a new administration, and the market opportunity for the modular PMTA.

    Answer

    The stock buyback is a flexible 24-month program supported by operating cash flow turning positive in the quarter. The breakeven target might be slightly delayed by one-time restructuring costs. The company is prepared for potential U.S. tariffs due to its Malaysian operations and expects to benefit from stricter border enforcement. The modular PMTA for age-gating technology is a significant opportunity to license a solution to other manufacturers, addressing the large illicit market for flavored vape products.

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    Bo Pei's questions to Ispire Technology (ISPR) leadership • Q2 2025

    Question

    Bo Pei of US Tiger Securities questioned the rationale behind the $10 million stock buyback program in light of cash flow performance and asked for an update on the breakeven timeline. He also inquired about the potential impact of U.S. tariffs and future regulations on the business, and sought more details on the modular PMTA opportunity and its revenue timeline.

    Answer

    Michael Wang (Executive) clarified that the stock buyback is a 24-month program, supported by operating cash flow turning positive in the quarter. He noted the breakeven timeline might be slightly delayed by onetime restructuring costs. Wang stated that the company's Malaysian operations mitigate tariff risks and that tighter border enforcement could benefit Ispire. He described the component PMTA as a pioneering modular solution for age-gating, enabling licensing opportunities to tap into the multi-billion dollar illicit market for flavored products.

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    Bo Pei's questions to Ispire Technology (ISPR) leadership • Q4 2024

    Question

    Bo Pei requested an outlook or guidance for fiscal year 2025 revenue growth, broken down by cannabis and e-cigarette segments, and asked for more color on the primary drivers of incremental demand by geography and product.

    Answer

    Executive Michael Wang declined to provide specific fiscal 2025 revenue guidance, citing the difficulty in predicting outcomes due to numerous new projects. However, he elaborated that the vast majority of growth is expected to come from the global nicotine business, driven by the new ODM deal which alone could double e-cigarette revenue. He also highlighted growth from branded products like BRKFST and Hidden Hills in international markets, stating this segment would see much higher growth than the cannabis side.

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