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.
Products and Services
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 days prior to the expiration. Pursuant to the Service Agreement, Hundsun Ayers agreed to provide system functions and technical services for global market trading function with Hundsun UF3.0. Hundsun Ayers will provide hardware equipment, system, and network environment in accordance with the requirements for installation and maintenance of the software, not including hardware equipment and network environment connected directly to HKEX and licensed data.
Software and Market Data Agreement
On April 10, 2024, Solomon JFZ entered into a Software License and Market Data Agreement (‘Software License Agreement’) with Hundsun Ayers in connection with the license of the Licensed Systems and the software of the Licensed Systems (‘Software’). 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 days prior to the expiration. Hundsun Ayers agreed to provide online monitoring service and technical support on software application, as well as bug fixing and software standard version upgrade. Hundsun Ayers also agreed to provide consultation on system customization.
Fees for Securities Related Services
Solomon JFZ generates revenue through commission, handling fees and financing interests for its securities related services.
Investment Advisory Services
Solomon JFZ is licensed to carry out regulated activities under Type 4 (Advising on Securities), which includes:
Investment Advisory Service
Investor Relationship Management
Solomon JFZ provides investment advisory services to individuals, corporations and third-party fund managers. Its investment advisory services to third-party private equity fund managers primarily consist of (i) providing total solutions for private equity fund establishment; (ii) assisting with transactions, custody, liquidation, valuation, risk control and other matters; and (iii) providing post-establishment services for funds, including investment solutions, arranging road shows, assisting in the introduction of investors, etc.
Solomon JFZ tailored investment plans that take into account the client’s history, current financial situation, risk acceptance, and investment goals, all while striking a balance between the client’s risk tolerance and risk acceptance. Its customers have the option of selecting either a performance fee plan or one without a performance fee plan. Its services are with a high level of transparency, including prompt delivery of customer statements that include information on purchase and sale items, securities, and cash balances. This helps customers gain a deeper comprehension of the investments they have entrusted the company with.
Investor Relationship Management
As a HKSFC regulated licensed investment advisor, Solomon JFZ holds the highest standards and fiduciary duty that puts the client’s interests first. The key point for its good relationship management with clients is to provide high quality advisory services. Make sure it has a comprehensive understanding of the client’s financial profile, expected return and risk tolerance level: Solomon JFZ would thoroughly discuss with its clients about their needs and circumstances, then carefully match products and services for an optimal portfolio.
Solomon JFZ maintains only a manageable client base: Solomon JFZ only accepts new business after its Investment Committee consideration in terms of resources, it would make sure that it is at capacity and turn away business to prioritize existing clients.
Make clear communication with its clients: Solomon JFZ would review its client’s investment policy statement regularly and explain the plan and services, including fee charges with the clients clearly in a simple and understandable language.
Fees for Investment Advisory Services
Solomon JFZ generates revenue through advisory fee on portfolio analysis, risk appetite and return analysis for its investment advisory services. Advisory fees charged to clients are based on a pricing model that balance the cost, value, and affordability. When determining the cost elements, factors such as human resources, sales commissions, and operational expenses are taken into consideration.
Additionally, Solomon Wealth generates revenue through wealth management fee assessed by private wealth managers. Private wealth managers offer a range of financial services tailored to the specific needs and goals of the company’s clients, and assess fee by three different structures: (i) charge fees based on a percentage of assets under management, ranging from 1%-5% for specific AUM; (ii) charge a fixed or flat fee for their services regardless of the size of the client’s portfolio.
Investment Banking (formerly known as ‘Corporate Consultancy Services’)
Solomon JFZ is licensed to carry out regulated activities under Type 6 (Advising on Corporate Finance), which includes corporate finance (including financial advisory).
Solomon JFZ started providing corporate consultancy services to its clients in May 2021. It provides corporate finance services to companies who want to list on Hong Kong Stock Exchange. It advises its clients on compliance with the HKEX Listing Rules, the Code on takeovers, mergers and share repurchases; and advising on the disposal of securities in connection with offers or offers to transfer to the public.
