据瑞恩统计，截至周五(2025年8月15日)， 越来越多的香港本土公司奔赴美国上市。 今年约31家来自香港的公司已在美国纳斯达克挂牌上市，同时正在申请上市的香港公司至少有27家。 这些香港公司中，包括一些资本市场的中介机构(券商、财经印刷商、财经公关等)。 今年以来申请在美国上市的香港券商公司10家，其中4家已上市，6家仍在处理中； 二是美国上市更快、更容易，美国是注册制、披露就行，而香港的双重存档制度还是要经过港交所和香 港证监会的双重审批； 三是美国的前期IPO费用，相对较低。 此外还有2家财经印刷商、1家投资者关系服务商已上市。 | | | 香港券商、印刷商等情况(献 | | | | --- | --- | --- | --- | --- | | 行业 | 序号 | 上市公司 | 上市代码 | 上市/递表日期 | | 港资券商 | 1 | 贝德斯金融 | PLUT | 2025.02.05 | | | 2 | 华通证券国际 | WTF | 2025.04.01 | | | 3 | 均當融资 | GRAN | 2025.07.01 | | | 4 | 蓝山控股 | BMHL | 2025.07.11 | ...

PART I [ITEM 3. KEY INFORMATION](index=8&type=section&id=ITEM%203.%20KEY%20INFORMATION) This section details the significant risks confronting Waton Financial Limited, categorized into three main areas: risks associated with operating in Hong Kong under PRC influence, risks inherent to the company's specific business and industry, and risks related to the ownership of its Ordinary Shares [Risk Factors](index=8&type=section&id=D.%20Risk%20Factors) This subsection elaborates on specific risks including geopolitical risks from PRC government intervention, business and industry risks like revenue volatility and customer/supplier concentration, and shareholder risks such as controlling shareholder influence and foreign private issuer status - The company identifies significant risk from potential PRC government intervention in its Hong Kong operations, despite currently having no operations in Mainland China, which could materially change operations and share value[22](index=22&type=chunk)[23](index=23&type=chunk) - Compliance with evolving PRC laws on cybersecurity and data privacy poses significant uncertainty, as their applicability to Hong Kong operations is unclear and could lead to sanctions if deemed non-compliant[31](index=31&type=chunk)[33](index=33&type=chunk)[36](index=36&type=chunk) Financial Performance Fluctuation | Fiscal Year Ended March 31 | Total Revenues (US$ million) | YoY Growth | Net Income/(Loss) (US$ million) | | :--- | :--- | :--- | :--- | | 2023 | 5.7 | - | 3.1 | | 2024 | 10.1 | 75.2% | 2.5 | | 2025 | 7.4 | -25.9% | (12.0) | - The company has a significant customer concentration risk, with the top five customers accounting for **88.2%**, **89.7%**, and **97.6%** of total revenues for fiscal years 2025, 2024, and 2023, respectively[61](index=61&type=chunk) - A substantial portion of revenue is derived from a single related party, Wealth Guardian Investment Limited (WGI), which accounted for **64.2%**, **39.5%**, and **81.5%** of total revenues in fiscal years 2025, 2024, and 2023, respectively, with an anticipated acquisition of WGI by a third party potentially altering this commercial relationship[63](index=63&type=chunk) - The company is dependent on a single related-party supplier, Shenzhen Jinhui Technology Co., Ltd., controlled by Chairman Mr. Zhou Kai, for trading platform APP development, and an anticipated acquisition of this supplier could disrupt services and increase costs[66](index=66&type=chunk)[67](index=67&type=chunk) - As of the report date, Chairman Mr. Zhou Kai beneficially owns approximately **84.95%** of the company's outstanding shares, giving him substantial influence over corporate decisions[169](index=169&type=chunk) - The company is a 'foreign private issuer' and a 'controlled company', allowing it to rely on exemptions from certain Nasdaq corporate governance standards, which may offer less protection to shareholders compared to domestic U.S. issuers[170](index=170&type=chunk)[180](index=180&type=chunk) - The company's auditor, UHY LLP, is a U.S.-based firm regularly inspected by the PCAOB, but the report notes the risk that if the PCAOB is unable to inspect auditors of foreign companies for two consecutive years under the HFCAA, the company's shares could be delisted[189](index=189&type=chunk)[190](index=190&type=chunk)[193](index=193&type=chunk) [ITEM 4. INFORMATION ON THE COMPANY](index=46&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) This section provides a comprehensive overview of Waton Financial Limited, detailing its corporate history, structure, and its initial public offering in April 2025, along with its business model, competitive strengths, and regulatory landscape [History and Development of the Company](index=46&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) This subsection covers the company's incorporation in the British Virgin Islands, its corporate structure consisting of subsidiaries in Hong Kong, the Cayman Islands, and the BVI, and confirms it does not operate through VIEs, also detailing the completion of its Initial Public Offering (IPO) on the Nasdaq Capital Market in April 2025 - The company was incorporated in the British Virgin Islands on **June 25, 2010**, and changed its name to Waton Financial Limited on **July 5, 2023**, operating through subsidiaries in Hong Kong, the Cayman Islands, and the BVI, with no subsidiaries or VIE structures in Mainland China[216](index=216&type=chunk) - On **April 2, 2025**, the company closed its IPO on the Nasdaq Capital Market under the ticker 'WTF', issuing **4,375,000 Ordinary Shares** at **$4.00 per share**, raising total gross proceeds of approximately **$20.075 million** including the full exercise of the over-allotment option[218](index=218&type=chunk) [Business Overview](index=48&type=section&id=B.