Zhitong Financial APP learned that the HKEx disclosed on December 23 that AP&P Holdings Limited submitted its listing application to the main board of the HKEx, with HONESTUM and Grande Capital Limited as its co-sponsors.

It is reported that AP&P Holdings Limited is a piling contractor in Singapore and specializes in bored pile engineering. During the track record, the company undertook piling works mainly as a subcontractor through Progress Piling and Asia Piling, another major operating subsidiary of the Group. According to the industry report, the company was the third largest (by revenue) piling contractor in Singapore in 2021, accounting for about 4.1% of the market share of Singapore's piling industry.

According to the company, the major operating subsidiaries (i.e. Asia Piling and Progress Piling) are registered under the contractor registration system managed by the Construction Bureau and are rated as the highest "L6" in the CR08 (piling) category. By virtue of these registrations, the company is eligible to bid for projects in which the main contractor is required to appoint subcontractors holding the "L6" class of CR08 jobs, and piling projects directly from the Government of Singapore with no value limit. As at the latest practicable date, only 15 registered contractors in Singapore have obtained the "L6" level under the CR08 category. Progress Piling and Asia Piling also hold licences for specialist builders (piling works) respectively. In addition, Progress Piling is also registered under the contractor registration system maintained by the Construction Bureau. It is rated "L1" in the CR12 (ground support and stabilization works) category and holds a specialist builder (ground support and stabilization works) licence.

During the track record period, the company's earningsMainly from piling projects in Singapore and piling works in various building developments, including residential buildings, commercial and industrial complexes, infrastructure, educational institutions and other public facilities. Secondly, the company is also engaged by piling customers and other independent third parties to provide other related services, that is, supporting support and other services, including mechanical maintenance, scrap metal sales and manpower outsourcing services; and leasing machinery or equipment.

In terms of customers, the company has established a diversified customer base, mainly covering construction contractors, followed by property owners. In financial year 2020, financial year 2021, financial year 2022 and the six months ended September 30, 2022, the number of clients of the project was 36, 34, 39 and 29 respectively. Their backgrounds are different, which are caused byPrivate companies to subsidiaries of companies listed on the stock exchanges of Singapore, Korea, Tokyo, Nagoya, Shanghai and Hong Kong, as well as from data center operators, educational institutions to telecom operators等。

Financially, in fiscal year 2020, fiscal year 2021, fiscal year 2022 and the six months ended September 30, 2022, the company's income was approximately S $139 million, S $107 million, S $153 million and S $60.32 million, respectively.

It should be noted that the company may face the following specific risk factors: for example, the company's income mainly comes from piling projects, but the appointment with customers is not frequent, so there is no guarantee that the company will be able to obtain new projects; moreover, past earnings, gross margin and gross profit margin may not be used as indicators of the company's future performance Any seriously inaccurate cost estimates or cost overruns may adversely affect business operations and financial performance; in addition, the actual total value of the project may be different from the original estimated contract amount specified in the client's contract; the company bears credit risk on trade receivables, deposits receivable and opportunities for recovery of contractual assets The company's profitability may be significantly adversely affected by any reduction in non-recurrent government subsidies received by the group.