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IPO Plus - IPO

To-be Listed
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
FEG HOLDINGS (01413.HK)
Summary
We are a foundation works contractor in Hong Kong. We commenced our business in 1995 and have since undertaken foundation works in the role of subcontractor through Kwong Luen Engineering, our principal operating subsidiary. According to the F&S Report, we were ranked as the fourth largest (in terms of revenue) foundation works subcontractor in Hong Kong in industry. 2019, and accounted for approximately 1.7% market share of the foundation During the Track Record Period, the foundation works undertaken by us mainly comprised ELS and other associated works including pile cap construction, underground drainage works and site formation works.

Projects Undertaken During the Track Record Period

Our foundation works services are widely required in residential and non-residential developments such as commercial and infrastructure developments. In particular, we have established a solid track record in undertaking foundation works mainly in residential developments initiated by private property developers in Hong Kong. During the Track Record Period, the majority of our revenue was derived from foundation works in residential developments.

Our Group's gross profit margin for non-residential development projects was approximately 16.9% for FY2017/18 which was mainly attributable to the substantial amount of foundation works we had performed for a commercial development project for Customer A, namely Project No. #07, which accounted for the majority of our revenue derived from non-residential development projects in FY2017/18. Leveraging our long-established and stable business relationship with Customer A, we were able to factor in a profit margin, which was comparable to our overall gross profit margin attributable to Customer A of approximately 16.3% for FY2017/18, for Project No. #07. Our Group's gross profit margin for non-residential development projects decreased from 16.9% for FY2017/18 to 2.1% for FY2018/19, which was mainly attributable to the substantial amount of foundation works we had performed for Project No. #09 in FY2018/19. Taking into consideration (i) Project No. #09 being our first potential non-residential development project obtained from Customer B, (ii) the prospect of strengthening our business relationship with Customer B, we had factored in a relatively low profit margin in determining the tender price for Project No. #09, resulting in our lower gross profit margin attributable to non-residential development project in FY2018/19. For further details on our relationship with Customer B, please refer to the section headed “Business – Our customers – Top customers who were also our suppliers (and subcontractors)” in this document.

Our Group's gross profit margin for non-residential development projects increased from approximately 2.1% for FY2018/19 to approximately 9.5% for FY2019/20 which was mainly attributable to (i) the substantial amount of foundation works we had performed for a commercial development project for Customer A, namely Project No. #08, which accounted for approximately 64.1% of our revenue derived from non-residential development projects in FY2019/20. In respect of Project No. #08, we had factored in a relatively higher profit margin and our gross profit margin attributable to Project No. #08 was approximately 10% for FY2019/20; and (ii) was partially offset by the relatively lower gross profit margin we had factored in for one and two projects we undertook for Customer J and Shui Wing Group, respectively, in FY2019/20. Our gross profit margins attributable to the aforesaid projects with Customer J and Shui Wing Group were approximately 8% on average for FY2019/20. Taking into consideration Customer J and Shui Wing Group was our new customer for 2020 and 2019, respectively and the prospect of strengthening our business relationship with them, we had factored in a relatively lower gross profit margin for projects awarded by them.

Our Group's gross profit margin for non-residential development projects increased from approximately 9.5% for FY2019/20 to approximately 13.3% for the five months ended 31 August 2020, which was mainly attributable to the substantial amount of foundation works we had performed for two infrastructure development projects for Lik Shing Engineering Company Limited, namely Project No. O13 and Project No. O14. Given that we had commenced our business relationship with Lik Shing Engineering Company Limited since 2018 and demonstrated to them our ability to fulfil their quality standards, requirements and specifications in previous projects, we had started to factor in a higher profit margin for projects awarded by Lik Shing Engineering Company Limited as compared to the previous projects we had undertaken for them, which was in line with the increase in our overall gross profit margin attributable to Lik Shing Engineering Company Limited from approximately 7.6% for FY2019/20 to approximately 11.9% for the five months ended 31 August 2020.

We were engaged in both private and public sector projects in Hong Kong. During the Track Record Period, a substantial portion of our revenue was derived from foundation works in private sector projects. The project owners of our private sector projects were generally property developers and utilities companies, and our customers were those main contractors or subcontractors employed under such projects. In respect of public sector projects, our customers were generally subcontractors employed under those projects initiated by the Government, such as Housing Authority and CEDD.

