OneConstruction Group Limited Overview
OneConstruction Group is a micro-cap structural steelwork subcontractor in Hong Kong. Through OneC Engineering it procures and installs structural steel for registered general building contractors. Most of its revenue comes from public-sector work, primarily Hong Kong Housing Authority and Housing Society residential programmes, with a smaller share from infrastructure, public facilities and private developments. The model is asset-light: the company employs only about 14–32 staff and generated US$49.4M of FY2026 revenue. It subcontracts fabrication and labour, and nearly all revenue (≈99.9%) comes from its five largest clients. The company listed on Nasdaq on 31 December 2024 through a US$7.0M IPO at US$4.00 per share. FY2026 was a severe break from prior profitability: revenue fell 7.2%, the gross result turned to a US$7.1M loss, and the net loss reached US$13.2M. Shareholders' equity fell to just US$0.28M, leaving the balance sheet reliant on a US$22.3M loan from its controlling shareholder. The shares trade near US$1.00, about 75% below the IPO price.
Company's own description (FY2026). The company says it operates as a structural steelwork contractor on public- and private-sector construction projects in Hong Kong through OneC Engineering. It describes OneC Engineering as specialising in the procurement and installation of structural steel across residential, commercial and infrastructure projects. It notes that much of the work is commissioned by the public sector, and that it also serves private clients with customised steel solutions [PR FY26]. In its FY2025 materials the company called itself one of the top service providers in Hong Kong's structural steelwork industry. It cited tailored solutions, supplier networks that let it manage tight timelines and supplemental orders, and responsiveness to unforeseen demand as differentiators [PR FY25]. S&P's description adds that the company forms and installs steel structures and provides workforce services [S&P/SA].
Scope of work. Per the IPO-era description, typical project work includes:
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site preparatory and preliminary works;
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detailed work schedules and work allocation plans;
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implementation of construction site works;
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site safety supervision and quality control [IPO / aggregator summaries of F-1].
Business model.
Revenue model: 100% project/contract service revenue, recognised over time. Contract assets were US$18.7M at FY2026 year-end, which is consistent with over-time recognition [20-F FY26 balance sheet]. There is no product, subscription or licensing revenue.
Value-chain position: Tier-2 specialist subcontractor. The company sits beneath registered general building contractors (main contractors) on Housing Authority, Housing Society, infrastructure and private projects. It buys steel and related materials and engages its own subcontractors for fabrication and installation labour.
Subcontractor reliance: In FY2023 the largest subcontractor was about 16% of total purchases and all subcontractors together about 22%. In FY2024 those figures rose to about 32% and 47% [IPO].
Customer types: Hong Kong registered general building contractors acting for public owners (Hong Kong Housing Authority, Hong Kong Housing Society, government works departments) and private developers.
Customer concentration: The five largest clients accounted for approximately 99.9% of FY2026 revenue [20-F FY26 risk factors]. The comparable FY2025 figure was truncated in the copy reviewed.
End-markets: 1. Public residential (subsidised housing). This was the core market in FY2024–FY2025.
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Public infrastructure and public facilities. This grew in FY2026.
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Private commercial, residential and industrial. This weakened in FY2025–FY2026.
Independent characterisation. ONEG is effectively a single-business, single-city, highly concentrated contracting operation. The company describes itself as a "top" steelwork provider, but that claim rests on prospectus framing rather than independent market-share data. The operating model generates thin gross margins: 5.2–7.4% in FY2023–FY2025. It also carries very long receivables and contract-asset cycles: trade receivables plus contract assets were about 250–330 days of revenue in FY2025–FY2026. Working capital therefore consumes cash; operating cash flow was negative in FY2023, FY2024 and FY2025. The controlling shareholder has funded this gap with a large long-term loan. The FY2026 gross loss shows that cost estimation on a handful of fixed-price contracts can wipe out several years of cumulative profit. Over FY2023–FY2025 the company earned US$4.3M of cumulative net income, then lost US$13.2M in a single year.
Strategy
Stated strategy themes (management's own framing).