Solomon JFZ also provides financial and independent financial advisory services for unlisted and listed companies that are looking for high-quality and value-added corporate finance advisory services at reasonable costs. It acts as financial adviser to the clients advising them on the terms and structures of the proposed transactions and the relevant implications and compliance matters under the Hong Kong Listing Rules (including the Main Board and the Growth Enterprise Market ‘GEM’). In addition, it acts as independent financial adviser giving opinions to the independent board committee and independent shareholders of listed companies in Hong Kong.
Solomon JFZ provides corporate finance services to companies relevant to the U.S. capital market since March 2024. Financial advisory services advise its clients on compliance with the Listing Rules, the Code on takeovers, mergers and share repurchases; and advising on the disposal of securities in connection with offers or offers to transfer to the public. Solomon JFZ provides financial and independent financial advisory services for unlisted and listed companies that are looking for high-quality and value-added corporate finance advisory services at reasonable costs. The fee structure agreed with its clients varies depending on the nature of the engagement. It usually a fixed amount between 100,000 USD to 400,000 USD. The fee structure will consider factor, including type and size of the transactions, duration of the engagement, complexity of the transaction and the expected manpower requirements. It would consider a discount if the transaction fails to complete. There may be a success fee or commission be structured as either a fixed amount or as a percentage of a specified value it provides.
The Underwriting and private placement services covers Hong Kong and the U.S. capital market. For financing transactions undertaken by Cambria capital or Solomon JFZ, the company charges underwriting fees in connection with the Offering (i) 5.0 % up to 9.0% of the total gross proceeds of the Offering for investors introduced by the company, (ii) 3.0 % up to 4.0% of the gross proceeds of the Offering for investors sourced by the client at the closing of the Offerings; and (iii) a non-cash compensation usually consists of warrants for private placement and following on offerings.
Fees for Investment Banking
Solomon JFZ charges them advisory fees according to the type and size of the transactions, duration of the engagement, complexity of the transaction and the expected manpower requirements. It generates revenue through financial advisory fee for its corporate consultancy services.
Asset Management
Solomon JFZ is licensed to carry out regulated activities under Type 9 (Asset Management), which includes: Asset Management Services and Private funds subscription.
Solomon JFZ’s asset management team specializes in designing investment portfolios to meet the needs of investors with different risk appetites and to preserve and enhance the value of their assets.
Fund Management
Solomon JFZ issues and manages various fund products according to market trends and demand conditions. At this point, it will focus on making active traditional private equity funds, like balanced funds and equity funds, and its long-term goal is to make a product line with a wider range of options (public and private equity, active and passive, traditional and alternative).
Solomon JFZ provides professional asset management services for financial institutions and private institutions in Hong Kong, mainland China, and overseas, which including designing long-term investment and financing strategies. It also provides tailored financial services for individual investors, which including matching individual risk levels and building personalized investment portfolios.
Private Funds Subscription
Solomon JFZ provides offshore private fund investment service, e.g. Cayman Islands incorporated funds, research management and investment strategies for its clients in mainland China, and other locations. It is a customized asset management services to the clients through discretionary management accounts with tailor-made investment strategies and product solutions, to create and implement specific solutions to achieve the investment objectives within acceptable risk limits. This includes identifying private funds subscription opportunities in Hong Kong and other international markets.
Following is the funds subscription service process:
Fees for Asset Management
Solomon JFZ generates revenue through fund subscription fee, fund management fee, performance fees for its asset management services.
Its management funds are designed to provide Eligible Investors with the opportunity of investing under professional management. Each Fund issues one or more Classes relating to different Segregated Portfolios. Each Segregated Portfolio in effect represents an investment fund with its own investment portfolio, rights and value, providing investors with the means conveniently to balance their portfolios according to their own investment profile and under professional management.
Virtual Assets Services
Virtual Assets business charges trading fee, virtual assets spot ETF creation and redemption fee, as well as financing fee and ETF lending and borrowing fee.
Since March 2024, the company has focused on developing and expanding its virtual assets services. This strategic initiative reflects the company’s commitment to diversifying its product offerings and strengthening its position in the digital asset sector.
