提交 根據規則424（b）（3）

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明 成集團控股有限公司

500,000 普通股

這 招股說明書涉及明盛集團控股有限公司（「明盛集團控股有限公司」）的500，000股普通股（「普通股」）公司”), 出售股東可能不時出售的（「售股股東」）在本招股說明書中點名。

我們 不會收到出售股東出售流通普通股的任何收益。

的 普通股已獲准在納斯達克證券市場有限責任公司（納斯達克）運營的納斯達克資本市場層級上市， 在股票代碼「MSW」下。

投資者應注意 他們不是購買香港運營公司的股票，而是購買控股公司的股票 在開曼群島註冊成立的發行人通過其在香港的子公司運營，這涉及獨特的風險 投資者

除非另有說明，否則如本招股說明書所用， 術語「我們」、「我們」、「我們的公司」和「公司」指明盛集團控股 Limited，一家根據開曼群島法律註冊成立的獲豁免有限責任公司，無重大業務。電影我們 我們的所有業務均通過我們的兩家子公司MS（HK）Engineering Limited和MS Engineering Co.進行，有限公司，根據 香港特別行政區（「香港特區」或「香港」）的法律。

我們現在是，並將繼續 指納斯達克證券市場規則第5615(C)(1)條所界定的“受控公司”。林志明先生，我們的主席 和首席執行官，將實益擁有我們當時已發行和已發行普通股約84.31%，並將 能夠在完成後立即行使我們已發行和已發行普通股總投票權的約84.31% 首次公開發行(“首次公開發行”)，假設首次公開發行的承銷商 發售並不行使其購買額外普通股的選擇權，並假設林先生立即處置所有 根據回售招股章程，500,000股普通股。欲瞭解更多資訊，請參閱“主要股東”。雖然 我們不打算依賴納斯達克股票市場規則第5615(C)(1)條下的“受控公司”豁免，我們 可以選擇在未來依賴這一豁免。有關更多資訊，請閱讀本招股說明書第11頁開始的披露。

我們是一家「新興成長型公司」， 修訂後的2012年《快速啟動我們的商業法案》中定義，因此有資格降低上市公司報告要求。 投資我們的普通股涉及風險。請參閱本文第15頁開始的「風險因素」 招股說明書了解更多信息。

我們是「外國私人發行人」 根據適用的美國聯邦證券法，因此有資格降低上市公司報告要求。請參閱 更多信息，請參閱本招股說明書第10頁「成為外國私人發行人的影響」。

出售股份的股東 可不時以公開或非公開交易或兩者兼而有之的方式發售或出售本招股說明書所提供的普通股。 這些銷售將以固定價格、銷售時的市場價格、與當時的市場價格相關的價格進行， 或者以協商好的價格。出售股東可以向承銷商、經紀自營商或代理人出售股票，或通過承銷商、經紀自營商或代理人出售股票，承銷商、經紀自營商或代理人可以獲得 以折扣、優惠或佣金的形式從出售股東、普通股購買者、 或者兩者都有。任何參與的經紀自營商，以及任何作為經紀自營商關聯公司的出售股東，均可被視為 是19《證券法》(經修訂)所指的“承銷商”，任何佣金或折扣給予 任何此類經紀交易商或其關聯公司可被視為承銷佣金或折扣 經修訂的19證券法。出售股東已通知我們，他們沒有任何協定或諒解，直接 或間接地與任何人分配其普通股。有關更完整的說明，請參閱“分銷計劃” 普通股的出售方式。

關於合併和合並的規定 2006年，六個中國監管機構通過並修訂了《外國投資者收購境內公司》或《並購規則》 2009年，要求通過收購內地境內公司，為上市目的而成立的海外特殊目的載體 中國並由內地公司或個人控股中國取得中國證監會批准 (“中國證監會”)，在該特別目的載體的證券在海外上市和交易之前 證券交易所。此外，2021年12月24日，中國證監會發布了《國務院關於 境內企業境外發行證券上市(徵求意見稿)(《管理條例(草案)》) 和《境內企業境外發行證券和上市備案管理辦法(徵求意見稿)》(徵求意見稿)( 《備案辦法草案》)，統稱為《境外上市規則草案》，向社會公開徵求意見。

2023年2月17日，經批准 國務院，中國證監會發布了《境內公司境外發行上市試行管理辦法》， 或試行辦法，及五項配套指引，於2023年3月31日起施行。根據試行辦法， (一)境內公司直接或間接在境外發行或上市的，應當履行備案程式 並向中國證監會報告相關資訊；(2)發行人同時滿足下列條件的，境外發行上市 應確定為境內公司境外間接上市：(一)下列任何一項總資產、淨資產、收入 或發行人最近一個會計年度境內經營主體利潤佔相應 發行人同期經審計的綜合財務報表中的數位；(2)其主要經營活動為 在中國執行的或其主要營業地點均設在中國，或由負責經營管理的高級管理人員負責 發行人主要為中國公民或在中國有住所；(3)境內公司尋求間接發行上市的 境外市場的證券，發行人應當指定境內主要經營主體負責所有備案手續 發行人向中國證監會申請首次公開發行股票並在境外上市的，發行人應當 自申請提交之日起三個工作日內向中國證監會提交備案。當日，證監會召開新聞發布會。 發佈試行辦法，發佈《關於境內企業境外發行上市備案管理的通知》 公司，除其他外，澄清：(1)將給予國內公司六個月的過渡期，在此之前 試行辦法施行之日，已獲境外監管部門或證券交易所批准， 如已完成在美國市場的註冊，但尚未完成境外間接上市； 已提交有效境外上市申請但尚未獲得批准的境內公司 試行辦法施行之日或之前，境外監管機構或證券交易所可以合理安排 向中國證監會提交備案申請的時間，並應在其境外備案完成前完成備案 招股上市。

