(Yicai Global) March 21 -- The market capitalization of Up Fintech Holding, a Chinese online brokerage known as Tiger Brokers in Asia, reached USD1.5 billion as its newly listed stock surged over a third in its Nasdaq debut.

Shares in the Xiaomi-backed startup [NASDAQ:TIGR] climbed 36.5 percent from their initial public offering price to close at USD10.90 each, in a public listing that netted the Beijing-based company USD104 million.

Up Fintech priced its initial public offering between USD5 and USD7 a share. The IPO was reportedly over-subscribed 10 times compared with the allocated quota stated at last week's roadshows. It raised the upper end by 20 percent to USD8.40, with support from long-term international funds.

Chinese electronics giant Xiaomi holds a 14.2 percent stake in the brokerage, which focuses on Chinese investors in the US and Hong Kong, while US industry leader Interactive Brokers owns 7.7 percent. Major rival Futu Securities is backed by tech heavyweight Tencent Holdings.

Founded in 2014, the firm's revenue continued to grow last year, doubling to USD33.6 million, compared with USD5.5 million and USD16.9 million in 2016 and 2017, respectively. Its non-GAAP net loss widened by a third to USD10.1 million.

The company makes money by charging users commission fees to trade securities as well as earning interest income or service fees from trading. Commission added up to USD26 million last year or 77.6 percent of total revenue, while service fees made up USD64.4 million or 19.2 percent.

Up Fintech has gained licenses to operate securities businesses in the US, New Zealand and Australia, and aims to provide products and services to investors in more countries and regions.

Editor: William Clegg