Monitor customer concentration risk and VIE structure risks. Watch for execution of expansion plans using IPO proceeds. The stock may be volatile due to the controlled company structure and lack of insurance coverage.
Executive Summary
One & One Green Technologies is a Philippines-based scrap metal recycling company conducting operations through a VIE structure with its Cayman Islands holding company. The company is raising up to $16.4 million in a best-efforts IPO to fund expansion, with strong recent revenue growth but significant risks including customer concentration, lack of insurance, and VIE structure complexities.
Key Financial Metrics
Key Facts
- Company operates scrap metal recycling in Philippines through VIE structure with Cayman Islands holding company
- Revenue grew 29.5% YoY to $53.5 million in 2024, with net income of $6.5 million
- IPO raising up to $16.4 million (after fees) for expansion of operations and working capital
- High customer concentration with top 3 customers accounting for 96% of 2024 revenue
- Company has no commercial insurance coverage, exposing it to significant operational risks
- VIE structure creates risks as investors don't own direct equity in operating entities
- Chairwoman Caifen Yan controls 91% of voting power, creating a controlled company structure
Financial Impact
Up to $16.4 million in net proceeds from IPO for expansion and working capital
Risk Factors
- VIE structure risks limiting investor rights and potential enforcement issues
- High customer concentration with top 3 customers accounting for 96% of 2024 revenue
- No commercial insurance coverage exposing company to significant financial risks
- Controlled company structure with Chairwoman controlling 91% of voting power
- Currency and geopolitical risks from operations in Philippines with customers in China/Hong Kong
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| F-1 Filing (Primary) | 0001213900-26-033923 |
| Document: ea028273401ex10-7.htm | 0001213900-26-033923 |
| Document: ea028273401ex1-1.htm | 0001213900-26-033923 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 28d ago | Press Release | $1.42 $1.38 | ▼ −2.82% | ▼ −4.77% | $1.15 (−19.01%) |
Sep 29, 2026 28d ago | 6-K | $1.42 $1.38 | ▼ −2.82% | ▼ −4.77% | $1.15 (−19.01%) |
Aug 21, 2026 9w ago | EFFECT | $1.72 $1.65 | ▼ −4.07% | ▼ −4.54% | $1.15 (−33.14%) |
Jun 1, 2026 21w ago | Press Release | $3.32 $2.71 | ▼ −18.37% | ▼ −15.62% | $1.15 (−65.36%) |
May 27, 2026 21w ago | EFFECT | $3.38 $3.20 | ▲ +5.33% | ▲ +5.79% | $1.15 (+65.98%) |
May 19, 2026 23w ago | Press Release | $4.04 $3.32 | ▼ −17.95% | ▼ −20.19% | $1.15 (−71.53%) |
May 18, 2026 23w ago | F-1 | $4.04 $3.38 | ▼ −16.34% | ▼ −18.63% | $1.15 (−71.53%) |
Apr 27, 2026 26w ago | 20-F | $5.08 $5.01 | ▼ −1.38% | ▼ −3.07% | $1.15 (−77.36%) |
Apr 22, 2026 26w ago | 6-K | $4.99 $5.14 | ▲ +3.01% | ▲ +2.95% | $1.15 (−76.95%) |
Apr 22, 2026 26w ago | Press Release | $4.99 $5.14 | ▲ +3.01% | ▲ +2.95% | $1.15 (−76.95%) |
US Market Status
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