在……上面 2023年2月24日，中國證監會、財政部、國家祕密保護和國家檔案局 中國局聯合發佈《關於加強境外保密和檔案管理的規定》 《境內企業發行上市證券或保密規定》，自3月3日起施行 2023年3月31日。保密規定要求，除其他事項外，(1)進行境外發行的境內公司 而直接和間接上市都要建立健全保密和檔案管理制度，並採取必要的措施 履行保密和檔案管理義務的措施；(2)國內公司計劃直接或 或通過其境外上市實體，向包括證券公司在內的有關個人或單位公開披露或提供， 證券服務提供者和境外監管機構，任何包含國家祕密或政府工作祕密的檔案和資料 代理機構，應當依法報經主管部門批准，並報保密行政主管部門備案 (三)境內公司擬直接或通過其境外上市機構公開披露 或者向證券公司、證券服務商、境外監管機構等有關個人和單位提供， 洩露其他有損國家安全或者公共利益的檔案、資料的，應當嚴格履行 國家有關法規規定的有關程式；(四)境內公司履行有關程式後， 向證券公司、證券服務提供者和其他實體提供任何含有國家 國家機關祕密、工作祕密或者其他危害國家安全的檔案、資料 或公共利益如果被洩露，資訊的提供者和接受者應當簽署保密協定； 境內公司、證券公司或者證券服務提供者發現洩露或者可能洩露國家祕密的， 洩露國家機關工作祕密或者其他危害國家安全的檔案、資料 或者公共利益的，應當立即採取補救措施，並向有關國家機關和單位報告。

明晟集團控股有限公司 是一間在開曼群島註冊成立的控股公司，並有兩間營運附屬公司在香港獨資經營，而該公司並沒有 任何附屬公司或可變權益實體(“VIE”)或擬收購中國的任何股權 在內地中國境內的任何國內公司，也不由內地中國的任何公司或個人控制。此外，我們 總部設在香港，我們的首席執行官、首席財務官和所有董事會成員都在 在香港，中國不是內地公民，我們所有的收入和利潤都來自我們在香港的子公司和 我們沒有在大陸產生任何收入或利潤，中國。此外，我們在可預見的時間內不打算在大陸開展業務中國 未來。因此，我們不相信我們會受到並購規則的約束，也不會被要求在試行中向中國證監會提交申請。 措施或保密條款。此外，根據香港特別行政區基本法， 或《基本法》，除《基本法》附件三所列的法律和法規外，其他法律和法規不在香港實施。 僅限於與國防、外交和其他不在自治範圍內的事項有關的法律)。因此， 正如我們的中國律師中國商業律師事務所確認的那樣，截至本招股說明書的日期，我們和我們的子公司都不在招股說明書的覆蓋範圍內 根據中國證監會或內地中國任何其他政府機構的許可要求，批准我們子公司的 運營或我們的產品。此外，我們或我們的附屬公司在上市前均無須獲得中國證監會的批准。 因此，截至招股說明書的日期，我們和我們的運營子公司都沒有申請過任何 這樣的許可或認可。儘管有上述意見，我們的中國法律顧問進一步告知我們，以下方面存在不確定性 中國將如何解讀和實施並購規則、試行辦法和保密規定 以上概述的監管機構及其意見受任何新的法律、法規或詳細實施和解釋的約束 與並購規則、試行辦法和保密條款有關的任何形式。如果中國證監會或其他機構 中國監管機構隨後確定，我們的發行需要事先獲得中國證監會的批准，我們可能面臨監管行動 或中國證監會或其他中國監管機構給予的其他處罰。此外，如果適用的法律、法規有重大變化， 或解釋改變，這要求我們獲得中國證監會或其他中國監管機構的批准，其中包括 任何階段的並購規則、試行辦法和保密條款，包括但不限於完成後 如果在這種情況下，我們或我們的香港子公司(I)沒有收到或維持批准， (Ii)無意中得出不需要這種許可或批准的結論；。(Iii)需要獲得這種許可或批准。 未來，如果適用的法律、法規或解釋發生變化，或者(Iv)被中國證監會或任何其他中華人民共和國拒絕許可 監管機構，我們將不能在美國交易所上市我們的普通股，或繼續向投資者提供證券， 這將對投資者的利益造成重大影響，並導致普通股價值大幅下降或一文不值。

最近，中國政府發起了 一系列監管行動和聲明，以規範內地某些地區的商業經營中國，包括破解 嚴厲打擊證券市場違法違規行為，加強對中國境外上市公司的監管 可變利益主體結構，採取新措施擴大網路安全審查範圍，擴大力度 在反壟斷執法方面。例如，2021年7月6日，中國共產黨中央辦公廳和 國務院辦公廳聯合發文打擊證券市場違法違規行為推動 資本市場高質量發展，其中需要政府有關部門加強 跨境監管執法和司法合作，加強對內地中國上市公司的監管 在海外建立和完善內地中國證券法的域外適用制度。另外，在12月 2021年2月28日，《網路安全審查辦法》(《辦法》)公佈並於2月15日起施行， 2022年，並要求除其他事項外，除任何“關鍵資訊基礎設施運營者”外， 控制不少於一百萬個用戶的個人資訊(有待進一步說明)的任何“數據處理器” 尋求在外國證券交易所上市還應接受網路安全審查，《辦法》進一步闡述了這一點 評估有關活動的國家安全風險時應考慮的因素。我們在香港的營運子公司 目前只服務於香港本地市場，目前沒有在內地的任何業務中國。我們目前沒有 預計這些措施將對我們的業務、運營或此次發行產生影響，我們也不預期我們或我們的香港子公司 符合中國網信辦的許可要求(“CAC”)這是必需的 批准我們子公司的運營，因為我們不認為我們可能被視為“關鍵資訊的運營者 基礎設施“或控制不少於一百萬用戶的個人資訊的”數據處理器“，即 在美國上市前需要提交網路安全審查，因為(I)我們的所有業務都是在香港進行的 經營目前只服務於香港本地市場的附屬公司，我們目前在內地沒有業務中國； 我們沒有或打算擁有任何子公司，也沒有或打算與內地任何實體建立VIE架構中國 這些措施是否適用於像我們這樣的公司仍不清楚；(Iii)截至本招股說明書的日期，我們有 既不收集或存儲任何內地中國個人或在內地中國的任何個人資訊，也不委託或 預計受任何個人或單位委託，進行內地任何中國個人或內部的任何數據處理活動 內地中國；及(Iv)截至本招股說明書日期，吾等並未獲任何中國政府當局通知任何要求 我們必須提交網路安全審查。此外，根據香港特別行政區基本法，或 除列於《基本法》附件三的法律和法規外，《基本法》和中華人民共和國的法律、法規不在香港實施 僅限於與國防、外交和其他不在自治範圍內的事項有關的法律)。已確認 我們的中國律師中國商事律師事務所根據他們對現行有效的中國法律法規的理解， 無論是我們或我們在香港的營運附屬公司，目前均不受 措施。此外，我們或我們的子公司都不受CAC或任何其他政府部門的許可要求的影響 審批我們子公司運營所需的機構。然而，對於這些措施將如何實施，仍存在不確定性 被解釋或實施。此外，在有關中華人民共和國的解釋和執行方面也存在重大不確定性 網路安全法律法規。如果我們被認為是“關鍵資訊基礎設施的運營者”或“數據 《處理者》根據《辦法》對不少於100萬名用戶的個人資訊進行控制，或者頒佈其他規定的 關於被視為適用於我們的措施，我們的業務運營和我們的普通股在美國上市可能 未來將接受CAC的網路安全審查。此外，如果適用的法律、法規有重大變化， 或解釋更改，這需要我們公司在未來獲得CAC或任何其他政府機構的批准，並且， 如在此情況下，在任何階段，包括但不限於，於本次發售完成後，吾等或吾等香港營運附屬公司 (I)沒有收到或保持批准，(Ii)無意中得出不需要此類許可或批准的結論，或(Iii) 如果適用的法律、法規或解釋發生變化，需要在將來獲得此類許可或批准，或者(Iv) 如果被拒絕獲得CAC或任何其他中國監管機構的許可，我們將無法在美國交易所上市我們的普通股。 或者繼續向投資者提供證券，會對投資者的利益造成重大影響，造成普通股的價值 股價要麼大幅下跌，要麼一文不值。

