mF International Limited

What they do

The company operates through legacy subsidiaries m-FINANCE, mFTT and OTX, which provide financial trading software and related services from Hong Kong. In August 2025 it formed two wholly-owned digital asset subsidiaries, CAT Strategy Limited and iBCH Inc., to pursue digital asset activities. mF International Limited itself is a BVI holding company; its Class A ordinary shares trade on the Nasdaq Capital Market.

Revenue drivers

• Legacy financial trading software and services — The historical business carried by m-FINANCE, mFTT and OTX, which the filing identifies as the legacy operating subsidiaries; total revenue was $4.3M in 2025, but the excerpts do not break this down by segment or product.

Recent performance

Revenue was $4.1M in 2023, $3.4M in 2024 and $4.3M in 2025. Net income was $848,670 in 2023, a loss of $2.6M in 2024, and $10.1M in 2025; the filing excerpts provided do not explain the swing to profitability. Diluted EPS was $0.073 in 2023 and negative $0.2 in 2024. Operating cash flow was $1.4M in 2023, negative $2.8M in 2024, and negative $2.0M in 2025. At June 30, 2026, the balance sheet showed total assets of $241.3M, total liabilities of $1.0M, shareholder equity of $240.3M and cash and equivalents of $29.0M.

Strategy

The filing shows a structure combining the legacy Hong Kong financial trading software subsidiaries with two digital asset operating subsidiaries, CAT and iBCH, both incorporated on August 15, 2025. CAT Strategy Limited is a Hong Kong company and iBCH Inc. is a BVI company; both are wholly-owned. The excerpts provided do not include management's specific strategic priorities for these entities. No guidance, capital allocation plan or investment budget is included in the available material.

Risks

• New digital asset business with no operating history — CAT Strategy Limited and iBCH Inc. were incorporated on August 15, 2025, so the digital asset operations have little or no track record as of the December 31, 2025 fiscal year end.
• Operating cash outflows — Operating cash flow was negative $2.8M in 2024 and negative $2.0M in 2025 despite reported net income of $10.1M in 2025, which the excerpts do not reconcile.
• Revenue scale and volatility — Revenue moved from $4.1M in 2023 to $3.4M in 2024 to $4.3M in 2025, and net income swung from a $2.6M loss in 2024 to $10.1M profit in 2025.
• China and Hong Kong legal and operational risks — The filing states that the legal and operational risks associated with operations in China may also apply to operations in Hong Kong, where the legacy subsidiaries and CAT are based.

Outlook

The excerpts provided do not contain forward-looking guidance or management's stated outlook. The only directional signal is the August 2025 formation of the two digital asset subsidiaries. How those entities will be funded, staffed, or monetized is not described in the material available.