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Expand market presence, particularly in the public sector [PR FY25 outlook].
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Drive operational efficiency and sustainable growth despite macroeconomic headwinds [PR FY25].
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Capitalise on public-sector construction growth. Management cited a Construction Industry Council (CIC) forecast of 4.5% CAGR in steel-intensive construction expenditure for 2025–2027 [PR FY25].
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Use the IPO proceeds to fund up-front project costs, expand management and technical teams, and bolster working capital [PR FY25].
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Attract and retain talent through the 2025 Equity Incentive Plan (3,000,000 shares) [PR 1H26].
Initiatives in the last 24 months.
Medium-term financial targets / guidance: None provided. The FY2026 release contains no forward guidance.
ESG commitments, cost programmes and new business lines: None announced.
The appointment of a technology-sector executive director has not been accompanied by any disclosed change in strategic direction. This is a watch item for potential diversification or corporate-action announcements.
Products & Services
ONEG has no branded products, platforms or software. Its offering consists of contracted services within one segment.
Project portfolio statistics.
As of 31 March 2024 there were 12 ongoing projects [IPO]. Backlog and order-book values for FY2025 and FY2026 are not publicly disclosed in the sources reviewed.
Product Portfolio
| Service line | Description | Key capabilities | Target customer | Since | Pricing model | Flagship references |
|---|---|---|---|---|---|---|
Structural steel procurement | Sourcing of structural steel members and related materials for the client's project | Supplier network; ability to handle supplemental orders at short notice (company claim) | Registered general building contractors | 2021 | Contract-based subcontract pricing; terms not disclosed | Not publicly disclosed by project name |
Structural steel installation / formation | On-site erection and installation of steel structures | Site preparatory works, work allocation planning, installation execution | Main contractors on public housing, infrastructure and private projects | 2021 | Subcontract sum, likely re-measured or lump-sum (not disclosed) | Public housing linked to 21,024 units (as of 31 Mar 2024) |
Project scheduling & site management | Detailed work schedules, allocation plans, site supervision | Scheduling and coordination with main contractor | Same | 2021 | Bundled in subcontract | — |
Site safety supervision & QC | Safety supervision and quality control of steel works | QC procedures (details not disclosed) | Same | 2021 | Bundled | — |
Workforce services | Provision of labour/manpower in connection with steel works (S&P description) | Payroll via OneConstruction Services Limited | Main contractors | — | — | — |
“—” = not publicly disclosed.
| Metric | FY2023 | FY2024 |
|---|---|---|
Projects completed (count) | 9 | 8 |
Ongoing projects at year end (count) | — | 12 |
Financial Narrative
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FY2024–FY2026 figures: [PR FY26] / [20-F FY26].
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FY2023 figures: S&P via [S&P/SA] and the IPO prospectus summary.
Income statement
FY2023 cost of revenue and tax are derived from S&P revenue, gross profit, pre-tax and net figures. EBITDA for FY2023–FY2025 is not computed because D&A was not disclosed in the sources reviewed; given the very small fixed-asset base (property and equipment of US$0.011M at FY2025), EBITDA would approximate operating income.
Margins and growth
Revenue CAGR FY2023→FY2026 was −3.2% per year: US$54.49M fell to US$49.36M over three years.
Commentary.
FY2024 (growth year): Revenue rose 16.5% and gross margin expanded to 7.0%. A US$1.35M credit-loss allowance absorbed much of the gain.
FY2025 (shrinkage with better unit economics): Revenue fell 16.2%, but public residential revenue rose 23.1% to US$39.7M. Gross margin improved 0.4 points to 7.4%, which management attributed to higher-margin public-sector awards [PR FY25]. Administrative expenses rose about 154% to US$2.2M on IPO legal and professional fees, and finance costs rose by US$0.23M. As a result, net income halved to US$0.9M.