然而，由於這些聲明 而且監管行動是新的，因此立法或行政監管制定機構何時做出反應是高度不確定的 以及將修改或頒佈哪些現有或新的法律、法規或詳細實施和解釋（如果有的話）。 此外，此類修改或新的法律法規將對我們的運營子公司產生什麼潛在影響也高度不確定。 日常業務運營、接受外國投資的能力以及我們普通股在美國或其他外國上市 交流

如果發生重大更改， 適用的法律、法規或解釋更改，要求本公司獲得CAC或任何其他政府部門的批准 在將來代理，如果在這種情況下，我們或我們的香港子公司在任何階段，包括但不限於，在完成時 對於本次發行，(I)未收到或保持批准，(Ii)無意中得出結論，此類許可或批准不是 需要，(Iii)如果適用法律、法規或解釋，需要在未來獲得此類許可或批准 變更，或(Iv)被中國證監會、CAC或任何其他中國相關監管機構、相關監管機構、 例如CAC或中國證監會，在處理此類違規行爲時可能擁有廣泛的自由裁量權，包括：對我們或香港處以罰款 終止或限制子公司的運營；施加下列條件或要求： 或者我們的運營子公司可能無法遵守；限制或禁止我們使用首次公開募股的收益 爲在香港的業務和運作提供資金。施加這些懲罰中的任何一種也將導致實質性的和不利的 對我們開展業務的能力，以及我們的運營和財務狀況的影響。如果發生上述任何一項或全部情況， 它可能會大大限制或完全阻礙我們完成此次發行的能力，或導致我們普通股的價值大幅上升 拒絕或變得一文不值。此外，我們可能無法完成此次發行，無法將我們的普通股在美國交易所上市，或者 繼續向投資者提供證券，這也會對投資者的利益造成重大影響，並導致普通股的價值 股價要麼大幅下跌，要麼一文不值。見“風險因素-與我們公司結構相關的風險-最近， 中國政府發起了一系列監管行動和聲明，以規範內地某些地區的商業運營。 中國，包括打擊證券市場違法行爲，加強對內地中國公司的監管 採用可變利益主體結構在境外上市，採取新措施擴大網絡安全審查範圍，以及 加大反壟斷執法力度。在未來，我們可能會受到中國法律法規的制約 我們運營子公司的業務運營以及此類法律法規和解釋的任何變化都可能損害我們的 盈利能力，這可能會對我們的運營和/或我們的價值造成實質性的負面影響 香港法律顧問David律師事務所告知我們，無論我們或我們的營運附屬公司， 必須獲得香港當局的許可或批准，才能向外國投資者發售註冊的證券。 如果適用的法律、法規或解釋有任何變化，我們或我們的任何子公司必須獲得 在未來此類許可或批准的情況下，我們將努力遵守當時適用的法律、法規或解釋。

2021年12月2日，美國證券交易委員會通過 對其規則的最終修訂，涉及執行所持外國公司的某些披露和文件要求 公司問責法，或HFCAA，於2022年1月10日生效。如果發生以下情況，我們將被要求遵守這些規則 美國證券交易委員會認爲，根據規則中的定義，我們在隨後建立的程序中有一年沒有進行檢查 在美國證券交易委員會旁邊。美國證券交易委員會正在評估如何落實HFCAA的其他要求。根據HFCAA，我們的證券可能被禁止 如果我們的核數師沒有受到上市公司會計監督委員會的檢查，我們就不能在納斯達克或其他美國證券交易所進行交易， 或PCAOB，連續三年，這最終可能導致我們的股票被除牌。此外，在2021年6月22日， 美國參議院通過了《加速追究外國公司責任法案》，並於2022年12月29日簽署成爲法律。 修改HFCAA並要求美國證券交易委員會在以下情況下禁止發行人的證券在任何美國證券交易所交易 核數師不接受PCAOB連續兩年的檢查，而不是連續三年，縮短了時間表 適用HPCAA的退市和交易禁令，從三年延長到兩年，因此 縮短證券被禁止交易或退市前的時間。2021年9月22日，PCAOB通過了實施 HFCAA，它提供了一個框架，供PCAOB在根據HFCAA預期確定PCAOB是否無法 因所持職位而檢查或調查位於外國司法管轄區的註冊會計師事務所 由該司法管轄區內的一個或多個當局提出。

