Key dates:

Public sale deadline: April 4, 2018 at 12:00 noon to be announced

Application results: 2018/4/17

Listing date: April 18, 2018

Sponsor:

Deken Financing Co., Ltd.

Summary of statistical figures:

Number of shares offered: 200,000,000 shares

Percentage of publicly offered shares: 10.0%

Offer Price: HK$0.45 to HK$0.55

Estimated amount raised: HK$90 million to HK$110 million

Admission fee per hand: HK$2,777.71

Group Overview

The group is a professional contractor in the healthcare industry with knowledge of developing radiation protection projects. The Group provides comprehensive design and construction services for hospitals and clinics in Singapore. It also provides maintenance and other services, as well as the sale of tools and materials. Integrated design and construction services are the Group's main business. Relevant items include (i) development and consultation of building designs and standards, including, in particular, the formulation and consultation of building designs and standards involving radiological medical equipment; (ii) execution of construction works; and (iii) assistance in obtaining statutory approval and certification of construction works. Maintenance and other service aspects include parts replacement and repair work for radiation protection projects and electromechanical works completed by the group within a fixed period of time. Other supporting services of the Group generally include minor modifications and installation works and dismantling of old medical equipment. In terms of sales of tools and materials, a small portion of the Group's revenue comes from selling tools and materials, such as radiation protection products and lead glass, mainly to medical service providers and medical equipment suppliers on a case-by-case basis.

Industry Overview

According to the Statistics Bureau of Singapore, the total value of the construction industry of medical facilities in Singapore increased from 1.5 billion Singapore dollars in 2011 to 2.1 billion Singapore dollars in 2016, with a compound annual growth rate of 7.0%. Ipsos estimates that the total value of the construction industry of medical related facilities in Singapore will increase from 2.3 billion Singapore dollars in 2017 to 3.1 billion Singapore dollars in 2021.

Risks

Most of the Group's revenue comes from contracts awarded by a small number of customers, such as a decrease in the number of items from major customers, or adverse effects on the Group's operating performance. Groups mainly obtain new business by directly soliciting quotations or bidding for new business, while customers usually award group contracts through tendering procedures, and the group may not continue to obtain contracts from major customers in the future. Group and client appointments are unusual, so future groups may not be able to obtain new projects.

valuations

According to the prospectus, as of the end of September 2017, according to the 800 million shares to be issued as expected after the stock offering was completed, the net value of the consolidated tangible assets due to the unaudited notes adjusted was SG$20.24 million to HK$23.49 million, equivalent to HK$0.15 to HK$0.17 per share (calculated at the exchange rate of S$1.00 to HK$5.95).