Phoenix Asia Holdings Ltd (NASDAQ: PHOE)

Phoenix Asia Holdings Ltd is a holding company incorporated under the laws of the Cayman Islands on August 9 2024. The company does not conduct material operations itself. It carries out its business through its indirectly wholly owned operating subsidiary Winfield Engineering Hong Kong Limited. Winfield Engineering Hong Kong Limited focuses on substructure works such as site formation ground investigation and foundation works in Hong Kong and to a lesser extent provides structural steelworks advisory and supervision services.

Revenue is generated primarily from contracts for substructure and related construction services performed by Winfield Engineering Hong Kong Limited. The company earns fees on a project basis for site formation ground investigation foundation works and occasionally for structural steelworks advisory and supervision. In the fiscal year ended March 31 2025 total revenue was approximately USD7.4 million compared with USD5.8 million in 2024 and USD2.2 million in 2023. Revenue is derived from both public sector projects which accounted for about 83 percent of total revenue in 2025 and private sector projects which made up the remaining 17 percent.

Within the Hong Kong civil engineering industry the company holds a niche position as a specialist subcontractor focused on substructure works. It competes with other local contractors that provide similar foundation and ground works but differentiates itself through a three decade operating history a strong track record of public sector projects and licenses from the Buildings Department and the Construction Industry Council of Hong Kong. The firm’s competitive advantages include its ISO9001 2015 certification for design and construction works its established relationships with major customers and suppliers and an experienced management team led by its chairman who has over twenty five years of industry experience. The broader Hong Kong construction market has grown at a compound annual rate of about 1.5 percent from 2014 to 2023 supported by government infrastructure spending urban renewal and technology adoption which provides a favorable backdrop for the company’s growth.

The company serves a diverse range of customers in the construction sector including project owners consultants main contractors and subcontractors. Its clients are primarily Hong Kong based construction firms involved in public and private developments. In the fiscal year ended March 31 2025 the firm had fifteen contributing customers and the five largest customers together accounted for about 93.7 percent of total revenue. No specific customer names are disclosed in the filing.