Chaince Digital Holdings Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Here a triple-digit price-to-sales ratio meets distress metrics, control weaknesses and an active dilution machine — the combination in which the burden of proof sits entirely with the buyer. Whoever follows the stock anyway has clear waymarks: the quarterly revenue (does the advisory business sustainably carry more than a handful of mandates?), the fate of the 42.8 million warrant shares through November 30, 2026, the remediation of the internal control weaknesses in the next 10-K — and any further placement below the market price as an alarm signal. Until then: identify the company first, admire the label second. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Chaince Digital is not an empty shell: the broker-dealer license is real, the cash position of $36.7 million (March 31, 2026) is well filled, and the advisory business is growing from a tiny base. But the market value of about $350 million (July 10, 2026) pays a hundred-plus multiple of $1.87 million in annual revenue — with ongoing losses, one customer at 56.6 percent of revenue, leaky internal controls, a dilution series that went as low as $0.774 per share, and warrants on 42.8 million additional shares through November 30, 2026. Behind it lie four corporate names and $686 million of burned capital. Not investment advice.
Business model & size
A real, FINRA-licensed capital markets boutique — but in miniature: 13 full-time employees, roughly 15 customers, $1.87 million of 2025 revenue; in the first quarter of 2026, a single customer accounted for 56.6 percent of revenue. Project-driven business without a predictable revenue base (10-K/10-Q).
Numbers trajectory
Revenue up 277 percent in 2025, Q1 2026 at $507,546 (prior year: $25,065) with positive gross profit — but continued net losses (2025: −$5.1 million; Q1 2026: −$1.35 million) amounting to several times revenue; the mining legacy is being wound down as a discontinued operation.
Balance sheet & cash
$36.7 million of cash (March 31, 2026) and $44.0 million of equity (December 31, 2025) against modest liabilities; the initially raised going-concern doubt ("substantial doubt") is declared alleviated in the 10-K. The blemish: the cash came from share placements, not from the business.
Dilution & capital measures
Share count up from 62.3 to 79.4 million in fifteen months (12/31/2024–03/31/2026); placements at $5.87 / $1.12 / $6.14 / $0.774 — the latest far below the $3.97 market price reported days later (03/20/2026); warrants on another 42.76 million shares at $1.00 through 11/30/2026; legacy burden: $686 million of accumulated losses, a 400:1 reverse split in 2023.
Owners & governance
Material weaknesses in internal controls (10-K 2025), an auditor change in January 2026 with the new auditor signing off after roughly two months, insider sales by the chief strategy officer ($8.53–$9.66, May/June 2026) one day before his resignation; the CEO and CFO hold no shares of their own, and the biggest power factor is a Hong Kong fund whose shares plus warrants would approach half of the fully diluted capital (03/20/2026).
Valuation & tradability
About $350 million of market value (July 10, 2026) for $1.87 million of revenue — triple-digit P/S, P/B of about 7, no P/E; plus micro-cap mechanics: ~17 percent average daily range, ~$0.7 million of daily dollar volume, 88 percent below the 52-week high and simultaneously ~216 percent above the low; no analyst estimates as a corrective.
Worth Noting
CD landed on our research list through our Reddit hype scanner (ApeWisdom data): 4 mentions in 24 hours as of July 15, 2026 — listed there still under "Chindata," the previous holder of the ticker (Nasdaq delisting December 2023). Forum mentions are sentiment signals, not quality signals.
Chaince Digital reported as a foreign private issuer (20-F/6-K) through 2025 and has been a U.S. domestic filer since March 18, 2026: the 10-K for 2025 (March 26, 2026) is its first annual report in this format, the 10-Q as of March 31, 2026 its first quarterly report; Section 16 insider reporting applies since then as well.
The market value figure is dated July 10, 2026 (about $350 million, fundamental data); analyses are evergreen, daily prices are not a buy argument. Scanner metrics (Altman Z-Score, Piotroski, distance from highs/lows) share the same data cut.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at CD since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.70 $ to 35.80 $ · Last price: 2.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Capital Markets
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Chaince Digital Holdings Inc. CD | 0.2 | – | 170.0 | 59.8 | – | 85.3 | -71.8 |
| Morgan Stanley MS | 321.0 | 17.6 | 0.0 | 87.6 | 40.6 | 11.5 | 32.2 |
| Goldman Sachs Group Inc GS | 280.7 | 17.4 | 0.0 | 82.1 | 38.6 | -1.4 | 22.2 |
| Charles Schwab Corp SCHW | 179.7 | 21.3 | 0.0 | 97.5 | 49.4 | 6.5 | 15.1 |
| Interactive Brokers Group Inc IBKR | 149.9 | 38.1 | 3.4 | 93.0 | 76.8 | 9.8 | 39.4 |
| Robinhood Markets Inc HOOD | 100.1 | 53.2 | 45.6 | 91.9 | 38.5 | 51.6 | -7.4 |
