According to the Intelligence Finance app, Hong Kong construction subcontractor Ming Shing Group Holdings, which focuses on wet construction projects (which require mixing dry building materials with liquids), withdrew its IPO plan on Tuesday. It is understood that the company from China's Hong Kong initially applied for an IPO on the U.S. stock market in mid-2023, with the final application submitted in May 2024. The company planned to issue approximately 1.5 million shares of stock in a price range of $5.5 to $7.5 per share, aiming to raise approximately $10 million.

According to the information available, this Hong Kong-based company was established in 2012, and its sales for the 12 months ending September 30, 2023, were approximately $24 million. The company originally planned to list on the NASDAQ stock market in the U.S., with the proposed stock code at that time being 'MSW'. R.F. Lafferty & Co. and Revere Securities were designated as joint bookrunners for the IPO transaction.

Ming Shing Group, based in Hong Kong, is primarily engaged in various types of wet masonry projects, such as plastering, tile installation, bricklaying, floor leveling, and marble work, as well as some small-scale renovation business. According to the prospectus, the raw materials used in Ming Shing Group's projects mainly include cement, lime, concrete, aggregates, and sand, among others.

So far, Ming Shing Group's clients are mainly private enterprises, including private residences and commercial buildings. The owners of the company's private projects are usually property developers, and the company's clients are generally general contractors and masonry subcontractors in the projects. The company's involvement in public projects is relatively small, mainly related to public housing development, infrastructure, and public facility development. The clients for this part of the business are mainly the government departments and statutory institutions employing general contractors.