FY2026 (inflection to loss): Revenue fell 7.2% on lower Housing Authority residential work [PR FY26]. Gross profit swung to a US$7.1M loss, concentrated in the second half. Administrative expenses rose 62.4% to US$3.6M because of more staff, a new office lease, and D&O insurance after the IPO [PR FY26]. Share-based compensation added US$1.49M and credit-loss allowances added US$0.89M. Net loss was US$13.2M, roughly three times the cumulative FY2023–FY2025 net income of about US$4.3M.
Balance sheet
Notes on sources and discrepancies:
Total debt FY2023–FY2024: S&P figures.
Equity FY2023–FY2024: rounded values from roic.ai (aggregator).
Net debt: computed from total debt including leases minus company-reported cash.
Interim checkpoint (30 Sep 2025): cash US$4.78M, total assets US$49.93M, equity US$12.65M, shareholder loan US$22.74M, other borrowings US$1.53M [PR 1H26].
Commentary. The balance sheet is dominated by two items. On the asset side, receivables and contract assets equal about 93% of total assets. On the funding side, the controlling-shareholder loan of US$22.3M is about 61% of total liabilities. Interest, tenor and security terms of that loan were not visible in the sources reviewed; total finance costs of only US$0.39M in FY2026 suggest a low or nil interest rate.
The FY2026 loss reduced equity from US$12.14M to US$0.28M, which leaves the group close to balance-sheet insolvency on a book basis. Its liquidity rests on three supports:
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continued support from the controlling shareholder;
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collection of US$34.3M of receivables and contract assets;
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the loan remaining non-current.
Cash flow
Sources: S&P via [S&P/SA]; FY2025 operating and financing flows confirmed in [PR FY25].
Commentary. The business consumed US$13.9M of free cash flow over FY2023–FY2025 while it was reporting profits. This shows that reported earnings converted poorly to cash because working capital kept building. FY2026 operating cash flow turned positive at US$1.78M despite the US$13.2M accounting loss. The likely reasons are the release of receivables (down US$7.4M) and contract assets (down US$6.3M), plus non-cash items such as share-based compensation and credit-loss charges. FY2026 capex of US$0.49M reflects the new office fit-out (property and equipment rose from US$0.011M to US$0.414M).
Ratios (analyst-computed from company figures unless stated)
Ratio notes:
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FY2025 ROE uses an approximate FY2024 equity of US$6M (aggregator).
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FY2024 debt to equity uses S&P debt and aggregator equity.
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FY2025 net debt to EBITDA uses operating income as a proxy for EBITDA.
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FY2026 interest coverage matches S&P's figure.
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ROA is computed on year-end assets; S&P's own method gives −18.2% for FY2026.
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The cash conversion cycle has no inventory component.
Commentary. Even in its profitable years ONEG earned low single-digit returns on assets, carried high leverage, and had a cash conversion cycle of roughly 6–8 months. That profile is typical of a subcontractor that finances main contractors through retention monies and slow certification of work. The FY2026 ratios are not meaningful beyond confirming the distress: equity is US$0.28M, interest coverage is negative, and ROE is about −213%.
