Garden Stage is a Hong Kong-based financial services firm that operates through its subsidiaries, I Win Securities and I Win Asset Management. Garden Stage provides securities brokerage, underwriting and placing services for Hong Kong Stock Exchange listings, and client referral services. Garden Stage serves HNW individuals and institutional investors, primarily from Mainland China and Hong Kong, who trade securities in both Hong Kong and U.S. markets. Garden Stage generates revenue through trading commissions, negotiated fees for capital raising, fixed referral fees, and management fees based on AUM. The business model is capital-light and does not currently include margin lending, though Garden Stage holds approval to do so. Revenue has historically been highly concentrated among a small number of customers, particularly within the referral business. Garden Stage is expanding its operations into the humanoid robotics market through the acquisition of Mental Form and plans to launch margin financing to generate interest income. The company also intends to expand its U.S. brokerage capabilities to improve pricing competitiveness and grow its asset management business by expanding research capabilities.