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olivLaw · US equity research

mF International Ltd MFI

Services-Computer Programming Services · SIC 7371 · Vertical: Services-Computer Programming Services (SIC 7371)

7.50USD−5.66% · 1 dayClose 03 Nov 2026

mF International Ltd is a British Virgin Islands holding company whose operations run through Hong Kong subsidiaries. Its core business provides financial trading solutions to brokers and institutions, and it has expanded into digital assets, a shift that carries substantial risk. Total revenue rose in fiscal 2025 from the prior year, while the digital asset strategy depends heavily on the price of Bitcoin Cash.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 03 Nov 2026, mF International Ltd (MFI) stock was 7.50 USD (−5.66% on the day), with market capitalisation 367.8 m USD, P/E 36.4 on diluted EPS of -0.20 USD over the last 12 months, dividend yield 0.00%, beta 1.56, 52-week range 6.10–24.85 USD.

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

Market cap
367.8 m USD
shares as of 31 Dec 2025
P/E (TTM)
36.4
Diluted EPS TTM -0.20 · TTM to 31 Dec 2024
E/P (TTM)
-2.67%
TTM to 31 Dec 2024
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
1.56
Volatility (1y) 117%
52-week range
6.1024.85

Price history

Loading chart…

Technical reading

RSI (14)
32.2
weak (30–45)
Bollinger (20, 2)
7.17 – 9.23
in the lower half of the band · %B 0.16 · band width 25.1%
SMA 50 / 200
8.91 / 10.35
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.33 / -0.29
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−20.8%−1.1%−19.7 pp—
3 months−7.1%−0.5%−6.6 pp—
6 months−30.5%+4.4%−34.9 pp—
Year to date−59.6%+12.3%−72.0 pp—
1 year−72.3%+13.5%−85.8 pp−39.9%
3 yearsunavailable+76.4%unavailable−39.8%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−75.5%
10 Nov 2025 → 16 Jun 2026
Max drawdown (5y)
−95.8%
22 Apr 2024 → 16 Apr 2025
Compound annual growth (5y)
unavailable
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 year20212022202320242025
Revenueunavailableunavailable4.1 m3.4 m4.3 m
Revenue YoYunavailableunavailableunavailable−17.9%+29.4%
Net incomeunavailableunavailable848.7 k-2.6 m10.1 m
Net income YoYunavailableunavailableunavailable−406.6%unavailable
Diluted EPSunavailableunavailable0.07-0.20unavailable
Diluted EPS YoYunavailableunavailableunavailable−374.0%unavailable
net %unavailableunavailable20.7%-77.5%232.8%
Free cash flowunavailableunavailable1.4 m-2.9 m-2.1 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
28.7 m USD
Financial debt
185.7 k USD
Net debt
-28.5 m USD
Equity
515.5 m USD
Total assets
518.9 m USD
Debt / equity
0.00x
Current ratio
164.32x
ROE
3.9%
ROA
3.8%
FCF margin
-47.4%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
4.1 m
2024
3.4 m
2025
4.3 m