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View Subscription PlansFinancial Detail
Group Entities
| Entity | Jurisdiction | Role | Ownership |
|---|---|---|---|
OneConstruction Group Limited | Cayman Islands | Listed holding company | 56.25% Rich Plenty; 43.75% public, ESOP holders and others |
OneConstruction Development Limited | BVI | Intermediate holding company | 100% |
OneConstruction Engineering Projects Limited | Hong Kong | Operating subsidiary (all revenue) | 100% indirect |
OneConstruction Services Limited | Hong Kong | Payroll for OneC Engineering employees | 100% indirect |
Results by Segment and Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Structural steelwork revenue (USD Mn) | 54.49 | 63.46 | 53.21 | 49.36 |
Segment gross profit (USD Mn) | 2.83 | 4.44 | 3.92 | -7.12 |
Segment gross margin (%) | 5.19 | 7.00 | 7.36 | -14.42 |
Segment operating income (USD Mn) | 1.37 | 2.23 | 1.69 | -12.63 |
Segment pre-tax income (USD Mn) | 2.03 | 1.91 | 1.14 | -13.03 |
Revenue YoY growth (%) | — | 16.46 | -16.16 | -7.23 |
Share of total revenue (%) | 100 | 100 | 100 | 100 |
Revenue by Segment and Revenue by Segment (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Public residential revenue (USD Mn, reported) | 32.2 | 39.7 |
Public sector total revenue (USD Mn, derived) | 53.54 | 45.99 |
Public non-residential revenue (USD Mn, derived) | 21.34 | 6.29 |
Private sector revenue (USD Mn, derived) | 9.92 | 7.21 |
Public sector share of revenue (%, derived) | 84.4 | 86.4 |
Results by Segment and Segment Margins & Growth (%) (Half-Yearly)
| Metric | 1H FY2025 | 2H FY2025 | 1H FY2026 | 2H FY2026 |
|---|---|---|---|---|
Revenue (USD Mn) | 28.74 | 24.47 | 27.76 | 21.60 |
Gross profit (USD Mn) | 2.39 | 1.53 | 2.26 | -9.38 |
Gross margin (%) | 8.31 | 6.24 | 8.14 | -43.42 |
Net income (USD Mn) | 1.24 | -0.34 | -0.13 | -13.08 |
Income Statement and Per-Share Data
| Metric | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Revenue (USD Mn) | 54.49 | 63.46 | 53.21 | 49.36 |
Cost of revenue (USD Mn) | 51.66 | 59.02 | 49.29 | 56.48 |
Gross profit (USD Mn) | 2.83 | 4.44 | 3.92 | -7.12 |
Other income (USD Mn) | — | 0.013 | 0.012 | 0.480 |
Credit loss allowance (USD Mn) | — | -1.347 | -0.013 | -0.892 |
Administrative expenses (USD Mn) | — | -0.877 | -2.227 | -3.617 |
Share-based compensation (USD Mn) | — | 0 | 0 | -1.487 |
Operating income (USD Mn) | 1.37 | 2.23 | 1.69 | -12.63 |
D&A (USD Mn) | — | — | — | 0.059 |
EBITDA (USD Mn) | — | — | — | -12.57 |
Finance costs (USD Mn) | — | -0.322 | -0.549 | -0.392 |
Pre-tax income (USD Mn) | 2.03 | 1.91 | 1.14 | -13.03 |
Income tax (USD Mn) | 0.36 | 0.141 | 0.241 | 0.186 |
Net income (USD Mn) | 1.67 | 1.77 | 0.90 | -13.21 |
EPS basic (USD) | 0.15 | 0.16 | 0.08 | -0.84 |
EPS diluted (USD) | 0.15 | 0.16 | 0.08 | -0.84 |
Dividends per share (USD) | 0 | 0 | 0 | 0 |
Weighted avg shares (M) | 11.25 | 11.25 | 11.69 | 15.72 |
Margin Analysis (%)
| Metric | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Gross margin (%) | 5.19 | 7.00 | 7.36 | -14.42 |
Operating margin (%) | 2.51 | 3.52 | 3.17 | -25.60 |
EBITDA margin (%) | — | — | — | -25.47 |
Pre-tax margin (%) | 3.73 | 3.01 | 2.14 | -26.39 |
Net margin (%) | 3.06 | 2.79 | 1.69 | -26.77 |
Revenue growth YoY (%) | — | 16.46 | -16.16 | -7.23 |
Admin expense / revenue (%) | — | 1.38 | 4.19 | 7.33 |
Balance Sheet
| Metric | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Accounts receivable, net (USD Mn) | — | — | 22.93 | 15.55 |
Contract assets (USD Mn) | — | — | 24.97 | 18.70 |
Cash and equivalents (USD Mn) | 1.26 | 1.62 | 0.75 | 1.69 |
Total current assets (USD Mn) | — | — | 49.08 | 36.28 |
