(Yicai Global) Feb. 25 -- Up Fintech Holding, the Chinese company behind online brokerage Tiger Brokers, plans to raise as much as USD150 million in an initial public offering in the US.

Beijing-based Up Fintech submitted its prospectus to the US Securities and Exchange Commission on Feb. 22 and seeks to go public on the Nasdaq Stock Market under the stock code 'TIGR.' Citi and Deutsche Bank are the joint bookrunners. No pricing terms were disclosed.

Founded in 2014, the company is unprofitable, having spent much on research and development, staff salaries and benefits, market data, marketing, and brand promotion. Its net loss was USD44.3 million last year on a 98 percent increase in revenue to USD34 million from a year earlier.

Xiaomi invested in Up Fintech during its A round of fundraising in 2015. The Chinese smartphone maker has a 14.1 percent stake and is the second-largest shareholder after founder Wu Tianhua. America's largest online securities firm Interactive Brokers is also a substantial backer, with a 7.7 percent stake.

The services Tiger Brokers offers through its mobile and online platforms include ordering and execution of stock transactions, share margin financing, asset management and quantitative trading. It focuses on stock markets in the US and Hong Kong and has obtained relevant licenses for securities firms from the US, New Zealand and Australia.

It had 1.58 million registered users and 502,000 client accounts at the end of last year. Transaction volume for the year reached USD119.2 billion. Its main sources of income are transaction commissions, service fees for financing, income and interests from investment, its prospectus shows.