SEC (XBRL)· 29 Jun 2026verified

Cost of revenue
2023
1.8 m
2024
1.8 m
2025
3.1 m

SEC (XBRL)· 29 Jun 2026verified

Gross profit
2023
2.3 m
2024
1.6 m
2025
1.3 m

SEC (XBRL)· 29 Jun 2026verified

Research & development
2023
1.5 k
2024
22.2 k
2025
5.9 k

SEC (XBRL)· 29 Jun 2026verified

Operating income
2023
855.5 k
2024
-2.5 m
2025
-6.2 m

SEC (XBRL)· 29 Jun 2026verified

Interest expense
2023
45.2 k
2024
-13.0 k
2025
-32.9 k

SEC (XBRL)· 29 Jun 2026verified

Pre-tax income
2023
867.7 k
2024
-2.5 m
2025
9.7 m

SEC (XBRL)· 29 Jun 2026verified

Income tax
2023
19.0 k
2024
100.6 k
2025
-390.6 k

SEC (XBRL)· 29 Jun 2026verified

Net income
2023
848.7 k
2024
-2.6 m
2025
10.1 m

SEC (XBRL)· 29 Jun 2026verified

Diluted EPS
2023
0.07
2024
-0.20
2025
—

SEC (XBRL)· 23 Apr 2025verified

Weighted average diluted shares
2023
1.4 m
2024
1.7 m
2025
5.8 m

SEC (XBRL)· 29 Jun 2026verified

Dividend per share
2023
—
2024
—
2025
0.00

SEC (XBRL)· 29 Jun 2026derived

Balance sheet · USD

Cash
2023
871.9 k
2024
2.5 m
2025
28.7 m

SEC (XBRL)· 29 Jun 2026verified

Receivables
2023
330.2 k
2024
144.3 k
2025
28.8 k

SEC (XBRL)· 29 Jun 2026verified

Current assets
2023
1.3 m
2024
4.4 m
2025
518.3 m

SEC (XBRL)· 29 Jun 2026verified

Property, plant & equipment, net
2023
4.7 k
2024
51.9 k
2025
36.8 k

SEC (XBRL)· 29 Jun 2026verified

Intangibles (excl. goodwill)
2023
2.0 m
2024
2.4 m
2025
6.9 k

SEC (XBRL)· 29 Jun 2026verified

Total assets
2023
4.3 m
2024
7.5 m
2025
518.9 m

SEC (XBRL)· 29 Jun 2026verified

Short-term debt
2023
494.7 k
2024
516.5 k
2025
185.7 k

SEC (XBRL)· 29 Jun 2026verified

Long-term debt
2023
776.2 k
2024
263.6 k
2025
0

SEC (XBRL)· 29 Jun 2026verified

Current liabilities
2023
1.6 m
2024
2.2 m
2025
3.2 m

SEC (XBRL)· 29 Jun 2026verified

Total liabilities
2023
2.8 m
2024
2.9 m
2025
3.4 m

SEC (XBRL)· 29 Jun 2026verified

Equity
2023
1.5 m †
2024
4.6 m †
2025
515.5 m †

SEC (XBRL)· 29 Jun 2026verified

Shares outstanding at year end
2023
11.6 m
2024
4.2 m
2025
49.0 m

SEC (XBRL)· 29 Jun 2026verified

Cash flow · USD

Operating cash flow
2023
1.4 m
2024
-2.8 m
2025
-2.0 m

SEC (XBRL)· 29 Jun 2026verified

Capex
2023
6.2 k
2024
59.7 k
2025
19.5 k

SEC (XBRL)· 29 Jun 2026verified

Free cash flow
2023
1.4 m ≈
2024
-2.9 m ≈
2025
-2.1 m ≈

SEC (XBRL)· 29 Jun 2026derived

Investing cash flow
2023
-727.9 k
2024
-1.1 m
2025
175.8 k

SEC (XBRL)· 29 Jun 2026verified

Financing cash flow
2023
-1.4 m
2024
5.8 m
2025
27.8 m

SEC (XBRL)· 29 Jun 2026verified

Dividends paid
2023
—
2024
—
2025
0

SEC (XBRL)· 29 Jun 2026verified

Computed indicators

Growth

Revenue growth (YoY)
29.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
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
input data missing
Net income CAGR 5Y
unavailable
input data missing
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
the base of the ratio is not positive

Profitability

Gross margin
29.6%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
-143.7%
computed by olivLawFY 2025
Net margin
232.8%
computed by olivLawFY 2025
FCF margin
-47.4%
computed by olivLawFY 2025

Returns

ROE
3.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
3.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
-2.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
-1.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
-28.5 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
-189.8x
computed by olivLawFY 2025