根據 對於HFCAA，PCAOB於2021年12月16日發佈了一份確定報告，發現PCAOB無法檢查或調查 完全註冊的會計師事務所，總部設在：(1)內地中國的人民Republic of China；(2)香港 香港特別行政區的裁決於2022年12月15日撤銷。此外，PCAOB的 報告確定了受這些決定製約的具體註冊會計師事務所，哪些決定是 於2022年12月15日騰出。我們目前的註冊會計師事務所ZH CPA，LLC爲我們的財務報表進行了審計 截至2024年3月31日、2023年3月31日和2022年3月31日的財年，總部位於美國科羅拉多州丹佛市，總部不是 在內地或香港的中國，在2021年12月16日的PCAOB報告中並未被確認爲受 PCAOB的決定，這些決定於2022年12月15日被撤銷。儘管如此，如果PCAOB 不能全面檢查我們中國核數師的工作底稿，投資者可能會被剝奪這樣的利益 可能導致限制或限制我們進入美國資本市場和我們的證券交易的檢查可能 根據HFCAA是被禁止的。此外，2022年8月26日，PCAOB與PCAOB簽署了一項議定書聲明或SOP協定 中國證監會和中國的財政部。標準作業程序與管理檢查和調查的兩項議定書協議一起，確定 一個具體、負責的框架，使PCAOB能夠對總部設在中國的審計公司進行全面檢查和調查 和香港，根據美國法律的要求。2022年12月15日，PCAOB宣佈它能夠確保完全訪問檢查 並於2022年全面調查了在PCAOB註冊的會計師事務所，總部設在內地和香港的中國。PCAOB 撤銷了之前2021年關於PCAOB無法檢查或調查完全註冊的公共會計的決定 公司總部設在大陸、中國和香港。不過，PCAOB能否繼續令人滿意地進行檢查 在PCAOB註冊的會計師事務所中，總部位於內地和香港的中國受到不確定性的影響，並取決於 我們和我們的核數師無法控制的因素數量。PCAOB繼續要求完全進入大陸中國和 香港正在向前邁進，並已計劃在2023年初及以後恢復定期檢查，以及繼續 進行正在進行的調查，並根據需要啓動新的調查。PCAOB已表示將立即採取行動考慮 如果需要，需要向HFCAA發佈新的決定。如果未來PCAOB再次確定它無法檢查 並對內地中國和香港的核數師進行全面調查，那麼被核數師審計的公司將受到 根據HFCAA對美國市場的交易禁令。見《風險因素--美國證券交易委員會和美方最近的聯合聲明》 PCAOB、納斯達克提交的擬議規則修改以及HFCAA都呼籲對以下各項應用更多、更嚴格的標準 新興市場公司評估其核數師的資格，特別是未接受檢查的非美國核數師 被PCAOB。這些發展可能會增加我們的產品供應的不確定性。“

我們 不 使用可變利益實體 我們的企業結構。我們通過間接全資運營子公司MS（HK）Engineering Limited和MS Engineering 公司，有限公司，在香港從事溼貿易工程服務。

AS 截至目前，我們沒有一家公司派發任何現金股息或進行任何現金分配。沒有任何限制 用於在公司之間轉移或分配現金。在我們正常的業務過程中，現金可以在 我們公司通過電匯往來銀行帳戶來支付一定的業務費用，如貸款或出資。明自明 成集團控股有限公司於最近註冊成立，至今未有任何轉讓、股息或分派。 控股公司明晟集團控股有限公司及其附屬公司或其投資者。MS(香港)建築工程有限公司 和我們的運營子公司分別根據英屬維爾京群島和香港的相關法律允許提供 通過股利分配籌集資金，不受資金數額的限制。對股息轉移沒有限制 從香港到開曼群島，再到美國投資者。

不過，未來資金可能不會 由於我們的能力受到限制和限制，可用於資助業務或用於香港以外的其他用途 或中國政府對我們子公司轉移現金的能力。對我們子公司的能力的任何限制 向我們付款可能會對我們開展業務的能力產生重大不利影響，並可能會大幅降低 我們的普通股或導致它們一文不值。

請 請參閱「招股說明書摘要-轉入和轉出我們的子公司的現金轉移」和簡明合併時間表 以及第7頁的綜合財務報表以獲取更多信息。

既不 美國證券交易委員會、任何州證券委員會或任何其他監管機構均已批准或不批准 或確定本招股說明書是否真實或完整。任何相反的陳述都是刑事犯罪。

本招股說明書的日期 是2024年11月21日。

表 內容

關於這份招股說明書

我們和承銷商 未授權任何人向您提供與本招股說明書或任何自由撰寫招股說明書中所載內容不同的信息 由我們或代表我們準備或我們推薦您參考的。我們和承銷商不承擔任何責任，並且可以提供 不保證其他人可能向您提供的任何其他信息的可靠性。我們正在提供銷售，並尋求報價 購買特此要約的普通股，但僅在要約和銷售允許且合法的情況和司法管轄區 這樣做.本招股說明書中包含的信息僅截至本招股說明書日期有效，無論交付時間如何 本招股說明書或普通股的任何出售。我們的業務、財務狀況、運營業績和前景可能 自那時起發生了變化。

對於美國以外的投資者： 我們和承銷商均未採取任何行動允許在境外公開發行普通股 美國或允許擁有或分發本招股說明書或任何相關的自由撰寫招股說明書。 美國境外擁有本招股說明書或任何相關免費撰寫招股說明書的人員必須了解自己 關於普通股的發售和招股說明書的分發，並遵守與之相關的任何限制 美國的

我們獲得了統計數據、市場數據 以及本招股說明書中描述的來自市場研究、公開信息和行業的其他行業數據和預測 出版物，包括獨立市場研究和諮詢公司Frost & Sullivan的出版物，涉及以下信息 香港的建築業。雖然我們相信統計數據、行業數據以及預測和市場研究 是可靠的，我們尚未獨立驗證數據。

我們 根據《公司法》註冊爲豁免有限責任公司，我們的大部分未發行證券 由非美國居民擁有。根據美國證券交易委員會的規則，我們目前有資格獲得「外國私人發行人」待遇。 作爲外國私人發行人，我們不會被要求向SEC提交定期報告和財務報表， 與證券根據1934年證券交易法（「交易所」）註冊的美國國內註冊人一樣迅速 行動”）。