Total assets (USD Mn) | — | — | 49.85 | 36.90 |
Accounts payable (USD Mn) | — | — | 10.35 | 9.28 |
Bank and other borrowings, current (USD Mn) | — | — | 2.12 | 0.91 |
Loan due to shareholder, non-current (USD Mn) | — | — | 21.57 | 22.31 |
Operating lease liabilities (USD Mn) | — | — | 0.57 | 0.21 |
Total debt incl. leases (USD Mn) | 16.91 | 24.48 | 24.25 | 23.43 |
Net debt (USD Mn) | 15.65 | 22.86 | 23.50 | 21.74 |
Total current liabilities (USD Mn) | — | — | 15.94 | 14.31 |
Total liabilities (USD Mn) | — | — | 37.70 | 36.62 |
Shareholders' equity (USD Mn) | 4 | 6 | 12.14 | 0.28 |
Goodwill and intangibles (USD Mn) | 0 | 0 | 0 | 0 |
Working capital (USD Mn) | — | — | 33.14 | 21.97 |
Cash Flow
| Metric | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Operating cash flow (USD Mn) | -1.79 | -6.96 | -5.11 | 1.78 |
Capital expenditure (USD Mn) | -0.01 | -0.01 | 0.00 | -0.49 |
Free cash flow (USD Mn) | -1.79 | -6.97 | -5.12 | 1.29 |
Dividends paid (USD Mn) | 0 | 0 | 0 | 0 |
Share buybacks (USD Mn) | 0 | 0 | 0 | 0 |
Net financing inflow (USD Mn) | — | — | 4.3 | — |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
ROE on average equity (%) | — | 9.90 | -212.67 |
ROA on year-end assets (%) | — | 1.80 | -35.80 |
ROIC (%, S&P) | 8.24 | 4.09 | -58.24 |
Current ratio (x) | — | 3.08 | 2.54 |
Debt to equity (x) | 4.08 | 2.00 | 82.80 |
Net debt to EBITDA (x) | — | 13.91 | — |
Interest coverage, EBIT/finance cost (x) | 6.93 | 3.07 | -32.23 |
Asset turnover (x) | — | — | 1.14 |
Receivables plus contract assets (days of revenue) | — | 329 | 253 |
Accounts payable (days of cost of revenue) | — | 77 | 60 |
Cash conversion cycle (days) | — | 252 | 193 |
Revenue by Region and Region Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Hong Kong revenue (USD Mn) | 54.49 | 63.46 | 53.21 | 49.36 |
Rest of world revenue (USD Mn) | 0 | 0 | 0 | 0 |
Hong Kong revenue growth (%) | — | 16.46 | -16.16 | -7.23 |
Hong Kong share of revenue (%) | 100 | 100 | 100 | 100 |
Share Count (M)
| Metric | FY2025 | FY2026 |
|---|---|---|
Shares outstanding at fiscal year end (M) | 13.0 | 16.0 |
Weighted average shares (M) | 11.69 | 15.72 |
Dividends per share (USD) | 0 | 0 |
Shares repurchased (M) | 0 | 0 |
Capital Markets
| Measure | Value | Source |
|---|---|---|
IPO price (31 Dec 2024) | US$4.00 | [IPO] |
Latest verified price (30 Sep 2026) | US$1.00 | [S&P/SA] |
Change since IPO | about −75% | Computed |
52-week range | US$0.72 – US$14.95 | [S&P/SA] |
1-year return | −91.6% (S&P, early Sep 2026); −89.8% (MarketChameleon, 18 Aug 2026) | Aggregators |
3-year / 5-year return | Not applicable (listed Dec 2024) | — |
50-day / 200-day moving average | US$1.07 / US$2.07 | [S&P/SA] |
Average daily volume (20-day) | ~32,000 shares | [S&P/SA] |
Short interest | 19,352 shares (0.28% of float) | [S&P/SA] |
Beta | Not stable: 3.8–8.0 across aggregators | Aggregators |
Valuation Multiples
| Multiple | ONEG |
|---|---|
Market cap | ~US$16.0–16.5M |
Enterprise value | ~US$37.9M |
P/E (TTM) | n/m (loss) |
EV/EBITDA | n/m (negative EBITDA) |
EV/Sales | 0.77x |
P/S | 0.33x |
P/B | ~58x (book US$0.28M) |
P/FCF | ~12.8x |
Capital Instruments
| Instrument | Amount | Maturity |
|---|---|---|
Bank and other borrowings | 0.913 | Current (within 12 months) |
Operating lease liabilities | 0.211 | Current |
Loan due to shareholder | 22.310 | Non-current; tenor and terms not publicly disclosed |
Total | 23.434 | — |
Analyst Conclusions
Management guidance. None. The most recent explicit outlook statement (FY2025, August 2025) emphasised expanding public-sector market presence and operational efficiency [PR FY25]. Consensus estimates: none; there is no sell-side coverage.