Liquidity

Current ratio
164.3x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
9.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-2.0 m USD
computed by olivLawFY 2025
Capital expenditure
19.5 k USD
computed by olivLawFY 2025
Free cash flow
-2.1 m USD
computed by olivLawFY 2025
FCF conversion
-20.3%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
7 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
367.8 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
339.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
36.4x
computed by olivLawFY 2025
P/E (TTM)
36.4x
computed by olivLawFY 2025
Earnings yield
2.8%
computed by olivLawFY 2025
P/B
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
84.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
78.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-0.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
0.0%
computed by olivLawFY 2025
Shareholder yield (distributions)
0.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 25 / 100

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

score < 40

Closing price

7.50 USD

03 Nov 2026Source: olivLaw, closing series

Market cap: 367.8 m USD

Key indicators

Market capitalisation
367.8 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
36.4x
computed by olivLawFY 2025
P/B
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
3.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
232.8%
computed by olivLawFY 2025
Revenue growth (YoY)
29.4%
computed by olivLawFY 2025
Dividend yield
0.0%
computed by olivLawFY 2025

Coverage and freshness

30/37 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 29 Jun 2026
verified 97derived 1

Score by group

  • Balance sheet100
  • Valuation9
  • Quality7
  • Growth81
  • Returns33

Estimated value range

Low
0.61
USD per share
Mid
0.63
USD per share
High
0.68
USD per share
Price: 7.50 USD
The price is above the range
Potential to the central value: -91.6% (value / price − 1)
Margin of safety: -1,086.5% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.61 – 0.68 USD.

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

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/Sales0.61 – 0.68 (Mid 0.63)
    9 companies used · median multiple 0.6x · quartiles 0.4x – 1.1x
    CINT, CTSH, DOX, EPAM, FORTY, MWC, RDNW, WIT, XTIA
  • Peers: EV/EBITDAunavailable · input data missing
Multiple comparisons use the SIC vertical: Services-Computer Programming Services (SIC 7371)

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

Unattractive profile · Score 25/100

FactorValueScoreWeight used
Gross margin · Quality29.6%0 (on a fixed band)14%
EBIT margin · Quality-143.7%23 (vs peers)11%
FCF margin · Quality-47.4%0 (on a fixed band)11%
Revenue CAGR 3Y · Growthunavailableunavailable—
Revenue growth (YoY) · Growth29.4%81 (vs peers)11%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet164.3x100 (on a fixed band)8%
EV/Sales · Valuation78.1x15 (vs peers)22%
FCF yield · Valuation-0.6%0 (on a fixed band)17%
Shareholder yield (distributions) · Returns0.0%33 (on a fixed band)6%

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

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth· partial81/100 · 1/2 factors with a value
  • Quality7/100 · 3/3 factors with a value
  • Returns33/100 · 1/1 factors with a value
  • Valuation9/100 · 2/2 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

mF International Limited (MFI). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 4.3 m USD in 2025; YoY growth 29.4%; net margin 232.8%; ROE 3.9%.

The estimated value range is 0.61–0.68 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.63 USD, the price of 7.50 USD leaves a potential of -91.6% (value / price − 1) and a margin of safety of -1,086.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 25/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth. Not investment advice.

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

What supports the thesis

  • Revenue growth (YoY): 29.4%
  • Current ratio: 164.3x

What contradicts it

  • Gross margin: 29.6%
  • EBIT margin: -143.7%
  • FCF margin: -47.4%
  • EV/Sales: 78.1x
  • FCF yield: -0.6%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, Net debt / EBITDA.