通常 使用的定義術語

除非 另有說明或上下文另有要求，本招股說明書中提及：

我們 業務由我們在香港的間接全資運營子公司使用香港開展美元，香港貨幣。 我們的經審計綜合財務報表和未經審計簡明綜合財務報表以美國呈列 美元.在本招股說明書中，我們指的是經審計的合併財務報表中的資產、義務、承諾和負債 以及以美元爲單位的未經審計的簡明綜合財務報表。這些美元參考基於匯率 香港美元兌美元，在特定日期或特定時期確定。匯率變化將影響 我們的義務金額和以美元計算的資產價值，這可能會導致 我們的義務金額（以美元表示）和我們的資產價值，包括應收賬款（以美元表示）。

交換 速率信息

的 公司是一家控股公司，通過其在香港的主要運營子公司及其報告在香港開展業務 貨幣爲美元，公司功能貨幣爲港元。金額的翻譯 從港元兌換美元僅爲方便讀者，並按1美元= 7.8港元的掛鉤匯率計算，即 兌換區的中點1美元= 7.75港元至7.85港元。香港金融管理局提供兌換保證， 根據該規定，當局承諾應1美元= 7.75港元強勢銀行的要求出售港元併購買港元 應弱勢1美元= 7.85港元銀行要求發行港元，以維持港元貨幣穩定在左右 1美元= 7.80港元。並無任何陳述表明港元金額代表或可能已或可兌換、變現或結算 按該匯率或任何其他匯率兌換成美元。

警示 關於前瞻性聲明的聲明

這 招股說明書包含涉及風險和不確定因素的前瞻性陳述，例如與未來事件、業務有關的陳述 戰略、未來業績、未來運營、積壓、財務狀況、預計收入和虧損、預計成本、前景、 管理的計劃和目標。除歷史事實以外的所有陳述都可能是前瞻性陳述。前瞻性 陳述常常，但不總是，通過使用諸如「目標」，「預期」，「相信」， 「估計」、「預期」、「向前看」、「打算」、「可能」、「計劃」、 「潛力」，「預測」，「提議」，「尋求」，「應該」，「將」， 「Will」和類似的表達或它們的否定。前瞻性陳述不應被解讀爲對未來的保證 績效或結果，並不一定準確地表明該等績效或結果將在什麼時間或由什麼時候發生 才能實現。前瞻性陳述是基於管理層對結果的信念，基於目前可獲得的信息 以及未來事件的時間安排。這些陳述涉及估計、假設、已知和未知風險、不確定性和其他因素。 這可能會導致實際結果或事件與這些前瞻性陳述中表達的結果或事件大不相同。在評估時 前瞻性陳述，你應該考慮風險因素和標題爲「風險」一節中描述的其他警告性陳述。 這些因素。“我們相信本招股說明書所載前瞻性陳述所反映的預期是合理的， 但不能保證這些預期將被證明是正確的。前瞻性陳述不應過度依賴 在那裏。

重要 可能導致實際結果或事件與前瞻性陳述中表達的結果或事件存在重大差異的因素包括，但是 不限於：

這些 因素不一定是可能導致實際結果或事件與所表達的結果或事件存在重大差異的所有重要因素 在前瞻性陳述中。其他未知或不可預測的因素也可能導致實際結果或事件存在重大差異 來自前瞻性陳述中表達的內容。我們未來的業績將取決於各種其他風險和不確定性，包括 那些在標題爲「風險因素」的部分中描述的。歸屬於我們的所有前瞻性陳述均符合以下條件： 他們的全部內容都是通過這個警告性聲明。前瞻性陳述僅適用於本文日期。我們沒有義務 在任何此類陳述發表之日後更新或修改任何前瞻性陳述，無論是由於新信息， 未來事件或其他。

的 提供

總結 財務數據

的 以下摘要列出了截至2024年3月31日財年的合併運營報表和現金流數據， 2023年和2022年以及截至2024年、2023年和2022年3月31日的合併資產負債表彙總數據，已得出 來自本招股說明書其他地方包含的合併財務報表。您應該結合我們的閱讀本節 經審計的財務報表、隨附註釋以及題爲「管理層對財務的討論和分析」的部分 經營狀況和業績”包含在本招股說明書的其他地方。我們的合併財務報表已編制 並按照美國公認會計原則或美國GAAP呈列。我們的合併財務報表 已準備好，就好像當前的公司結構在所列期間一直存在一樣。

運營結果數據：

資產負債表數據：

現金流量數據報表：

風險 因素

投資 我們的證券涉及高度風險。您應該仔細考慮以下描述的風險以及所有其他風險 在做出投資決定之前，本招股說明書中包含的信息。下文描述的風險和不確定性代表了我們的 我們業務面臨的已知重大風險。如果實際發生以下任何風險，我們的業務、財務狀況或結果 運營可能會受到影響。在這種情況下，您可能會失去全部或部分投資。您不應該投資此產品，除非您 可以承受失去您的全部投資。

風險 與我們的公司結構相關

我們 依靠運營子公司支付的股息和其他股權分配來資助我們的任何現金和融資需求 可能產生，並且對運營子公司向我們付款的能力的任何限制都可能產生重大不利影響 我們開展業務的能力。未來，資金可能無法用於資助運營或在香港以外的其他用途 由於中國政府對我們或我們的子公司轉移現金的能力施加限制和限制。

明 盛集團控股有限公司是一家控股公司，我們依賴運營子公司支付的股息和其他股權分配 滿足我們的現金和融資需求，包括向股東支付股息和其他現金分配所需的資金 並償還我們可能產生的任何債務。我們預計在可預見的未來不會支付現金股息。我們預計我們將保留 任何收入來支持運營併爲我們業務的增長和發展提供資金。如果任何運營子公司發生 未來代表其自身債務，管理債務的工具可能會限制其支付股息或進行其他分配的能力 對我們請參閱標題爲「股息政策」的部分了解更多信息。

