Solowin (AXG) Registration Filing summary

Company overview and business model

• Operates as a Cayman Islands holding company with primary operations through Hong Kong subsidiaries focused on securities brokerage, investment advisory, corporate consultancy, asset management, and virtual asset services.

• Solomon JFZ, the main operating subsidiary, is licensed by the HKSFC for multiple regulated activities and serves global Chinese investors and institutions.

• Recent expansion includes private wealth management via Solomon Wealth and strategic partnerships in virtual assets and ETF markets.

• The business model is evolving to integrate traditional and virtual asset services, investment banking, and wealth management for next-generation investors.

Financial performance and metrics

• Total revenue for the fiscal year ended March 31, 2024 was $4.29 million, a 4% decrease from the prior year.

• Loss from operations was $4.43 million for the year ended March 31, 2024, compared to income from operations of $1.29 million in the prior year.

• Revenue mix has shifted, with investment advisory services accounting for 67% of revenue in 2024, up from 56% in 2023.

• The number of active clients with assets declined to over 1,200 as of March 31, 2024.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including working capital, capital expenditures, debt repayment, or acquisitions.

• Management has broad discretion in allocating proceeds, with no specific allocation at this time.

• No proceeds will be received from the resale of shares by the selling shareholder.