Caixin: Hong Kong Crypto Custodian Company QMMM's Stock has been Suspended and its Office is Empty

BlockBeats News, October 17th. According to Caixin report, U.S. 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 in three weeks. The U.S. Securities and Exchange Commission (SEC) believed at the end of September that the company was suspected of using social media to manipulate its stock price and ordered a trading halt starting from September 29th. The company has remained suspended since then.

Caixin visited its Hong Kong headquarters on October 16th and found the office empty. When inquiring with employees of another company nearby, they mentioned that the company had relocated in September, but they were unaware of the new location. The report stated that QMMM was listed on Nasdaq in July 2024, registered in the Cayman Islands, and is a holding company. There are two companies under QMMM that are engaged in actual operational businesses, namely Manymany Creations and Quantum Matrix, focusing on media and animation production. Both are registered near Tin Hau MTR Station in Hong Kong's Hoi Xing Building, with their registered business types listed as "advertising and market research."