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QMSK Technology Co., Ltd., a Cayman Islands holding company, operates through PRC subsidiaries providing auto insurance aftermarket services and scenario-based customized services to insurance companies and third-party providers in China. Services include risk assessment using proprietary QMSP platform and value-added offerings like vehicle inspections and maintenance, outsourced via a network of 10,651 locations across 30 provinces. Revenues grew 38.5% to $52.9 million for fiscal year 2025 ended March 31, 2025 from $38.2 million prior year, with net income of $2.25 million; for six months ended September 30, 2025, revenues reached $31.0 million, up 20.1%. The company offers 6,250,000 Ordinary Shares at $4.00-$6.00 per share, targeting Nasdaq listing under 'QMSK', with underwriter option for 937,500 more shares. Net proceeds estimated at $26.9 million (no overallotment) will fund working capital (40%), R&D (30%), sales/marketing (20%), and HR (10%). As an emerging growth company and controlled entity (CEO Yaxin Dong owns 61.06% post-offering), it benefits from reduced reporting. Investment thesis centers on China's auto insurance market growth from $107.4 billion in 2023 to $145.5 billion by 2028 (CAGR 6.3%) and third-party services from $11.8 billion to $17.1 billion (CAGR 7.7%), leveraging technical strengths and extensive network amid regulatory risks.
Offering Amount
$2.50B
Shares Offered
500,000,000
Price Range
$4.00 – $6.00
Issuer Type
Shares Offered
6,250,000
Offering Amount
$26,907,676 (midpoint, no overallotment)
Price Range
$4.00 to $6.00
Share Type
Ordinary Shares
Exchange
Nasdaq Capital Market
Ticker
QMSK
Use of Proceeds: General working capital (40%), research and development (30%), sales and marketing (20%), human resources (10%)
Holding company providing auto insurance aftermarket services (risk assessment, value-added services) and scenario-based customized services (IT, promotional) to insurance firms and third-party providers in China via PRC operating entities.