Versus the vertical median

Services-Computer Programming Services (SIC 7371) · same industry (4-digit SIC) · compared with 32 companies

Multiples and returns vs the median

P/E
36.4x
vertical median 15.4x
above median (+135.7%)
EV/EBITDA
—
vertical median 3.6x
P/S
84.6x
vertical median 2.3x
above median (+3,644.8%)
P/B
0.7x
vertical median 2.0x
below median (−64.6%)
ROE
3.9%
vertical median 5.6%
below median (−30.0%)
Net margin
232.8%
vertical median 2.8%
above median (+8,161.7%)
EBIT margin
-143.7%
vertical median 4.1%
below median (−3,621.2%)
Revenue YoY
29.4%
vertical median 3.9%
above median (+663.3%)
Net debt/EBITDA
—
vertical median 0.0x
Dividend yield
0.0%
vertical median 3.2%
below median (−100.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
INFYInfosys Limited49.6 bn16.129.0%16.4%+3.9%−30% / −30%
ZSZscaler Inc36.6 bn—-2.9%-1.9%+25.4%−11% / +14%
CTSHCognizant Technology Solutions Corporation29.4 bn12.017.4%11.8%+7.0%−15% / −7%
VRSNVerisign Inc28.5 bn33.6—49.1%+6.4%+26% / +50%
WITWipro Limited22.7 bn15.416.4%14.7%−3.2%−21% / −11%
EPAMEpam Systems, Inc.7.1 bn18.611.2%7.2%+15.4%−27% / −47%
DOCSDoximity, Inc.6.2 bn40.917.2%25.5%+13.1%−33% / +49%
DOXAmdocs Limited4.9 bn10.314.1%9.9%+2.4%−43% / −48%
RGTIRigetti Computing, Inc.3.7 bn—-43.8%-1,787.4%−34.3%−56% / +958%
FORTYFormula Systems (1985) Ltd.1.8 bn23.412.2%2.9%+5.2%−20% / +96%
MGRTMega Fortune Co Ltd1.6 bn698.921.1%16.1%+233.3%+1,864% / unavailable
PERIPerion Network Ltd.446.8 m—-1.1%-1.8%−11.7%+12% / −59%
MFImF International Limited367.8 m36.43.9%232.8%+29.4%−72% / unavailable
IAInnovative Solutions And Support, Inc.353.7 m18.828.5%20.5%+78.6%+103% / +167%
GDEVGDEV Inc.176.1 m2.6—17.1%−3.9%−44% / −57%
ATGLAlpha Technology Group Ltd146.5 m—-184.7%-952.0%−40.2%−61% / −39%
MLGOMicroAlgo Inc.135.7 m1.27.6%30.2%−20.3%−61% / −100%
MWCMicware Co., Ltd.82.0 m8.120.0%7.3%unavailableunavailable / unavailable
PDCPerpetuals.com Ltd74.9 m—-75.8%-1,069.9%−47.0%−61% / −13%
CINTCI&T Inc73.8 m10.313.8%8.3%+11.5%−31% / −40%
CYCUCycurion, Inc.65.1 m—-76.7%-98.0%−14.8%−91% / unavailable
XTIAXti Aerospace, Inc.37.7 m——-89.6%+602.4%−40% / −100%
MNDOMind Cti Ltd18.3 m6.911.0%13.4%−9.3%−24% / −53%
CHGAChange Agents Corporation17.8 m—-606.9%-643.1%+6.2%−97% / −99%
RDNWRideNow Group, Inc.11.7 m——-0.8%−10.5%+7% / −9%

1- and 3-year price returns: for MFI 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
4.90
Total return -35% · Per year -35%
8.63
Total return 15% · Per year 15%
12.94
Total return 73% · Per year 73%
3 years
5.81
Total return -22% · Per year -8%
11.41
Total return 52% · Per year 15%
18.63
Total return 148% · Per year 35%
5 years
6.90
Total return -8% · Per year -2%
15.09
Total return 101% · Per year 15%
26.83
Total return 258% · Per year 29%
What moves the 3-year price the most
  • Exit P/E± 2.85
  • Net margin± 2.00
  • Annual revenue growth± 1.49
  • Annual dilution± 0.17

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 29 Jun 2026; since then the company filed 6-K (23 Oct 2026), 6-K (10 Sept 2026), 6-K (20 Aug 2026).

