Chaince Digital Holdings Inc.

What they do

The Company conducts financial services and advisory operations primarily through Chaince Securities, Inc. and its affiliated entities. Chaince Securities, LLC is a FINRA-registered broker-dealer and registered investment advisor (RIA) providing investment banking, transaction execution, brokerage-related, and other financial advisory services to clients in U.S. capital markets. Ucon Capital (HK) Limited and its PRC subsidiary provide business consulting and advisory services to clients in the Asia-Pacific region.

Revenue drivers

• Investment banking and capital markets advisory — Services include IPO-related and non-IPO-related financial services engagements, primarily for companies pursuing securities offerings in the U.S. capital markets.
• Transaction execution and brokerage-related services — Provides brokerage-related services to institutional investors, high-net-worth individuals, and emerging issuers, generating fees from transaction execution.
• Business consulting and advisory (Asia-Pacific) — Ucon Capital (HK) Limited and Chaince (Shenzhen) Consulting Co., Ltd. provide capital markets advisory, corporate consulting, and related professional services to clients in the Asia-Pacific region.

Recent performance

Revenue for the three months ended March 31, 2026 was $507,546, versus $25,065 in the same period of 2025, a substantial increase. For fiscal year 2025, annual revenue was $1.9M, compared to $494,025 in 2024. Net loss for 2025 was $5.1M, slightly wider than the 2024 loss of $4.5M. Diluted EPS was -$0.08 for 2025, versus -$0.07 in 2024. Operating cash flow was -$2.4M in 2025.

Strategy

Management continues to focus on expanding the Company's financial services platform, developing its client base, and increasing revenue contribution from both IPO-related and non-IPO-related financial services engagements. Following FINRA's approval of Chaince Securities, LLC's Continuing Membership Application in March 2025, the financial services and advisory business became the primary operating focus and remains the sole continuing business line. The Company expects to pursue growth in financial services and advisory while maintaining operational discipline and supporting expansion of its customer base across multiple service lines.

Risks

• Limited revenue base and history of losses — The Company has recorded net losses every year from 2021 through 2025, with cumulative losses exceeding $46M, and revenue is modest relative to expenses.
• Concentration in U.S. capital markets and IPO activity — Revenue is tied to securities offerings and market conditions; a downturn in IPO or brokerage activity could materially reduce fees.
• Regulatory and compliance risk — As a FINRA-registered broker-dealer and RIA, the Company is subject to extensive regulation; compliance failures could lead to fines, suspension, or loss of licenses.
• Related-party and historical obligations — The Company has relied on waivers from former shareholders and directors to settle related-party payables; future arrangements or disputes could affect financials.

Outlook

Management expects to continue pursuing growth in financial services and advisory businesses, with a focus on expanding the client base and increasing revenue from IPO-related and non-IPO engagements. The Company plans to maintain operational discipline while supporting expansion across multiple service lines. No material change in principal business strategy occurred during the first quarter of 2026.