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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.