Solowin Holdings, Ltd. (NASDAQ: AXG)

SOLOWIN HOLDINGS is a holding company that conducts its operations through wholly owned subsidiaries, primarily Solomon JFZ and Solomon Wealth. Solomon JFZ functions as a securities brokerage offering equities, bonds, funds, derivatives and virtual asset trading, while Solomon Wealth focuses on wealth management and advisory services for high net worth clients. Together they provide a full suite of services that includes corporate finance, asset management and virtual asset solutions. The company has no material operations of its own and relies entirely on these subsidiaries for revenue generation.

The company generates revenue primarily from commissions and fees on securities trades executed through its online platform. It also earns advisory fees for corporate finance engagements such as underwriting, private placement and financial advisory services. Asset management contributes through management and performance fees on fund products and distribution fees from partnerships with established asset managers. Virtual asset services provide revenue from trading commissions, spreads on spot ETF creation and redemption, and fees from security token offerings. Additionally, wealth management yields fees from portfolio management, advisory and brokerage related activities.

The company operates through the following segments:.

• Corporate Finance Services: This segment provides underwriting, private placement, debt financing, capital raising, secondary offerings and financial advisory solutions to corporations seeking capital market access and investors looking for structured investment opportunities.

• Wealth Management Services: This segment offers brokerage services for equities, ETFs, bonds and derivatives, integrated investment solutions such as portfolio management and advisory, and specialized services for high net worth individuals, family offices and institutional investors including trusts and family office structures.

• Asset Management Services: This segment manages investment fund products that generate management and performance fees, provides managed account services for individual and institutional clients, and earns distribution fees through partnerships with established asset managers such as China AMC, allowing clients to access a broader range of fund strategies.

• Virtual Assets Services: This segment enables trading of cryptocurrencies and digital tokens, facilitates creation and redemption of spot Bitcoin and Ethereum ETFs, offers security token offerings and blockchain based solutions such as real world asset tokenization, and leverages its HKSFC license to deliver compliant virtual asset trading and advisory services.

SOLOWIN HOLDINGS occupies a distinctive niche in the Hong Kong securities market as one of the few Chinese focused brokerage platforms that is also licensed to provide virtual asset services. Its early entry into the virtual asset space gives it a first mover advantage over competitors that have only recently obtained similar licenses. The company differentiates itself through a diversified product suite that spans traditional securities, wealth management, asset management, corporate finance and digital assets, supported by a technology platform that enables seamless cross market trading. This combination of regulatory approvals, technological capability and product breadth positions it favorably against both traditional brokerages and newer fintech entrants.

The company serves a client base dominated by Chinese investors residing in Asia, as well as institutional customers located in Hong Kong, Australia and New Zealand. As of March 31, 2025, Solomon JFZ had more than 15,600 clients who had opened trading accounts and over 1,200 active clients with assets in their accounts. Revenue concentration shows that the top five customers accounted for approximately 81% of total sales in the fiscal year ended March 31, 2025, with the largest contributor being Shanghai Evertrend Enterprise Co., Ltd. Other significant customers have included Solomon Capital Fund SPC, Biogts Green Energy Co Limited, Scienjoy Holding Corporation and Terncy Technology Limited.