Bull case.
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Normalisation of margins. In FY2023–FY2025 the company earned 5–7% gross margins. If the FY2026 gross loss reflects one-off provisions on a few contracts, concentrated in 2H, a return to even a 6% gross margin on about US$50M of revenue would yield about US$3M of gross profit. That is material against a US$16M market cap.
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Cash release from working capital. Receivables and contract assets of US$34.3M are more than twice the market cap. FY2026 already showed positive operating cash flow of US$1.78M as balances unwound.
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Recapitalisation option. The controlling shareholder's US$22.3M loan could be converted into equity, which would cure the equity deficit and lower EV/Sales. Nothing has been announced.
Bear case.
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Solvency and listing. Equity of US$0.28M, net debt of about US$21.7M, and a share price near US$1 together create a high probability of Nasdaq deficiency proceedings and a reverse split or dilutive raise.
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Unexplained losses. The 2H FY2026 gross loss of about US$9.4M is unexplained in the release. Without contract-level disclosure, investors cannot judge whether further onerous contracts remain.
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Concentration and governance. About 99.9% of revenue comes from five clients. Board churn, an executive director without construction experience, an undisclosed controlling-shareholder sell-down, ESOP inconsistencies and speculative trading all weigh against a quality premium.
Catalysts and monitorables (next 12 months).
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Any Nasdaq deficiency notice for bid price or equity, and the company's response (reverse split, recapitalisation, loan conversion).
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1H FY2027 interim results (six months to 30 Sep 2026), likely due around January 2027. Key items: gross margin recovery, contract-asset trends, cash.
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New Housing Authority and infrastructure subcontract awards, or disclosure of backlog.
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Changes to the terms of the shareholder loan.
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Further board or management changes, and any strategic pivot linked to the new director's technology background.
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PCAOB inspection outcome for Audit Alliance LLP.
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Trading volatility and social-media activity.
Concluding analyst verdict. OneConstruction Group is, at its core, a small Hong Kong structural steelwork subcontractor. Before listing it produced modest but real profits on a thin-margin, working-capital-heavy model, underpinned by a public housing pipeline. Its IPO raised only US$7.0M at the bottom of the range. Those proceeds were quickly absorbed by receivables, and the business has needed its controlling shareholder's US$22.3M loan to function.
FY2026 marked a structural break. Revenue declined for a second year, the second half generated a gross loss of about US$9.4M, and a single year's net loss of US$13.2M erased roughly three years of cumulative profit. Shareholders' equity fell to US$0.28M.
Critical information is missing from public disclosures. There is no contract-level explanation of the losses, no backlog, no customer identities, and no terms for the shareholder loan. Without these, the investment case cannot be underwritten on fundamentals. The shares trade at about 0.33x sales and 0.77x EV/Sales. That looks optically cheap, but it reflects real solvency, listing-compliance and concentration risks rather than an obvious mispricing.
Governance signals are mixed at best. A late FY2025 annual filing and turnover among both executive and independent directors weigh on the record. Other concerns are an undisclosed sell-down by the controlling shareholder, inconsistent ESOP descriptions, and recurring speculative trading episodes. On the other side, the appointment of a highly credentialed independent director with corporate-finance experience is a modest positive.
The equity is best viewed as a binary, event-driven situation. The main swing factors are the controlling shareholder's willingness to recapitalise (for example by converting debt to equity), the absence of further loss-making contracts, and the company's ability to keep its Nasdaq listing. Absent clear evidence on these points, the risk-reward skews negative.
