Business Description

insurance, such as automobile insurance, commercial property insurance, liability insurance and homeowner insurance. In addition, as a Mandatory Provident Fund (“MPF”) intermediary, YeeTah is also licensed to provide customers with assistance on information collection, explanation of MPF products and policies (excluding investment advisory services), assistance with applications to set up MPF accounts, and transfer of funds across their respective MPF schemes. The MPF and the Occupational Retirement Schemes Ordinance (“ORSO”) in Hong Kong are retirement protection schemes set up for employees who are Hong Kong residents. YeeTah sells insurance products underwritten by insurance companies operating in Hong Kong to individual customers who are either Hong Kong residents or visitors from mainland China and is compensated for its services by commissions paid by insurance companies, typically based on a percentage of the premium paid by the insured. Commissions generally depend on the type and term of insurance products and the particular insurance company, and they are usually paid by the insurance companies the next month after the cooling off period of the policies sold, which is generally 21 days after the earlier of the delivery of the policy or the delivery of the cooling off notice to the policy holder, during which period policy purchasers may cancel the policy at their discretion and receive refunds. As of the date of this Report, YeeTah is a party to agreements with 24 insurance companies in Hong Kong, and offers approximately 629 insurance products to its individual customers. For the fiscal year ended March 31, 2026, approximately 31.3%, 26.1% and 11.6% of YeeTah’s total commissions was attributable to three insurance company, respectively. For the fiscal year ended March 31, 2025, approximately 68.1% and 12.4% of YeeTah’s total commissions was attributable to two insurance companies, respectively. During the fiscal year ended March 31, 2026 and March 31, 2025, YeeTah had a total of 880 and 263 customers who purchased life and medical insurance products through YeeTah, and 9 and 36 individual customers who purchased general insurance products, as well as one and five customers for MPF related services, respectively. As of the date of this Report, YeeTah has not provided any customer ORSO related services. As an independent insurance broker, YeeTah offers not only a broad range of insurance products underwritten by multiple insurance companies to address the diverse needs and preferences of increasingly sophisticated customers but also provides a range of quality services covering insurance policy application, customer information collection, analysis of policy selection, and after-sale services. YeeTah focuses on offering long-term life insurance products including endowment life and annuity life insurance and distributes general insurance products including automobile insurance, individual accident insurance, homeowner insurance, liability insurance and travel insurance. All of YeeTah’s sales of life and medical insurance products and general insurance products are conducted through its licensed salespersons (known in Hong Kong as technical representatives). Hong Kong’s independent insurance intermediary market is experiencing rapid growth due to increasing demands for insurance products by the Chinese population, especially visitors from mainland China. Although we do not sell any insurance products in mainland China or solicit any customer in mainland China, we intend to grow our business by offering premium services and recruiting talent to join our professional team and sales force, expanding our distribution network through building more connections with business partners in Hong Kong and mainland China, such as wealth management companies, funds, trust companies, and overseas immigration agencies. 1 Holding Company Structure QDM is not an operating company but a Florida holding company with operations primarily conducted through its indirectly wholly-owned subsidiary based in Hong Kong. Our investors hold shares of common stock in QDM, the Florida holding company. We do not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity (“VIE”) structure with any entity in China.…