Solowin Holdings, Ltd.
AXG · Security Brokers, Dealers & Flotation Companies · EDGAR filings ↗
Grade
D43Sub-scale Hong Kong/China-focused broker with deeply negative returns and shrinking revenue, propped up only by adequate cash runway.
Strengths
- Cash runway ~14.7 quarters (78th pct) keeps near-term solvency risk modest
- Net income loss narrowed sharply (growth 88th pct off a low base)
Risks
- Deeply negative profitability — ROE -180%, ROA -69% (both ~4th pct), net margin -303% (4th pct)
- Revenue fell 34% (8th pct) with only ~1,200 active clients
- Cayman/HK holding structure, HFCAA delisting and PRC-intervention risk on cash transfers
Notable findings
- Net lossNet loss (net margin -302.9%)
- Cash burnNegative free cash flow (-1.1M)
- Revenue declineRevenue -34.3% YoY
Key metrics
Net margin
-302.9%
Return on equity
-180.5%
Return on assets
-69.4%
Revenue growth (QoQ)
-34.3%
Current ratio
1.3×
Free cash flow
-$1M
Tangible book value
$5M
Cash & investments
$4M
Cash runway
15q
Stock comp / revenue
117.5%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-06-30 | 2025-03-31 | 0001213900-25-059716 ↗ |
| 20-F | 2024-07-26 | 2024-03-31 | 0001013762-24-001683 ↗ |