1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. đť•Ź Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. đť•Ź Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
GSIW
Event Date
2023-12-01
Sector
Financials
Subsector
Capital Markets
Offer Range
$4.00
Shares Offered
2.5M
$53.0M
Implied Upside vs Midpoint
Description
We are a holding company incorporated in Cayman Islands, and all of our operations are carried out by the two wholly-owned Operating Subsidiaries in Hong Kong: a) I Win Securities, which is licensed to conduct Type 1 (dealing in securities) regulated activities under the SFO in Hong Kong, and b) I Win Asset Management, which is licensed to conduct Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the SFO in Hong Kong. Our Operating Subsidiaries are Hong Kong-based financial services providers principally engaged in the provision of (i) placing and underwriting services; (ii) securities dealing and brokerage services; and (iii) asset management services. I Win Securities is the Stock Exchange Participant and holds one Stock Exchange Trading Right. I Win Securities is a participant of the HKSCC. The table below sets forth the licenses obtained by our Operating Subsidiaries under the jurisdiction of Hong Kong. License type and trading right Entity name HKSFC Type 1 License — Dealing in securities I Win Securities HKSFC Type 4 License — Advising on securities I Win Asset Management HKSFC Type 9 License — Asset management I Win Asset Management Stock Exchange Participants (Participant ID: 02092) I Win Securities HKSCC Participants (Participant ID: B02092) I Win Securities The service offerings of our Operating Subsidiaries mainly comprise the following: • Underwriting and Placing Services: I Win Securities acts as (i) book runner, lead manager, or underwriter of listing applicants in IPOs or other fundraising activities; and (ii) placing agent of listed companies in connection with their issuance or sale of securities, in return for underwriting and/or placing commission. I Win Securities also charges investors a brokerage commission when they subscribe for or acquire securities in respect of offerings of listed issuers who engaged I Win Securities to provide placing and underwriting services in respect of the relevant securities. Our revenue derived from our placing and underwriting services accounted for 48.31% and 15.41% of our total revenue for the years ended March 31, 2023 and 2022, respectively. • Securities Dealing and Brokerage Services: I Win Securities provides securities dealing and brokerage services for trading in securities on the Hong Kong Stock Exchange and in other overseas markets. I Win Securities also acts as an intermediary between buyers and sellers of securities listed on the Main Board and GEM of the Hong Kong Stock Exchange and facilitate the clients’ trading of securities listed on selected overseas stock exchanges, including the United States, in return for brokerage commission income. Ancillary to I Win Securities’ securities brokerage and dealing services, I Win Securities also provides nominee services, custodian services, scrip handling services and handling services for corporate actions to our brokerage clients. At the same time, I Win Securities also facilitates the subscriptions to IPOs and secondary placings, either conducted by Hong Kong issuers who engage I Win Securities for placing and underwriting services or conducted by other financial services providers in Hong Kong. For the years ended March 31, 2023 and 2022, respectively, 47.55% and 80.81% of our total revenue was derived from securities dealing and brokerage services. • Asset Management Services: I Win Asset Management offers discretionary account management and fund management services that cater to different investment objectives of our Operating Subsidiaries’ clients. Our asset management services accounted for 1.03% and 1.00% of our total revenue for the years ended March 31, 2023 and 2022, respectively. Our revenues were US$3.3 million and US$2.3 million for FY 2023 and FY 2022, respectively. We recorded net loss of US$0.2 million and US$0.5 million for FY 2023 and 2022, respectively. We plan to keep our business growing by strengthening the securities brokerage, underwriting and placement services and develop our asset management business and margin financing services. Our diversified business portfolio allows our Operating Subsidiaries to create synergies between our business lines, generate new business opportunities for each business segment and provide integrated financial services to clients. --- Our principal executive office is located at Room 201, 2/F, China Insurance Group Building, 141 Des Voeux Road Central, Central, Hong Kong. Our telephone number at this address is +852 2688 6333. Our registered office in the Cayman Islands is located at the offices of International Corporation Services Ltd., P.O. Box 472, 2nd Floor, Harbour Place, 103 South Church Street, George Town, Grand Cayman KY1-1106, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc. located at 122 East 42nd Street, 18th Floor, New York, NY 10168.Our website is www.iwinsec.com.