Garden Stage (GSIW) Registration Filing summary

Company overview and business model

• Operates as a holding company incorporated in the Cayman Islands, with all operations conducted through wholly-owned subsidiaries in Hong Kong focused on financial services including securities brokerage, underwriting, asset management, and investment advisory.

• Subsidiaries are fully licensed by the Hong Kong Securities and Futures Commission for regulated activities, with no operations or subsidiaries in Mainland China.

• Revenue streams are diversified across placing and underwriting, securities dealing, asset management, and advisory services, targeting both local and international clients.

• The business model leverages synergies among service lines to generate stable and diversified revenue.

Financial performance and metrics

• Reported revenues of $1.4 million for the year ended March 31, 2024, down from $3.3 million in the prior year.

• Net loss increased to $4.7 million for the year ended March 31, 2024, compared to a net loss of $0.2 million in the previous year.

• No dividends or distributions have been declared or paid to shareholders or by subsidiaries as of the date of the prospectus.

Use of proceeds and capital allocation

• Net proceeds from securities offerings will be used as indicated in applicable prospectus supplements, with a stated intention to retain future earnings for business expansion.

• No present plans to declare or pay dividends; future dividend policy will depend on financial condition, results, and capital requirements.