Solowin Holdings (Solowin) is an investment holding company.
The company, together with its subsidiaries, are primarily engaged in providing corporate finance services, wealth management services, asset management services and virtual assets services in Hong Kong.
Solowin conducts its operations primarily through its wholly owned subsidiaries, Solomon JFZ (Asia) Holdings Limited (Solomon JFZ) and Solomon Private Wealth Limited (Solomon Wealth), each a limited liability corporation incorporated...
Solowin Holdings (Solowin)
is an investment holding company.
The company, together with its subsidiaries, are primarily engaged in providing corporate finance services, wealth management services, asset management services and virtual assets services in Hong Kong.
Solowin conducts its operations primarily through its wholly owned subsidiaries,
Solomon JFZ (Asia) Holdings Limited (Solomon JFZ)
and
Solomon Private Wealth Limited (Solomon Wealth)
, each a limited liability corporation incorporated in Hong Kong.
Solomon JFZ
, one of the company’s HK Subsidiaries, is one of the few Chinese investor-focused, versatile securities brokerage companies in Hong Kong and it offers a wide spectrum of products and services, spanning from traditional assets to virtual assets through its advanced and secured one-stop electronic platform.
Solomon JFZ
is primarily engaged in providing (i) corporate finance services, (ii) wealth management services, (iii) asset management services and (iv) virtual assets services to customers. It is licensed with the HKSFC and a participant of the Hong Kong Stock Exchange to carry out regulated activities, including Type 1 (Dealing in Securities), Type 4 (Advising on Securities), Type 6 (Advising on Corporate Finance) and Type 9 (Asset Management).
Solomon JFZ
strictly follows the requirements of the HKSFC for internal regulation and risk control to maximize the safety of investors’ assets. It provides online account opening and trading services via its Front Trading and Back-office Clearing systems, in conjunction with
Solomon VA+
, a highly integrated application accessible via any mobile device, tablet, or desktop, all of which are licensed from third parties. With strong financial and technical capabilities,
Solomon JFZ
has been providing brokerage services to global Chinese investors residing both inside and outside the PRC and institutional investors in Hong Kong, Australia and New Zealand, and has been recognized and appreciated by users and industry professionals.
Solomon JFZ
’s trading platform allows investors to trade over 10,000 listed securities and their derivative products listed on the Hong Kong Stock Exchange (HKSE), New York Stock Exchange (NYSE), Nasdaq, Shanghai Stock Exchange and Shenzhen Stock Exchange. In addition, it provides Hong Kong IPO underwriting, Hong Kong IPO Public Offer application and International Placing subscription, Hong Kong IPO margin financing services, Hong Kong Pre-IPO securities trading and U.S. IPO subscription. Hong Kong IPO margin financing services refer to loans offered by a licensed financial institution to clients for the purpose of purchasing securities in an IPO before the issuers are listed on the Hong Kong Stock Exchange. The loan, commonly referred to as an IPO loan, enables clients to invest more than the required deposit of 5% or 10% of funds. The loan, which is short-term and interest-bearing, typically covers 90% or 95% of the investment amount and is repaid right after the allotment result release. Once the investor is allotted shares costing over the required deposit and a part of loan is used for the shares, the shares can be sold and the proceeds are utilized to repay the loan of the financial institution, with any remaining balance going to the investor. The company’s customers may also use
Solomon JFZ
’s platforms to trade various listed financial products, such as ETFs, Warrants and Callable Bull/Bear Contracts. Besides securities related service,
Solomon JFZ
also offers asset management services as an investment manager. The company’s High-Net-Worth customers may also subscribe to private fund products through
Solomon JFZ
.
The company’s clients are mostly Chinese investors residing in Asia, as well as institutional clients in Hong Kong, Australia and New Zealand. PRC residents account for more than half of the company’s total client base. The company classifies those who have registered on
Solomon JFZ
’s platform as users and the users who have opened accounts on
Solomon JFZ
’s platform as clients. As of March 31, 2025, the company had more than 15,600 clients who had opened trading accounts with
Solomon JFZ
and over 1,200 active clients who had assets in their trading accounts.
