Garden Stage is a small Hong Kong-based financial services firm that operates through two licensed subsidiaries — I Win Securities and I Win Asset Management. The firm serves retail, institutional, and high-net-worth clients primarily in Hong Kong and Mainland China. Garden Stage's core business has shifted sharply in recent years toward introducing and referral services, where the firm refers clients to other financial services providers such as investment banks and brokers and earns a fixed, monthly, or percentage-based fee in return. This line now dominates revenue, with two customers alone accounting for 85% of total FY2025 revenue. Garden Stage also operates a securities brokerage business through I Win Securities, acting as an intermediary for clients trading Hong Kong-listed equities and, through external broker ViewTrade, U.S.-listed equities, earning commissions per trade. Beyond these two lines, Garden Stage provides underwriting and placing services for Hong Kong equity offerings, discretionary asset management, investment advisory, and due diligence services — all minor contributors today. Clients are sourced primarily through management's personal networks and self-employed Account Executives paid on a commission-sharing basis. The business is lightly capitalized, highly relationship-driven, and highly concentrated, with revenue mix shifting dramatically year to year. Garden Stage has reported net losses and has funded operations through equity offerings. Growth priorities include launching margin financing, building out asset management, and seeking direct U.S. trading licenses.