Garden Stage Ltd
gardenstage-ky.comWhat Do They Do?
Provides securities brokerage, underwriting and placement, and investment management services to corporate issuers, investors, and professional and high-net-worth clients.
20-F for FY2026, filed Jul 31, 2026
How Do They Make Money?
Earns fees when referred investors complete qualifying transactions, billed monthly; it also charges commissions for securities trades, handling fees for custody and dividend collection, investment-management fees, and underwriting and placement fees. Trade commissions are due within two days; management fees are billed monthly, while handling and underwriting fees are due on completion.
20-F for FY2026, filed Jul 31, 2026The Group derives introducing and referral income from the introduction of customers to other financial service providers or other…View ↗
According to the agreement, the customer is required to pay an introducing and referral fee on a monthly basis. The payment is due from the…View ↗
The customer is required to pay a fixed rate of the brokerage commissions for each securities brokerage transaction and payment is due…View ↗
According to the agreement, the customer is required to pay a handling fee for custodian service at fixed amount and a fee for dividend…View ↗
The Group provides investment management services by acting as investment manager for its customers in return for investment management fee…View ↗
For certain underwriting and placement projects, the Group will reduce its commitments and exposures by having sub-underwriting and…View ↗
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20-F for FY2026, filed Jul 31, 2026
FY2026 revenue by product or service ↗
$7.3M
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20-F for FY2026, filed Jul 31, 2026
$7.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Advisory fees
Recurring
|
5.4% |
Advisory fees, FY2026
$392.6K Sources
|
Recurring |
|
Brokerage commissions
Usage-based
20-F for FY2026, filed Jul 31, 2026 |
13%
FY2023: 25%
|
Brokerage commissions, FY2026
$974.4K Sources
|
Usage-based |
|
Brokerage commissions-related parties
Usage-based
|
0.1%
FY2023: 2.8%
|
Brokerage commissions-related parties, FY2026
$5.9K Sources
|
Usage-based |
|
Handling income
Usage-based
20-F for FY2026, filed Jul 31, 2026 |
18%
FY2023: 11%
|
Handling income, FY2026
$1.3M Sources
|
Usage-based |
|
Handling income-related parties
Usage-based
|
0.0%
FY2023: 0.1%
|
Handling income-related parties, FY2026
$91 Sources
|
Usage-based |
|
Introducing and referral income
Usage-based
20-F for FY2026, filed Jul 31, 2026 |
33%
FY2023: 8.6%
|
Introducing and referral income, FY2026
$2.4M Sources
|
Usage-based |
|
Investment management fee income
Recurring
|
5.2%
FY2023: 0.9%
|
Investment management fee income, FY2026
$377.4K Sources
|
Recurring |
|
Investment management fee income-related party
Recurring
|
1.6% |
Investment management fee income-related party, FY2026
$117.7K Sources
|
Recurring |
|
Underwriting and placement income
Sold outright
20-F for FY2026, filed Jul 31, 2026 |
20%
FY2023: 48%
|
Underwriting and placement income, FY2026
$1.4M Sources
|
Sold outright |
|
Interest income and others
|
3.5%
FY2023: 2.8%
|
Interest income and others, FY2026
$253.8K Sources
|
|
|
Interest income and others-related parties
|
<0.1%
FY2023: 0.3%
|
Interest income and others-related parties, FY2026
$1.2K Sources
|
Who Are Their Customers?
Issuers and licensed financial firms use the underwriting and placement services; retail, corporate, and institutional investors use brokerage, while professional and high-net-worth clients use asset management. Clients typically come through management, employee, professional-party, and existing-client referrals.
20-F for FY2026, filed Jul 31, 2026
Do Revenues Turn Into Profits?
No. It lost $13.8M in FY2026.
20-F for FY2026, filed Jul 31, 2026
20-F for FY2026, filed Jul 31, 2026
−$13.8MView ↗
How Are They Changing?
Growing. Revenue grew 3.2x in 4 years, from $2.3M in FY2022 to $7.3M in FY2026, about 33% a year.
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