This is not always a good test. Even higher quality production knives from companies like Spyderco can have fatigued steel from the factory edge being ground hot. Edge retention can improve dramatically after just one sharpening or it may take several edges to see real improvement. Either way, don't expect to have a true gauge for the steel quality until you are several edges down.
Even without taking the knife apart for inspection, you should still get a good feel for the fit, finish, lock-up, action, etc. Just remember that like edge retention, action can improve. Some of that is "breaking in", wearing down burrs, etc. Some of that can just be getting from whatever mystery lube is in those bearings from the factory (which can include grit, gunk, grime, etc. from some brands) and slowly transitioning to your preferred lube. These are all reasons that disassembly, inspection, thorough cleaning, and proper lubing are all part of my "new knife" routine.
BTW, you can also draw upon the vast collective experience of members here. A good place to start would be telling us the make and model of this $100 "Chinesium" in M390?