Lei Jianping on January 9
中深建业控股有限公司（ZhongshenJianye Holding Limited，简称"中深建业”，股票代码：02503. HK)今日在港交所上市。
The issue price was HK$1, and 128.7 million shares were issued, raising a total of HK$129 million, and the net proceeds were HK$84.95 million after deducting the listing fee payable for the issuance of HK$43.75 million.
The opening price of Zhongshen Construction was HK$0.81, down 19% from the issue price, the closing price was HK$0.72, down 28% from the issue price, and the company's market capitalization was HK$371 million based on the closing price.
The annual revenue is 1.378 billion
Founded in 1997, Zhongshen Construction is a private general contractor, mainly providing customers with professional and comprehensive construction services, with municipal public works in Guangdong Province as the cornerstone, and its business covers Henan, Sichuan, Fujian, Hubei, Zhejiang, Xinjiang and other places.
According to the prospectus, the revenue of Zhongshen Construction in 2020, 2021 and 2022 will be 1.331 billion yuan, 1.346 billion yuan and 1.378 billion yuan respectively, the gross profit will be 66.44 million yuan, 71.25 million yuan and 78.93 million yuan respectively, and the total income will be 13.56 million yuan, 28.08 million yuan and 25.33 million yuan respectively.
In the first half of 2023, the revenue of Zhongshen Construction Industry was 496 million yuan, compared with 372 million yuan in the same period last year, and the total revenue was 10.79 million yuan, compared with the total income of -4.38 million yuan in the same period last year.
As of June 30, 2023, the cash and cash equivalents held by Zhongshen Construction were 96.75 million yuan.
Sang Xianfeng is the major shareholder
The executive directors of Zhongshen Construction are Sang Xianfeng and Sin Yurong, and the independent non-executive directors are Ms. Liu Zhihong, Zeng Qingli and Xie Huagang.
Sang Xianxian's father, Sang Tieda, has extensive experience in China's construction industry, having been involved in the construction subcontracting business in Shenzhen since the 2000s, and is well aware of the potential of China's construction industry, especially in Guangdong Province.
On 8 June 2017, Sang Xianfeng and Sin Yuk Wing established a limited company, Zhongshen Construction Industry, with the aim of capturing the potential business opportunities created by the booming construction market in Shenzhen, while strengthening its integration into the development trend of the Greater Bay Area, leveraging its strong interest in construction engineering and rich experience in the construction industry in China.
In the early years, the business funds of Zhongshen Construction were mainly provided by Sang Xianfeng with personal financial resources and family financial support. Sang's parents provided a total of about 200 million yuan (i.e. the return on investment in Shenzhen's real estate market since the late 1990s) to meet the financial needs of Zhongshen Construction Industry.
As Sang Tieda was at retirement age when Sang Xianfeng and Xian Yurong decided to establish Zhongshen Construction in 2017, Sang Xianxian's parents used the above funds to support the Group's business development.
IPO前,中深建业股权结构
Before the IPO, Sang Xianxian's shareholding was 73.6%, Xian Yurong's shareholding was 18.4%, and Ms. Hou Ling's shareholding was 8%.
After the IPO, the shareholding structure of Zhongshen Jianye
After the IPO, Sang Xianfeng held 55.2% of the shares, Xian Yurong held 13.8% of the shares, Ms. Hou Ling held 6% of the shares, and the public held 25% of the shares.
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