%20Business%20Overview) The company operates as a provider of securities brokerage and financial technology services through its Hong Kong subsidiaries, WSI and WTI, with key services including securities brokerage, margin financing, bond distribution, and software licensing, and a growth strategy focusing on customer expansion, service enhancement, asset management, and a global AI initiative Revenue Breakdown by Service Type (FY2023-2025) | Service Category | FY2025 Revenue (US$ million) | FY2024 Revenue (US$ million) | FY2023 Revenue (US$ million) | | :--- | :--- | :--- | :--- | | Brokerage, Commission & Margin Financing | 5.5 | 9.4 | 2.3 | | Software Licensing & Related Support | 1.8 | 1.4 | 3.5 | - As of **March 31, 2025**, WSI had over **6,700 securities brokerage customers**, including **69 corporate accounts** and **three introducing broker omnibus accounts**, with approximately **1,000** active customers with assets in their accounts[226](index=226&type=chunk)[256](index=256&type=chunk) - The company has launched a global AI strategy to transition its business model to support AI-driven entities, with key initiatives including developing an application for users to train their own AI trading agents and enabling these agents to be marketed and exchanged like NFTs/RWAs[240](index=240&type=chunk)[241](index=241&type=chunk) - The company's subsidiary WSI holds Type 1 (dealing in securities), Type 4 (advising on securities), Type 5 (advising on futures contracts), and Type 9 (asset management) licenses from the Hong Kong HKSFC[226](index=226&type=chunk)[243](index=243&type=chunk) - The company has begun developing its asset management business, having launched one segregated portfolio, GRAND FULL SP I, which had received total subscriptions of **US$4 million** as of the report date[235](index=235&type=chunk)[285](index=285&type=chunk)[286](index=286&type=chunk) [Operating and Financial Review and Prospects](index=79&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section provides management's analysis of the company's financial performance for the fiscal years ended March 31, 2023, 2024, and 2025, detailing a revenue decrease of **25.9%** in FY2025 to **$7.4 million**, resulting in a net loss of **$12.0 million**, primarily driven by a significant increase in share-based compensation expenses, also covering liquidity, capital resources, cash flow analysis, and critical accounting policies Consolidated Results of Operations Summary (FY2023-2025) | Metric (US$ million) | FY2025 | FY2024 | FY2023 | | :--- | :--- | :--- | :--- | | **Total Revenues** | **7.4** | **10.1** | **5.7** | | Total Operating Costs and Expenses | 18.1 | 7.1 | 2.7 | | *Share-based compensation expenses* | *8.8* | *0* | *0.4* | | Operating (Loss) Income | (10.7) | 2.9 | 3.1 | | **Net (Loss) Income** | **(12.0)** | **2.5** | **3.1** | - Total revenues decreased by **25.9%** in FY2025, primarily due to a **47.0%** drop in brokerage and commission income, which was impacted by lower bond distribution services income[389](index=389&type=chunk)[390](index=390&type=chunk) - Operating expenses increased by **153.5%** in FY2025 to **$18.1 million**, largely due to **$8.8 million** in share-based compensation expenses related to the adoption of the 2024 Global Equity Incentive Plan prior to the IPO[393](index=393&type=chunk)[398](index=398&type=chunk) Cash Flow Summary (FY2023-2025) | Cash Flow (US$ million) | FY2025 | FY2024 | FY2023 | | :--- | :--- | :--- | :--- | | Net cash from/(used in) operating activities | 0.4 | (1.8) | 12.0 | | Net cash used in investing activities | (0.01) | (8.2) | (0.005) | | Net cash from/(used in) financing activities | 2.8 | (8.3) | 13.0 | - As of **March 31, 2025**, the company had cash and cash equivalents of approximately **$7.7 million**, compared to **$4.9 million** as of March 31, 2024[423](index=423&type=chunk) [Directors, Senior Management, and Employees](index=93&type=section&id=ITEM%206.