As of March 31, 2025, the company had reorganized its business segments which consisted of: (i) Corporate Finance Services, (ii) Wealth Management Services, (iii) Asset Management Services and (iv) Virtual Assets Services. As part of this segment reorganization, the company has: rebranded the former ‘Corporate Consultancy Services’ as ‘Corporate Finance Services’; combined the former ‘Securities Related Services’ and ‘Investment Advisory Services’ into a single segment, ‘Wealth Management Services’; and introduced a new segment, ‘Virtual Assets Services.’
The following summary describes the products and services offered in each of the reorganized segments:
Corporate Finance Services
(rebranded from the former ‘Corporate Consultancy Services’ segment). The company is redefining corporate finance by offering underwriting, private placement and investment advisory solutions tailored to guide investors and corporations through complex financial landscapes, ensuring transactions are executed with strategic insight that meets today’s capital market’s needs. The company’s corporate finance services include capital raising, debt financing, secondary offerings and financial advisory services. For the year ended March 31, 2025, the Corporate Finance Services segment accounted for 36% of the company’s consolidated revenues.
Wealth Management Services
(formed by combining the former ‘Securities Related Services’ and ‘Investment Advisory Services’ segments). The company’s wealth management division is dedicated to empowering investors with a comprehensive suite of services designed to manage, retain, and grow wealth with confidence. The company’s offerings under this segment include two main categories: ‘brokerage services’ and ‘integrated investment solutions.’ This Wealth Management Services segment has evolved from the merger of the former ‘Securities Related Services’ and ‘Investment Advisory Services’ segments, along with the addition of advisory services for high-net-worth individuals and institutional investors, such as family offices and trusts. For the year ended March 31, 2025, the wealth management services segment accounted for 40% of the company’s consolidated revenues.
Asset Management Services
(corresponding to the former ‘Asset Management Services’ segment). The company’s asset management services are crafted to meet the diverse investment goals of the company’s clients through a broad range of asset classes and investment strategies. Under this segment, the company offers investment fund products managed by professional portfolio managers, generating both management and performance-based income. Additionally, the company provides managed account services for individual and institutional clients, managing their assets based on their investment objectives and delivering tailored investment strategies. However, the managed account services have not yet contributed to revenue. The company has also launched external asset management services where the company partners with well-established financial institutions such as China AMC, granting the company’s clients access to their select fund allocations, which allow the company to earn distribution fees and reduced management fees offered by the issuer. For the year ended March 31, 2025, the asset management services segment accounted for 23% of the company’s consolidated revenues. All asset management revenues during such periods were derived from management and performance fees of investment fund products.
Virtual Assets Services
(a newly introduced segment). The company provides secure and innovative solutions in the virtual asset space including virtual assets trading, virtual assets spot ETFs creation and redemption, security token offerings, and blockchain solutions such as real-world assets tokenization.
Solomon JFZ
had been approved by the HKSFC to provide virtual asset dealing services and advisory services, and the company is at the forefront of offering cutting-edge Web3 solutions that cater to the needs of modern investors and businesses, leveraging blockchain for secure and innovative virtual asset solutions. For the year ended March 31, 2025, the virtual assets services segment accounted for 1% of the company’s consolidated revenues.
Wealth Management
(A combination of former ‘Securities Related Services’ and ‘Investment Advisory Services’)
Solomon JFZ
is licensed to carry out regulated activities under Type 1 (Dealing in Securities), which includes: online account opening and KYC; trading, clearing & settlement; market data & information services; social interaction functions & community; margin financing; IPO subscription and underwriting; and Virtual assets dealing.
Solomon VA+ Trading Platform and Solomon JFZ’s Financial Products
Solomon JFZ
’s centralized trading platform facilitates Hong Kong and international securities trading for its customers. With a single account, users may trade not just Hong Kong equities but also key global markets and transmit trading orders rapidly. The
Solomon VA+
trading system is compatible with mobile devices and enables customers to trade Hong Kong, the U.S., and China A-shares as well as virtual assets by simply connecting to the Internet, allowing them to seize investment opportunities at any time. The 24-hour accessibility of the
Solomon VA+
trading platform enables consumers to manage their funds at any time.
The
Solomon VA+
trading platform offers flexible stock margin (sub-development) financing and IPO financing services to increase customers’ purchasing power and aid them in seizing profitable investment opportunities through stock financing services. During the subscription period for an IPO, the users can apply for IPO financing services to subscribe for additional shares with a loan-to-value ratio of up to 90%. In addition,
Solomon JFZ
’s Hong Kong stock trading system provides T+0 trading, allowing customers to sell equities and have the money appear in their accounts instantly, without having to wait for settlement to be finalized.
