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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
Our Company is principally engaged in the provision of construction engineering testing and inspection services, serving customers in Maoming, Guangdong Province of China. Founded in 2000 and headquartered in Xinyi City, Maoming, we have grown throughout the years in terms of revenue generated from construction engineering testing and inspection services. Our service offerings include a range of construction engineering testing and inspection services covering different types of testing and inspections processes involved in the industry. We primarily offer construction engineering testing services including foundation testing service, infrastructure and public roads testing service, construction material testing service, as well as building structure testing service. Additionally, we provide construction engineering inspection services including slope monitoring and foundation pit monitoring services. Since May 2024, as part of our expansion plan, while remaining our primary business focus on construction engineering testing and inspection services, we have commenced to diversify our service offerings and provide food testing services, which contributed 12.3% to our total revenue generated in 6M2024.

According to the CIC Report, the construction engineering testing and inspection services sector emerged with significant potential. The total market size of the construction engineering testing and inspection industry in Maoming was RMB389.8 million in 2023 and is expected to reach RMB614.6 million in 2028, representing a CAGR of 9.5% from 2023 to 2028. Over the years, the industry has also demonstrated steady growth, mainly driven by the government’s initiative for rapid infrastructure development. The construction engineering testing and inspection industry in Maoming showcased a CAGR of 11.1% from 2019 to 2023.

Our customer base primarily consists of entities involved in the construction industry in China, including private and public sector entities such as property developers and construction companies, stateowned investment companies, relevant PRC government institutions and PRC government administrative bureaus. These customers rely on our expertise to ensure the quality, safety and compliance at relevant stages of their construction or infrastructure projects. The primary focus of our testing and inspection services lies in private commercial and residential construction projects as well as public construction and infrastructure projects. During FY2021, FY2022, FY2023 and 6M2024, we had 268, 182, 279 and 196 customers, respectively.

As at the Latest Practicable Date, we maintain a team of 106 employees, holding a total of 179 testing qualifications issued and approved by the Guangdong Association for Quality and Safety Testing and Appraisal of Construction Projects, enabling them to conduct proficient and reliable testing and inspection processes. Among them, 55 are qualified engineers specialising in construction engineering and three are qualified engineers specialising in food and agriculture in China. Our Company has also obtained accreditation in a total of 39 categories for testing and inspection services relating to construction engineering, product and material testing, environmental testing, food testing and agricultural related testing approved by the Guangdong AMR and we offer testing services with over 2,700 parameters under the 39 categories.

We have obtained the Inspection and Testing Agency Qualification Certificate issued by the Guangdong AMR. This certificate grants us permission to use the mark of the CMA (China Inspection Body and Laboratory Mandatory Approval) when conducting our business. CMA is a certification and evaluation of the testing capability and reliability of testing and inspection institutions, conducted by quality inspection departments at the provincial level or above in accordance with the provisions of the Metrology Law of China. Additionally, we also hold the Construction Engineering Quality Inspection Agency Qualification Certificate issued by the Guangdong Provincial Department of Housing and Urban- Rural Development. As a testing and inspection company, we are required to obtain the Inspection and Testing Agency Qualification Certificate. When carrying out testing and inspection activities relating to construction engineering, we are also required to obtain the Construction Engineering Quality Inspection Agency Qualification Certificate. These certificates are crucial for demonstrating our capability and eligibility to provide reliable testing and inspection services. Our market reputation is largely established on the foundation of delivering reliable services, and we maintain this standard through stringent quality control measures. These measures are in place to ensure that we consistently uphold our service standards.

We operate our headquarters located in Xinyi City, Maoming, Guangdong Province, and provide on-site or laboratory testing and inspection services to customers in Maoming. Leveraging on (i) our stateowned background; (ii) our proven track records; (iii) our established market presence in Maoming; and (iv) our experienced senior management supported by our skilled personnel, we have grown throughout the years in terms of revenue generated from the testing and inspection services.

During the Track Record Period, our revenue was mainly derived from our foundation testing service. Revenue from foundation testing service accounted for 74.8%, 56.2%, 59.3% and 61.8% of our total revenue for FY2021, FY2022, FY2023 and 6M2024, respectively. The revenue generated from our foundation testing service was RMB29.7 million, RMB11.2 million, RMB24.6 million and RMB14.1 million for FY2021, FY2022, FY2023 and 6M2024, respectively. The decrease in revenue generated from foundation testing service in FY2022 was due to the impact of the COVID-19 pandemic, as a result, the number of foundation service orders completed by us in FY2022 decreased. See “Effect of the COVID-19 pandemic” below for details. As the impact of the COVID-19 pandemic gradually eased in 2023 and there is a growth in our foundation testing service provided to projects in public sector, our revenue from foundation testing service increased in FY2023.



Source: Syntrust GK (08629) Prospectus (IPO Date : 26/08/2024)
Listing Market GEM
Industry Building Construction
Background H Shares
Major Business Area N/A
Corporate Information
Substantial Shareholders Xinyi City Construction Engineering Quality and Safety Affairs Center (Total share: 56.00%); (H share: 0.00%)
Xinyi City Xinhui State-owned Capital Investment Group Co., Ltd. (Total share: 14.00%); (H share: 0.00%)
Lin Jiangjun (Total share: 5.73%); (H share: 19.09%)
Lin Sheng Yu (Total share: 3.27%); (H share: 10.89%)
粵海資產管理有限公司 (Total share: 3.16%); (H share: 10.53%)
Chen Menghua (Total share: 3.09%); (H share: 10.31%)
Lu Sili (Total share: 3.06%); (H share: 10.20%)
Liang Yishuang (Total share: 2.95%); (H share: 9.82%)
張坤 (Total share: 1.56%); (H share: 5.21%)
Zhang Yunling (Total share: 1.55%); (H share: 5.18%)
Directors Lai Feng (Chairman and General Manager and Executive Director)
Huang Fei (Deputy General Manager and Executive Director)
Mai Jiayu (Deputy General Manager and Executive Director)
Zhang Xihua (Deputy General Manager and Executive Director)
Chen Guangfu (Non-Executive Director)
Zou Chan (Non-Executive Director)
Deng Dian (Independent Non-Executive Director)
Liu Hongge (Independent Non-Executive Director)
Luo Qiling (Independent Non-Executive Director)
Company Secretary heung Lai Ha
Liu Dongxue
Principal Bankers China Construction Bank Corporation
Solicitors Jingtian & Gongcheng
Loeb & Loeb LLP
Auditors PricewaterhouseCoopers
Registered Office 46th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong
Share Registrars Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No (852) 2862-8628
Internet Address http://www.xyjiance.cn
Email Address xyjc0668@163.com
Tel No (86 066) 8881-6106
Fax No
 
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