Our Group's gross profit margin for public sector projects increased from 7.9% for FY2019/20 to 11.6% for the five months ended 31 August 2020, which was mainly attributable to the substantial amount of foundation works we had performed for two infrastructure development projects for Lik Shing Engineering Company Limited, namely Project No. O13 and Project No. O14. Given that we had commenced our business relationship with Lik Shing Engineering Company Limited since 2018 and demonstrated to them our ability to fulfil their quality standards, requirements and specifications in previous projects, we had started to factor in a higher profit margin for projects awarded by Lik Shing Engineering Company Limited as compared to the previous projects we had undertaken for them, which was in line with the increase in our overall gross profit margin attributable to Lik Shing Engineering Company Limited from approximately 7.6% for FY2019/20 to approximately 11.9% for the five months ended 31 August 2020.

Our Group remains open to undertaking projects from different sectors and types of development. Our pricing strategies for (i) public and private sector projects; and (ii) residential and non-residential projects are largely similar. In determining the gross profit margin of a project during tender submission, our executive Directors generally take into consideration, amongst others factors, (i) the size and duration of the project; (ii) years of business relationship with the customer; (iii) credit history and financial track record of the customer; and (iv) prospect of obtaining future contracts from the customer. For further details on our pricing strategy, please refer to the paragraph headed “Business – Pricing strategy” in this document.

During the Track Record Period, most of our residential projects undertaken were initiated by Developer I and we had participated in such projects as a subcontractor of Customer A. Our Group's gross profit margin attributable to Customer A was comparatively higher than the gross profit margin attributable to our other customers during the Track Record Period. For further details, please refer to the paragraph headed “Business – Our customers – Further information on our top customers – Customer A and Sanfield” in this document.

Meanwhile, the non-residential projects undertaken by us during the Track Record Period were obtained from a larger customer base, mainly including Customer A, Customer B, Customer J, Shui Wing Group and Lik Shing Engineering Company Limited. The property owners of these non-residential projects include the Government, such as CEDD, as well as different property developers in Hong Kong. Given the difference in (i) the customer base and the associated project owners of our residential and non-residential projects; (ii) length of our working relationships with such customers and the associated project owners; and (iii) project requirements and quality standards imposed by such customers and the associated project owners, there was a larger fluctuation in our gross profit margin attributable to non-residential projects as compared to our residential projects.

Similarly, since our private sector projects undertaken during the Track Record Period were mainly originated from Developer I and obtained by us from Customer A, our gross profit margin attributable to private sector projects was relatively higher as compared to public sector projects during the same periods.

Our gross profit margin was comparatively higher than the other top five leading foundation works subcontractors

Our Group's gross profit margin was comparatively higher than the other top five leading foundation works subcontractors in Hong Kong by revenue in 2019 which was primarily attributable to (i) the different composition of customer base and the associated project owners of our Group as compared to the other leading foundation works subcontractors. Particularly, we were able to attain a relatively higher gross profit margin from Customer A's projects, which were all initiated by Developer I; (ii) the scale of our machinery fleet being larger than three of the other leading foundation works subcontractors; and (iii) that we had not encountered any material cost overrun in our projects during the Track Record Period. By comparison, our executive Directors noted that some of the other leading foundation works subcontractors had encountered unexpected complexity and delay in projects according to the annual reports of their most recent financial year, which had adversely affected their gross profit margins. For details of the reasons, please refer to the paragraph headed “Business – Projects undertaken during the Track Record Period – Our Group's higher gross profit margin than the other top five leading foundation works subcontractors in Hong Kong by revenue in 2019” in this document.

Source: Kwong Luen Eng (01413) Prospectus (IPO Date : 2021/02/26)
Listing Market MAIN
Industry Construction & Engineering
Background Others
Major Business Area N/A
Corporate Information
Substantial Shareholders Arena Investors, LP (25.83%)
Cheung Tung Tsun Billy (13.18%)
Lam Sha Chau (7.50%)
Lin Tongbing (5.62%)
Ma Wenkui (5.34%)
Directors Cheung Tung Tsun Billy (Chairman and Executive Director)
YIP Kwong Cheung (Executive Director)
Luo Tingting (Executive Director)
Huang Jiayi (Executive Director)
Yang Zhenwei (Executive Director)
Tang Man Joe (Independent Non-Executive Director)
Lai Pik Chi Peggy (Independent Non-Executive Director)
Wong Kwok On (Independent Non-Executive Director)
Company Secretary Ho Yuk Ming Hugo
Principal Bankers The HongKong and Shanghai Banking Corporation Limited
Solicitors Appleby
David Fong & Co.
Auditors Linksfield CPA Limited
Registered Office Unit 1801, 18th Floor., V. Heun Building, No. 138 Queen’s Road Central, Hong Kong
Share Registrars Boardroom Share Registrars (HK) Ltd. [Tel: (852) 2153-1688]
Share Registrars Tel No (852) 2153-1688
Internet Address http://www.feg-holdings.com
Email Address info@feg-holdings.com
Tel No (852) 2919-6872
Fax No
 
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