In March 2024, in addition to providing services related to traditional assets, Solomon JFZ was approved by the HKSFC to provide virtual asset dealing services and advisory services. Virtual assets related services are subject to a new regulatory framework in Hong Kong. Solomon JFZ has been among the initial group of HKSFC approved licensed companies to provide virtual assets trading and advisory services to retail investors. In addition, Solomon JFZ has been among the first group of HKSFC approved participating dealers of in-kind subscription and redemption for spot virtual asset ETFs in Hong Kong, enabling investors to subscribe to or redeem ETF shares directly with the underlying digital assets. Solomon JFZ’s virtual assets services are expected to build large trading volumes and an exponential client assets base for Solomon JFZ in the near future.
On April 16, 2024, the company announced that Solomon JFZ had been selected as one of the three participating dealers for Harvest Global’s spot Bitcoin and Ethereum ETF in Hong Kong. Around the same time, Solomon JFZ entered into participation agreement with Harvest Global Investments Limited (‘Harvest Global’) and China Asset Management (Hong Kong) Limited (‘China AMC’) as the participating dealer for the VA spot ETFs.
On April 26, 2024, the company announced that it strengthened its partnership with OSL Digital Securities (‘OSL’), the digital asset platform of OSL Group (863.HK), which is Hong Kong’s only publicly listed company fully dedicated to digital assets, to facilitate the in-kind subscription and redemption processes. In addition, Solomon JFZ has been among the first group of HKSFC approved participating dealers of in-kind subscription and redemption for spot virtual asset ETFs in Hong Kong, enabling investors to subscribe to or redeem ETF shares directly with the underlying digital assets.
On May 28, 2024, the company announced a strategic partnership with MaiCapital Limited (‘MaiCapital’), a leading virtual assets investment manager in Hong Kong, to expand virtual asset allocation opportunities. MaiCapital is licensed to manage funds that may comprise up to 100% virtual assets which directly complements Solomon’s licensing for the trading of virtual assets.
On July 16, 2024, the company announced the launch of Solomon VA+, an institutional-grade all-in-one smart trading app, which is innovatively upgraded from the former one-stop electronic platform, Solomon Win. Solomon VA+ offers integrated financial services infrastructure designed to meet the evolving needs of next-generation and high-net-worth investors, which is the first all in one app in Hong Kong that combining traditional assets trading, virtual assets trading and wealth management services into one app, marking a significant industry development. The Solomon VA+ trading platform offers various virtual assets trading to professional investors and Bitcoin and Ethereum to retail investors, supporting clients with in-kind subscription of Bitcoin spot ETF and Ethereum spot ETF. Clients are also expected to deposit & withdraw the cryptocurrencies via the APP within a short period, realizing a comprehensive allocation of traditional financial and virtual assets.
On December 26, 2024, the company announced partnership with China AMC (HK), HSBC, Hang Seng Bank, OSL exchanges, and Fosun Wealth Holdings to submit a sandbox trial to the Hong Kong Monetary Authority (HKMA) under the Project Ensemble Sandbox. The company has become one of the first-phase testers of the sandbox launched in August 2024 which initially explores ‘Fixed Income and Investment Funds’ use case for the local application of tokenized currencies and assets. By leveraging the collective asset management experience and innovative capabilities of all participants, this trial aims to contribute to the development of Hong Kong’s tokenization market.
On March 12, 2025, Solomon Wealth acquired Solomon Global. Solomon Global is the fund manager of Solowin Digital Horizon SP, which is a Cayman-domiciled tokenized fund focused on bridging traditional finance with the on-chain world.
In June 2025, Solowin acquired a 48% equity interest in Tiger Coin, a private company limited by shares incorporated in Hong Kong. Tiger Coin is a leading integrated service provider specializing in customer acquisition for the foreign exchange (FX) industry and Web3 technology development.
Seasonality
Seasonality does not materially affect HK Subsidiaries’ business or operating results. Historically, HK Subsidiaries experienced fluctuations based on trading volume of the company’s key clients. The company’s revenues also depend substantially on the company’s clients’ trading volumes, which are influenced by the general trading activities of the market.
