GLAMOORE Capital Group is a small, SFC-licensed financial services firm in Hong Kong operating through two subsidiaries — GLAM Capital (GCL) and Grand Moore Capital (GMCL). GCL holds Type 1, 4, and 9 licenses, and focuses on bond placing and underwriting, asset management, and securities brokerage. GMCL holds Type 1 and 6 licenses, and focuses on IPO sponsorship, financial advisory, and compliance advisory for Hong Kong-listed companies. Clients are primarily Hong Kong-listed companies, bond issuers (notably PRC state-owned enterprises), listing applicants, and high-net-worth investors. GLAMOORE wins business through management relationships, client referrals, and professional introductions. Placing and underwriting is the dominant revenue driver, generating roughly 83% of total revenue in FY25, almost entirely from GCL acting as sub-underwriter and bookrunner on bond issuances for PRC state-owned enterprises. However, the economics of this business are thin — the substantial majority of gross commission income is passed through to a related party, GLAM Finance, which introduces bond subscribers. GMCL earns milestone-based advisory fees tied to IPO completions and corporate actions, though this revenue is lumpy and non-recurring. GCL also manages one active fund with roughly HK$158M in AUM, earning management and performance fees. Revenue is highly concentrated, with the top two clients accounting for roughly 68% of FY25 total revenue, and mainland China clients representing approximately 44% of total revenue.