Pinestone

What Pinestone does

Pinestone Capital Limited (HKEX: 804) is a Hong Kong-based, Main Board-listed financial services provider that delivers securities brokerage, securities-backed lending, and placing and underwriting services to individual and corporate clients in Hong Kong. Its core operating subsidiary, Pinestone Securities Limited (PSL), holds a Type 1 license under the Securities and Futures Ordinance (SFO) and is an Exchange Participant on the Stock Exchange of Hong Kong, enabling it to execute securities trades, extend margin financing and act as placing agent or underwriter. A second wholly-owned subsidiary, Pinestone Capital Group Limited, operates money lending services regulated under the Money Lenders Ordinance, providing case-by-case securities-backed loans that integrate with the brokerage platform to create a one-stop margin and collateralised lending offering.

The firm earns revenue through three streams: brokerage commissions on securities transactions (transaction-fee), interest income from margin financing and securities-backed money lending (usage-based), and fees from placing and underwriting mandates (transaction-fee). Pricing is not publicly disclosed and is set case-by-case within market and regulatory norms. Distribution is relationship-based and direct: PSL serves clients as an Exchange Participant, and Pinestone Capital Group Limited underwrites individual loans on a bespoke basis. The company has 11–50 employees, a single Hong Kong headquarters in Central, and operates only in Hong Kong.

Corporate history shows repeated capital restructuring: listing on GEM in 2015, transfer to the Main Board in 2017, a change of controlling shareholder in 2021–2022 when Cinese International Development Limited acquired roughly 50.18%, multiple share consolidations (2022, 2025), two rights issues (2023, 2025), a CEO change in December 2024, board refresh in October 2025 with the addition of former Alibaba Group executives, an announced major acquisition in October 2025, and a CEO resignation together with temporary Listing Rules non-compliance disclosed for 30 June 2026. No proprietary technology platforms, AI/ML capabilities, customer logos, or segment-level revenue data were disclosed in the source material; the financial figures supplied (revenues and P&L lines in the trillions of USD) are internally inconsistent with a firm of this size and are not used as analytical inputs.

Name

Pinestone

Legal name

Pinestone Capital Limited

Website

https://pinestone.com.hk

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Pinestone Capital Limited is a Hong Kong Main Board-listed financial services provider offering securities brokerage, securities-backed lending, and placing and underwriting services to individual and corporate clients via its Type 1 SFO-licensed subsidiary Pinestone Securities Limited.

Ownership category

akta.pro rank

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Securities Brokerage: Commission-based brokerage services for securities trading, including execution of securities transactions and related advisory services for individual and corporate clients.
2. Securities-Backed Lending: Margin financing and securities-backed lending services provided to clients, generating interest income on loans secured by securities collateral. Also includes money lending services via subsidiary Pinestone Capital Group Limited.
3. Placing and Underwriting: Capital markets services including placement of securities and underwriting services for corporate clients seeking to raise capital or complete transactions on the Hong Kong market.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Pinestone is a Hong Kong-based financial services provider that delivers an integrated suite of capital markets and lending services to individual and corporate clients. Its main business comprises (i) securities brokerage, (ii) securities-backed lending (including margin financing), and (iii) placing and underwriting. Brokerage and capital-markets services are delivered through Pinestone Securities Limited under a Type 1 SFO licence, while money lending is conducted on a case-by-case basis through Pinestone Capital Group Limited under the Money Lenders Ordinance.

Product overview

Pinestone is a Hong Kong-based financial services provider offering a integrated suite of wealth management and capital markets services. The company operates through two main subsidiaries: Pinestone Securities Limited (PSL), which provides Type 1 regulated securities brokerage, margin financing, and placing/underwriting services under the SFO; and Pinestone Capital Group Limited, which offers money lending services under the Money Lenders Ordinance. Together, these entities deliver a one-stop securities-backed lending platform serving both individual and corporate clients in Hong Kong.

Differentiator

Problem solved

Functional benefit

Products and services

• Securities Brokerage Services

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves7 records

Expansion highlights4 records

Direct peers

• CASH Financial Services Group: Hong Kong-listed financial services group offering brokerage, margin financing, and corporate advisory. Comparable to Pinestone in product mix and HK market focus; shares board-level alumni (Mr. Cheng Man Pan was COO of CASH).
• Get Nice Holdings: Hong Kong-listed securities firm offering brokerage, margin financing, and money lending. Closely comparable to Pinestone's integrated one-stop securities and securities-backed lending model.
• VBG Capital: Hong Kong SFO-licensed corporation carrying out Type 1 and Type 6 regulated activities. Comparable small-cap HK brokerage/advisory peer; Mr. Lau Chun Hung (Pinestone NED) previously worked at VBG Capital.
• Christfund Securities: Hong Kong-based securities brokerage and asset management firm serving individual and corporate clients. Comparable in scale, HK market focus, and securities-dealing license profile.
• China Demeter Financial: Hong Kong-listed financial services firm providing securities brokerage and money lending. Directly comparable to Pinestone's HK-focused integrated brokerage and securities-backed lending model.
• Celestial Asia Securities Holdings (CASH): Hong Kong-based securities and financial services group with brokerage and margin financing. Direct comparable in HK securities space; Mr. Cheng Man Pan served as Chief Financial Controller of CASH.
• Silverbricks Securities Company: Hong Kong SFO-licensed corporation conducting Type 1, Type 2, and Type 6 regulated activities. Comparable HK broker; Pinestone's NED Mr. Lau Chun Hung is currently the responsible officer for Type 6 at Silverbricks.

Broad incumbents

• Haitong International Securities Group: Large Hong Kong-listed brokerage and financial services group providing securities dealing, margin financing, and placing/underwriting. Overlaps fully with Pinestone's product set but operates at materially greater scale.
• Sun Hung Kai & Co. Larger Hong Kong-listed diversified financial services group with brokerage, margin financing, and wealth management. Overlaps with Pinestone's offering but operates at significantly greater scale and breadth.
• Shenwan Hongyuan (H.K.): Hong Kong subsidiary of a major mainland Chinese securities group offering brokerage, margin financing, and underwriting. Comparable HK brokerage/underwriting peer operating at substantially greater scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/pinestone-securities-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pinestone