According to Futu News on April 23,$TJCD (02515.HK)$It opened low on the first day, down 20%. As of press release, it was reported at HK$2, with a turnover of over HK$46.09 million and a total market value of over HK$400 million.

Market Source: Futu Securities Securities>

According to previously public information, in the Futu dark market trading on the previous trading day, Tianjin C&D closed down 16% to HK$2.10, with a turnover of HK$4.120,400, with a total market value of HK$453 million; 2,000 shares per lot, excluding handling fees, lost HK$800 per lot.

Furthermore, according to previous public information, Tianjin C&D was subscribed about 433.06 times during the public sale. A total of 16,354 valid applications were received, and the number of applications accepted was 6,012. The approximate percentage of H shares distributed in first-hand lots was 10.01% of the total number of applications.

Company Overview

The company is a construction group in Tianjin, providing comprehensive engineering construction services. According to Frost & Sullivan's report, there were 2,547 construction companies in Tianjin in 2022. Based on Tianjin's construction revenue in 2022, the company's market share in the overall engineering construction market was 0.1%. According to the revenue generated by municipal public works in 2022, the company ranked fourth among municipal public works private companies in Tianjin, accounting for about 0.2% of the market share. During the track record period, the company was mainly engaged in engineering construction business and was committed to providing customers with high-quality engineering construction services.

According to the Frost & Sullivan report, out of 2,547 and 3,351 construction companies in Tianjin in 2022 and 2023, respectively, only 3 and 4 construction companies have both petrochemical engineering and highway engineering construction qualifications. Among them, the company is the only private construction company. Compared with construction companies with fewer qualifications, in addition to petrochemical engineering and highway engineering construction qualifications, the company also has municipal public works and construction engineering qualifications, enabling the company to participate in a wider range of projects. As of the last practical date, the company had 25 qualifications relating to the company's engineering construction business, including two first-level construction qualifications: (i) first-class general contracting qualification for petrochemical engineering construction; and (ii) first-class qualification for professional foundation engineering contracting.

Financial Overview

In terms of financial conditions, the company's total revenue in 2021, 2022, and 2023 was RMB 275 million, RMB 288 million, and RMB 319 million, respectively, with a compound growth rate of 7.79% from 2021 to 2023. For the same period, the company's total profit and overall revenue were RMB 41.4414 million, RMB 35.90 million, and RMB 410.45 million respectively.

Edit/Lindsay