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olivLaw · US equity research

Lion Group Holding Ltd. LGHL

Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

1.97USD−4.83% · 1 dayClose 04 Nov 2026

Lion Group Holding Ltd. operates a trading platform for Chinese investors, offering contracts for difference, total return swaps and OTC stock options through its Lion Brokers Pro app. Revenue returned to a positive figure in fiscal 2025, after a loss in 2024, as the company exited futures and securities brokerage in Hong Kong.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Lion Group Holding Ltd. (LGHL) stock was 1.97 USD (−4.83% on the day), with market capitalisation 34.3 m USD, beta 0.92, 52-week range 1.97–2,068.56 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
34.3 m USD
shares as of 16 Jun 2021
P/E (TTM)
unavailable
Diluted EPS TTM -29.12 · TTM to 31 Dec 2025
E/P (TTM)
-1,478.17%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.92
Volatility (1y) 183%
52-week range
1.972,068.56

Price history

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Technical reading

RSI (14)
28.1
oversold (≤ 30)
Bollinger (20, 2)
1.86 – 3.32
in the lower half of the band · %B 0.07 · band width 56.3%
SMA 50 / 200
5.43 / 106.09
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-1.17 / -1.44
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−48.7%−1.1%−47.6 pp—
3 months−89.5%−0.5%−89.0 pp—
6 months−98.6%+4.4%−103.0 pp—
Year to date−99.6%+12.3%−111.9 pp—
1 year−99.9%+13.5%−113.4 pp−11.1%
3 years−100.0%+76.4%−176.4 pp+64.7%
5 years−100.0%+63.7%−163.7 pp—
Max drawdown (1y)
−99.9%
12 Nov 2025 → 04 Nov 2026
Max drawdown (5y)
−100.0%
19 Nov 2021 → 04 Nov 2026
Compound annual growth (5y)
−95.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year201820192020⚠ 20212022202320242025
Revenue6.6 m18.5 m10.2 m25.0 m-2.5 m21.1 m-4.9 m9.4 m
Revenue YoYunavailable+182.1%−44.8%—−109.9%unavailable−123.1%unavailable
Net income-2.8 m8.2 m-2.6 m22.8 k-31.6 m-5.3 m-27.4 m-5.0 m
Net income YoYunavailableunavailable−131.3%—−138,644.8%unavailableunavailableunavailable
Diluted EPSunavailableunavailableunavailable-13.53-1,748.71-3,859.21-1,701.75-29.12
Diluted EPS YoYunavailableunavailableunavailable—unavailableunavailableunavailableunavailable
net %-42.2%44.3%-25.2%0.1%1,271.4%-24.9%564.1%-52.8%
Free cash flowunavailableunavailableunavailableunavailableunavailable5.6 munavailable-3.5 m

The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
20.1 m USD
Financial debt
110.0 k USD
Net debt
-20.0 m USD
Equity
22.3 m USD
Total assets
54.6 m USD
Debt / equity
0.00x
Current ratio
4.11x
ROE
-33.6%
ROA
-10.9%
FCF margin
-37.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
21.1 m
2024
-4.9 m
2025
9.4 m

