One Construction is a structural steelwork subcontractor based in Hong Kong. The company supplies and installs structural steel — columns, beams, frames, and trusses — that form the structural backbone of buildings and infrastructure projects. One Construction operates exclusively as a subcontractor, meaning its direct clients are general contractors rather than project owners. The company competes for work through a competitive tender process, estimating project costs and bidding at a markup. Public sector work dominates, accounting for roughly 86% of revenue in FY25. One Construction's work on a given project involves site preparation, steel procurement, and on-site project management — the company relies on contract workers and subcontractors for most physical labor rather than self-performing it. Revenue is recognized progressively as work is completed, with clients paying in installments over the roughly two-year project lifecycle. A notable feature of the business model is a cash flow timing mismatch: One Construction incurs upfront costs before receiving meaningful client payments, making working capital access a key constraint on growth. Steel materials represent roughly 23–27% of cost of sales, though commodity risk is limited because One Construction locks in supplier pricing before committing to a bid price. The company does not own heavy machinery, leasing equipment as needed. Client concentration is notable, with the top five clients representing roughly 85–86% of revenue and a single client accounting for 55% of FY25 revenue.