根據 根據《2004年英屬維爾京群島商業公司法》（經修訂），英屬維爾京群島公司可以在以下範圍內進行股息分配 分配後，該公司的負債不超過其資產，並且該公司有能力支付其 到期的債務。根據香港《公司條例》，香港公司只能從利潤中進行分配 可供分發。根據香港稅務局的現行做法，香港無需繳稅 關於我們支付的股息。對我們香港子公司支付股息或進行其他分配的能力的任何限制 對我們來說可能會在重大和不利的情況下限制我們的增長、進行可能對我們業務有利的投資或收購的能力， 支付股息，或以其他方式資助和開展我們的業務。

在現行稅務局的做法下 作爲香港分部，本公司派發的股息在香港無須繳稅。請參閱「稅務-香港稅務」。 中國法律和法規目前對明晟集團控股有限公司向 我們的營運附屬公司或我們的營運附屬公司嚮明晟集團控股有限公司、我們的股東及美國投資者轉讓。然而， 未來，中國政府可能會對我們將資金轉移出香港、分發資金的能力施加限制或限制 向我們組織內的其他實體支付收益和支付股息，或對我們香港以外的業務進行再投資。 這些限制和限制，如日後實施，可能會延誤或阻礙我們把業務擴展至香港以外的地區。 並可能影響我們從香港營運附屬公司收取資金的能力。頒佈新的法律或法規， 或對現有法律和法規的新解釋，在每一種情況下，限制或以其他方式不利影響能力或 我們經營業務的方式，可能需要我們改變業務的某些方面以確保合規性，這可能會減少需求 對於我們的服務，減少收入，增加成本，要求我們獲得更多的許可證，許可證，批准或證書，或主題 美國將承擔額外的債務。在需要實施任何新的或更嚴格的措施的範圍內，我們的業務、金融 運營的條件和結果可能會受到不利影響，這種測量可能會大幅降低我們的普通股價值 股票，可能會讓它們一文不值。

最近，中國政府發起了一系列 監管中國大陸某些地區的業務運營的監管行動和聲明，包括打擊非法 證券市場活動，加強對利用可變利率在境外上市的中國內地公司的監管 實體結構，採取新措施擴大網絡安全審查範圍，擴大反壟斷執法力度。 未來，我們可能會遵守與我們的運營子公司當前業務運營相關的中國法律法規 此類法律法規和解釋的任何變化都可能會損害我們盈利運營的能力，這可能會導致 對我們的運營和/或我們普通股的價值產生重大負面影響。

儘管我們對我們的運營擁有直接所有權 在香港的實體，目前沒有或打算有任何附屬公司或任何合約安排，以建立VIE結構 對於大陸的任何實體中國，我們仍然面臨與我們的運營子公司相關的某些法律和運營風險， 總部設在香港，迄今所有業務都在香港。此外，相關的法律和操作風險 在內地中國也可能適用於在香港的業務，我們面臨著與複雜和不確定相關的風險和不確定因素 關於不斷演變的中國法律和法規，以及最近中國政府的聲明和監管發展是否以及如何，例如 那些與數據和網路空間安全以及反壟斷擔憂有關的規定將適用於我們的運營子公司等公司 和明晟集團控股有限公司，鑑於我們在香港和中國政府的運營子公司的大量業務 可對在香港進行的業務進行重大監督。如果我們或我們的運營子公司 要受中國法律法規的約束，我們可能會產生物質成本以確保合規，我們或我們的運營子公司 可能會被處以罰款、有經驗的證券評估或退市，不再被允許向外國公司進行股票發行 投資者，和/或不再被允許繼續目前進行的業務運營。我們的組織結構包括 投資者面臨風險，中國監管機構可能不允許這種結構，這可能會導致實質性的變化 和/或我們普通股價值的重大變化，包括 這類事件可能會導致此類證券的價值大幅縮水或變得一文不值。此外，還有很大的不確定性。 關於中國法律法規的解釋和適用，包括但不限於相關的法律法規 在某些情況下，對我們的業務以及我們與客戶之間的安排的執行和履行。法律法規 可能會受到未來變化的影響，其官方解釋和執行可能涉及很大的不確定性。其有效性 對新頒佈的法律或法規的解釋，包括對現有法律和法規的修訂，可能會推遲，我們的 如果我們依賴法律和法規，而這些法律和法規後來被採納或解釋為不同於 我們對這些法律法規的理解。我們無法預測對現有或新的中國法律或法規的解釋會產生什麼影響。 可能會影響我們的生意。

We may become subject to a variety of PRC laws and other obligations regarding M&A Rules, the Trial Measures and data security, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.

企業併購管理辦法 2006年由六家中國監管機構通過並於2009年修訂的《外國投資者境內公司併購規則》要求 境外特殊目的載體，以上市爲目的，通過收購內地境內公司成立，中國控股 大陸中國的公司或個人在上市前經中國證券監督管理委員會或中國證監會批准 這種特殊目的載體的證券在海外證券交易所上市和交易。另外，十二月二十四號， 2021年，證監會發佈《國務院證券境外發行上市管理規定》 境內企業(徵求意見稿)(《管理條例(草案)》)及境外發行辦法 《境內企業證券上市備案(徵求意見稿)》(《備案辦法草案》)，集體 《境外上市規則草案》，面向社會公開徵求意見。

明晟集團控股有限公司是一家 公司在開曼群島註冊成立，經營實體設在香港，截至本招股說明書日期，我們沒有 子公司、VIE結構或在大陸的任何直接業務中國，我們也不打算有任何子公司或VIE結構或 收購內地任何國內公司的任何股權，中國，我們不受任何公司或個人控制 內地中國。此外，我們的總部設在香港，擁有行政總裁、財務長和所有成員。 明晟集團控股有限公司董事會中的很多人都不是內地的中國和我們所有的香港人 收入和利潤是由我們在香港的子公司產生的，我們沒有在內地產生任何收入或利潤中國。 此外，在可預見的未來，我們不打算在大陸運營中國。因此，我們不相信我們會受到 根據併購規則，或將被要求向中國證監會備案試行辦法。此外，根據《中華人民共和國基本法》， 香港特別行政區或《基本法》、中華人民共和國法律和法規不在香港實施，但下列情況除外 列於《基本法》附件三(僅限於有關國防、外交和其他事項的法律) 不在自治範圍內)。因此，自本合同生效之日起，經我方中國律師事務所中國商事律師事務所確認 招股說明書，我們的普通股在美國交易所上市和交易不需要中國證監會的批准或審查 按照併購規則和試行辦法的規定。

