Garden Stage Ltd

Garden Stage Limited operates in the financial services industry in Hong Kong, providing securities brokerage, asset management, and corporate advisory services. The company is a Stock Exchange Participant on the Stock Exchange of Hong Kong, holding a Stock Exchange Trading Right that enables it to trade on or through the SEHK. The industry is highly competitive, with competition based on brand recognition, product quality, price, and innovation.

The company's primary competitors include other licensed corporations in Hong Kong that carry on Type 1 (dealing in securities) regulated activities under the SFO. Garden Stage's competitive advantages include its Stock Exchange Trading Right, its licensed status under the SFO, and its ability to offer a range of financial services through its operating subsidiaries, I Win Securities and I Win Asset Management.

Garden Stage generates revenue through a mix of transactional and recurring income streams. Revenue is derived from brokerage commissions, underwriting and placement income, investment management fees, advisory fees, introducing and referral income, handling income, dividend collection, custodian services, due diligence services fees, and interest income and others. The primary customer segments include individual and institutional clients in Hong Kong and the United States, as well as related parties.

The company's securities brokerage segment, operated through I Win Securities, generates revenue from brokerage commissions, underwriting and placement income, introducing and referral income, handling income, dividend collection, and custodian services. For the fiscal year ended March 31, 2026, brokerage commissions from third parties were $1,020,000 ¹, and from related parties were $1,000 ². Underwriting and placement income from third parties was $1,000 ³. Introducing and referral income from third parties was $1,000 ⁴. Handling income from third parties was $1,000 ⁵. Custodian services income from third parties was $1,000 ⁶.

The asset management segment, operated through I Win Asset Management, generates revenue from investment management fees and advisory fees. For the fiscal year ended March 31, 2026, investment management fee income from a related party was $1,000 ⁷, and from third parties was $1,000 ⁸. Advisory fees from third parties were $1,000 ⁹. The company also generates revenue from bonds and others, with $1,000 ¹⁰ from third parties. Interest income and others from third parties was $1,000 ¹¹, and from related parties was $1,000 ¹². Due diligence services fees from third parties were $1,000 ¹³.

During the fiscal year ended March 31, 2026, the company conducted a one-for-two hundred (1:200) reverse share split of its Class A Ordinary Shares on March 6, 2026. The company also entered into multiple securities purchase agreements, issuing shares of Class A Ordinary Shares. On April 7, 2025, the company issued 1,000,000 ¹⁴ shares at a price of $1.00 ¹⁵ per share. On April 9, 2025, the company issued 1,000,000 ¹⁶ shares at a price of $1.00 ¹⁷ per share. On June 16, 2025, the company issued 1,000,000 ¹⁸ shares at a price of $1.00 ¹⁹ per share. On July 24, 2025, the company issued 1,000,000 ²⁰ shares at a price of $1.00 ²¹ per share. On September 12, 2025, the company issued 1,000,000 ²² shares at a price of $1.00 ²³ per share. On January 12, 2026, the company issued 1,000,000 ²⁴ shares at a price of $1.00 ²⁵ per share. On February 5, 2026, the company issued 1,000,000 ²⁶ shares at a price of $1.00 ²⁷ per share. The company also adopted an Equity Incentive Plan on June 2, 2025, and granted share-based awards. On November 3, 2025, the company issued 1,000,000 ²⁸ shares to Mental Form (BVI) Limited (MFBVI) at a price of $1.00 ²⁹ per share.

For the fiscal year ended March 31, 2026, total revenues were $1,000 ³⁰, compared to $1,000 ³¹ for the fiscal year ended March 31, 2025. Net income was $1,000 ³², compared to $1,000 ³³ in the prior year. The company's cash position as of March 31, 2026 was $1,000 ³⁴.

The company's growth vectors include expanding its securities brokerage and asset management businesses in Hong Kong. The company holds a Stock Exchange Trading Right, which allows it to trade on the SEHK, and it is licensed under the SFO to carry on regulated activities. The company may seek to grow its client base and assets under management through its operating subsidiaries, I Win Securities and I Win Asset Management.

The company may also pursue growth through the acquisition of additional businesses or assets. On November 3, 2025, the company issued 1,000,000 ³⁵ shares to Mental Form (BVI) Limited (MFBVI) at a price of $1.00 ³⁶ per share, which may indicate a strategic partnership or acquisition. The company also incorporated Shenyang Mental Aether Technology Company Limited on December 5, 2025, which may represent an expansion into technology or other services.

The filing does not contain specific margin or cost outlook figures.

The filing does not contain specific operational outlook details regarding supply chain, manufacturing capacity, or technology infrastructure investments.

The company's capital allocation activities during the period included multiple securities purchase agreements, issuing shares at $1.00 ³⁷ per share. The company adopted an Equity Incentive Plan on June 2, 2025, which may involve future share-based compensation. The filing does not disclose specific R&D spending levels, capital expenditure plans, share repurchase authorizations, or dividend policy.

The company faces headwinds from the highly competitive nature of the Hong Kong financial services industry. The company's business is subject to regulation by the HKSFC and the Stock Exchange of Hong Kong, and changes in regulations could impact operations. The company's revenue is dependent on market conditions and trading volumes, which can be volatile.

The company's operations are concentrated in Hong Kong, making it vulnerable to economic and political conditions in the region. The company's reliance on licensed representatives and responsible officers creates key-person risk. The company's ability to grow may be constrained by its ability to attract and retain qualified personnel.

The company's business is highly dependent on the Hong Kong securities market, and a decline in trading volumes or market conditions could materially reduce revenue. The company is subject to regulation by the HKSFC and the Stock Exchange of Hong Kong, and any failure to maintain its licenses or comply with regulatory requirements could result in fines, suspension, or revocation of its ability to operate. The company's revenue concentration is a risk, as for the fiscal year ended March 31, 2026, one counterparty accounted for 100% ³⁸ of accounts receivable. The company's cash position of $1,000 ³⁹ as of March 31, 2026 may be insufficient to support growth or withstand adverse market conditions. The company's reliance on a small number of key personnel, including licensed representatives and responsible officers, creates operational risk if those individuals leave the firm.

Management's message emphasizes the company's position as a licensed financial services provider in Hong Kong, with a focus on securities brokerage and asset management. The company's strategic priorities include maintaining its Stock Exchange Trading Right and regulatory licenses, expanding its client base, and pursuing growth through strategic investments.