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olivLaw · US equity research

MMTEC, INC. MTC

Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

5.37USD−4.79% · 1 dayClose 04 Nov 2026

MMTEC, INC. provides Internet-based technology and services to funds, brokers and investment firms trading in global capital markets, with a focus on Chinese-speaking clients. In fiscal 2025 revenue fell sharply to 807,500 USD and the net loss reached about 56.1 million USD, which puts the sustainability of the current model in question.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, MMTEC, INC. (MTC) stock was 5.37 USD (−4.79% on the day), with market capitalisation 534.8 m USD, beta 1.16, 52-week range 2.03–9.06 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
534.8 m USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -1.61 · TTM to 31 Dec 2022
E/P (TTM)
-29.98%
TTM to 31 Dec 2022
Dividend yield
unavailable
Beta (2y)
1.16
Volatility (1y) 241%
52-week range
2.039.06

Price history

Loading chart…

Technical reading

RSI (14)
50.2
neutral
Bollinger (20, 2)
4.27 – 6.65
in the lower half of the band · %B 0.46 · band width 43.5%
SMA 50 / 200
5.18 / 4.62
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.06 / 0.12
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+7.6%−1.1%+8.7 pp—
3 months+70.5%−0.5%+70.9 pp—
6 months−28.5%+4.4%−32.9 pp—
Year to date+57.0%+12.3%+44.7 pp—
1 year+1,666.4%+13.5%+1,652.9 pp−16.4%
3 years−41.6%+76.4%−118.0 pp+64.7%
5 years−95.9%+63.7%−159.5 pp—
Max drawdown (1y)
−74.5%
15 Apr 2026 → 08 Jul 2026
Max drawdown (5y)
−99.8%
15 Nov 2021 → 04 Nov 2025
Compound annual growth (5y)
−47.1%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue26.9 k200.8 k742.1 k568.6 k1.1 m869.9 k1.9 m807.5 k
Revenue YoYunavailable+647.0%+269.6%−23.4%+88.8%−19.0%+114.8%−56.8%
Net income-2.3 m-2.2 m-3.2 m-7.1 m-5.6 m45.5 m-91.2 m-56.1 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailable−300.4%unavailable
Diluted EPSunavailable-0.11-1.56-2.88-1.61unavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-8,738.2%-1,117.2%-428.7%-1,240.0%-526.0%5,230.5%-4,879.7%-6,944.3%
Free cash flow-1.9 m-2.3 m-2.0 m-4.1 m-5.6 m-5.2 m717.8 kunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
8.2 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
14.5 m USD
Total assets
18.4 m USD
Debt / equity
unavailable
Current ratio
12.50x
ROE
-272.7%
ROA
-133.0%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
869.9 k
2024
1.9 m
2025
807.5 k

