Exhibit 99.1

SOLOWIN HOLDINGS Reports Unaudited Financial Results for The First Six Months of Fiscal Year 2024

Revenue Up 126.4% Year-Over-Year

Hong Kong, Mar. 18, 2024 /PRNewswire/ -- SOLOWIN HOLDINGS (“SOLOWIN” or the “Company”, or “we”) (Nasdaq: SWIN), a securities brokerage company that offers comprehensive financial services primarily to Chinese investors, today announced its unaudited financial results for the first six months of fiscal year 2024 ended September 30, 2023.

Mr. Shing Tak Tam, Chief Executive Officer of SOLOWIN, commented, “It is with great pride that I present our operational and financial achievements for the first time as a public company for the first six months ended September 30, 2023. Despite the sluggish economic recovery plagued by the high interest rates, inflation, inadequate investor confidence and market liquidity, we have achieved a remarkable 126.4% year-on-year revenue growth to $2.64 million. Our net income also experienced a significant increase to $1.25 million, which indicated our enhanced profitability and efficient response to market challenges. Through our subsidiary licensed by the Hong Kong Securities and Futures Commission, we’ve been dedicated to providing comprehensive financial services and premium user experiences on our one-stop platform.”

Mr. Tam continued, “Amid the economic uncertainty, our dynamic and experienced leadership team has steered the company towards innovation in our product and service offerings, which caters to a diverse client base and has fortified our market position. Our commitment to delivering a wide selection of innovative, secure, and high-quality services has gained wide recognition in the field, propelling the growth of our customer base. Consequently, our investment advisory and asset management services enjoy a rapid expansion by 63.3% and 248.3%, respectively. The successful IPO and listing of our ordinary shares on Nasdaq also mark a milestone in our accelerated course of global expansion and growth. As we look to the second half of fiscal year 2024, we are braced for persistent challenges and remain committed to developing innovative product and service offerings. We are confident in generating enduring returns for our stakeholders, and we will stick to our vision in offering integrated financial services infrastructure for next-generation investors.”

First Six Months of Fiscal Year 2024 Financial Highlights

First Six Months of Fiscal Year 2024 Financial Results

Revenue

Revenue increased by 126.4% to $2.64 million for the six months ended September 30, 2023, from $1.17 million for the same period of last year. The increase in revenue was mainly driven by the revenue from asset management services and referral services.

Expenses

Expenses decreased to $1.30 million for the six months ended September 30, 2023, from $1.42 million for the same period of last year. The decrease was mainly due to decrease in general and administrative expenses for the six months ended September 30, 2023.

Income (Loss) from Operations

Income from operations increased to $1.34 million for the six months ended September 30, 2023, from loss from operations of $0.25 million for the same period of last year.

Other Income

Oher income for the six months ended September 30, 2022 mainly consisted of subsidies from The Hong Kong Special Administrative Region Government (“HKSAR”). From May to July 2022, the HKSAR launched the 2022 Employment Support Scheme under the Anti-Epidemic Fund to provide wage subsidies to employers aiming to retain current employees or even hire more staff when the business revives as soon as the epidemic situation permits. No such subsidies were received during the six months ended September 30, 2023.

Net Income (Loss)

Net income increased to $1.25 million for the six months ended September 30, 2023, from the net loss of $0.20 million for the same period of last year.

Basic and Diluted Earnings (Loss) per Share

Basic and diluted earnings per share increased to $0.10 for the six months ended September 30, 2023, from loss per share of $0.02 for the same period of last year.

Financial Condition

As of September 30, 2023, cash and cash equivalents increased to $6.38 million, from $1.93 million as of March 31, 2023.

Net cash used in operating activities was $2.37 million for the six months ended September 30, 2023, compared to $1.62 million for the same period of last year.

Net cash used in investing activities was $0.02 million for the six months ended September 30, 2023, compared to net cash provided by investing activities of $0.27 million for the same period of last year.

Net cash provided by financing activities increased to $6.73 million for the six months ended September 30, 2023, compared to net cash used in financing activities of $0.07 million for the same period of last year.

Recent Development

On September 8, 2023, the Company closed its initial public offering (the “IPO”) of 2,000,000 ordinary shares (the “Ordinary Shares”) at a public offering price of US$4.00 per ordinary share. The ordinary shares commenced trading on the Nasdaq Capital Market on September 7, 2023 under the ticker symbol “SWIN”. The Company received aggregate gross proceeds of US$8.0 million from this Offering, before deducting underwriting discounts and other related expenses.

On March 14, 2024, the Company announced its strategic expansion into the Private Wealth Management business under its newly formed Hong Kong subsidiary, Solomon Private Wealth Limited, which was incorporated on December 4, 2023 and is now operational. The Company expects to serve a broad range of high-net-worth individuals, family offices, and trusts, by offering wealth management services and solutions that span traditional and virtual asset classes.

About SOLOWIN HOLDINGS

Based in Hong Kong, SOLOWIN HOLDINGS is a versatile securities brokerage company strategically focused on high-net-worth investors worldwide. It offers a wide spectrum of products and services, spanning from traditional assets to virtual assets through its advanced and secure one-stop electronic platform, Solomon Win.

Experiencing robust growth since 2021, SOLOWIN HOLDINGS distinguishes itself through its main subsidiary, Solomon JFZ (Asia) Holdings Limited (“Solomon JFZ”), licensed by the Hong Kong Securities and Future Commission, Solomon JFZ empowers the Company to deliver unparalleled one-stop financial solutions to both individual investors and corporate clients. The diversified offerings include Securities Brokerage, Investment Banking, Asset Management, Virtual Assets, and cutting-edge FinTech Services. For more information, visit the Company’s website at http://ir.solomonwin.com.hk.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.

For investor and media inquiries please contact:

SOLOWIN HOLDINGS

Investor Relations Department
Email: ir@solomonwin.com.hk

Ascent Investor Relations LLC

Tina Xiao
Phone: +1-646-932-7242

Email: investors@ascent-ir.com

SOLOWIN HOLDINGS 

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2023 AND MARCH 31, 2023

(Amount in U.S. dollars and in thousands, except for share and per share data, or otherwise noted)

SOLOWIN HOLDINGS

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS)

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 

(Amount in U.S. dollars and in thousands, except for share and per share data, or otherwise noted)

SOLOWIN HOLDINGS

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Amount in U.S. dollars and in thousands, except for share and per share data, or otherwise noted)

SOLOWIN HOLDINGS

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Amount in U.S. dollars and in thousands, except for share and per share data, or otherwise noted)

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