According to Caixin, QMMM Holdings (NASDAQ: QMMM), a US-listed company listed on Nasdaq, announced on September 9, 2025 that it plans to build a cryptocurrency reserve of $100 million, and its share price rose 9.6 times in three weeks. The Securities Exchange Commission (SEC) at the end of September believed that the company was suspected of using social platforms to manipulate its share price and ordered it to suspend trading since September 29. The company has been suspended since September 29.
Caixin visited its Hong Kong headquarters on October 16 and found that the office was empty. He asked another company employee nearby, who said that the company had moved out in September and did not know where to move.
According to reports, QMMM was listed on Nasdaq in July 2024 and is registered in the Cayman Islands. It is a holding company. There are two companies under QMMM's actual operation, namely Manymany Creations and Quantum Matrix, which are mainly engaged in media and animation production. They are both registered in the Sea View Building near the Tin Hau subway station in Hong Kong. The registered business type is "advertising and market research".
Caixin: Hong Kong crypto treasury company QMMM's stock has been suspended so far, and the office is empty
2025-10-17 02:19:17
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