Freedom Holding Corp 2024年度报告

FORM10-K xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedMarch 31, 2025 OR oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ________ to _________ Commission File Number001-33034 FREEDOM HOLDING CORP. (Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. xYesoNo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. oYesxNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subjectto such filing requirements for the past 90 days. xYesoNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files.) xYesoNo Indicate by check mark whether the registrant is a large accelerated filed, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and"emerging growth company" in Rule 12b-2 of the Exchange Act. Accelerated fileroSmaller reporting companyoEmerging growth companyo Large Accelerated FilerxNon-accelerated filero If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.x If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which thecommon equity last sold as of the last business day of the registrant's most recently completed second fiscal quarter was $5,738,457,223. As of June11, 2025, the registrant had61,205,640shares of common stock, par value $0.001, outstanding. TABLE OF CONTENTS PART IPageItem 1.Business5Item 1A.Risk Factors26Item 1B.Unresolved Staff Comments57Item 1C.Cybersecurity57Item 2.Properties58Item 3.Legal Proceedings59Item 4.Mine Safety Disclosures59PART IIItem 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities60Item 6.[Reserved]61Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations61Item 7A.Quantitative and Qualitative Disclosures About Market Risk85Item 8.Financial Statements and Supplementary Data86Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure175Item 9A.Controls and Procedures175Item 9B.Other Information175Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections175PART IIIItem 10.Directors, Executive Officers and Corporate Governance176Item 11.Executive Compensation176Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters176Item 13.Certain Relationships and Related Transactions, and Director Independence176Item 14.Principal Accounting Fees and Services176PART IVItem 15.Exhibits, Financial Statement Schedules177Item 16.Form 10-K Summary180SIGNATURES181 FREEDOM HOLDING CORP. Except where the context otherwise requires or where otherwise indicated, references herein to the "Company,""we,""our,""us," "ourcompany," "our business" and "Freedom" mean Freedom Holding Corp. together with its consolidated subsidiaries. References to"fiscal2025,""fiscal 2024"and"fiscal 2023"(or similar references to a respective"fiscal year") mean th