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    Dennis Bai

    Research Analyst at UBS Group AG

    Dennis Bai is an Executive Director and Equity Research Analyst at UBS Group AG, specializing in covering US software companies with a particular focus on sectors such as application software and vertical-specific technology solutions. His coverage includes prominent publicly traded names such as Salesforce, Autodesk, Workday, and ServiceNow, where he provides industry insights and investment recommendations to institutional clients. Known for his analytical rigor, Bai maintains a strong track record on equity research platforms, with above-industry-average success rates and positive average returns on recommendations, earning recognition among investors for timely and actionable calls. Dennis Bai began his finance career in the early 2010s, previously holding roles at leading firms including Barclays, before joining UBS in 2017, and he holds FINRA Series 7, 63, and 79 licenses confirming his professional qualifications.

    Dennis Bai's questions to UP Fintech Holding (TIGR) leadership

    Dennis Bai's questions to UP Fintech Holding (TIGR) leadership • Q2 2025

    Question

    Dennis Bai from UBS Group AG requested a regional breakdown of the newly added customers with deposits in the second quarter. He also asked for the reasons behind the quarter-over-quarter decline in new funded accounts and the company's outlook on future customer growth.

    Answer

    A company representative provided the Q2 breakdown of new funded accounts: Singapore and Southeast Asia (50%), Hong Kong and Greater China (30%), Australia and New Zealand (15%), and the U.S. (5%). The representative explained that the sequential decline in new accounts was a deliberate result of adjusting customer acquisition channels to focus on higher-quality users, which proved effective as the nearly 40,000 new users in Q2 contributed more net asset inflow than the 60,000+ new users from Q1, and at a 10% lower CAC. The company plans to continue this strategy of prioritizing user quality and client assets.

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