SEC (XBRL)· 02 Apr 2026verified

Cost of revenue
2023
172.9 k
2024
343.1 k
2025
633.0 k

SEC (XBRL)· 02 Apr 2026verified

Gross profit
2023
697.0 k
2024
1.5 m
2025
174.5 k

SEC (XBRL)· 02 Apr 2026verified

Research & development
2023
364.0 k
2024
73.3 k
2025
40.2 k

SEC (XBRL)· 02 Apr 2026verified

Operating income
2023
-4.8 m
2024
-3.1 m
2025
-3.8 m

SEC (XBRL)· 02 Apr 2026verified

Depreciation & amortisation
2023
—
2024
—
2025
—

SEC (XBRL)· 13 Apr 2023verified

EBITDA
2023
—
2024
—
2025
—

SEC (XBRL)· 30 Apr 2024derived

Interest expense
2023
-4.2 m
2024
2.4 m
2025
8.7 m

SEC (XBRL)· 02 Apr 2026verified

Pre-tax income
2023
-7.8 m
2024
-91.1 m
2025
-56.1 m

SEC (XBRL)· 02 Apr 2026verified

Income tax
2023
—
2024
24.5 k
2025
9.0 k

SEC (XBRL)· 02 Apr 2026verified

Net income
2023
45.5 m
2024
-91.2 m
2025
-56.1 m

SEC (XBRL)· 02 Apr 2026verified

Diluted EPS
2023
—
2024
—
2025
—

SEC (XBRL)· 13 Apr 2023verified

Weighted average diluted shares
2023
13.2 m
2024
25.0 m
2025
53.6 m

SEC (XBRL)· 02 Apr 2026verified

Balance sheet · USD

Cash
2023
1.8 m
2024
2.9 m
2025
8.2 m

SEC (XBRL)· 02 Apr 2026verified

Receivables
2023
92.0 k
2024
—
2025
—

SEC (XBRL)· 30 Apr 2024verified

Current assets
2023
3.0 m
2024
3.0 m
2025
8.4 m

SEC (XBRL)· 02 Apr 2026verified

Property, plant & equipment, net
2023
129.1 k
2024
85.8 k
2025
2.5 k

SEC (XBRL)· 02 Apr 2026verified

Goodwill
2023
108.2 m
2024
108.2 m
2025
108.2 m

SEC (XBRL)· 02 Apr 2026verified

Total assets
2023
157.0 m
2024
65.9 m
2025
18.4 m

SEC (XBRL)· 02 Apr 2026verified

Short-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 13 Apr 2023verified

Current liabilities
2023
5.5 m
2024
7.3 m
2025
669.2 k

SEC (XBRL)· 02 Apr 2026verified

Total liabilities
2023
38.1 m
2024
39.3 m
2025
3.9 m

SEC (XBRL)· 02 Apr 2026verified

Equity
2023
118.9 m
2024
26.6 m
2025
14.5 m

SEC (XBRL)· 02 Apr 2026verified

Shares outstanding at year end
2023
—
2024
25.2 m
2025
99.6 m

SEC (XBRL)· 02 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
-5.2 m
2024
722.9 k
2025
-3.7 m

SEC (XBRL)· 02 Apr 2026verified

Capex
2023
970
2024
5.0 k
2025
—

SEC (XBRL)· 09 Apr 2025verified

Free cash flow
2023
-5.2 m ≈
2024
717.8 k ≈
2025
—

SEC (XBRL)· 09 Apr 2025derived

Investing cash flow
2023
-86.5 m
2024
629.5 k
2025
9.0 m

SEC (XBRL)· 02 Apr 2026verified

Financing cash flow
2023
89.7 m
2024
-241.8 k
2025
—

SEC (XBRL)· 09 Apr 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-56.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
-9.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
1.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
21.6%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
-470.9%
computed by olivLawFY 2025
Net margin
-6,944.3%
computed by olivLawFY 2025
FCF margin
-458.0%
computed by olivLawFY 2025

Returns

ROE
-272.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-133.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
-21.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-0.4x
computed by olivLawFY 2025

Liquidity

Current ratio
12.5x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
12.2x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-3.7 m USD
computed by olivLawFY 2025
Capital expenditure
5.0 k USD
computed by olivLawFY 2024
Free cash flow
-3.7 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
534.8 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-10.5%
computed by olivLawFY 2025
P/B
36.8x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
662.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-0.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

5.37 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 534.8 m USD

Key indicators

Market capitalisation
534.8 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
36.8x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-272.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-6,944.3%
computed by olivLawFY 2025
Revenue growth (YoY)
-56.8%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 02 Apr 2026
verified 230

Score by group

33% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-6,944.3%0 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-9.1%0 (on a fixed band)25%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-0.4x0 (on a fixed band)19%
Current ratio · Balance sheet12.5x100 (on a fixed band)13%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-0.7%0 (on a fixed band)25%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

MMTEC, INC. (MTC). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 807.5 k USD in 2025; YoY growth -56.8%; net margin -6,944.3%; ROE -272.7%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 12.5x

What contradicts it

  • Net margin: -6,944.3%
  • Revenue CAGR 3Y: -9.1%
  • Interest coverage: -0.4x
  • FCF yield: -0.7%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies

