Main date:

Public release closing date: 12: 00 noon on December 24, 2018

Announcement application results: January 2, 2019

Listing date: January 3, 2019

The family guarantor:

Sinotrans International Asia Co., Ltd.

Summary of statistics:

Number of shares sold globally: 312471000 shares

Share sold in Hong Kong: 10%

Sales: HK $0.88 to HK $1.00

Estimated collection of funds: HK $275 million to HK $312 million

Income per hand: HK $3030.23

A summary of the collection

It is a provider of integrated solutions for hazardous waste incineration in China, focusing on the research, design, integration and testing of solid waste disposal systems, especially hazardous waste incineration systems. According to the data of Frost Sullivan, in terms of income from the centralized incineration of hazardous materials, it is the largest solution provider in China in 2017, with a market share of 19.8%. According to the cumulative processing capacity of the centralized incineration of hazardous materials under construction, by the end of 2017, the collection ranked first among China's solution providers, with a market share of 37.3%.

The collection has also been extended to other areas of solid processing, such as sludge attachment, anaerobic cracking treatment of solids and parallel disposal of cement return kilns.

Industry summary

According to the Frost Sullivan report, the income of solution providers from centralized incineration facilities for large-scale hazardous materials in China has increased from 217 million yuan in 2013 to 890 million yuan in 2017, with a compound annual growth rate of 42.3 percent. During the report period, the income will increase from 1.255 billion yuan in 2018 to 1.688 billion yuan in 2022, with a complex annual growth rate of 7.7%.

Cymbals

The collection is highly dependent on minority customers. As of the end of last year, the top five customers accounted for 98.9% of the total revenue, and the largest customers accounted for 71.4% of the total revenue. Bazaars generally do not have long-term agreements with customers. In addition, the collection is also concentrated on trust, and 72% of the total amount of receipts and votes due during the period are from the top five customers. If any major customer fails to make payment, it may be adversely affected by business records and business conditions.

Valuation

According to the IPO document, assuming that the global development sale was completed on June 30, 2018, shares should account for HK $0.27 to HK $0.30 per share of tangible assets per share, based on the approximately 13.33 shares expected to occur after the completion of the offering. (calculated at the rate of HK $1 to HK $0.84310)