On June 28th, 2024, Wing Lee Development Construction Holdings Limited (referred to as 'Wing Lee Construction'), a construction company from Hong Kong, submitted a listing application to the Hong Kong Stock Exchange and plans to list on the main board of the exchange.
Wing Lee Construction prospectus link:
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Main Business
Wing Lee Construction was established in 2005 as a scale contractor in Hong Kong engaged in civil and mechanical engineering and renewable energy projects.
According to a Frost & Sullivan report, Wing Lee Construction was the largest cable and civil pipeline subcontractor in Hong Kong in 2023, with a market share of approximately 13.6% based on revenue for the 2023/24 fiscal year.
Wing Lee Construction has gradually expanded its business over the years and has undertaken public and private projects as subcontractors and general contractors.
In public sector projects, Wing Lee Construction's projects include major infrastructure projects in Hong Kong, including the third runway infrastructure project at Hong Kong International Airport as well as projects undertaken by various government departments and statutory bodies.
In private sector projects, Wing Lee Construction's projects include those for China Light and Power Group, a group company that provides electricity to over 80% of Hong Kong's population.
Wing Lee Construction's revenue comes from: 1) civil engineering, focusing on land leveling and road and canal engineering; 2) mechanical and electrical engineering, focusing on cable trenching, laying, and connection engineering; 3) renewable energy engineering, focusing on solar photovoltaic engineering. Others include temporarily leasing machinery and buying and selling building materials from contractors and subcontractors.
Shareholder Structure
According to the prospectus, Pharma block sciences' shareholder structure prior to listing was:
Mr. Yao Hongli, Mr. Yao Honglong, and Mr. Chen Lumin respectively hold 68%, 17%, and 15% of Wing Lee Green Development, which holds 100% of the shares.
Board of directors and executives
Wing Lee Construction's board of directors is composed of 7 directors, including:
4 executive directors: Mr. Yao Hongli (Chairman of the Board and CEO), Mr. Yao Hongrong (Vice Chairman of the Board and Mr. Yao Hongli's older brother), Mr. Chen Lumin, and Ms. Xie Jiaying (CFO and Company Secretary);
3 independent non-executive directors: Mr. Shang Hailong (Legislative Councilor), Mr. Fok Wah-kuen, and Mr. Leung Wai-hung.
In addition to the executive directors, the executive team also includes Mr. Wong Sai-yiu (Deputy General Manager), Mr. Mo Zhao-bao (Deputy General Manager), Mr. Yan Wing-yang (Chief Civil Engineer), Mr. Ho Chun-chung (Engineering Director), and Mr. Lai Ka-wing (Chief Engineer).
Corporate Performance
According to the prospectus, Wing Lee Construction's revenue for the past fiscal year ended March 31, 2022, 2023, and 2024 respectively was HKD 520 million, HKD 361 million, and HKD 526 million, with the corresponding net profits being HKD 59.055 million, HKD 40.565 million, and HKD 76.907 million.
Intermediary Team
Wing Lee Construction's main intermediary teams for this IPO are: Tungsten Finance as its exclusive sponsor; PwC as its auditor; K. Y. Ho & Sons as its Hong Kong lawyer; KPMG as its brokerage Hong Kong lawyer; and Frost & Sullivan as its industry consultant.