Multiples and returns vs the median

P/E
—
vertical median 16.2x
EV/EBITDA
—
vertical median 14.1x
P/S
662.3x
vertical median 1.9x
above median (+35,354.4%)
P/B
36.8x
vertical median 1.6x
above median (+2,233.0%)
ROE
-272.7%
vertical median 18.5%
below median (−1,575.9%)
Net margin
-6,944.3%
vertical median 13.5%
below median (−51,405.5%)
EBIT margin
-470.9%
vertical median 25.8%
below median (−1,928.3%)
Revenue YoY
-56.8%
vertical median 19.6%
below median (−389.0%)
Net debt/EBITDA
—
vertical median -0.3x
Dividend yield
—
vertical median 1.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MSMorgan Stanley304.6 bn15.618.0%—unavailable+14% / +144%
BLKBlackRock, Inc.189.7 bn28.112.2%24.2%+89.3%+17% / +63%
SCHWSchwab Charles Corp161.5 bn16.820.3%38.8%+22.0%+1% / +52%
RJFRaymond James Financial, Inc.32.4 bn14.718.5%13.6%+6.6%+8% / +60%
SEICSei Investments Company12.9 bn18.928.9%28.1%+8.1%+34% / +85%
FRHCFreedom Holding Corp.11.9 bn73.811.2%6.5%+9.3%+42% / +129%
JEFJefferies Financial Group Inc.10.5 bn11.58.6%7.5%+2.9%−11% / +44%
MKTXMarketaxess Holdings Inc5.8 bn19.523.3%35.2%+3.6%+1% / −31%
SFStifel Financial Corp5.1 bn5.216.5%14.6%+6.7%−10% / +79%
IBKRInteractive Brokers Group, Inc.5.0 bn17.191.3%179.4%+23.4%+20% / +300%
PIPRPiper Sandler Companies5.0 bn6.023.6%14.5%+24.3%−16% / +82%
MIAXMiami International Holdings, Inc.3.5 bn12.528.9%19.8%+19.6%−23% / unavailable
WTWisdomTree, Inc.3.0 bn38.218.7%13.3%+15.4%+81% / +208%
JSMNavient Holdings, Inc.1.5 bn—-2.0%—−15.6%−21% / −19%
MTCMmtec, Inc.534.8 m—-272.7%-6,944.3%−56.8%+1,666% / −42%
SIEBSiebert Financial Corp.75.2 m—-1.3%-1.1%+12.3%−43% / −3%
DOMHDominari Holdings Inc.39.8 m—-315.4%-51.6%+487.0%−65% / −28%
LGHLLion Group Holding Ltd.34.3 m—-27.4%-52.8%unavailable−100% / −100%
COHNCohen & Co Inc.33.0 m1.933.3%5.6%+246.2%−33% / +66%
AXGSolowin Holdings, Ltd.26.5 m—-88.9%-47.4%+895.0%−53% / −38%
GLXYGalaxy Digital Inc.1.4 k—-16.7%-0.5%+41.8%−47% / unavailable
HOODRobinhood Markets, Inc.040.321.3%39.0%+51.6%−32% / +893%
ETOReToro Group Ltd.—10.41.4%1.6%+9.5%−43% / unavailable
NMRNomura America Finance, LLC————+12.7%+29% / +138%
FUTUFutu Holdings Ltd075.933.3%49.6%+67.8%−42% / +82%

1- and 3-year price returns: for MTC from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 02 Apr 2026; since then the company filed 6-K (12 Aug 2026).

    In brief

    MMTEC, INC. provides Internet-based technology and services to funds, brokers and investment firms trading in global capital markets, with a focus on Chinese-speaking clients. In fiscal 2025 revenue fell sharply to 807,500 USD and the net loss reached about 56.1 million USD, which puts the sustainability of the current model in question.

    SWOT

    Strengths

    • The company has an integrated trading and fund administration platform, with modules clients can use separately or under their own brand 1.
    • The New York broker-dealer subsidiary and Hong Kong licences give a base for services in US and Hong Kong markets 1.
    • A multi-subsidiary structure allows it to serve clients across several jurisdictions 1.

    Weaknesses

    • Repeated net losses show that revenue does not cover operating costs 1.
    • Revenue is concentrated in one line, placement agent services, leaving the company exposed to lower volumes 1.
    • Gross margin fell sharply in the latest year, indicating pressure on service costs 1.

    Opportunities

    • If demand for access to US markets grows, advisory and investment banking services could be revived 1.
    • Trading technology and fund administration could be extended to new institutional clients 1.
    • The market for small and medium-sized funds could provide clients for set-up and administration solutions 1.

    Threats

    • Chinese data regulation could limit access to clients in the Chinese-speaking market 1.
    • Fines and compliance requirements could raise costs and reputational risk 1.
    • Cyber-attacks and system disruptions could damage client confidence 1.

    Risks

    • Repeated net losseshigh

      The company has recorded losses in several periods and it is not certain that revenue will grow enough to reach profitability 1.

    • Dependence on placement saleshigh

      Revenue comes almost entirely from one business line, and a fall in it could seriously affect results 1.