The
Solomon VA+
trading platform offers Hong Kong and global stock products, as well as global bonds, funds, and financial derivatives (including stock options, derivative warrants, and CBBCs, among others). Clients can achieve global asset allocation and risk diversification with the right investing methods.
Through objective, impartial, and thorough professional research and a research platform covering China and Hong Kong, stock markets,
Solomon JFZ
gives its customers with the most forward-looking investing analysis of markets, sectors, and individual companies.
The company’s wealth management division is dedicated to empowering investors with a comprehensive suite of services designed to manage, retain, and grow wealth with confidence, including:
- Hong Kong securities trading services.
Solomon JFZ
’s
Solomon VA+
provides trading of various securities products listed on the Hong Kong Stock Exchange, including company stocks (equity securities), exchange-traded products (ETFs), real estate investment trusts (REITS), exchange-traded bonds, and financial derivatives, such as derivative warrants, bull/bear contracts, etc.
- Virtual assets trading services.
Solomon JFZ
provides trading of various virtual assets trading in the regulated digital assets trading exchanges, including Bitcoin, Ethereum, Bitcoin spot ETF and Ethereum spot ETF, supporting in kind subscription of virtual assets spot ETF.
- IPO subscription and placement services.
Solomon JFZ
’s IPO subscription and placement services include subscription for IPO and placement of companies listed on the Stock Exchange of Hong Kong, as well as related subscription financing arrangements.
Solomon JFZ
generates IPO subscription service income from provision of new share subscription services in relation to IPOs in the Hong Kong capital market. It provides both IPO subscription services in cash and margin to clients.
For the IPO subscription in cash,
Solomon JFZ
charges a handling fee of HK$10 per application. For the IPO subscription in margin, it charges a handling fee of HK$100 for 90% margin financing ratio and HK$120 for 95% margin financing ratio. All of the margin financing quota are limited, and clients are eligible to apply through the app.
In IPO margin financing,
Solomon JFZ
extends credit to the clients, subject to various regulatory and internal margin requirements, collateralized by cash (deposit) in the client’s account. IPO loans are exposed to credit risk from clients who fail to repay the loans upon IPO stock allotment.
Solomon JFZ
monitor its clients’ collateral level and have the right to dispose the newly allotted stocks once the stocks start trading.
IPO loans for subscription of new shares are normally settled within one week from the drawdown date. Once IPO stocks are allotted, the Operating Company requires clients to repay the IPO loans. Force liquidation action would be taken if the clients fail to settle their shortfall after the IPO allotment result is announced.
Interest income is recognized over the period that the IPO financing is outstanding.
Solomon JFZ
offers IPO financing to individual customers as a principal. Interest income is directly charged at fixed percentage over the financing amount from the customer’s account when customers repay the principal amount of IPO financing. To maintain
Solomon JFZ
’s capitalization, it may choose to offer IPO financing to the customers from other brokers when providing IPO financing services. The interest expenses associated with this type of lending are charged at a fixed percentage over the period that the IPO financing is outstanding.
- Bond trading services.
Solomon JFZ
provides bond trading services in the secondary market for Hong Kong and international bonds, including those issued by listed and unlisted firms, various government bonds, Exchange Fund bonds, public institutions, and public utilities.
- Fund subscription services.
Solomon JFZ
intends to offer fund products from well-known asset management companies around the world and covers mutual funds that are managed in different parts of the world.
- Equity custodian and agent services.
Solomon JFZ
provides various liquidation and agent services for custodian securities including securities custodian, depository, withdrawal, transfer, registration and transfer, collecting dividends and bonuses on behalf of the company, carrying out rights and responsibilities (share splitting, rights issue, share consolidation), pursuing rights and interests on behalf of the company, applying to attend shareholders’ meetings and proxying voting rights on behalf of the company.
- Services for the management of investment immigrant accounts.
Solomon JFZ
provides account management services in line with Hong Kong investment immigrants, such as securities trading, investment advice, and ongoing services for Hong Kong Immigration Department reporting.
- Enterprise employee shareholding exercise services.
Solomon JFZ
provides enterprise employee shareholding exercise services that are in line with the listed company’s share incentive scheme, offer shareholding work exercise, trading, settlement, and financing services.
- Professional investment research services.