%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section provides details on the company's leadership, compensation, and governance structure, introducing the board of directors and executive officers, outlining compensation for FY2025 and the 2024 Global Equity Incentive Plan, detailing the board structure and committee compositions, and presenting the share ownership structure, highlighting Chairman Zhou Kai's substantial beneficial ownership Board of Directors and Executive Officers | Name | Position(s) | | :--- | :--- | | ZHOU Kai | Director, Chairman of the Board, and Chief Technology Officer | | CHU Chun On Franco | Director and Chief Executive Officer | | James Beeland Rogers Jr. | Director and Senior Advisor | | WEN Huaxin | Chief Financial Officer | | FUNG Chi Kin | Independent Director | | DU Haibo | Independent Director | | JIANG Wen | Independent Director | - In fiscal year 2025, the aggregate compensation paid to directors and executive officers was approximately **US$5.04 million**[477](index=477&type=chunk) - The company adopted the 2024 Global Equity Incentive Plan in **November 2024**, authorizing up to **10,245,000 Ordinary Shares** for equity awards, with **4,884,030 Restricted Share Units (RSUs)** granted under this plan as of the report date[479](index=479&type=chunk)[480](index=480&type=chunk)[489](index=489&type=chunk) - As of the report date, Mr. Zhou Kai, the Chairman, Director, and CTO, beneficially owns approximately **84.95%** of the company's issued and outstanding Ordinary Shares through entities he controls[509](index=509&type=chunk)[514](index=514&type=chunk) [Major Shareholders and Related Party Transactions](index=102&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) This section details the company's significant related party relationships and transactions, primarily with Chairman Zhou Kai, Shenzhen Jinhui (a company he controls), and Wealth Guardian Investment Limited (WGI), over which the company exercises significant influence, summarizing financial balances and revenues associated with these related parties Revenue from Related Party WGI (FY2023-2025) | Revenue Type (US$) | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Brokerage commission and handling charge | 2,539,260 | 1,757,731 | 1,707,334 | | Interest income | 1,040,634 | 1,016,179 | 181,550 | | Software licensing and related support services | 1,200,000 | 1,197,551 | 2,786,105 | | **Total** | **4,779,894** | **3,971,461** | **4,674,989** | - The company outsources software development to Shenzhen Jinhui, a company controlled by Chairman Zhou Kai, purchasing approximately **$1.0 million**, **$0.7 million**, and **$0.6 million** in services from Shenzhen Jinhui in FY2025, FY2024, and FY2023, respectively[531](index=531&type=chunk) - The company has outstanding balances due to related parties, primarily borrowings from Chairman Zhou Kai and unpaid service fees to Shenzhen Jinhui, with the total amount due to related parties approximately **$1.8 million** as of **March 31, 2025**[526](index=526&type=chunk) [Financial Information](index=104&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) This section confirms the inclusion of the company's consolidated financial statements and discusses legal proceedings and dividend policy, stating the company is not currently party to any material legal proceedings and has no present plan to declare or pay cash dividends, intending to retain earnings for business growth and development - The company has never declared or paid any cash dividends on its Ordinary Shares and has no present plan to do so in the foreseeable future[532](index=532&type=chunk) - The company intends to retain most, if not all, of its available funds and any future earnings to support operations and finance the growth and development of its subsidiaries' business[530](index=530&type=chunk)[532](index=532&type=chunk) [Additional Information](index=105&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) This section provides supplementary corporate information, including details on the company's memorandum and articles of association, material contracts, and exchange controls, with a significant portion dedicated to a detailed analysis of the tax implications for the company and its shareholders in the British Virgin Islands, Hong Kong, the Cayman Islands, and the United States, notably discussing the potential classification of the company as a Passive Foreign Investment Company (PFIC) and its consequences for U.S. holders - The company is not subject to income, capital gains, or withholding taxes in its jurisdiction of incorporation, the British Virgin Islands[543](index=543&type=chunk)[544](index=544&type=chunk) - In Hong Kong, the company's subsidiaries