TOP Financial Group Ltd
TOP · Security & Commodity Brokers, Dealers, Exchanges & Services · EDGAR filings ↗
Grade
D43Sub-scale Hong Kong online broker with collapsing revenue, a swing to net loss, customer concentration, and China/HK governance overhangs.
Strengths
- Maintains ~4.4 quarters of cash runway
- Diversification attempts via Singapore/Australia subsidiaries
Risks
- Revenue -59% (7th pct) and swing to net loss (net margin -179%, ROE -17%); top-5 customers 49% of revenue
- China/HK regulatory and PFIC risk, prior SEC trading suspension, and a related-party acquisition
Notable findings
- Net lossNet loss (net margin -179.3%)
- Cash burnNegative free cash flow (-14.5M)
- Customer concentration~49% of revenue from one customer/distributor — Our top five customers accounted for 49%, 36% and 42% of our total revenues for the years ended March 31, 2025, 2024 and 2023, respectively
- Revenue declineRevenue -58.6% YoY
Key metrics
Net margin
-179.3%
Return on equity
-17.1%
Return on assets
-12.8%
Revenue growth (QoQ)
-58.6%
Net-income growth
-667.7%
Free cash flow
-$14M
Tangible book value
$35M
Cash & investments
$16M
Cash runway
4q
Stock comp / revenue
2.2%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-08-13 | 2025-03-31 | 0001213900-25-075728 ↗ |
| 20-F | 2024-07-30 | 2024-03-31 | 0001013762-24-002682 ↗ |
| 20-F | 2023-06-30 | 2023-03-31 | 0001213900-23-053057 ↗ |
| 20-F | 2022-08-16 | 2022-03-31 | 0001213900-22-048570 ↗ |