Customers
HK Subsidiaries’ clients are mostly Chinese investors residing in Asia as well as institutional clients in Hong Kong, Australia and New Zealand. Solomon JFZ provides securities related services to its clients who have opened trading accounts with it through the Solomon VA+ platform as well as provides investment advisory services and asset management services to high-net-worth individual clients, corporate clients, and institutional clients.
Solomon JFZ classifies those who have registered on its platform as its users and those who have opened accounts on its 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.
Solomon JFZ’s customers can open and activate trading accounts through Solomon VA+ which can be downloaded for free from iOS, Android and webpage. After filling in personal information online, Solomon JFZ’s customers are required to complete a series of questions and upload various documents to verify their identity and assess potential risks.
Solomon JFZ has experienced significant growth in number of customers due to its reliable and secure trading platform, comprehensive brokerage and value-added services and superior user experience.
Solomon JFZ derived a substantial portion of its revenue from a small number of key clients. It had a concentration of revenues of 81% from the top five customers for the year ended March 31, 2025.
For the year ended March 31, 2025, Solomon JFZ’s three largest customers represented approximately 21%, 19% and 16% of its total revenue.
Below are the lists of Solomon JFZ’s top three largest customers for the year ended March 31, 2025, respectively: Shanghai Evertrend Enterprise Co., Ltd; Solomon Capital Fund SPC; and Biogts Green Energy Co Limited.
The company expects to serve a broad range of high-net-worth individuals, family offices, and trusts, by offering wealth management services and solutions that span traditional and virtual asset classes. The company endeavors to find high net worth clients who share the company’s intention and focus on building a strong foundation to develop high quality services.
Marketing
HK Subsidiaries cultivate and strengthen their relationships with users through online, offline, and promotional activities. Solowin’s subsidiaries do external marketing and promotional campaigns on its electronic platform, such as WeChat Official Account Platform. In addition, the company’s customer base is expanded by referrals from Solowin’s subsidiaries’ business partners for services, such as IPO underwriting and group account formation. To be specific, Solowin subsidiaries’ marketing activities are listed below:
Direct channel. In executing the company’s direct marketing strategy, Solowin’s subsidiaries would employ a combination of traditional marketing campaigns, such as online and offline advertising, promotion on its app, optimizing Internet search results, high quality marketing and promotion news, and participation in industry trade exhibitions, for the intention to increase its brand awareness and brand recognition.
Indirect channel. Solowin’s subsidiaries would establish partnerships with financial services companies and take advantage of its agent management platform, including key opinion leader (KOL) partnerships and introducing brokers, as well as individual analysts. These companies and brokers can provide their existing customers with securities trading services through Solomon JFZ’s channel.
Internal cycle from Solowin’s subsidiaries’ business ecosystem. Solowin subsidiaries’ Corporate Finance financial advisory service and Private Wealth Management as the ‘source’ of brand promotion and the associated end-clients, such as individual retail clients, professional investors and institutional investors are the ‘result.’
Research and Development
For the year ended March 31, 2025, the company invested approximately $0.46 million or 6% of its general and administrative expenses in research and development to improve its technology infrastructure, optimize product offerings and enhance supply chain capabilities.
Growth Strategies
The company’s strategies are to grow its client base and enhance the company’s brand through regulated and compliant solutions; strengthen technological infrastructure; enlarge the company’s market share by expanding the company’s product offering; and leverage its competitive edge by strength the company’s strategic partnerships.
Regulation
Substantially all of the company’s business operations are conducted in Hong Kong through HK Subsidiaries
Solomon JFZ, a Hong Kong subsidiary of Solowin, is granted a license by the HKSFC in January 2017 to carry out Type 1 (dealing in securities) regulated activities; is granted a license by the HKSFC in October 2019 to carry out Type 4 (advising on securities) regulated activities; is granted a license by the HKSFC in May 2021 to carry out Type 6 (advising on corporate finance) regulated activities but not admitted as a sponsor; and is granted a license by the HKSFC in October 2019 to carry out Type 9 (asset management) regulated activities.
History
Solowin Holdings was incorporated under the laws of the Cayman Islands in 2021.
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