QDM International Inc. (QDMI), a Florida holding company that conducts insurance brokerage operations primarily through its Hong Kong subsidiary YeeTah, has filed Amendment No. 6 to a Form S-1 for a firm commitment public offering of $15,000,000 of common stock. The company’s shares currently trade on the OTCQB and it has applied to list on Nasdaq under the same symbol, though approval is not assured.
QDM is a smaller reporting company and, after the offering, will remain a controlled company because CEO Huihe Zheng holds about 99.2% of voting power. Operations are concentrated in Hong Kong insurance distribution, with recent expansion via the acquisition of licensed broker Wintah and growth in a referral business with trust and insurance partners. The prospectus highlights extensive regulatory and political risks tied to Hong Kong and PRC oversight, HFCA Act audit-inspection risks, and potential future PRC filing requirements, any of which could materially affect operations or the value and tradability of the stock. Cash flows depend on Hong Kong subsidiaries, and QDM states it has not paid, and does not expect to pay, dividends in the foreseeable future.
QDM International Inc., a Hong Kong-focused insurance brokerage platform, reported significantly stronger results for the three months ended June 30, 2026. Revenue was $8,392,383, an increase of approximately $4.8 million or 133.4% compared with the same period in 2025, driven mainly by more insurance company partners and a larger number of referral partners.
Net income was $3,151,784, up about $1.3 million or 70.2% year-on-year, with basic and diluted earnings per share rising to $0.36 from $0.22. Gross profit increased to $4,264,277, but the gross profit margin decreased from 70.8% to 50.8%, reflecting a sharp rise in cost of sales tied to higher referral fees. Effective October 1, 2025, the company raised its standard referral fee rate to approximately 50% to align with Hong Kong Insurance Authority benchmark guidance, compared with around 15% plus discretionary bonuses in the prior-year quarter.
General and administrative expenses rose 31.9% to $484,497, mainly due to additional hiring and higher CEO compensation under an agreement effective December 2025. Cash and cash equivalents were $10.16 million as of June 30, 2026. Total assets reached $21,129,074, with shareholders’ equity of $18,713,552.
QDM International Inc., a Florida holding company operating an insurance brokerage and referral business in Hong Kong through YeeTah, reported strong growth for the quarter ended June 30, 2026. Revenue was $8.39 million, up 133.4% from $3.59 million a year earlier, driven by more insurance carriers, broader product offerings and additional referral partners.
Cost of sales rose faster than revenue as referral fee rates increased to a benchmark 50%, reducing gross margin from 70.8% to 50.8%. Net income grew 70.2% to $3.15 million, with basic and diluted EPS of $0.36. Cash and cash equivalents were $10.16 million, while prepaid referral fees expanded to $9.51 million. Operating cash flow was modest at $0.12 million, mainly due to working capital swings.
The company closed a small acquisition of Hong Kong broker MCM (now Hong Kong Wintah Insurance Broker Limited) for HK$2.2 million (approximately $280,000) and adopted a 2026 Equity Incentive Plan authorizing up to 1,295,427 shares. Management disclosed ongoing material weaknesses in internal control over financial reporting related to segregation of duties, documentation and lack of an audit committee, and outlined remediation plans.
QDM International Inc. reported strong growth for the fiscal year ended March 31, 2026. Revenue rose to $21,475,746 from $8,381,274, driven by a roughly 179.2% increase in insurance brokerage revenue and 25.5% growth in referral business. Net income increased to $7,533,321 from $4,823,338, with basic earnings per share up to $0.88 from $0.56.
For the fourth quarter, revenue grew by about $4,301,065, or 88.85%, and net income rose by about $2,012,898, or 63.53%, versus the prior-year quarter, with quarterly EPS at $0.60 versus $0.37. Full-year cost of sales jumped 836.5%, compressing gross margin by 33.7%, though fourth-quarter gross margin improved by 14.72%. Cash and cash equivalents increased to $10,328,590 as of March 31, 2026, from $8,557,305 a year earlier.
QDM International Inc., a Florida holding company, files its annual report for the year ended March 31, 2026, outlining its Hong Kong–based insurance brokerage operations conducted through subsidiary YeeTah. The business focuses on life and medical policies, which generated about 99.9% of net revenues, with general insurance contributing less than 1%.
QDM highlights growing referral income, earning US$1,572,446 in 2026 from directing clients to partner trust and insurance firms. YeeTah worked with 24 insurers and offered roughly 629 products, with three insurers accounting for 31.3%, 26.1% and 11.6% of 2026 commissions.
