Garden Stage Ltd (NASDAQ: GSIW)

Garden Stage Limited is a Hong Kong-based financial services provider principally engaged in the provision of placing and underwriting services, securities dealing and brokerage services, asset management services, investment advisory services, due diligence services, and introduction and referral services. The company operates through its wholly-owned operating subsidiaries, I Win Securities and I Win Asset Management, which are licensed by the Hong Kong Securities and Futures Commission to conduct regulated activities in Hong Kong.

Garden Stage Limited generates revenue through commissions and fees earned from its six primary service lines. These include underwriting and placing commissions from acting as book runner, lead manager, or placing agent in fundraising activities; securities brokerage and dealing fees for facilitating trades on the Hong Kong Stock Exchange and overseas markets; investment advisory fees for providing research and consultancy services; asset management fees from managing discretionary accounts and offshore funds; due diligence service fees for preparing client reports; and introducing and referral income from connecting clients with other financial service providers. The company serves corporate, institutional, and retail investors, as well as issuers seeking listings on the Stock Exchange and other SFO-licensed corporations involved in fundraising engagements.

The company operates through the following segments:

• I Win Securities, which provides securities dealing and brokerage services, underwriting and placing services, and investment advisory services under its Type 1 and Type 4 licenses from the HKSFC.

• I Win Asset Management, which offers asset management services through discretionary account management and fund management services under its Type 4 and Type 9 licenses from the HKSFC, including management of the I Win Growth SPC fund and AVIA Trust Limited.

• I Win Consulting, established in July 2025, which provides general consulting services to clients.

Garden Stage Limited operates in a competitive Hong Kong financial services industry where it faces competition from established brokerage firms, asset management houses, and investment banks. The company differentiates itself through its experienced management team with over 18 years of industry expertise, strong client relationships built on reliable and personalized service, and synergies across its service lines that enable cross-selling and diversified revenue streams. Its ability to leverage its securities trading client base for underwriting engagements and its asset management services for high-net-worth clients creates a cohesive business model that supports client retention and growth.

Garden Stage Limited serves a diverse customer base comprising corporate and institutional investors, retail investors, professional investors, high-net-worth individuals based in Hong Kong and Mainland China, and issuers listed on or seeking listing on the Hong Kong Stock Exchange. The company also works with other SFO-licensed corporations that act as bookrunners, lead managers, underwriters, or placing agents in placing and underwriting engagements.