Chinese online broker MMTec Inc. (Nasdaq: MTC) announced strong revenue growth for 2020, sending its shares up 9% to $1.99 intraday Monday.
The Beijing-based online securities trading platform said its revenues reached $742,125 in 2020, at a 267% year-over-year increase. Net income was $3.18 million, or 16 cents per American depositary share, representing a 42% increase from 2019.
MMTec, through its Bahamian subsidiary, owns 100% of a U.S.-registered broker-dealer, MM iGlobal Inc., located in New York. With the broker-dealer license, the company is able to provide online discounted brokerage services to Chinese investors, both retail and institutional buyers.
In addition, the company helps China-based hedge funds, mutual funds, and proprietary trading groups to speed up their integration into the overseas market, offering additional services, such as fund establishment, issuance, custody, transaction and settlement, according to the company.