Phoenix Asia is a holding company that operates through its subsidiary, Winfield Engineering, a specialist subcontractor for substructure construction in Hong Kong. Winfield Engineering focuses on the underground portions of building projects, providing site formation, ground investigation, and foundation works. Its specific services include slope stabilization, soil testing, excavation, and structural steelworks to create the base for above-ground construction. The company secures work through competitive tenders from main contractors rather than developers, resulting in a highly concentrated customer base. Winfield Engineering employs a cost-plus business model, where it estimates material, labor, and subcontractor costs and applies a markup based on project complexity and market conditions. Revenue is earned through monthly progress payments for completed work. Phoenix Asia is currently attempting to pivot its business model through a pending acquisition of ACEA Pharma, a clinical-stage pharmaceutical company. This transaction would transform the firm into a life sciences company focused on cancer and autoimmune disease treatments. Organically, the company's strategy involves bidding for larger projects, expanding its machinery fleet, and investing in Building Information Modeling technology. The business operates as a single segment, with the mix of public and private sector projects shifting based on individual contract wins.