Garden Stage Ltd
GSIW · Security & Commodity Brokers, Dealers, Exchanges & Services · EDGAR filings ↗
Grade
D48Small Hong Kong securities broker/asset manager running sizable losses despite revenue rebound.
Strengths
- Revenue up ~288% YoY (100th pct) with diversified brokerage, advisory and asset-management lines
- Adequate current ratio 1.51 (60th pct)
Risks
- Net loss $4.3M, net margin -0.79 and ROE -0.64; FCF negative
- Trading-volume dependence, HFCAA/PCAOB and PRC/Hong Kong governance overhang
Notable findings
- Net lossNet loss (net margin -79.0%)
- Cash burnNegative free cash flow (-1.4M)
Key metrics
Net margin
-79.0%
Return on equity
-64.4%
Return on assets
-27.2%
Current ratio
1.5×
Free cash flow
-$1M
Tangible book value
$7M
Stock comp / revenue
30.8%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-07-31 | 2025-03-31 | 0001213900-25-069993 ↗ |
| 20-F | 2024-07-31 | 2024-03-31 | 0001013762-24-003078 ↗ |