A summary of the collection

It is a contractor focusing on the provision of refurbishment services and works as the principal contractor for a number of private property projects in Hong Kong and Macau. The main items of the collection are: 1) repair projects; and 2) alterations and additions. According to China's industry report, in terms of revenue, in 2015, Cluster ranked second in the renovation service industry in Hong Kong, accounting for about 2.78% of the market share.

Repair works are generally carried out in accordance with the internal space mainly for commercial goods, which are used for corporate, leisure and accommodation, catering, retail and other purposes. It also provides alteration and addition services to the industrial, property and commercial industries, including hotels and hotels. Up to March 31, 2016, a total of 70 renovation projects and 7 alteration and addition projects have been completed. Of these projects, the nominal contracts for 27 repair projects and 4 alteration and addition projects are not less than HK $1000.

Industry summary

According to China Fuhao's report, the total value of Hong Kong's renovation service industry increased from about 14.3 billion Hong Kong dollars in 2011 to about 21.9 billion Hong Kong dollars in 2015, with a compound annual growth rate of 11.3 percent. It is expected that the total value of Hong Kong's renovation service industry will continue to grow from about 24.4 billion Hong Kong dollars in 2016 to about 37.4 billion Hong Kong dollars in 2020, with a complex annual growth rate of 11.3 percent.

Cymbals

In the financial year ended March 31, 2016, the five major customers from the collection accounted for about 84.5% of the total revenue, and the income from the largest customers accounted for about 28.1% of the total revenue. If the collection fails to maintain a relationship with them or obtain a new one in the future, it may adversely affect the business, business conditions and experience of the collection.

Valuation

According to the IPO documents, as of March 31, 2016, shares should account for between HK $0.12 million and HK $0.14 per tangible assets per share of unaudited equipment test after deducting the dividend of HK $2000 paid on September 23, 2016, based on the 8.00 million shares expected to be issued after the sale of the shares was completed.