are subject to a two-tiered profits tax regime: **8.25%** on the first **HK$2 million** of assessable profits and **16.5%** on profits thereafter, with capital gains from the sale of shares not taxed[372](index=372&type=chunk)[545](index=545&type=chunk) - The company does not expect to be treated as a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes for the current taxable year, though its status is determined annually and depends on factors like the market price of its shares and the composition of its assets and income[555](index=555&type=chunk) - If the company were classified as a PFIC, U.S. holders of its shares would be subject to adverse U.S. tax rules, including ordinary income tax rates and an interest charge on gains and 'excess distributions', unless a timely 'mark-to-market' election is made[556](index=556&type=chunk)[558](index=558&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=112&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section outlines the company's exposure to various market risks, primarily identifying concentration and credit risk stemming from heavy reliance on a single major customer (WGI) and a single major supplier (Shenzhen Jinhui), also discussing foreign currency exchange risk, which is considered insignificant due to the HKD-USD peg, as well as interest rate and inflation risks, which are currently deemed not material - The company faces significant concentration risk, with related party WGI accounting for **64.2%** of total revenues in FY2025 and **61.0%** of total receivables as of **March 31, 2025**[579](index=579&type=chunk)[581](index=581&type=chunk) - There is a major supplier concentration risk, with related party Shenzhen Jinhui accounting for **5.4%**, **11.3%**, and **21.1%** of total expenses for fiscal years 2025, 2024, and 2023, respectively[580](index=580&type=chunk) - Foreign currency exchange risk is considered insignificant for transactions between HKD and USD due to the Hong Kong dollar's peg to the U.S. dollar[583](index=583&type=chunk) PART II [Material Modifications to the Rights of Security Holders and Use of Proceeds](index=115&type=section&id=ITEM%2014.%20MATERIAL%20MODIFICATIONS%20TO%20THE%20RIGHTS%20OF%20SECURITY%20HOLDERS%20AND%20USE%20OF%20PROCEEDS) This section details the use of proceeds from the company's Initial Public Offering (IPO) in April 2025, which raised gross proceeds of approximately **$20.1 million**, resulting in net proceeds of approximately **$17.5 million** after deducting expenses, with **$15.8 million** of the net proceeds remaining unused as of the report date - The company completed its IPO in **April 2025**, raising approximately **$17.5 million** in net proceeds after deducting underwriter discounts and other expenses of about **$2.7 million**[595](index=595&type=chunk)[597](index=597&type=chunk) - As of the report date, the company has used a portion of the IPO proceeds for enhancing its trading platform, developing its asset management business, expanding investment offerings, and for general working capital, with approximately **$15.8 million** of the net proceeds remaining unused[597](index=597&type=chunk) [Controls and Procedures](index=116&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) This section addresses the company's disclosure controls and internal control over financial reporting, concluding that as of **March 31, 2025**, disclosure controls were ineffective due to identified material weaknesses related to a lack of structured financial closing processes, ineffective IT general controls, and inadequate cybersecurity risk assessment and disaster recovery planning, with outlined remediation measures - Management concluded that disclosure controls and procedures were **ineffective** as of **March 31, 2025**[598](index=598&type=chunk) - Material weaknesses were identified in internal control over financial reporting, including: 1) lack of structured period-end financial closing processes, 2) ineffective IT general controls (user access, change management), and 3) inadequate cybersecurity risk assessment and disaster recovery planning[598](index=598&type=chunk) - The company has implemented remediation measures, including formalizing accounting policies, hiring an external consultant, and enhancing the design of IT general controls[599](index=599&type=chunk) [Corporate Governance](index=117&type=section&id=ITEM%2016G.