In brief

mF International Ltd is a British Virgin Islands holding company whose operations run through Hong Kong subsidiaries. Its core business provides financial trading solutions to brokers and institutions, and it has expanded into digital assets, a shift that carries substantial risk. Total revenue rose in fiscal 2025 from the prior year, while the digital asset strategy depends heavily on the price of Bitcoin Cash.

SWOT

Strengths

  • The company has roughly two decades of experience in financial trading solutions, an award-winning product and an institutional client base spread across many smaller clients.
  • Capital raised through the December 2025 private placement gives the company substantial resources for its digital asset strategy.
  • A broad service range, from platform and CRM to white label and copy trading, lets clients build their own business around the company's products.

Weaknesses

  • The client count has fallen in recent years, and one client accounted for a visible share of revenue in fiscal 2025.
  • The company has no long experience in mining or in digital asset-denominated life insurance, and these activities remain plans.
  • The balance sheet is concentrated in volatile digital assets, making financial results sensitive to price moves.

Opportunities

  • If the Bermuda insurance license is approved, the company could enter a new market for insurance products aimed at digital asset holders.
  • Developing its own mining capacity could lower Bitcoin Cash acquisition costs if access to affordable energy is confirmed.
  • White label and Broker+ services could attract new brokers in the region seeking solutions without large development costs.

Threats

  • A renewed fall in digital asset prices could seriously affect the company's balance sheet and results.
  • Regulatory changes in Hong Kong or mainland China could affect operations and the ability to attract foreign investors.
  • Counterparty risk at custodians, including possible insolvency, could lead to loss of access to assets.

Risks

  • Exposure to digital asset priceshigh

    Revenue and the balance sheet depend heavily on the price of Bitcoin Cash and other assets. A price decline could reduce asset values and financial results.

  • Custody riskhigh

    Digital assets are held with third parties, and if a custodian became insolvent the company could be treated as an unsecured creditor, delaying access to its assets.

  • Regulatory risk in Hong Kong and Chinamedium

    The company states that political and legal changes could affect operations and its ability to offer securities to foreign investors.

  • Client concentrationmedium

    A small number of clients generates a significant share of revenue, and losing a large client could affect quarterly results.

  • Execution risk on new projectsmedium

    Mining and digital asset-denominated life insurance depend on approvals and operating capability the company has not yet demonstrated, and failure could negate the expected benefits.

Investment thesis

What would need to be true (bull case)

  • If the digital asset strategy generates stable income from mining and insurance, the company could diversify its revenue away from its traditional software business.
  • Two decades of experience in trading platforms, combined with newly raised capital, could allow expansion into new Asian markets.
  • White label revenue grew in fiscal 2025, which could indicate durable demand for the company's solutions if the trend holds.

What would break the thesis

  • If the price of Bitcoin Cash falls again, the balance sheet could suffer significant losses and the value of the digital asset strategy could drop quickly.
  • The traditional business shows signs of weakness, with fewer clients and declining liquidity revenue, which could limit funding for new projects.
  • Mining and insurance projects could face regulatory and operational obstacles, and the company has no proven track record in these fields.

What to watch

  • Approval of the Bermuda Class ILT insurance license by the regulator2026
  • Development of in-house BCH mining capacity and electricity costs2026
  • Trend in client numbers and revenue concentrationnext 10-K
  • Value of digital asset holdings and results of the covered option hedgingQ1 2027

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 29 Jun 2026; since then the company filed 6-K (23 Oct 2026), 6-K (10 Sept 2026), 6-K (20 Aug 2026).

The business

The company is a holding company incorporated in the British Virgin Islands, with operations carried out by its Hong Kong operating subsidiaries. The legacy business centers on m-FINANCE, established in 2002, which develops and provides trading platforms for forex and precious metals. Total revenue was 33.8 million HK$ (4.3 million USD) in fiscal 2025 1. Since August 2025 the company has pursued a new digital asset strategy centered on Bitcoin Cash, for which it raised 500 million USD in a private placement in December 2025 1.

