SU Group Holdings is a Hong Kong security integrator whose Nasdaq listing is now the binding constraint on a franchise that still wins public work. Staff issued a delisting determination in early August after a month of sub-dollar closes, and a second reverse split in twelve months is the only remaining bid-price tool. Fiscal year revenue reached $24.7 million, so this is not a concept stock. The residual claim is a listing and dilution problem sitting on top of a real operating company.
The fiscal year ended September 30, 2025 turned a prior-year profit into a loss as project subcontracting and statutory wage inflation crushed gross margin. Reported gross margin compressed to 16.0 percent. Engineering project margin fell even harder. Guarding margin slipped under wage pressure even as the top line grew. Cash also halved, and management later raised fresh equity through a unit offering that now sits under a huge warrant overhang. The operating story improved in the following months through hospital, border, and aviation awards. The capital-structure story got worse.
Class A shares closed at $0.49 on the byline date, implying about $0.7 million of equity value on the post-split count. That price is a fraction of year-end working capital. The open question is whether the hospital follow-on and other public awards restore cash conversion before the Hearings Panel or the warrant book decide the listing's fate.