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Tancheng Group Co., Ltd. (formerly Bigeon), or Tancheng Group, was incorporated under the laws of Nevada on June 19, 2018. It remained a shell company until the completion of acquiring Qiansui International Group Limited, a Cayman Islands exempted company ( Qiansui International ), and Qiansui International s subsidiaries on March 20, 2023, pursuant to a contribution agreement (the Contribution…
The business is unprofitable at the operating level (-171.06% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 56.8% YoY. Margins deteriorated 113.7pp alongside, both lines moving the wrong way.
Negative free cash flow of -$449K. The business is consuming cash, not generating it. Operating margin contracted 113.7pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$72K
▼ -56.8% YoY
Net Income (TTM)
-$407K
▼ -28.8% YoY
Op. Margin
-563.18%
▼ -113.7pp YoY
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
-$429K
▲ +23.4% YoY
Op. Cash Flow (TTM)
-$429K
▲ +23.4% YoY
Net Debt
-$24K
Net Cash Position
Cash & Equiv.
$24K
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