Lion Group Holding Ltd (NASDAQ: LGHL)

Lion Group Holding Ltd. is a Chinese investor focused trading platform that offers a wide range of products and services through its mobile and desktop applications. The company provides total return swap (TRS) trading contracts for difference (CFD) trading and over the counter stock options trading to clients worldwide with a primary focus on well educated and affluent Chinese investors residing inside and outside the Peoples Republic of China excluding the United States.

Lion Group Holding Ltd. generates revenue mainly from commissions bid ask spreads trading profits and interest spreads on its TRS CFD and OTC trading activities. For TRS trades the company earns interest on funds borrowed on behalf of clients while CFD revenue comes from commissions excluding forex bid ask spreads principal trading and roll over interest. OTC options revenue is derived from the change in fair value of the options sold to clients and any offsetting positions taken with third party option issuers.

The company operates through the following segments:

• TRS trading business: The company facilitates total return swap transactions by acting as a broker and when needed providing leverage through borrowed funds from counterparties earning revenue from the interest rate spread on client margin deposits.

• CFD trading services: Lion Group Holding Ltd. enables clients to trade contracts for difference on global indices commodities currencies and other derivatives generating income from commissions excluding forex bid ask spreads principal trading profits and daily roll over interest on currency positions.

• OTC stock options trading: The firm sells over the counter call options predominantly on China A shares acting as the counterparty to clients and realizing gains or losses from changes in the fair value of the sold options and any offsetting positions purchased from third party option issuers.

Within the competitive landscape of online trading platforms for Chinese investors Lion Group Holding Ltd. holds a niche position as one of the few providers that combine TRS CFD and OTC options offerings in a single platform. Its main rivals in the CFD space include CMC Markets IG Forex.com and Interactive Brokers while in the futures and securities brokerage arena it competes with Tiger Securities and Futu Holdings Ltd. The company differentiates itself through full regulatory licenses in the Cayman Islands and Hong Kong a diversified product suite an integrated technology infrastructure that supports high speed trade execution and a strong brand recognized among its target clientele.

Lion Group Holding Ltd. serves primarily retail investors who are well educated and affluent Chinese individuals located both inside and outside the PRC excluding the United States. As of December 31 2025 the company had 2172 active revenue generating accounts comprising 1538 CFD trading accounts 317 TRS trading accounts and 317 OTC stock options trading accounts.