%20CORPORATE%20GOVERNANCE) This section explains the company's corporate governance practices in the context of its status as a 'foreign private issuer' and a 'controlled company' under Nasdaq listing rules, allowing it to follow certain British Virgin Islands home country practices instead of Nasdaq requirements, such as not needing a majority of independent directors, and potentially electing exemptions from certain governance standards due to Chairman Zhou Kai holding over **50%** of voting power - As a 'foreign private issuer', the company follows its home country (British Virgin Islands) practices in lieu of certain Nasdaq rules, including the requirement for a majority of independent directors on the board[614](index=614&type=chunk) - The company qualifies as a 'controlled company' because Chairman Mr. Zhou Kai controls more than **50%** of the voting power, allowing for exemptions from certain Nasdaq corporate governance requirements[616](index=616&type=chunk) - Despite exemptions, the company must still comply with Nasdaq's audit committee requirements, which mandate at least three independent directors, with a phase-in period post-listing[619](index=619&type=chunk) PART III [Financial Statements](index=120&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section presents the audited consolidated financial statements of Waton Financial Limited for the three-year period ended March 31, 2025, prepared in accordance with U.S. GAAP, including the independent auditor's report, consolidated balance sheets, statements of operations, changes in shareholders' equity, and cash flows, with notes providing detailed information on significant accounting policies, financial items, related party transactions, and regulatory capital requirements Consolidated Balance Sheet Summary | (US$ million) | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **30.7** | **32.7** | | Cash and cash equivalents | 7.7 | 4.9 | | Receivables from clients (incl. related party) | 6.6 | 13.1 | | **Total Liabilities** | **18.0** | **21.9** | | Payables to clients (incl. related party) | 7.6 | 15.4 | | **Total Shareholders' Equity** | **12.8** | **10.7** | Consolidated Statement of Operations | (US$ million) | FY2025 | FY2024 | FY2023 | | :--- | :--- | :--- | :--- | | **Total Revenues** | **7.4** | **10.1** | **5.7** | | Brokerage and commission income | 4.4 | 8.2 | 2.1 | | Interest income | 1.2 | 1.2 | 0.2 | | Software licensing & support services | 1.8 | 1.4 | 3.5 | | **Total operating costs and expenses** | **18.1** | **7.1** | **2.7** | | **Net (Loss) Income** | **(12.0)** | **2.5** | **3.1** | - The company recognizes revenue from brokerage commissions at a point in time when trades are completed, while revenue from software licenses is recognized at a point in time when the software is made available, and revenue from maintenance, support, and SaaS services is recognized ratably over the contract term[696](index=696&type=chunk)[706](index=706&type=chunk)[713](index=713&type=chunk) - The company's Hong Kong subsidiary, WSI, is subject to a minimum liquid capital requirement of approximately **$385,609** (HK$3.0 million) and was in compliance as of **March 31, 2025**[802](index=802&type=chunk)

Core Viewpoint - The article discusses the recent IPO of Huato Financial, led by a post-95 entrepreneur Zhou Kai, highlighting the contrast between the company's initial stock surge and its subsequent decline in market value, raising questions about its true worth and business model [2][4][11]. Company Overview - Huato Financial is a holding company registered in the British Virgin Islands, primarily engaged in securities brokerage and fintech services through its subsidiaries in Hong Kong [6]. - The company operates both traditional brokerage services and emerging fintech solutions, including a SaaS platform called "Brokerage Cloud" aimed at digitizing operations for small and medium-sized brokerages [7]. Business Development - Zhou Kai founded the company in 2018 and acquired Huato Securities International in 2021, initially aiming to create a large internet brokerage targeting retail investors [8][9]. - Due to regulatory challenges, the company shifted its strategy from traditional brokerage to providing "Brokerage Cloud" services, and later to the concept of being a "brokerage for AI" following the rise of AI technologies in 2023 [9][20]. Financial Performance - For the fiscal years ending March 31, 2023, and 2024, Huato Securities reported revenues of $574,000 and $1,005,580, respectively, representing a year-on-year growth of 75.2%, while net profits were $308,000 and $250,000, showing a decline of 19.0% [12]. - The primary revenue source is brokerage and commission income, which increased significantly from approximately $210,000 in 2023 to about $820,000 in 2024, a rise of approximately 295.6% [12][15]. Revenue Concentration - The substantial growth in brokerage and commission income for the fiscal