我們了解到，最近，中國政府 中國發起了一系列監管行動和聲明，以規範內地某些領域的商業運營，包括 嚴厲打擊證券市場違法行爲，加強對境外上市公司中國的監管 利用可變利益主體結構，採取新措施擴大網絡安全審查範圍，擴大力度 在反壟斷執法方面。例如，2021年7月6日，中國共產黨中央辦公廳和中央辦公廳 國務院辦公廳聯合發文打擊證券市場違法違規行爲推動 資本市場高質量發展，其中需要政府有關部門加強 跨境監管執法和司法合作，加強對內地中國上市公司的監管 建立和完善我國證券法的域外適用制度。

此外，在2021年12月28日，該措施 於2022年2月15日公佈並生效，除其他事項外，還要求 關鍵資訊基礎設施“，任何”數據處理器“控制的個人資訊不少於一個 尋求在外國證券交易所上市的100萬用戶也應接受網路安全審查，並進一步詳細說明 關於在評估有關活動的國家安全風險時應考慮的因素。《辦法》的公佈 表明CAC對數據安全進行了更嚴格的監督，這可能會影響我們的業務和未來的產品。截至日期 在本次招股說明書中，我們的香港運營子公司沒有任何內地中國個人作為客戶。然而，我們的運營 子公司可能會收集和存儲其客戶的某些數據(包括某些個人資訊)，以用於“瞭解您的客戶” 目的，未來可能包括大陸中國個人。截至本招股說明書發佈之日，經我們的中國律師確認， 中國商事律師事務所，我們預計這些措施不會對我們的業務、運營或此次發行產生影響 或我們在香港經營的附屬公司須符合CAC或任何其他須批准的政府機構的許可要求 我們的子公司的運營，因為我們不相信我們將被視為“關鍵資訊基礎設施的運營商” 或控制不少於一百萬用戶的個人資訊的“數據處理器”，這些用戶需要提交網路安全申請 目前只為香港本地市場服務，我們目前在內地沒有業務中國；。(Ii)我們沒有，也沒有打算。 在內地沒有任何子公司，也沒有或打算與任何實體建立VIE結構中國，措施繼續 不清楚它們是否適用於我們這樣的公司；(Iii)截至本招股說明書日期，我們既沒有收集也沒有存儲 任何內地中國個人或在內地中國的個人資料，我們也不委託或期望被任何人委託 個人或單位從事任何內地中國個人或內地中國境內的任何資料處理活動；。(Iv)自 於本招股說明書日期，吾等並未獲任何中國政府當局通知任何有關吾等必須申請網路安全的要求。 (V)根據《香港特別行政區基本法》或《基本法》、《中華人民共和國法律法規》進行檢討； 不適用於香港，但《基本法》附件三所列者除外(僅限於與國家有關的法律 國防、外交和其他不在自治範圍內的事項)。然而，仍然存在很大的不確定性。 解釋和執行相關的中國網路安全法律法規。如果我們被認為是“操作者” 關鍵資訊基礎設施“或”數據處理器“控制個人資訊不少於一個 百萬用戶，或與本辦法相關的其他法規被視為適用於我們、我們子公司的業務 我們的運營和普通股在美國的上市可能受到CAC的網路安全審查，或者我們和我們的子公司 可能由CAC或任何其他需要批准我們子公司運營的政府機構的許可涵蓋 在未來。 行政法規制定機構將對哪些現有或新的法律、法規或具體實施和解釋作出回應 將被修改或頒佈(如果有的話)。這種修改或新的法律和法規的潛在影響也仍然高度不確定 將對我們子公司的日常業務運營、其接受外資的能力和我們普通的上市公司產生影響 在美國或其他外國交易所上市的股票。如果發生上述任何一種或全部情況，可能會顯著限制或完全阻礙

在……上面 2023年2月17日，證監會發布《境內公司境外發行上市試行管理辦法》， 或試行辦法，及五項配套指引，於2023年3月31日起施行。根據《試行辦法》， 尋求在海外直接或間接發行或上市的境內公司，應履行備案程序。 並向中國證監會報告相關信息。但是，試行辦法自新頒佈以來，其解釋、適用 而執法情況仍不明朗。本次發行需要按照試行辦法向中國證監會備案的 如本公司日後進行招股、上市或任何其他集資活動，本公司能否完成備案程序尚不確定。 及時地，或者根本不是。任何未能完成此類備案的情況都可能使我們受到監管行動或來自 中國證監會或其他中國監管機構。這些監管機構可能會對我們在中國的業務處以罰款和處罰，限制我們的 在中國境外分紅的能力，限制我們在中國的經營特權，推遲或者限制收益的匯回 從境外向中國提供證券或採取其他可能對我們的業務產生實質性不利影響的行爲，金融 經營狀況、經營結果和前景，以及我們普通股的交易價格。

在……上面 2023年2月24日，中國證監會、財政部、國家祕密保護和國家檔案局 中國局聯合發佈《關於加強境外保密和檔案管理的規定》 《境內企業發行上市證券或保密規定》，自3月3日起施行 2023年3月31日。保密規定要求，除其他事項外，(1)進行境外發行的境內公司，以及 直接和間接上市都要建立健全保密和檔案管理制度，並採取必要的措施 履行保密和檔案管理義務的措施；(2)國內公司計劃直接或 或通過其境外上市實體，向包括證券公司在內的有關個人或實體公開披露或提供， 證券服務提供者和境外監管機構，任何包含國家祕密或政府工作祕密的文件和資料 代理機構，應當依法報經主管部門批准，並報保密行政主管部門備案 (三)境內公司擬直接或通過其境外上市機構公開披露 或者向證券公司、證券服務商、境外監管機構等有關個人和單位提供， 泄露其他有損國家安全或者公共利益的文件、資料的，應當嚴格履行 國家有關法規規定的有關程序；(四)境內公司履行有關程序後， 向證券公司、證券服務提供者和其他實體提供任何含有國家 國家機關祕密、工作祕密或者其他危害國家安全的文件、資料 或公共利益如果被泄露，信息的提供者和接受者應當簽署保密協議； 境內公司、證券公司或者證券服務提供者發現泄露或者可能泄露國家祕密的， 泄露國家機關工作祕密或者其他危害國家安全的文件、資料 或者公共利益的，應當立即採取補救措施，並向有關國家機關和單位報告。