Clients are mainly financial institutions such as brokers, investment banks, institutional clients and financial services providers, largely located in mainland China, Hong Kong and Southeast Asia. The number of clients fell from 54 in fiscal 2023 to 48 in fiscal 2025 1. In fiscal 2025 the largest client accounted for 13.4% of revenue, and the company states it does not depend on any single key client 1.

Beyond the trading platform, the company offers CRM services, liquidity solutions, a copy trading application called CopyMaster, a Broker+ cross-platform product and value-added services. It intends to develop in-house Bitcoin Cash mining and a digital asset-denominated life insurance business, but both remained future plans at the report date 1.

Segments

Trading platforms and subscription services

This is the core legacy business, in which clients pay set-up fees, monthly subscriptions and hosting and maintenance fees. Subscription revenue reached 15.2 million HK$ in fiscal 2025 1. Clients are generally bound by one-year contracts, and the company generally grants 30-day credit terms 1.

Liquidity solutions and white label

Liquidity services route client orders directly to liquidity providers, with income based on trading volume. This segment declined in fiscal 2025, while white label services, which let clients operate the platform under their own brand, grew considerably 1.

Digital asset strategy

This early-stage division includes investments in Bitcoin Cash, Bitcoin and stablecoins, along with planned self-mining and life insurance activities. The company states it manages price risk through covered put and covered call options, but it has not yet shown a long operating track record 1.

Market context

The market for financial trading solutions for Asian brokers is a niche one and depends on capital market activity in Hong Kong. The company states that deterioration in financial conditions could affect demand for its services 1. The small client base and revenue concentration mean each important client carries significant weight in results.

The digital asset market is highly volatile, and the company stressed that prices can fall sharply, as Bitcoin did when it declined by more than 50% between October 2025 and February 2026 1. Mining economics also depend on electricity costs, which the company regards as a critical factor 1.

Trends

  • Cryptocurrency price volatilityheadwind

    The price of Bitcoin Cash and other digital assets is driven by investor sentiment and regulation, which could directly affect the company's revenue and balance sheet. The company acknowledges it cannot predict these movements.

  • Brokers outsourcing trading infrastructure to SaaS providerstailwind

    Brokers increasingly outsource trading infrastructure to specialist vendors, which could support demand for the company's software solutions if it keeps its clients.

  • Regulation of digital assets and insurancemixed

    Regulatory changes could alter the status of Bitcoin Cash or lead to the company being classified as an investment company, raising compliance costs. The Bermuda insurance license depends on regulatory approvals.

  • Competition for technical talentheadwind

    The company states there is a limited pool of IT staff and digital asset specialists, and retaining staff could require higher salaries, which would reduce profitability.

Competitive position

In trading solutions for brokers, the company faces vendors offering MT4 and MT5 compatible platforms developed by Metaquotes Ltd, on which the integration of its products partly depends 1. The company differentiates itself through all-in-one solutions and white label services.

In digital assets, the company competes with other entities holding large amounts of Bitcoin Cash and with established mining operators, a segment where cost advantage depends on access to cheap energy 1. The company does not yet have a proven track record in this area.

  • Metaquotes Ltd

    Provider of the MT4 and MT5 platforms, with which the company's integration depends, and which may be both partner and competitor.

  • Coinbase Custody Trust Company

    Custodian holding a significant part of the company's digital assets, and also an actor in the digital asset market.

  • Payward Inc (Kraken)

    Cryptocurrency custody and trading platform holding digital assets of the company.

  • Binance Holdings Ltd

    Global digital asset platform that is also custodian of a significant part of the company's assets.

News & filings

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / mF International Ltd · 29 Jun 2026

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