The report emphasizes regulatory and structural risks tied to operating in Hong Kong under PRC influence, potential impacts of the Holding Foreign Companies Accountable Act, and possible future PRC data and securities rules. QDM notes it is dependent on dividends from its Hong Kong subsidiary, has never paid dividends on common stock, and warns that PRC intervention could severely affect operations and the value of its securities.
International Inc. delivered strong growth for the quarter ended December 31, 2025. Revenue rose to $4.77 million from $1.58 million a year earlier, and net income increased to $1.27 million from $0.71 million. For the nine-month period, revenue reached $12.33 million versus $3.54 million, with net income of $2.35 million compared with $1.65 million.
Higher referral fee rates sharply increased cost of sales and reduced gross margin, though the company has since reset referral fees toward regulatory benchmarks. Cash and cash equivalents grew to $12.35 million, and shareholders’ equity increased to $10.38 million. The CEO holds super-voting Series B preferred stock reclassified as temporary equity, and management continues to report material weaknesses in internal controls while outlining remediation plans.
QDM International Inc. is conducting a firm commitment public offering of 1,250,000 shares of common stock, with an estimated public offering price between $4.00 and $5.00 per share. The shares currently trade on the OTCQB under the symbol QDMI, and the company has applied to list its common stock on Nasdaq under the same symbol in connection with this offering.
QDM is a Florida holding company whose business is conducted through its Hong Kong insurance brokerage subsidiary, YeeTah, which primarily sells life and medical insurance products and earns commissions from insurers. Net proceeds are estimated at approximately $4.4 million at a $4.50 per share price and are expected to be used for expanding service offerings, marketing and branding, new hires, and general working capital. The prospectus highlights significant risks, including heavy dependence on a small number of insurance company partners, extensive regulation in Hong Kong, political and regulatory uncertainty involving Hong Kong and the PRC, concentrated control by the CEO, who holds about 99% of the voting power, and potential impacts from PRC and U.S. regulatory regimes that could affect the business or trading of the stock.
QDM International Inc. reported that it entered into a new employment agreement with its Chief Executive Officer, Huihe Zheng, effective December 11, 2025. Under the agreement, Mr. Zheng receives an annual base salary of $300,000 and is eligible to participate in the company’s equity incentive plans and other benefits as determined by the board.
The contract grants Mr. Zheng a one-time special bonus of $700,000 within 60 days of the agreement’s effective date for past performance, plus a one-time special bonus of $300,000 to be paid within 60 days after the company uplists to The Nasdaq Stock Market LLC. The agreement runs for an initial three-year term with automatic one-year renewals unless either party gives at least 30 days’ notice of non-renewal.
The agreement outlines termination rights and severance protections, including cause and no-cause terminations, and change-of-control severance that provides a lump-sum payment equal to one month of base salary and a pro-rated annual bonus. It also includes confidentiality, non-competition, and non-solicitation covenants.
QDM International Inc. reported quarterly results for the period ended September 30, 2025. Revenue rose to $3,970,674 from $993,917 a year ago, but sharply higher referral-related costs lifted cost of sales to $4,946,977, driving a gross loss and a net loss of $1,113,358 (vs. net income of $488,706 last year). General and administrative expenses were $349,519.
For the six months, revenue reached $7,565,671 with net income of $1,082,947, reflecting stronger first-half performance. Cash and cash equivalents were $12,519,196 as of September 30, 2025, supported by $4,258,301 net cash from operating activities.
Management cited elevated referral fee rates of about 90% in the quarter; following Hong Kong Insurance Authority guidance adopting a 50% benchmark for certain referral fees effective October 1, 2025, QDM reduced referral fees to roughly 40%–50%. During the quarter, the company effected a 1‑for‑34 reverse stock split and its CEO converted 531,886 Series C preferred shares into 58,507 common shares. The company reported material weaknesses in disclosure controls and procedures and outlined remediation plans.
QDM International Inc. is offering 1,250,000 shares of common stock in an S-1/A registration, using proceeds to fund operations and expansion of its Hong Kong insurance brokerage and referral business. The prospectus discloses an assumed midpoint offering price of $4.50 per share, an underwriting structure that includes up to 5% compensation warrants for underwriters and a 30-day over-allotment option. The company reported a fiscal year with seasonally concentrated revenue and disclosed historical transactions including forward and reverse stock splits and related-party financings. Major disclosed risks include evolving PRC cybersecurity and anti-monopoly measures, potential restrictions under the HFCA Act and PCAOB inspection determinations, compliance obligations as a Nasdaq-listed company, and concentration of regulatory and market risks tied to Hong Kong and China developments.