Sources consulted
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OneConstruction Group Limited, Form 20-F for FY ended 31 Mar 2026 (SEC, filed 23 Jul 2026): https://www.sec.gov/Archives/edgar/data/0002030834/000121390026080881/ea0296072-20f_oneconst.htm
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FY2026 annual results release (PR Newswire, 23 Jul 2026): https://www.prnewswire.com/news-releases/oneconstruction-group-limited-announces-annual-financial-results-for-the-fiscal-year-ended-march-31-2026-302833748.html
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FY2025 annual results release (PR Newswire, 12 Aug 2025): https://www.prnewswire.com/news-releases/oneconstruction-group-limited-announces-annual-financial-results-for-the-fiscal-year-ended-march-31-2025-302528327.html
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1H FY2026 interim results release (PR Newswire, 14 Jan 2026): https://www.prnewswire.com/news-releases/oneconstruction-group-limited-announces-interim-results-for-the-six-months-ended-september-30-2025-302661644.html
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Form 6-K, 8 Apr 2026: https://www.sec.gov/Archives/edgar/data/0002030834/000121390026041506/ea0285554-6k_oneconst.htm
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Form 6-K, 6 Jul 2026: https://www.sec.gov/Archives/edgar/data/0002030834/000121390026075240/ea0297078-6k_oneconst.htm
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Form 6-K, 21 Aug 2026: https://www.sec.gov/Archives/edgar/data/0002030834/000121390026092287/ea0302978-6k_oneconst.htm
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Form 6-K, 25 Aug 2026: https://www.sec.gov/Archives/edgar/data/0002030834/000121390026093228/ea0303296-6k_oneconst.htm
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StockAnalysis.com (S&P Global Market Intelligence data): https://stockanalysis.com/stocks/oneg/ (financials, statistics, profile and history pages)
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IPOScoop IPO profile: https://www.iposcoop.com/?p=34027
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Renaissance Capital IPO news: https://www.renaissancecapital.com/IPO-Center/News/107755/Hong-Kong-steelwork-contractor-OneConstruction-Group-files-and-sets-terms-f
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MarketScreener insider profile (Ka Chun Li): https://uk.marketscreener.com/insider/KA-CHUN-LI-A3JJVG/
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Simply Wall St management page: https://simplywall.st/stocks/us/capital-goods/nasdaq-oneg/oneconstruction-group/management
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Moomoo company profile: https://moomoo.com/stock/ONEG-US/company
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Quantisnow filing log: https://quantisnow.com/company/ONEG
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roic.ai: https://www.roic.ai/quote/ONEG
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MarketChameleon: https://marketchameleon.com/Overview/ONEG/Summary/
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Lightyear: https://lightyear.com/en/stock/ONEG:NASDAQ
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AlphaQuery: https://www.alphaquery.com/stock/ONEG/profile-key-metrics
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Benzinga: https://benzinga.com/quote/ONEG
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AmericanCompanies.com: https://americancompanies.com/company/oneconstruction-group-ltd/
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OptionsAnalysisSuite: https://www.optionsanalysissuite.com/stocks/oneg
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Background | Education | Age |
|---|---|---|---|---|---|
Ka Chun (Gordon) Li | General Manager and Chief Compliance Officer (principal executive; no formal CEO title) | GM of OneC Engineering since 2021; group GM since Jun 2024 | AGM and Project Manager at Kam Fung Engineering Co. (2015–2020/21). Executive Director, Hope Life International Holdings (2024–Apr 2026). INED of HSC Resources Group (2022–2026) and China New Holdings (2023–May 2026). These outside listed-company roles ended between April and June 2026. | Undergraduate degree, University of Hull (2017) | ~33 (Simply Wall St) |
Hau Wai Tsang | Chief Financial Officer | Since ~2024 (pre-IPO) | — | — | — |
“—” = not publicly disclosed.
