XML 61 R28.htm IDEA: XBRL DOCUMENT v3.24.2
Receivables from Customers, Net (Tables)
 12 Months Ended
Mar. 31, 2024
Receivables from Customers, Net [Abstract]  
Schedule of Receivables from Customers As of March 31, 2023 and 2024, receivables from customers consisted of the following balances:
   As of March 31, 
   2024   2023 
Third parties        
Receivables related to securities brokerage services        
Unsettled trades on trade-date basis  $26,603   $83,539 
Overdue balances on settlement dates(1)   54,931    281,305 
Other brokerage commission receivables related to primary market   
-
    229,331 
Receivables related to advisory fees   99,031    
-
 
Receivables related to introducing and referral services   30,790    13,376 
Receivables related to underwriting and placement services   43,318    898,076 
    254,673    1,505,627 
Less: allowance for expected credit losses   (6,610)   
-
 
Total receivables from customers, net  $248,063   $1,505,627 
           
Related party          
Receivables related to securities brokerage services          
Overdue balances on settlement dates(1)  $3,740   $1,219 
Less: allowance for expected credit losses   (31)   
-
 
Total receivables from customers-related party, net  $3,709   $1,219 
(1)According to the contracts entered into between the Group and its customers, the Group shall charge its customers on amounts due on brokerage transactions which are not yet duly settled on settlement dates an interest at Hong Kong Prime Lending Rate plus 8% per annum. Further according to the terms set out in the contracts, the Group is entitled to liquidate the security positions it holds on behalf of the particular customers in order to recover the receivable balances in cases of default. As of March 31, 2024 and 2023, the Group maintained a weighted average Loan-To-Value ratio of 0.23% and 0.90% against these balances, respectively. Subsequent to the year ended March 31, 2024, receivables from customers amounted to $159,335 have been fully settled.
Schedule of Movement of Allowance for Expected Credit Losses The movement of allowance for expected credit losses is as follow:
   As of March 31, 
   2024   2023 
Balance at April 1  $
-
   $
-
 
Provision for expected credit losses   6,641    
-
 
Balance at March 31  $6,641   $
-