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MFI on Nasdaq

mF International Ltd

MF International Ltd is a computer programming services company, listed on Nasdaq (MFI).1 It is headquartered in Hong Kong, Hong Kong.1

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Last updated Oct 21, 2026.

Overview

$4.3MRevenue, fiscal 20252
$10.1MNet income, fiscal 20252

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  • TickerMFI on Nasdaq1
  • IndustryServices-Computer Programming Services1
  • HeadquartersHong Kong, Hong Kong1
  • Incorporated inVirgin Islands, British3
  • Business addressUnit 1801, Fortis Tower, 77-79 Gloucester Road, Wanchai, Hong Kong, K3 0000003
  • Filer categoryNon-accelerated filer, Emerging growth company3

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Our principal executive offices are located at 2308, 23/F, The Center, 99 Queen’s Road Central, Central, Hong Kong, and our telephone number is(+852) 6810-1055. Our registered office in the British Virgin Islands is at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, BVI. We maintain a website at https://www.m-finance.com . The information contained on our website is not a part of this annual report. Our agent for service of process in the United States is Cogency Global Inc., 122 East 42nd Street, 18th Floor, New York, NY 10168.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

29.6%Gross margin2
-143.7%Operating margin2
232.8%Net margin2
29.4%Revenue growth, 20252
2.0%Return on equity2
0.00×Debt to equity2
-$2.1MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Subscriptions brought in 51% of the revenue mF International Ltd broke down this way in fiscal 2025.

  1. Subscriptions15.2M HKD251%up 33% from 2024
  2. Hosting Support and Maintenance Services5.1M HKD217%up 4% from 2024
  3. Whitel Label Services4.9M HKD216%up 62% from 2024
  4. Subscription Services3.1M HKD210%up 44% from 2024
  5. Liquidity Services1.4M HKD25%down 26% from 2024
Products and services by year
Products and services202320242025
Subscriptions11.4M HKD11.4M HKD15.2M HKD
Hosting Support and Maintenance Services4.3M HKD4.9M HKD5.1M HKD
Whitel Label Services2.1M HKD3.0M HKD4.9M HKD
Subscription Services2.5M HKD2.2M HKD3.1M HKD
Liquidity Services2.6M HKD1.9M HKD1.4M HKD

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue23¢$3.1M
  • Research and development0¢$5.9K
  • Income tax3¢$390.6K
  • Profit75¢$10.1M

Out of $4.3M in revenue.2

Financial statements

Revenue562$4.3M in 2025+6% since 2023
0$2.0M$4.0M$6.0M2023: $4.1M$4.1M20232024: $3.4M$3.4M2024−18%2025: $4.3M$4.3M2025+29%
Gross profit562$1.3M in 2025−44% since 2023
0$1.0M$2.0M$3.0M2023: $2.3M$2.3M20232024: $1.6M$1.6M2024−31%2025: $1.3M$1.3M2025−19%
Operating income562-$6.2M in 2025
-$8.0M-$6.0M-$4.0M-$2.0M0$2.0M2023: $855.5K$855.5K20232024: -$2.5M-$2.5M20242025: -$6.2M-$6.2M2025+150%
Net income562$10.1M in 2025+1092% since 2023
-$5.0M0$5.0M$10.0M$15.0M2023: $848.7K$848.7K20232024: -$2.6M-$2.6M20242025: $10.1M$10.1M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Revenue33.8M HKD26.1M HKD32.0M HKD
Cost of revenue23.8M HKD13.8M HKD14.0M HKD
Gross profit10.0M HKD12.3M HKD18.0M HKD
Selling and marketing expenses6.7M HKD4.2M HKD161.0K HKD
Research and development expenses46.0K HKD172.8K HKD11.4K HKD
General and administrative expenses37.6M HKD27.3M HKD11.1M HKD
Impairment loss of intangible assets14.2M HKD0 HKD0 HKD
Total operating expenses58.6M HKD31.7M HKD11.3M HKD
Income (loss) from operations-48.6M HKD-19.4M HKD6.7M HKD
Option premium income4.4M HKD0 HKD0 HKD
Realized gain on disposal of digital assets873.4K HKD0 HKD0 HKD
Investment income from stable coins and digital assets1.7M HKD0 HKD0 HKD
Change in fair value of derivative liabilities-2.8M HKD0 HKD0 HKD
Change in fair value of stable coins, digital assets and digital assets restricted121.2M HKD0 HKD0 HKD
Others-1.4M HKD0 HKD0 HKD
Total investment gain (losses), net124.0M HKD0 HKD0 HKD
Other income (expenses), net65.6K HKD-159.1K HKD457.9K HKD
Realized loss on disposal of financial assets at fair value0 HKD0 HKD-7.9K HKD
Change in fair value on financial assets at fair value0 HKD0 HKD-2.1K HKD
Interest (expense) income, net256.0K HKD101.1K HKD-353.0K HKD
Total other income (expenses), net321.6K HKD-58.0K HKD95.0K HKD
Profit (loss) before income taxes75.7M HKD-19.4M HKD6.8M HKD
Income tax (expense) benefit3.0M HKD-781.8K HKD-148.3K HKD
Net income (loss)78.7M HKD-20.2M HKD6.6M HKD
Foreign currency translation adjustment-465.8K HKD4.0K HKD17.9K HKD
Comprehensive income (loss)78.3M HKD-20.2M HKD6.6M HKD
Weighted average shares outstanding - basic (in shares)5.6M shares1.7M shares1.4M shares
Weighted average shares outstanding - diluted (in shares)5.8M shares1.7M shares1.4M shares

