Problems at QMMM Holdings (QMMM)
Regulators should halt QMMM before U.S. investors lose millions
The Bear Cave believes the stock of QMMM Holdings (NASDAQ: QMMM — $296 million) is being manipulated by overseas stock manipulation groups and is at risk of a near-term, severe stock collapse.
QMMM Holdings is a Cayman Islands holding company that owns “a digital media advertising service and virtual avatar & virtual apparel technology service company” operating in Hong Kong. QMMM has 28 employees and has disclosed four years of declining revenue from $3.56 million in 2021 to $3.40 million in 2022, $2.81 million in 2023, and $2.70 million in 2024. The company disclosed a net loss of $1.58 million last year and its auditor, WWC P.C., expressed “substantial doubt as to [the company’s] ability to continue as a going concern.”
QMMM went public at $4 per share in July 2024. The stock rose to $12.39 per share on November 5, 2024, before falling ~95% to $0.58 per share on November 21, 2024. The original runup and decline did not appear to be related to any company news, a potential sign that the price action was caused by coordinated stock manipulators. That trend appears to be repeating.
On June 20, 2025, QMMM issued 40 million shares at $0.20 per share through an offering led by Pacific Century Securities and Revere Securities. Other past clients of Pacific Century Securities include Wellchange Holdings (NASDAQ: WCT), which declined ~80% in a week in March, Click Holdings (NASDAQ: CLIK), which declined ~90% in a week in April, and Everbright Digital (NASDAQ: EDHL), which declined ~90% in a week in July. Other past clients of Revere Securities include Samfine Creation Holdings (NASDAQ: SFHG), which declined ~95% in a week in December 2024, Picocela (NASDAQ: PCLA), which declined ~80% in a week in July, and Kandal M Venture Limited (NASDAQ: FMFC), which has recently risen roughly 150% in what appears to be another WhatsApp-led stock manipulation scheme.
QMMM closed yesterday at $5.17 per share, more than 25 times its offering price two months ago. The Bear Cave believes the runup is driven by coordinated stock manipulation in private WhatsApp groups.
StopNasdaqChinaFraud.com, The Bear Cave’s crowdsourced database of WhatsApp stock manipulation groups, has nine submissions of WhatsApp chats promoting QMMM starting as early as August 3. Likewise, VampireStocks, a Reddit community dedicated to exposing U.S.-listed China stock manipulation scams, has issued several recent warnings on QMMM.
The Bear Cave believes QMMM is now at risk of a near-term, severe stock collapse for four reasons: