Yi Feng Holdings is a small Hong Kong construction subcontractor that provides electrical engineering, temporary site utilities, and steel cutting services to main contractors and subcontractors on building and infrastructure projects. The company operates through two subsidiaries — Yi Feng Construction M&E Limited and MCF Engineering — and derives roughly 89% of revenue from civil engineering work, including design and installation of permanent electrical systems, temporary power and plumbing setups on active sites, and vertical material handling via hoists and cranes. The remaining ~11% of revenue comes from steel cutting and recyclable scrap steel sales, where Yi Feng dismantles temporary steel structures and sells recovered scrap to recyclers. Customers span residential, commercial, public housing, hospital, school, and transport infrastructure projects, with ultimate owners including private developers and the Hong Kong government. Work is won through invitation-based tendering on pre-approved subcontractor lists. Yi Feng prices contracts on a cost-plus basis, mostly under fixed-price or unit-rate structures, meaning Yi Feng bears cost overrun risk. The business carries significant concentration risk: two customers accounted for 91% of FY2025 revenue, and the largest — CF Engineering, controlled by Yi Feng's own CEO — represented 56% alone. The operating subsidiaries were incorporated in 2023–2024 and have a very short track record. Working capital has been funded largely through unsecured advances from the majority shareholder. Yi Feng's growth strategy focuses on diversifying its customer base, targeting healthcare and data center projects, and potentially expanding into China's Greater Bay Area.