Comprehensive Overview

The Group is a building decoration service provider headquartering in Shenzhen, Guangdong Province. According to Frost & Sullivan's report, the group ranked 28th in the Chinese building decoration market in 2018, and the market share in terms of revenue in 2018 was about 0.03%.

For the three years ended December 31, 2018 and the six months ended June 30, 2019, the Group participated in more than 2,214 projects, mainly as the chief contractor, with confirmed revenue of RMB 4.62.22 billion. The Group has undertaken 202 projects. The Group also provides customers with customized interior design and curtain wall design services. The Group's clients generally include state-owned enterprises, government agencies and agencies, listed companies, foreign companies and real estate developers; the projects cover a broad range of construction and property categories, including (i) residential buildings; (ii) commercial buildings; (iii) public infrastructure; and (iv) industrial buildings.

Risk Factors

The group generally submits progress payment applications to customers and collects progress payments from customers on a case-by-case basis based on contract terms and conditions made with customers and references to the value of completed projects. If customers fail to make timely payments to the Group or if they fail to meet all or most of their payment obligations to the Group, the Group's operating results, liquidity and financial condition may be significantly adversely affected.