TOP Financial Group Limited
zyfgl.comWhat Do They Do?
Provides online brokerage services that let institutional and individual investors trade securities and futures on exchanges around the world.
10-K for FY2026, filed Jul 7, 2026We, through our Operating Subsidiaries, are an online provider of securities and futures trading services founded in Hong Kong by a group…View ↗
How Do They Make Money?
Futures clients pay a commission for each completed trade; trading-solution customers pay an installation fee and monthly service charges tied to transactions, while borrowers pay interest on fixed-term loans, with principal and interest due at maturity. The company earns securities and currency-exchange commissions when services are provided, plus interest on customer margin financing and deposits.
10-K for FY2026, filed Jul 7, 2026The Company earns fees and commissions from futures brokerage services based on a fixed rate for each transaction, all of which are under…View ↗
The Company provides trading solution services to customers (e.g. individuals, proprietary trading companies or brokerage companies) for…View ↗
The Company launched the loan business in 2024. For the years ended March 31, 2026 and 2025, the Company provided the loan business to…View ↗
The Company also provides other financial services, including securities brokerage and currency exchange services, and earns securities…View ↗
Interest and other income primarily consist of interest income earned from customer margin financing activities, interest income earned on…View ↗
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10-K for FY2026, filed Jul 7, 2026
FY2026 revenue by product or service ↗
$4.7M
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10-K for FY2026, filed Jul 7, 2026
$4.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Futures brokerage commissions
Sold outright
10-K for FY2026, filed Jul 7, 2026 |
39%
FY2023: 44%
|
Futures brokerage commissions, FY2026
$1.8M Sources
|
Sold outright |
|
Virtual asset brokerage commissions
Sold outright
|
8.2% |
Virtual asset brokerage commissions, FY2026
$388.9K Sources
|
Sold outright |
|
Trading solution service revenues
|
6.1%
FY2023: 45%
|
Trading solution service revenues, FY2026
$290K Sources
|
|
|
Interest income from loan business
Recurring
10-K for FY2026, filed Jul 7, 2026 |
20% |
Interest income from loan business, FY2026
$952.5K Sources
|
Recurring |
|
Other service revenues
Usage-based
|
8.8%
FY2023: 3.0%
|
Other service revenues, FY2026
$415.5K Sources
|
Usage-based |
|
Trading gains (losses)
|
8.5%
FY2023: 2.0%
|
Trading gains (losses), FY2026
$402.5K Sources
|
|
|
Interest income and other
Recurring
|
9.3%
FY2023: 5.2%
|
Interest income and other, FY2026
$440.3K Sources
|
Recurring |
Who Are Their Customers?
Its online trading platform serves high-volume institutional and individual investors, who can open accounts in person, by mail or electronically; trading-solution customers include individuals and trading or brokerage firms.
10-K for FY2026, filed Jul 7, 2026We, through our Operating Subsidiaries, are an online provider of securities and futures trading services founded in Hong Kong by a group…View ↗
We classify those who have opened accounts to trade on our platform as customers. Our customers can open and activate trading accounts in…View ↗
The Company provides trading solution services to customers (e.g. individuals, proprietary trading companies or brokerage companies) for…View ↗
10-K for FY2026, filed Jul 7, 2026
For the Fiscal Year Ended March 31, 2026 Concentration (%) For the Fiscal Year Ended March 31, 2025 Concentration (%) For the Fiscal Year…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $1.2M in FY2026, but brought in more cash than it spent: $13.1M of free cash flow.
10-K for FY2026, filed Jul 7, 2026
−$1.2MView ↗
10-K for FY2026, filed Jul 7, 2026
−$1.2MView ↗
10-K for FY2026, filed Jul 7, 2026
$13.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q1 FY2027, filed Aug 17, 2026
−$113.4KView ↗
- ▼ Now a loss
- vs $86K in Q1 FY2026
10-Q for Q1 FY2027, filed Aug 17, 2026
Open tableView ↗
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Sep 4, 2026
Company announces relocation of global headquarters to the United States
The phased move is intended to shift its corporate focus and operations toward the U.S.; other regional offices will continue operating.
Sources
8-K, filed Sep 4, 2026
On September 4, 2026, TOP Financial Group Limited (the “Company”) issued a press release announcing the relocation of its headquarters to…View ↗
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Aug 4, 2026
Board approves artificial intelligence development initiative
Plans to develop artificial intelligence tools for trading, risk management, investment analysis and customer support, with potential external uses.
Sources
8-K, filed Aug 4, 2026
On July 31, 2026, the board of directors (the “Board”) of TOP Financial Group Limited, a Cayman Islands exempted company (the “Company”)…View ↗
Shrinking. Revenue fell 40% in 4 years, from $7.8M in FY2022 to $4.7M in FY2026, about 12% a year.
Adding lending
The earlier report described Winrich as having no material operations and planning to apply for a money-lending license; the latest describes a licensed lender making fixed-term customer loans and charging interest.
20-F for FY2023, filed Jun 30, 2023 10-K for FY2026, filed Jul 7, 2026Winrich was formed under the laws of Hong Kong on February 24, 2023. It does not engage in any material operation. We plan to apply the…View ↗
Who Do They Compete With?
Competes with UP Fintech Holding and Futu Holdings
10-K for FY2026, filed Jul 7, 2026We believe that the principal determinants of success in the retail brokerage market are brand recognition, size of client base and client…View ↗
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