TechFlow news, October 17 — According to Caixin, NASDAQ-listed company QMMM Holdings (NASDAQ:QMMM) announced on September 9, 2025, its plan to allocate $100 million to establish a cryptocurrency reserve, causing its stock price to surge 9.6 times within three weeks. At the end of September, the U.S. Securities and Exchange Commission (SEC) determined that the company was suspected of manipulating its stock price via social media platforms, and ordered it to suspend trading starting September 29. The company remains suspended from trading.
Caixin's visit on October 16 to its Hong Kong headquarters found the office completely vacated. Inquiries with staff from another nearby company revealed that QMMM had moved out in September, though they were unaware of its new location.
The report states that QMMM listed on NASDAQ in July 2024 and is registered in the Cayman Islands as a holding company. It has two operating subsidiaries: Manymany Creations and Quantum Matrix, both primarily engaged in media and animation production. Both are registered at Seaview Building near Tin Hau MTR station in Hong Kong, with registered business activities classified as "advertising and market research."
