Solowin Holdings, a Hong Kong-based online brokerage and investment advisory firm, raised $8 million by offering 2 million shares at $4, the low end of the range of $4 to $6. The company offered 0.5 million fewer shares than anticipated.
The company operates through its wholly-owned subsidiary Solomon JFZ, a securities brokerage in Hong Kong that offers various products and services through a one-stop electronic platform. Solomon JFZ primarily provides securities-related services, investment advisory services, corporate finance services, and asset management services. The company's clients are mostly Chinese investors residing in Asia, as well as institutional clients in Hong Kong, Australia, and New Zealand. As of March 31, 2023, Solomon JFZ's platform had more than 20,000 users, including more than 15,400 who also opened trading accounts with the company.
Solowin Holdings plans to list on the Nasdaq under the symbol SWIN. EF Hutton acted as sole bookrunner on the deal.
