On December 30, 2022, before market hours, Reuters published an article entitled “China regulator asks Futu and UP Fintech to Stop Soliciting Mainland Clients.” The article stated in part, that “UP Fintech Holding [has] conducted unlawful securities businesses, and will be banned from opening new accounts from mainland Chinese investors.” That same day The Wall Street Journal released an article entitled “China Regulator Says Futu, UP Fintech Violated Laws,” which discussed, in part, how Chinese regulators had warned UP Fintech in late 2021 that it would need to fully comply with Chinese securities laws.

Following this news, the price of UP Fintech American Depositary Shares (“ADSs”) dropped by $1.36 per ADS, or 28.5%, to close at $3.41 on December 30, 2022.

Then, on May 16, 2023, during market hours, Reuters released an article entitled “Two online brokerages to remove China apps as Beijing data crackdown widens.”

Following this news, the price of UP Fintech ADSs declined $0.21 per ADS, or 7.36%, to close at $2.64 on May 16, 2023.

Investors who purchased or acquired UP Fintech securities between April 29, 2020 and May 16, 2023, may no later than August 21, 2023, seek to be appointed as a lead plaintiff representative of the class.