year 2024 was largely driven by a single bond distribution project, contributing about $580,000, or 70.7% of total brokerage income [15]. - The company exhibits high customer concentration, with the top five clients accounting for 89.7% of total revenue in 2024, and a staggering 97.6% in 2023, indicating a reliance on a few key clients, particularly related parties [16][17]. AI Strategy and Market Position - Zhou Kai has positioned AI as a core strategic direction for the company, claiming it has the potential to transform the financial industry [19][20]. - However, the company's current AI applications are limited to auxiliary functions such as customer service and risk control, with no substantial commercialization of AI trading capabilities yet [21][24]. Technology and Competitive Landscape - Huato Financial's technology strategy relies heavily on external partnerships, lacking proprietary technology or patents in the AI domain, raising questions about its competitive edge [22][24]. - The company's "Brokerage Cloud" service, while marketed as low-cost and easy to integrate, faces challenges due to its replicable technology and low entry barriers for competitors [24]. Conclusion - The article suggests that while Huato Financial has garnered attention with its AI and fintech narrative, it faces significant challenges related to dependency on a few clients, lack of proprietary technology, and the need for a more robust business model [26][27].

Core Insights - Waton Financial Limited has successfully completed its initial public offering and began trading on Nasdaq under the ticker symbol "WTF" on April 1, 2025, marking a significant milestone for the company [2][8] - The company introduced a global AI strategy during the IPO ceremony, aiming to transition from a traditional brokerage model to one that supports AI-based entities, indicating a long-term vision for integrating advanced AI technologies into its operations [4][5] Company Overview - Waton Financial Limited is a holding company registered in the British Virgin Islands, primarily engaged in securities brokerage, asset management, and software licensing through its subsidiaries in Hong Kong [8] - The company emphasizes a technology-driven and customer-centric approach to deliver innovative financial solutions to both retail and institutional investors [8]

Core Viewpoint - The article highlights the successful IPO of Huatuo Financial on NASDAQ, marking a significant milestone for the company and its young founder, Zhou Kai, who is noted as the youngest founder to ring the bell this year [1][7]. Company Overview - Huatuo Financial, headquartered in Hong Kong, made its debut on NASDAQ with a remarkable first-day surge of nearly 400%, trading under the unique ticker symbol WTF.US [2][9]. - The company operates through two subsidiaries: Huatuo Securities International Limited (WSI) and Huatuo Technology International Limited (WTI), providing brokerage and fintech services [9]. Financial Performance - For the fiscal years ending March 31, 2023, and 2024, Huatuo Securities reported revenues of approximately $574,000 (about 4.1 million RMB) and $1,005,580 (about 7.2 million RMB), respectively, reflecting a year-on-year growth of 75.2% [9][10]. - The total revenues for the fiscal year 2024 reached $10,055,809, a significant increase from $5,738,774 in 2023 [10][11]. - The primary revenue source shifted dramatically, with brokerage and commission income rising from approximately $210,000 in 2023 to about $820,000 in 2024, marking an increase of approximately 295.6% and accounting for over 60% of total revenues [10][11]. Business Model and Strategy - Huatuo Financial has transitioned from a traditional brokerage to a "brokerage-as-a-service" model, focusing on providing customized fintech solutions, including a trading platform app that has attracted over 2,900 brokerage clients [12][14]. - The company is positioning itself as a "brokerage serving AI," integrating AI technologies into its operations, including risk management and customer service [14][15]. - Zhou Kai envisions a future where AI can autonomously manage trading accounts, enhancing trading efficiency and decision-making [15][16]. Market Context - The article discusses the broader context of Huatuo's IPO, noting the resurgence of the Hong Kong stock market, which has attracted significant overseas investment and led to a surge in the number of overseas brokerage clients [18][21]. - The Hong Kong market has seen a dramatic increase in IPO activities, with a notable rise in trading volumes and new listings, indicating a renewed interest in Chinese assets from international investors [20][21].