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Corporate structure

mF International Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of mF International Ltd

  • mF International Ltd Hong Kong, Hong Kong

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What mF International Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$391.6K2 Dec 31, 2025$449.2K6 Dec 31, 2024−12.8%
Property and equipment, net$36.8K2 Dec 31, 2025$51.9K6 Dec 31, 2024−29.0%
Operating-lease assets (leased space)$560.6K2 Dec 31, 2025$201.3K6 Dec 31, 2024+178.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$28.7M2 Dec 31, 2025$2.5M6 Dec 31, 2024+1034.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$6.9K2 Dec 31, 2025$2.4M6 Dec 31, 2024−99.7%
Accumulated amortization$7.6M2 Dec 31, 2025-$6.7M6 Dec 31, 2024+212.9%
Finite-lived intangibles, net$6.9K2 Dec 31, 2025$2.4M6 Dec 31, 2024−99.7%

Leadership

Who has led mF International Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Dawei Yuan2026–now
Board members and other officers (2)

Timeline

  1. Apr 1, 2026New chief executive Dawei Yuan becomes CEO7

Filings

77 filings to the SEC since October 2021: 3 annual reports, 2 insider forms, 3 large holders, 69 other. The latest 20:

  1. Sep 10, 20266-K EDGAR
  2. Aug 20, 20266-K EDGAR
  3. Jun 29, 202620-F EDGAR
  4. May 22, 20266-K EDGAR
  5. May 21, 20266-K EDGAR
  6. Apr 30, 2026NT 20-F EDGAR
  7. Apr 1, 20263 EDGAR
  8. Apr 1, 20263 EDGAR
  9. Feb 6, 20266-K EDGAR
  10. Jan 15, 20266-K EDGAR
  11. Jan 2, 2026424B7 EDGAR
  12. Jan 2, 2026F-3ASR EDGAR
  13. Nov 25, 20256-K EDGAR
  14. Nov 5, 20256-K EDGAR
  15. Nov 4, 2025F-3/A EDGAR
  16. Oct 22, 2025F-3/A EDGAR
  17. Oct 3, 20256-K EDGAR
  18. Sep 12, 2025F-3 EDGAR
  19. Aug 29, 20256-K EDGAR
  20. Jul 7, 20256-K EDGAR

The 77 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How mF International Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARmF International Ltd1
  • CIK0001940941
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inHong Kong4
  • Fiscal year endsDecember 311
  • Industry code (SIC)7371 Services-Computer Programming Services1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business addressUnit 1801, Fortis Tower, 77-79 Gloucester Road, Wanchai, Hong Kong, K3 0000001
  • Phone852-3426-62001
  • Shares outstanding49,045,623 shares as of Dec 31, 20254
  • AuditorEnrome LLP, Singapore PCAOB ID 6907; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceDec 30, 20221
  • Filings77 in all: 6-K (27), F-1/A (9), UPLOAD (5), CORRESP (4), 20-F (3), DRS/A (3), DRSLTR (3), 3 (2)1
    All 25 form types

    424B4 (2), F-3/A (2), FWP (2), NT 20-F (2), 424B7 (1), 6-K/A (1), 8-A12B (1), CERT (1), DRS (1), EFFECT (1), F-1 (1), F-1MEF (1), F-3 (1), F-3ASR (1), SC 13G (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (20-F) Jun 29, 2026

Securities registered for trading

ClassSymbolExchange
Class A Ordinary SharesMFINasdaq

From the cover page of the 20-F filed Jun 29, 2026 (Section 12(b) of the Exchange Act).4

Sources

The numbers on this page point here. Each one links to the record it came from.

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