SEC (XBRL)· 30 Apr 2026verified

Gross profit
2023
21.1 m
2024
-4.9 m
2025
—

SEC (XBRL)· 30 Apr 2025verified

Research & development
2023
7.1 k
2024
—
2025
—

SEC (XBRL)· 30 Apr 2024verified

SG&A
2023
243.8 k
2024
—
2025
—

SEC (XBRL)· 30 Apr 2024verified

Operating income
2023
-5.8 m
2024
—
2025
—

SEC (XBRL)· 30 Apr 2024verified

Depreciation & amortisation
2023
1.8 m
2024
2.4 m
2025
2.4 m

SEC (XBRL)· 30 Apr 2026verified

EBITDA
2023
-4.0 m ≈
2024
—
2025
—

SEC (XBRL)· 30 Apr 2024derived

Interest expense
2023
2.4 m
2024
151.0 k
2025
452.0 k

SEC (XBRL)· 30 Apr 2026verified

Pre-tax income
2023
-5.8 m
2024
-27.6 m
2025
-5.0 m

SEC (XBRL)· 30 Apr 2026verified

Income tax
2023
1.1 k
2024
1.2 k
2025
1.0 k

SEC (XBRL)· 30 Apr 2026verified

Net income
2023
-5.3 m
2024
-27.4 m
2025
-5.0 m

SEC (XBRL)· 30 Apr 2026verified

Diluted EPS
2023
-3,859.21
2024
-1,701.75
2025
-29.12

SEC (XBRL)· 30 Apr 2026verified

Weighted average diluted shares
2023
—
2024
—
2025
—

SEC (XBRL)· 28 Apr 2023verified

Balance sheet · USD

Cash
2023
29.0 m
2024
16.9 m
2025
20.1 m

SEC (XBRL)· 30 Apr 2026verified

Current assets
2023
53.4 m
2024
18.6 m
2025
26.2 m

SEC (XBRL)· 30 Apr 2026verified

Property, plant & equipment, net
2023
19.8 m
2024
17.4 m
2025
15.0 m

SEC (XBRL)· 30 Apr 2026verified

Intangibles (excl. goodwill)
2023
—
2024
—
2025
—

SEC (XBRL)· 28 Apr 2023verified

Total assets
2023
74.5 m
2024
36.4 m
2025
54.6 m

SEC (XBRL)· 30 Apr 2026verified

Accounts payable
2023
22.5 m
2024
18.9 m
2025
948.4 k

SEC (XBRL)· 30 Apr 2026verified

Short-term debt
2023
110.0 k
2024
3.3 m
2025
110.0 k

SEC (XBRL)· 30 Apr 2026verified

Current liabilities
2023
44.3 m
2024
27.8 m
2025
6.4 m

SEC (XBRL)· 30 Apr 2026verified

Total liabilities
2023
46.1 m
2024
29.2 m
2025
32.3 m

SEC (XBRL)· 30 Apr 2026verified

Equity
2023
28.4 m
2024
7.2 m
2025
22.3 m

SEC (XBRL)· 30 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
13.4 m
2024
-19.1 m
2025
-3.5 m

SEC (XBRL)· 30 Apr 2026verified

Capex
2023
7.9 m
2024
—
2025
11.5 k

SEC (XBRL)· 30 Apr 2026verified

Free cash flow
2023
5.6 m ≈
2024
—
2025
-3.5 m ≈

SEC (XBRL)· 30 Apr 2026derived

Investing cash flow
2023
1.4 m
2024
-114.3 k
2025
-21.6 m

SEC (XBRL)· 30 Apr 2026verified

Financing cash flow
2023
1.7 m
2024
5.5 m
2025
28.0 m

SEC (XBRL)· 30 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
the base of the ratio is not positive
Revenue CAGR 3Y
unavailable
the base of the ratio is not positive
Revenue CAGR 5Y
-1.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
-51.8%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-52.8%
computed by olivLawFY 2025
FCF margin
-37.6%
computed by olivLawFY 2025

Returns

ROE
-27.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-10.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-20.0 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
4.1x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
3.2x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-3.5 m USD
computed by olivLawFY 2025
Capital expenditure
11.5 k USD
computed by olivLawFY 2025
Free cash flow
-3.5 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
34.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
14.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-1,478.2%
computed by olivLawFY 2025
P/B
1.3x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
3.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
1.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-10.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 18.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.97 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 34.3 m USD

Key indicators

Market capitalisation
34.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
1.3x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-27.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-52.8%
computed by olivLawFY 2025
Revenue growth (YoY)
unavailable
the base of the ratio is not positive
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Source: SEC (XBRL)published 30 Apr 2026
verified 193

Score by group

19% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-52.8%4 (vs peers)33%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet4.1x100 (on a fixed band)22%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-10.3%0 (on a fixed band)44%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial4/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Lion Group Holding Ltd. (LGHL). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 9.4 m USD in 2025; net margin -52.8%; ROE -27.4%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 4.1x

What contradicts it

  • Net margin: -52.8%
  • FCF yield: -10.3%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies

