IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
S.F. Holding 06936.HK	Air Freight & Logistics	32.3-36.3	200	N/A	2024/11/22	2024/11/26	2024/11/27
Jiuyuan Gene 02566.HK	Biotechnology - Medical Devices	11.48-12.56	200	N/A	2024/11/25	2024/11/27	2024/11/28
Mokingran 02585.HK	Watch & Jewellery	12-14.4	200	N/A	2024/11/26	2024/11/28	2024/11/29

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

S.F. Holding
06936.HK

Air Freight & Logistics

32.3-36.3

200

N/A

2024/11/22

2024/11/26

2024/11/27

Jiuyuan Gene
02566.HK

Biotechnology - Medical Devices

11.48-12.56

200

N/A

2024/11/25

2024/11/27

2024/11/28

Mokingran
02585.HK

Watch & Jewellery

12-14.4

200

N/A

2024/11/26

2024/11/28

2024/11/29

Summary

Established in 2017, we are a growing private general contracting construction enterprise in the PRC. We have strategically focused on municipal and public construction works in Guangdong Province to build up our reputation and market share and have established a firm foothold in Guangdong Province with footprints in Henan Province, Sichuan Province, Fujian Province, Hubei Province, Zhejiang Province and Xinjiang Uygur Autonomous Region. According to the Frost & Sullivan Report, we ranked top 50 out of over 10,000 private construction companies headquartered in Guangdong Province in terms of revenue in 2022, accounting for a market share of approximately 0.23%, and the size of the construction industry in Guangdong Province to the overall PRC market in 2022 is approximately 8.2% in terms of revenue with top five private construction enterprises in Guangdong Province accounted for approximately 15.0% market share in terms of revenue among all private construction enterprises in Guangdong Province in 2022. We primarily acted as a general contractor or subcontractor for our construction projects during the Track Record Period. Our projects encompass a wide range of construction works, including (i) construction engineering works which primarily consist of structural and/or engineering works; (ii) municipal and public construction works which primarily consist of all urban and rural public infrastructure construction; (iii) foundation engineering works which primarily consist of earthwork and foundation construction and slope protection work; and (iv) specialised contracting works which represent the specialised construction works outsourced by the general contractor, which require strong professionalism and primarily consist of building renovation and decoration works services. We provide our customers with professional and comprehensive construction services.Generally, we are responsible for the overall coordination and management of a construction project, which cover workplan formulation, labour recruitment, leasing of equipment and machinery, procurement of construction raw materials and quality and construction progress control. We generally identify construction projects through (i) open tender; (ii) invitation by existing customers or industry participants; and (iii) corporate negotiation. For details, please refer to the section headed ‘‘Business — Our Business operations and services’’ in this document. Project #25 was suspended from December 2020 to October 2022 as Customer C had financial difficulties due to COVID-19 pandemic. The aggregate revenue generated from Project #25 during the Track Record Period amounted to approximately RMB76.2 million. As at the Latest Practicable Date, Project #25 has been resumed. As at the Latest Practicable Date, our contract assets and trade receivables of Project #25 was approximately RMB10.4 million and RMB18.4 million, respectively. During the years ended 31 December 2020 and 2021, our impairment losses recognised for Project #25 was approximately RMB22.8 million and RMB0.1 million, respectively, and during the year ended 31 December 2022 and the six months ended 30 June 2023, our reversal of impairment losses for Project #25 was approximately RMB22.7 million and RMB28,000, respectively. Accordingly, as at 31 December 2020, 2021 and 2022 and 30 June 2023, our impairment losses recognised for Project #25 in aggregate amounted to approximately RMB22.8 million, RMB22.9 million, RMB0.2 million and RMB0.2 million, respectively. For details, please refer to the section headed ‘‘Business — Our projects — Project suspension and delays’’ and Note 3.1(b) of the Accountant’s Report in Appendix I to this document. We consider that the contract assets and trade receivables from Customer C are recoverable in view of (i) our receipts of payment of approximately RMB22.5 million in aggregate during the second half of 2022 and the first half of 2023; (ii) while Customer C had financial difficulties in settling our payments due to COVID-19 pandemic, COVID-19 pandemic had ended and all the related restrictions were lifted; and (iii) the improved financial conditions of Customer C after its bond issuance. Source: Zhongshen Jianye (02503) Prospectus (IPO Date : 2023/12/28)
Listing Market	MAIN
Industry	Building Construction
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Sang Xianfeng (55.20%) Xian Yurong (13.80%)
Directors	Sang Xianfeng (Chairman and Executive Director) Xian Yurong (Chief Executive Officer and Executive Director) Liu Zhihong (Independent Non-Executive Director) Xie Huagang (Independent Non-Executive Director) Zeng Qingli (Independent Non-Executive Director)
Company Secretary	Ng Ka Chai
Principal Bankers	China Construction Bank Shenzhen Futian Yinzuo Rural Bank
Solicitors	Loeb & Loeb LLP
Auditors	Crowe (HK) CPA Limited
Registered Office	Room 1204, 12th Floor, C C Wu Building, 302-308 Hennessy Road ,Wan Chai, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.zsjy.top
Email Address
Tel No	(86 755) 8860-8827
Fax No

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