Board of Directors
| Name | Role | Appointed | Committees | Background | Status |
|---|---|---|---|---|---|
Dr. Michael He | Executive Director | 3 Jul 2026 | — | Serial technology start-up founder. Co-founder of Galileo Robotics (2018–19, AI home-service robots). Co-founder and CTO of Yeelens Technology (2014–17, cameras and video doorbells). Earlier audio engineer at Sonos, SRS Labs and Brainmedia. Fee HK$120,000 (~US$15,300) per year. | Current; signs 6-Ks as Executive Director |
Xiangming Kong | Independent non-executive director | 21 Aug 2026 | Chair, Compensation; member, Audit and Nominating & Corporate Governance | Managing Director, Righteous Capital Ltd (HK) since 2017. Previously KPMG London, HSBC Global Banking, ICBC International, CITIC CLSA (2007–2016). CFA, CPA Australia, CAIA, CESGA, FCMA/CGMA. MSc Economics (Warwick), BSc Economics (Nottingham), Oxford Executive Diploma. | Current |
Law Hok Yu | Independent director | ~Dec 2024 | Not confirmed | — | Listed as current by aggregators |
Chan Man Kit | Independent director | ~Dec 2024 | Not confirmed | — | Listed as current by aggregators |
Chan Wai Yan | Independent director | ~Dec 2024 | Not confirmed | — | Listed by Moomoo; current status unconfirmed |
Chung Suet In | Independent director (former) | 2025/26 (Form 3 filed) | Was chair of Compensation; member of Audit and Nominating | — | Resigned 21 Aug 2026 (other commitments; no disagreement) |
Cheung Kam Cheung | Executive Director (former) | ~Dec 2024 (Form 3 filed) | — | — | Resigned 8 Apr 2026 (personal reasons; no disagreement) |
“—” = not publicly disclosed.
Major Shareholders
| Holder | Shares | % of outstanding | Source / note |
|---|---|---|---|
Rich Plenty Limited (100% Ms. He Yun) | ≈9,000,000 | 56.25 | [20-F FY26]; share count derived (56.25% × 16.0M) |
ESOP recipients (employees, 2025 Plan) | 3,000,000 | 18.75 | Issued/granted FY2026; see note below |
IPO public float and other holders | ≈4,000,000 | 25.00 | Derived |
Institutional holders (aggregate) | — | 2.67 | [S&P/SA]; top-10 list not publicly disclosed in sources reviewed |
Competitive Landscape
Key Competitors
| Competitor / comparator | Type | Listing | Overlap with ONEG | Relative positioning |
|---|---|---|---|---|
Gammon Construction | Main contractor with in-house steel and MiC capability | Private (Jardine Matheson / Balfour Beatty JV) | Can self-perform steelwork | Much larger; also a potential client |
China State Construction International Holdings | Main contractor; major public housing and MiC builder | HKEX: 3311 | Self-performs and subcontracts steelwork | Much larger; potential client |
Yau Lee Holdings | Building contractor with specialist arms | HKEX: 406 | Public housing building works | Larger; potential client and competitor |
Build King Holdings | Civil and building contractor | HKEX: 240 | Infrastructure and public facilities | Larger; potential client |
Asia Allied Infrastructure (Chun Wo) | Civil and building contractor | HKEX: 711 | Public works | Larger; potential client |
Paul Y. Engineering | Building contractor | Private | Public and private building | Larger |
Hip Hing Construction (NWS group) | Building contractor | Private | Private and public building | Larger |
Ming Shing Group Holdings | HK wet-trades subcontractor | Nasdaq | Same tier-2 subcontracting model, different trade | Closest U.S.-listed HK subcontractor analogue |
Private HK steelwork specialists and mainland fabricators | Specialist subcontractors and suppliers | Mostly unlisted | Direct competitors for steel packages | Fragmented; data not public |
Competitor Detail
| Metric | ONEG FY2026 |
|---|---|
Revenue | US$49.4M |
Revenue growth | −7.2% |
Gross margin | −14.4% |
Net margin | −26.8% |
R&D intensity | 0% |