| Nomura Holdings Inc NMR | 29.8 | 12.1 | 0.0 | 78.0 | 30.8 | 5.6 | 43.7 |
| LPL Financial Holdings Inc LPLA | 26.6 | 28.7 | 13.5 | 29.9 | 11.1 | 37.2 | -1.5 |
| Circle Internet Group, Inc. CRCL | 23.1 | – | 45.7 | 22.0 | 6.5 | 63.9 | -35.1 |
| Median of companies shown | 100.1 | 21.3 | 3.4 | 82.1 | 38.6 | 11.5 | 15.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 73 | -28 | -25 | -6.18 | -6 | 248 | 274 |
| 2017 | 89 | -168 | -162 | -39.48 | -10 | 104 | 136 |
| 2018 | 36 | -124 | -123 | -30.04 | -4 | -22 | 5 |
| 2019 | 2 | 0 | -1 | -0.57 | -1 | 8 | 9 |
| 2020 | 1 | 0 | -2 | -0.28 | -1 | 10 | 11 |
| 2021 | 1 | -13 | -22 | -2.48 | -4 | 9 | 10 |
| 2022 | 1 | -6 | -6 | -0.43 | -1 | 17 | 19 |
| 2023 | 0 | -9 | -9 | -0.20 | -3 | 18 | 30 |
| 2024 | 1 | -5 | -5 | -0.07 | -4 | 24 | 36 |
| 2025 | 2 | -3 | -5 | -0.08 | -3 | 44 | 47 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | – | – | – | – | – | – | – |
| 2025: Q1 | -0.01 | – | 1 | 99.20 | -142.90 | -3 | -2 |
| 2025: Q2 | -0.02 | – | 0 | 121.00 | -381.70 | -1 | -1 |
| 2025: Q3 | -0.02 | – | 0 | -14.50 | -381.70 | -2 | -2 |
| 2025: Q4 | -0.03 | – | 1 | – | -150.60 | -1 | -1 |
| 2026: Q1 | -0.02 | – | 1 | 3.70 | -266.10 | -1 | -1 |
| 2026: Q2 | -0.01 | 50.00 | 1 | 25.00 | -220.00 | 1 | 1 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 15.07.2026 gegen den ersten Jahresbericht 10-K für 2025 (eingereicht 26.03.2026), den Quartalsbericht 10-Q zum 31.03.2026 (14.05.2026) und den letzten Jahresbericht 20-F für 2024 (30.04.2025; davor Foreign Private Issuer, daher keine älteren 10-Q): In den ausgewerteten SEC-Filings von Chaince Digital (früher Mercurity Fintech) findet sich kein wesentlicher operativer KI-Bezug. Der 10-K für 2025 nennt KI nur exploratorisch — die Firma „may explore new business opportunities“ in KI und verfolgt laut Going-Concern-Maßnahmenplan „selective growth opportunities in blockchain and digital asset solutions and AI-enabled intelligent manufacturing“ (Übersetzung: „kann neue Geschäftsmöglichkeiten in diesen Bereichen erkunden“ bzw. „ausgewählte Wachstumschancen bei Blockchain-/Digital-Asset-Lösungen und KI-gestützter intelligenter Fertigung“) — Absichtserklärungen ohne Umsatz, Produkt oder dokumentierten Einsatz. Die im 20-F für 2024 beschriebenen KI-Fertigungspläne der Mercurity-Ära (Aifinity: Liquid-Cooling-Panels für KI-Infrastruktur; Kaufvertrag über Inspur-KI-Server für 2 Mio. US-Dollar, 1 Mio. angezahlt, per 31.12.2024 nicht geliefert) sind im 10-K für 2025 faktisch beerdigt: Aifinity Base Limited ist in Abmeldung, Yingke Precision wurde 2025 deregistriert, Inspur-Server werden nicht mehr erwähnt. Keine KI-Umsatzquelle, kein belegter operativer KI-Einsatz, kein konkretes KI-Geschäftsrisiko fürs eigene Modell (Erlöse stammen aus klassischer Kapitalmarktberatung über den FINRA-Broker-Dealer Chaince Securities) — nach Kriterienkatalog „neutral“ mit dokumentiertem Negativ-Befund.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-14 · 10-K 2026-03-26 · 20-F 2025-04-30
Rated on July 15, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 29.3%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year 69.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -65.4%
- Gross margin at 40% or higher and without meaningful erosion 64.3%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 35 m net cash
- Operating cash flow covers the profits of the last three years 10 m
- Return on capital at 15% or higher, or up versus two years ago -7.4%
- Insiders hold at least 10% or are net buyers 18.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -33.5%
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 2
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -11.6%
- ROCE > 15% -7.4%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Chaince Digital Holdings Inc. erbringt Finanz- und Beratungsdienstleistungen in Nordamerika, Großchina, Südostasien, Hongkong, Singapur, Malaysia und den USA.
- Employees
- 13
- Headquarters
- New York, NY
- Address
- 1251 Avenue of the Americas, 10020 New York, United States
- Phone
- 949 678 9653
- Website
- chaincedigital.com
- IPO Date
- 04/08/2015
- ISIN
- KYG594672027
- Stock Split
- 9:10 on 02/28/2023
- Stock Split
- 1:2 on 05/19/2020
- Stock Split
- 1:10 on 07/31/2018
Management
| Name | Title | Birth Year |
|---|---|---|
| Shi Qiu | CEO & Director | 1992 |
| James Tan | Co-founder | 1976 |
| Yukuan Zhang | Chief Financial Officer | 1988 |
| Freda Feng | IR Director | – |
| Xiangjun Liu | Senior Vice President of Sales | 1977 |
| Jinghan Wei | Vice President of Marketing and Public Relations | 1969 |
| Peter Yang | Head of Digital Assets | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/25/2026 Chaince Digital Holdings Inc. (CD): Submission of Matters to a Vote of Security Holders SEC ↗
- 08/21/2026 Chaince Digital Holdings Inc. (CD): Entry into a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
- 08/11/2026 Chaince Digital Holdings Inc. (CD): Entry into a Material Definitive Agreement; Other Events; Financial Statements and Exhibits SEC ↗
- 07/23/2026 Chaince Digital Holdings Inc. (CD): Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.