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Public company info - Ling Yui Holdings Limited , 00784.HK

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Ling Yui Holdings Limited, 00784.HK - Company Profile
Chairman Lee Kim Ming
Share Issued (share) 800,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Construction & Decoration
Corporate Profile Business Summary: The group is a Hong Kong-based subcontractor principally providing foundation works including ELS works, pile cap works and pile construction, site formation works and other ancillary services such as road and drainage works for foundation projects in the private sector. Performance for the year: The group has generated revenue of approximately HK$74.3 million, HK$120.5 million, HK$219.3 million and HK$90.3 million for the years ended 31 March 2015, 2016, and 2017 and the four months ended 31 July 2017, respectively. The group's net profit was approximately HK$18.2 million, HK$18.5 million, HK$31.0 million and HK$4.9 million for the same period. Business Review: During the Track Record Period, the group provided the group's foundation works through Ming Lee Foundation, acting primarily as a principal subcontractor in the group's projects with the group's customers mainly consisting of main contractors of private foundation projects in Hong Kong. According to the Ipsos Report, principal subcontractor of a project refers to the subcontractor who is awarded with a material part of a tender by the respective main contractor, and taking into account the comprehensive skill sets and project management capability it possesses, such subcontractor is usually responsible for supporting and assisting the main contractor in managing the project, including the overall planning and project management of work schedules, and the supervision of site works carried out by own direct labour as well as the lower tier subcontractors. As a subcontractor, the group also undertake specific parts of foundation works designated by the main contractor. During the Track Record Period, the group had 36 completed projects with recognised revenue of approximately HK$331.0 million. As at the Latest Practicable Date, the group has 12 projects on hand (including projects in progress and projects yet to commence) with a total awarded contract sum of approximately HK$415.0 million. The group's projects on hand are expected to be completed during the period from December 2017 to November 2018. The group possess the group's own machinery and construction equipment for performing different types of foundation works. The group's major machinery and construction equipment include excavators, hydraulic breakers, air compressors and generators. The group believe that the group's investment in machinery and construction equipment has placed the group in a position to cater for foundation works of different scales and to meet the expected growing demand in the foundation and site formation industry in Hong Kong in the foreseeable future. For the years ended 31 March 2015, 2016 and 2017 and the four months ended 31 July 2017, the group acquired machinery and construction equipment in the amount of approximately HK$10.8 million, HK$3.3 million, HK$12.4 million and HK$8.0 million, respectively. The group also have the group's own team of experienced and well-trained operations staff and workers (including project management and supervision staff, engineers, machinery operators and site workers) who have the requisite skills and experience to handle foundation works of high complexity. As at the Latest Practicable Date, the group had 25 project management and supervision staff, 27 machinery operators and 31 site workers to operate various types of machinery and carry out necessary site works. According to the Ipsos Report, the rising demand for residential properties and the overheated properties market in Hong Kong will continue to drive growth in the construction industry in the foreseeable future and the demand for construction service is forecasted to continue rising. Boosted by the Government’s initiatives to increase the housing supply, growth in Hong Kong’s construction industry, including building construction, foundation and site formation works, will be strong. Further, railway property development and the increasing number of urban renewal projects are also growth drivers of Hong Kong’s construction industry. In view of the aforesaid, the group's Directors are of the view that the demand for foundation works in Hong Kong will continue to rise in the coming years. Prospects: The group has formulated the following business strategies to strengthen the group's position and expand the group's market share in the foundation industry in Hong Kong: • strengthen the group's financial capacity and expand the group's market share; • further strengthen the group's manpower; and • acquire additional machinery and construction equipment.

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