自《粤港澳大湾区发展规划纲要》颁布以来，大湾区“一小时生活圈”现已形成。受惠于发展大湾区的国家战略，公司一直致力物色及转化大湾区及其周边城市具有良好价值及潜力的不良住宅物业资产，例如广东省阳春市的瑞安理想家园及万瑞理想华府。灏辉国际表示将持续专注于在大湾区发展住宅物业。此外，灏辉国际拟继续扩大市场份额，当中可能涉及在大湾区及其周边城市以及黑龙江省承接物业开发项目。
On November 28, Leju Finance, Liu Zhiying, according to disclosure from the Hong Kong Stock Exchange, Haohui International Holdings Limited (hereafter: Haohui International) submitted a listing application to the main board of the Hong Kong Stock Exchange. Dongxing Securities (Hong Kong) is the sole sponsor.
According to the prospectus, Haohui International is a property developer focusing on revitalizing non-performing loan mortgaged properties for sale and rent. Unlike traditional real estate developers who usually increase land reserves through a listing and sale process, Haohui International focuses on identifying and acquiring mortgaged properties with non-performing loans. The company obtained property secured by non-performing loans through asset management companies, judicial auctions, and partnerships with or from property developers. Ruian Garden, the company's flagship project, is a residential, commercial and retail complex located in Foshan. It was obtained through an asset management company, and is also a successful example of the division's revitalization of distressed property assets.
Since the promulgation of the “Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area”, the Greater Bay Area's “one-hour life circle” has now been formed. Benefiting from the national strategy to develop the Greater Bay Area, the company has been striving to identify and transform poor residential property assets with good value and potential in the Greater Bay Area and surrounding cities, such as Ruian Ideal Home in Yangchun City, Guangdong Province and Wanrui Ideal Huafu. Haohui International said it will continue to focus on developing residential properties in the Greater Bay Area. Furthermore, Haohui International plans to continue expanding its market share, which may involve undertaking property development projects in the Greater Bay Area and surrounding cities as well as in Heilongjiang Province.
As of the valuation date, Haohui International had a total of ten property development projects at various stages of development. These projects are located in Foshan, Yangchun and Enping in Guangdong Province, and Daqing City in Heilongjiang Province. At the valuation date, the company's total land reserve was approximately 491,178.1 square meters, including: the total unsold and pre-sold floor area of completed properties and the leasable construction area of 115710.2 square meters for investment; the planned construction area under development of 15,1521.6 square meters; and the estimated construction area of 223946.3 square meters for future development.
In terms of performance, in fiscal year 2020, fiscal year 2021, fiscal year 2022 and the first six months of 2023, Haohui International's revenue was approximately RMB 115 million, $182 million, $286 million and $310 million respectively. In the same period, the company achieved annual profits of RMB 24323 million, RMB 454.94 million, RMB 65.710 million and RMB 46.208 million, respectively.
Haohui International's top five clients are all individual buyers of residential properties. In FY2020, FY2021, FY2022, and the first six months of 2023, revenue from the five major customers accounted for approximately 12.0%, 14.8%, 10.7% and 8.2% of revenue, respectively. In FY2020, FY2021, FY2022, and the first six months of 2023, revenue from the single largest customer accounted for approximately 2.8%, 3.1%, 2.2% and 1.7% of revenue, respectively. As of the last practicable date, as far as the directors knew, our top five clients were all independent third parties.
Most of Haohui International's major suppliers are construction contractors and suppliers of building materials. During the track record period, due to the nature of the company's business and the relatively small number of property development projects under development, Haohui International relied on a limited number of major suppliers to operate the company's business. In FY2020, FY2021, FY2022, and the first six months of 2023, Haohui International's procurement from the five major suppliers accounted for 55.1%, 78.7%, 58.6% and 60.3% of total procurement volume, respectively. In FY2020, FY2021, FY2022, and the first six months of 2023, Haohui International's procurement from a single largest supplier accounted for 25.9%, 65.8%, 28.6% and 40.8% of total procurement volume.
