Wu Wenting of Leju Finance On August 1, Wuhu Urban Construction Group Co., Ltd. (hereinafter referred to as “Wuhu Urban Construction”) submitted a listing application to the Hong Kong Stock Exchange.

According to Leju Finance's “Pre-Review IPO” prospectus, from 2020 to 2022, Wuhu Urban Construction realized revenue of 514 million yuan, 1,085 million yuan, and 2,216 million yuan respectively; annual profits were 129 million yuan, 151 million yuan, and 159 million yuan respectively.

It is worth noting that Wuhu Urban Construction's customers mainly include local governments and state-owned enterprises. For fiscal year 2020, fiscal year 2021, fiscal year 2022 and the four months of 2023, revenue from the five major customers reached $332 million, $766 million, $1,887 million and $810 million respectively, accounting for 64.7%, 70.6%, 85.1% and 86.6% of total revenue, respectively.

For fiscal year 2020, fiscal year 2021, fiscal year 2022 and the four months of 2023, revenue from the largest customers reached $148 million, $281 million, $1,095 million and $586 million respectively, accounting for 28.9%, 25.9%, 49.4% and 62.7% of total revenue, respectively.

Wuhu Urban Construction is a rapidly growing state-owned construction and municipal infrastructure operation and maintenance service provider. It is rooted in Wuhu City, Anhui Province, and has an operation history of over 35 years.

According to Frost & Sullivan, in terms of revenue from housing construction projects and municipal works in 2022, the company's market share is 0.3%, and in terms of revenue from the operation and maintenance of roads, bridges, drainage facilities and integrated pipe galleries in 2022, it ranked first among all state-owned operation and maintenance service providers in Anhui Province, with a market share of 1.4%.