Multiples and returns vs the median

P/E
—
vertical median 16.2x
EV/EBITDA
—
vertical median 14.1x
P/S
3.7x
vertical median 1.9x
above median (+95.4%)
P/B
1.3x
vertical median 2.2x
below median (−38.9%)
ROE
-27.4%
vertical median 18.5%
below median (−248.3%)
Net margin
-52.8%
vertical median 13.5%
below median (−490.0%)
EBIT margin
—
vertical median 22.1%
Revenue YoY
—
vertical median 17.5%
Net debt/EBITDA
—
vertical median -0.3x
Dividend yield
—
vertical median 1.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MSMorgan Stanley304.6 bn15.618.0%—unavailable+14% / +144%
BLKBlackRock, Inc.189.7 bn28.112.2%24.2%+89.3%+17% / +63%
SCHWSchwab Charles Corp161.5 bn16.820.3%38.8%+22.0%+1% / +52%
RJFRaymond James Financial, Inc.32.4 bn14.718.5%13.6%+6.6%+8% / +60%
SEICSei Investments Company12.9 bn18.928.9%28.1%+8.1%+34% / +85%
FRHCFreedom Holding Corp.11.9 bn73.811.2%6.5%+9.3%+42% / +129%
JEFJefferies Financial Group Inc.10.5 bn11.58.6%7.5%+2.9%−11% / +44%
MKTXMarketaxess Holdings Inc5.8 bn19.523.3%35.2%+3.6%+1% / −31%
SFStifel Financial Corp5.1 bn5.216.5%14.6%+6.7%−10% / +79%
IBKRInteractive Brokers Group, Inc.5.0 bn17.191.3%179.4%+23.4%+20% / +300%
PIPRPiper Sandler Companies5.0 bn6.023.6%14.5%+24.3%−16% / +82%
MIAXMiami International Holdings, Inc.3.5 bn12.528.9%19.8%+19.6%−23% / unavailable
WTWisdomTree, Inc.3.0 bn38.218.7%13.3%+15.4%+81% / +208%
JSMNavient Holdings, Inc.1.5 bn—-2.0%—−15.6%−21% / −19%
MTCMmtec, Inc.534.8 m—-272.7%-6,944.3%−56.8%+97% / −42%
SIEBSiebert Financial Corp.75.2 m—-1.3%-1.1%+12.3%−43% / −3%
DOMHDominari Holdings Inc.39.8 m—-315.4%-51.6%+487.0%−65% / −28%
LGHLLion Group Holding Ltd.34.3 m—-27.4%-52.8%unavailable−100% / −100%
COHNCohen & Co Inc.33.0 m1.933.3%5.6%+246.2%−33% / +66%
AXGSolowin Holdings, Ltd.26.5 m—-88.9%-47.4%+895.0%−53% / −38%
GLXYGalaxy Digital Inc.1.4 k—-16.7%-0.5%+41.8%−47% / unavailable
TIGRUp Fintech Holding Limited—63.722.6%28.0%+56.3%−55% / −11%
ETOReToro Group Ltd.—10.41.4%1.6%+9.5%−43% / unavailable
NMRNomura America Finance, LLC————+12.7%+29% / +138%
BULLWebull Corporation———4.3%+46.3%−42% / −50%

1- and 3-year price returns: for LGHL from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (30 Sept 2026), 6-K (29 Sept 2026), 6-K (24 Sept 2026), 6-K (21 Sept 2026), 6-K (03 Sept 2026), 6-K (24 Aug 2026).

In brief

Lion Group Holding Ltd. operates a trading platform for Chinese investors, offering contracts for difference, total return swaps and OTC stock options through its Lion Brokers Pro app. Revenue returned to a positive figure in fiscal 2025 1, after a loss in 2024, as the company exited futures and securities brokerage in Hong Kong 1.

SWOT

Strengths

  • An integrated platform with a broad range of products and access to many global exchanges, plus a management team with financial sector experience 1.
  • Established position in a segment of affluent Chinese clients with rising shares of overseas investment 1.
  • Licensing structure in the Cayman Islands, with cash transfers free between offshore subsidiaries 1.

Weaknesses

  • Revenue is concentrated in a small number of large clients and has fluctuated sharply from year to year 1.
  • The company has incurred losses in the past and has lost part of its brokerage business and client base 1.
  • Dependence on one derivative product, OTC options, makes revenue sensitive to the results of a single segment 1.

Opportunities

  • Expansion into Southeast Asia and diversification toward new client groups could support growth, though no concrete plans are confirmed 1.
  • New products and complementary services could attract new clients if demand shifts 1.
  • Digital asset activity could add a new revenue line if the reserve strategy delivers results 1.

Threats

  • Regulatory changes in China and in the operating jurisdictions could limit activity or raise costs 1.
  • Market volatility and geopolitical tensions can cause large losses from market making activity 1.
  • Currency restrictions and capital controls in China could reduce trading volumes on the platform 1.

Risks

  • Heavy regulationhigh

    The company operates in heavily regulated industries across several jurisdictions, and changes could raise costs or require changes to the business model 1.

  • Revenue concentrationhigh

    A small number of large clients generate a significant share of revenue, and swings in their trading volumes can strongly affect results 1.

  • Market making losseshigh

    When the company acts as principal it takes on market movement risk, which can lead to significant trading losses 1.

  • China political riskmedium

    The Chinese government may intervene in operations or change offshore listing requirements, which could affect the value of the securities 1.

  • Digital asset holdingsmedium

    The digital reserve strategy exposes the company to volatile prices and to conditions of its financing facility, which could affect capital 1.

Investment thesis

What would need to be true (bull case)

  • If fiscal 2025 revenue holds and new products add growth, the company could recover from recent losses 1.
  • Rising overseas investment by affluent Chinese investors could support long-term demand 1.
  • The integrated platform and wide product range could attract new clients if offerings are extended 1.

