Singularity Future Technology is a small, non-asset-based freight logistics intermediary that arranges shipping, warehousing, customs clearance, last-mile delivery, and drop shipping services for customers in China and the U.S. The company operates through subsidiaries in both countries, coordinating logistics on behalf of customers by managing local supplier networks and earning a margin between what it charges customers and what it pays suppliers. Singularity's business is effectively a captive logistics provider for a single customer: Chongqing Iron & Steel accounted for 94% of revenue in FY25, making Singularity's financial results almost entirely dependent on that one steel company's shipping and warehousing activity. The company has 11 full-time employees. Beyond its core logistics business, Singularity has pursued several diversification efforts, including U.S. warehousing through its 51%-owned Texas subsidiary Brilliant Warehouse Service, commodity trading, and solar panel sales and recycling through a joint venture formed in 2024. None of these efforts have generated meaningful revenue. The company has a troubled history, including a 2022 Hindenburg Research fraud report, SEC and DOJ subpoenas, financial statement restatements, and a 2025 SEC settlement requiring a $350K civil penalty. Singularity also carries ongoing risks from its PRC-based operations, repeated Nasdaq compliance issues, and significant potential shareholder dilution from a June 2025 private placement that included warrants for roughly 96M additional shares.