OneConstruction Group Ltd
ONEG · General Bldg Contractors - Residential Bldgs · EDGAR filings ↗
Grade
F38Small Hong Kong structural-steel subcontractor that is profitable on paper but nearly out of cash with declining revenue and China/HK governance overhangs.
Strengths
- Positive net margin (1.7%, 50th pct) and ROA (63rd pct); current ratio 3.1 (71st pct)
- Sizeable public-housing backlog (25,100 units) into 2028
Risks
- Cash runway ~0.6 quarters (10th pct) and cash of only $0.7M (7th pct)
- Revenue down 16% and net income down 49%; thin 7.4% gross margin (9th pct)
- PRC/HK regulatory, PCAOB/HFCAA and concentration risks for a sub-scale operator
Notable findings
- Cash burnNegative free cash flow (-5.1M)
- Revenue declineRevenue -16.2% YoY
Key metrics
Gross margin
7.4%
Operating margin
3.2%
Net margin
1.7%
Return on equity
7.4%
Return on assets
1.8%
Revenue growth (QoQ)
-16.2%
Net-income growth
-49.2%
Current ratio
3.1×
Free cash flow
-$5M
Tangible book value
$12M
Cash & investments
$749K
Cash runway
1q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-08-12 | 2025-03-31 | 0001213900-25-074959 ↗ |