QDM International Inc.

QDM International Inc. is a Florida holding company whose operating business is conducted primarily through its indirectly wholly owned subsidiary, YeeTah, in Hong Kong. YeeTah operates as an insurance brokerage and intermediary, selling life, medical, and general insurance products and providing MPF-related intermediary services to customers in Hong Kong and from mainland China.

42,8 %

53,6 %

35,1 %

+156,2 %

16.65

— QDM International Inc.
%
Life and medical insurance brokerage55% Intermediation of individual life and medical insurance policies underwritten by Hong Kong insurers.
General insurance brokerage30% Placement of automobile, property, liability, and homeowner insurance products.
MPF and retirement scheme intermediary services10% Assistance with MPF account opening, information collection, and fund transfers in Hong Kong.
Referral and partner commissions5% Commission income from referring clients to a Hong Kong trust company for investment products.

QDM serves individual insurance buyers in Hong Kong and mainland China visitors who purchase policies underwritten in...

  • Hong Kong individual insurance buyersprimary

    Buy life, medical, and general insurance through YeeTah for personal protection and household coverage.

  • Mainland China visitors and cross-border clientsprimary

    Purchase Hong Kong-issued insurance products through Hong Kong intermediaries for access to product breadth and service.

  • MPF and retirement-scheme userssecondary

    Use YeeTah for MPF information collection, account setup, and transfer support.

  • Referred investment-product clientsemerging

    Insurance customers referred to a Hong Kong trust company, generating referral commissions for QDM.

QDM is incorporated in Florida, but substantially all operating activity is in Hong Kong through YeeTah...

  • Florida holding company with no material operating business of its own
  • Primary operations conducted in Hong Kong through YeeTah
  • Customers are mainly in Hong Kong and mainland China-linked markets
  • Revenue depends on Hong Kong insurance and retirement-scheme activity
  • Cross-border demand from mainland China visitors is strategically important

The company’s strategy is to expand its Hong Kong insurance distribution network by adding partners, recruiting sales...

01
Expand partner-led distributionshort-term

More referral and business-partner channels can increase policy volume and customer reach without relying only on direct selling.

02
Recruit and retain sales talentshort-term

The brokerage model depends on licensed technical representatives to source and close policies.

03
Broaden product and partner mixmedium-term

A wider insurer panel and more product options can improve customer coverage and reduce dependence on any one carrier.

04
Diversify into referral-based incomemedium-term

Referral commissions add a non-insurance revenue stream and leverage the existing customer base.

QDM’s business is exposed to concentration risk because a large share of commissions can come from a limited number of...

high

Insurance partner concentration

A significant portion of commissions comes from a limited number of insurers, so partner loss or repricing can reduce revenue quickly.

Scope
One insurer accounted for 68.1% of commissions in FY2025 and 96.5% in FY2024.
Materiality
high
high

Dependence on technical representatives

Sales and customer servicing are conducted through licensed representatives, so turnover or misconduct can disrupt revenue generation and compliance.

Scope
Hong Kong brokerage operations
Materiality
high
high

Hong Kong regulatory and licensing risk

Insurance brokerage and MPF intermediary activities require licenses and ongoing compliance with local rules.

Scope
Hong Kong operating subsidiary
Materiality
high
high

Hong Kong and PRC policy exposure

Demand and operating conditions can be affected by political and economic changes in Hong Kong and by PRC policy shifts.

Scope
Cross-border customer base and Hong Kong operations
Materiality
high
medium

Competitive pressure in insurance intermediation

The market is crowded, which can pressure commissions, customer acquisition, and partner access.

Scope
Hong Kong insurance intermediary market
Materiality
medium
medium

Quarterly seasonality and renewal timing

Commission revenue varies with policy renewals and the mix of new versus renewal business.

Scope
Commission-based revenue model
Materiality
medium
Commission revenue recognition
Affects reported revenue and quarter-to-quarter comparability
Renewal versus first-year commission mix
Can affect revenue growth and margin interpretation
Referral-fee revenue
Adds diversification but may increase volatility
Foreign currency translation
Can move reported revenue, expenses, and equity balances
Related-party and shareholder funding
Relevant for liquidity and balance-sheet analysis

: 29/04/2026