What would break the thesis

  • Revenue is tied to market volatility and a small number of large clients, which makes results hard to forecast 1.
  • The company has lost several business lines and the number of revenue-generating accounts has declined in recent years 1.
  • Losses in OTC options and the digital asset strategy could erode capital if markets move against the company 1.

What to watch

  • Revenue trends in OTC options and TRSQ1 2027
  • Number of revenue-generating client accountsnext 10-K
  • Progress of the digital asset strategy and use of the convertible facility2027
  • Regulatory changes in the Cayman Islands and Hong Kong2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (30 Sept 2026), 6-K (29 Sept 2026), 6-K (24 Sept 2026), 6-K (21 Sept 2026), 6-K (03 Sept 2026), 6-K (24 Aug 2026).

The business

Lion Group Holding Ltd. is a trading platform operator for Chinese investors, with its principal executive office in Singapore and main operations through subsidiaries in the Cayman Islands and Hong Kong 1. Current business lines include total return swap (TRS) trading, contracts for difference (CFD) and OTC stock options trading, all offered through the Lion Brokers Pro app and other apps on iOS, Android, PC and Mac 1. In June 2024 the company disposed of its insurance brokerage services, and in 2025 it exited futures and securities brokerage in Hong Kong 1. Revenue in fiscal 2025 was 9.4 million USD, compared with a revenue loss in 2024 1.

Revenue comes from commissions, trading gains and losses, interest income and other income, and a large part of results depends on market volatility and the number of active clients 1. Revenue-generating client accounts fell from 2,443 at December 31 2023 to 2,172 at December 31 2025, reflecting the decline in insurance and CFD business and the end of futures brokerage 1. In June 2025 the company launched a strategic treasury reserve plan for digital assets, funded mainly by a convertible debenture facility 1.

Clients are mainly well-educated, affluent Chinese investors residing inside and outside mainland China, excluding the United States 1. The company describes plans to expand in Southeast Asia and diversify its products, but it has no specific confirmed plans to enter new markets 1.

Segments

CFD trading

CFD services, launched in May 2019, earn revenue from commissions, bid/offer spreads, trading gains as market maker and interest rate differences; CFD revenue in 2025 was almost nil, compared with 521,860 USD in 2024 1. The company can act as principal or as broker depending on the availability of counterparties 1.

TRS trading

Total return swaps on A-shares and a Hong Kong stock basket, offered since July 2020, generated 0.9 million USD of revenue in 2025 1. Income comes from interest spreads and commissions for clients seeking leveraged exposure to the Chinese market 1.

Market context

The company operates in the market for Chinese investors diversifying assets abroad, which the sources describe as individual investable financial assets of 21.4 trillion USD in 2019 and a projection of 50.6 trillion USD in 2027 1. The share of high-net-worth Chinese financial assets allocated overseas could rise above 30 percent 1.

Demand depends on economic and political conditions in the US, China and Hong Kong, and on global market volatility, which has been heightened by recent regional conflicts 1. Regulation in the Cayman Islands and Hong Kong is central to operations, and some licences were returned in 2024 and 2025 1.

Trends

  • Rising overseas investment by Chinese investorstailwind

    The cited projections suggest overseas investment by high-net-worth individuals could grow significantly in coming years, which would support demand for the company's products 1.

  • Geopolitical volatilitymixed

    Conflicts involving Ukraine and Russia and the Israel-Iran war have caused economic shocks and volatility, which can raise trading activity but also loss risk 1.

  • Tighter regulationheadwind

    Regulatory frameworks in the Cayman Islands, Hong Kong and Singapore are evolving, and compliance costs could rise 1.

  • Digital assetsmixed

    The reserve strategy in Bitcoin, Hyperliquid, Solana and Sui adds exposure to volatile prices and a new type of risk for the company 1.

Competitive position

The source does not name specific competitors; the company describes itself as one of the few Chinese investor-focused trading platforms 1. The source provides no market share comparisons.

Competition may include global brokers and CFD and TRS providers in Hong Kong and Singapore, though the source does not list them 1.

  • Hong Kong brokerage platforms

    Not named in the source; generic reference for the local market.

  • Global CFD providers

    Not named in the source; the company operates in the same product category.

  • Futures exchanges and intermediaries

    CME, SGX, HKFE and Eurex are markets clients can access, not direct competitors 1.

  • OTC option issuers

    Third parties used for back-to-back offsetting, not declared competitors 1.

News & filings

In the press

The latest news item in our archive is from 24 Aug 2026; the newest SEC filing is from 30 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Lion Group Holding Ltd. · 30 Apr 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.