    • Cybersecurity risksmedium

      The platform processes sensitive user data, making it a target for attacks, with possible legal liability and reputational damage 1.

    • Dependence on key personnelmedium

      The departure of key staff could lead clients to move to competitors 1.

    • Regulation and employee errormedium

      Employee mistakes or tighter regulation could lead to financial losses and sanctions 1.

    Investment thesis

    What would need to be true (bull case)

    • If placement and broker-dealer activity stabilises, the company could reduce the losses it has recorded in recent years 1.
    • Its technology platforms could attract new institutional clients if demand for cross-border access grows 1.
    • A refocus on advisory and investment banking could bring revenue if those services are revived 1.

    What would break the thesis

    • If revenue does not grow, repeated losses could exhaust the company's resources 1.
    • Dependence on a single revenue line and falling margins could add to financial pressure 1.
    • Chinese regulation and cyber risks could limit the client base and raise costs 1.

    What to watch

    • Trend in placement revenue and gross marginQ1 2027
    • Whether advisory and investment banking services are revived or abandoned2027
    • Net loss and operating cost levelsnext 10-K
    • Data regulation and cross-border supervision in China2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 02 Apr 2026; since then the company filed 6-K (12 Aug 2026).

    The business

    The company supplies Internet-based technology services to hedge funds, mutual funds, registered investment advisors, proprietary trading groups and brokerage firms, mainly in the Chinese-speaking market 1. Its platforms include trading systems for brokers, private fund management systems and mobile and PC applications for individual investors 1. Clients may use the interface under their own brand (white label) or select separate modules such as order routing, trade reporting or clearing 1.

    Broker-dealer activity is run through its subsidiary MM Global in New York, which generated placement agent services revenue 1. The company also added financial advisory and investment banking services for small and medium-sized Chinese enterprises seeking access to US capital markets, although revenue from this line was nil in 2024 and 2025 1.

    The legal structure was reorganised in recent years: MMTEC is a British Virgin Islands company, main operations are run from Beijing through Gujia, and the principal office is in Hong Kong 1. Several subsidiaries were disposed of or dissolved, including the interest in Alpha Mind sold in 2023 1.

    Segments

    Technology platforms and fund administration

    The ETN and PTN platforms and client applications provide the infrastructure for trading, account management and private fund valuation 1. The analysed source gives no separate revenue figure for this line 1.

    Financial advisory and investment banking

    The line generated 800,000 USD of consulting revenue in fiscal 2023 but had no revenue in fiscal 2024 or 2025, which points to suspended or reconfigured activity 1.

    Market context

    The company operates in global capital markets, particularly for Chinese clients wishing to trade on foreign exchanges, a segment where competition and cross-border data rules shape demand 1. Revenue is highly sensitive to trading volumes and economic conditions, which can fall sharply 1.

    The regulatory environment for financial firms has tightened, raising compliance costs and the risk of fines for businesses of this kind 1.

    Trends

    • Retail business reduced under Chinese regulationheadwind

      The company gradually cut retail activity after Chinese government requirements on cross-border data security supervision, which may limit its client base 1.

    • Demand for cross-border access to US marketstailwind

      Chinese clients seeking entry into US markets could form a niche if access through external platforms remains attractive 1.

    • Tighter financial regulationheadwind

      Authorities have increased fines and supervision, which could raise compliance costs for brokers and fund administrators 1.

    • Development of digital trading technologymixed

      Investment in trading, risk management and mobile access systems could strengthen the company's position if clients adopt them 1.

    Competitive position

    The analysed source does not name direct competitors, but notes that new market entrants usually lead to lower commissions 1. The company differentiates through white-label offerings and separate modules for Chinese-speaking clients 1.

    Retaining key employees and attracting skilled staff are critical, and competition for talent is intense, especially from firms with greater resources 1.

    • Other brokers and technology providers serving Chinese-speaking clients

      The source does not name specific competitors but cites pressure from new market entrants and better-resourced firms competing for staff 1.

    • US financial advisory and investment banking firms

      Competition in advisory and investment banking services is not detailed in the source, but demand for these services fell over the period analysed 1.

    • Providers of trading modules for brokers

      Clients can choose between the full platform and individual modules, which implies competition with providers specialised in components 1.

    • Private fund administration firms

      The company also serves private funds, a segment where local and international rivals reach the same client base 1.

    News & filings

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.