Solomon JFZ
provides professional investment research services, including professional daily updated market analysis, industry and individual stock research and analysis services.
- Instant quotation service.
Solomon JFZ
provides instant quotation service which gives real-time quotes for stocks listed on the American Stock Exchange, New York Stock Exchange, and Nasdaq Exchange, among other major markets in Hong Kong and the United States.
Existing Technology and Infrastructure
The company’s technology and infrastructure are critical to the company’s intention of providing the above-mentioned services to the company’s customers. Between January 2021 and August 2023,
Solomon JFZ
engaged with two licensed third parties for technical support to provide online trading services with competitive fees through its Front Trading and Back-office systems:
Hundsun Ayers Technologies Limited
(‘Hundsun Ayers’) for Front Trading and Back office Clearing systems, and
Link Software (Hangzhou) Co., Ltd.
(‘Link Software’) for its trading app and account opening systems, which are developed through API development as the company’s user-friendly
Solomon Pro
trading platform. In August 2023,
Solomon JFZ
launched a new trading app called
Solomon Win
, provided by
Eddid Fintech Limited
(‘Eddid’), replacing the services previously provided by
Link Software
. In July 2024,
Solomon JFZ
launched a new trading app called
Solomon VA+
, provided by
Hundsun Ayers
, replacing the services previously provided by
Eddid
. The company continues to use
Hundsun Ayers
’s Front Trading and Back office Clearing systems.
In August 2023,
Solomon JFZ
engaged with
Hundsun Ayers
to connect the trading system with OSL or Hashkey, which are the only two licensed virtual assets trading platform for virtual assets trading, the enhancing technology is to adapt to the evolving virtual assets regulation environments and the increasing virtual assets allocation needs of next generation investors. The connection is available online by end of November 2023, enabled
Solomon JFZ
managing virtual assets trading systematically.
In February 2025,
Solomon JFZ
change its Front Trading and Back Office Clearing systems and trading app
Solomon VA+
by using a new licensed third parties for technical support:
Full Node Technology Limited
(‘Full Node’), replacing the services previously provided by
Hundsun Ayers
and
Eddid
. The company strongly believe in enhancing the technology to adapt to the constantly evolving environment and to increase customer satisfaction by improving customers’ experience and providing smooth transactions.
Hundsun Ayers
have agreed to provide application services, support, and customize services to
Solomon JFZ
at a fixed charge over a period of time. The fees charged are independent of the trading volume or the company’s revenues. The contract terms are reviewed and renegotiated from time to time.
Material Agreements with Full Node – Licence Agreement
Below is the summary of the material agreements with
Full Node
:
On June 3, 2024,
Solomon JFZ
entered in to a Licence Agreement with
Full Node
in connection with the
SiefaTrader Global Trading System
and
SiefaBOS Global Clearing and Settlement System
and the trading app which enable the investors to route orders to buy and sell the Products through exchange or other 3rd party broker and assist the users to perform corresponding settlement / clearing operations. This agreement has a term of 24 months starting from Official Launch Date and will be automatically renewed for 24 months when expired, unless either party provides a written notice three months prior to the expiry date.
Material Agreements with Hundsun Ayers
Below is the summary of the material agreements with
Hundsun Ayers
:
Technical Service Framework Agreement
On January 11, 2021,
Solomon JFZ
entered into a Technical Service Framework Agreement (‘Framework Agreement’) with
Hundsun Ayers
, which has a term of five years and will be continuously automatically renewed for one more year unless either party provides a written objection 60 days prior to the expiration. Pursuant to the Framework Agreement,
Hundsun Ayers
agreed to provide system functions and technical services to meet
Solomon JFZ
’s IT service needs for securities related business. The parties may enter into separate service contracts for specific system functions and technical service content that
Solomon JFZ
may require during the term of the Framework Agreement.
Solomon JFZ
agreed to prepare the hardware equipment and network environment, as well as data source in accordance with
Hundsun Ayers
’ requirements for installation and maintenance of the system functions.
Technical Service Agreement
On January 11, 2021,
Solomon JFZ
entered into a Technical Service Agreement (‘Service Agreement’) with
Hundsun Ayers
in connection with the
Hundsun international securities management system UF3.0
(‘Hundsun UF3.0’). This agreement has a term of two years and will be continuously automatically renewed for one more year unless either party provides a written objection 90
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