截至本招股說明書日期，我們獲悉 由香港律師David Fong & Co.負責，我們無需獲得香港當局的許可或批准即可提供 向外國投資者註冊的證券。如果適用法律、法規或解釋發生任何變化， 並且我們或我們的任何子公司未來需要獲得此類許可或批准，我們將努力遵守 然後是適用的法律、法規或解釋。

我們的中國法律顧問中國商業 律師事務所，基於他們對中國現行法律法規的理解，截至本招股說明書之日， 我們或我們的運營子公司，均受併購規則、試行辦法、保密條款、辦法的約束 或中國證監會或中國民航總局截至招股說明書發佈之日已出臺的規定或政策，目前也不包括 根據中國證監會、中國民航總局或任何其他需要批准我們在香港上市的中國政府機構的許可要求 美國證券交易所和發行證券。因此，基於前述，由於我們不受發佈的法規或政策的約束 到目前爲止，CAC認爲我們目前不需要遵守CAC發佈的此類法規和政策 截至本招股說明書發佈之日。此外，截至招股說明書日期，我們和我們的運營子公司都沒有申請 對於任何此類許可或批准，由於我們目前不受併購規則或由 CAC.儘管有上述意見，我們的中國法律顧問進一步建議我們，併購規則如何存在不確定性 試行辦法和保密規定將由中國監管機構及其意見負責解釋和實施 以上概述受任何新的法律、規則和條例或任何形式的詳細實施和解釋的約束 關於併購規則、試行辦法和保密條款的規定。如果中國證監會或其他中國監管機構隨後 如果確定我們的發行需要事先獲得中國證監會的批准，我們可能面臨中國證監會的監管行動或其他制裁，或者 其他中國監管機構。此外，如果適用的法律、法規或解釋發生重大變化， 這要求我們在併購規則、試行辦法等方面獲得中國證監會或其他中國監管機構的批准 以及未來任何階段的保密條款，包括但不限於本次發行完成後的保密條款，以及 如果在這種情況下，我們或我們的香港子公司(I)沒有收到或維持批准，(Ii)無意中得出這樣的結論 不需要許可或批准，(Iii)如果適用法律，需要在未來獲得此類許可或批准， 法規或解釋更改，或(Iv)被中國證監會或任何其他中國監管機構拒絕許可，我們將 不能將我們的普通股在美國交易所上市，或繼續向投資者提供證券，這將對 投資者的利益，導致普通股的價值大幅下降或一文不值。

我們幾乎所有的運營子公司 業務在香港進行。然而，由於現行中華人民共和國法律法規的長臂條款，中國 政府可以對此類業務的開展行使重大監督和自由裁量權，並可以在任何情況下影響此類業務 時間，這可能導致運營子公司的運營和/或我們普通股的價值發生重大變化。 中國政府還可能對我們將資金轉出香港以分配盈利和支付股息的能力施加限制 或對我們在香港以外的業務進行再投資。政策、法規、規則和法律執行的變化 中國政府也可能很快發生，我們對中國法律和監管體系帶來的風險的斷言和信念不能 一定要確定。

最近，中國政府發起了一系列 監管行動和聲明，以規範內地某些地區的商業經營中國，包括打擊 證券市場違法違規行爲，加強對內地中國境外上市公司的監管 利益主體結構，採取新措施擴大網絡安全審查範圍，擴大反壟斷力度 執法部門。鑑於中國政府最近的聲明表明有意對股票發行施加更多監督和控制 境外和/或外國投資於內地中國的發行人，任何此類行動都可能顯著限制或完全限制 妨礙我們向投資者提供或繼續提供證券的能力，並導致此類證券大幅下跌或一文不值。 此外，對海外進行的發售和/或影響我們在香港的子公司的外國投資的任何進一步控制 香港政府可能會導致我們的運營子公司的運營、財務業績和/或 我們普通股的價值或削弱我們籌集資金的能力。

如果中國政府選擇延長 對海外進行的發行和/或外國投資於中國大陸發行人對香港發行人的監督和控制 發行人，此類行動可能會嚴重限制或完全阻礙我們向投資者提供或繼續提供普通股的能力 並導致我們普通股的價值大幅下降或一文不值。

中國最近的聲明、法律和法規 政府，包括《網絡安全審查辦法》、《中華人民共和國個人信息保護法》和《試行辦法》 已表示打算對海外和/或外國投資進行更多監督和控制 在中國大陸發行人中。我們可能需要獲得中國監管機構的批准或審查才能推出該產品。 中國政府未來擴大外國證券發行所涉及的行業和公司類別的任何行動 接受中國證監會審查可能會嚴重限制或完全阻礙我們向投資者提供或繼續提供證券的能力 並可能導致此類證券的價值大幅下降或一文不值。

與我們的商業和工業有關的風險

我們 業績取決於市場狀況和溼貿易行業的趨勢以及是否出現任何放緩（就交易而言 由於香港房地產市場的量和價格），香港的溼貿易工程項目的供應量可能會大幅減少。

爲 截至2024年、2023年和2022年3月31日的財年，我們的大部分收入來自香港的溼貿易工程。 溼工工程行業的未來發展和香港溼工工程項目的供應很大程度上取決於 有關香港房地產市場的持續發展。可用的溼貿易工程項目的性質、範圍和時間安排 將取決於多種因素的相互作用，包括政府對香港房地產市場的政策 香港、土地供應和公共住房政策、房地產開發商的投資以及香港的概況和前景 香港的經濟。這些因素可能會影響香港潮溼行業工程項目的供應。

如果 如果香港房地產市場（就交易量和價格而言）出現放緩，我們無法保證 香港的溼貿易工程項目供應量不會大幅減少，我們的業務和財務狀況及前景 可能會受到不利和重大影響。

我們 收入主要來自非經常性項目，無法保證我們的客戶會爲我們提供 與新業務。

我們 收入通常來自非經常性項目，我們的客戶沒有義務授予項目 對我們在截至2024年3月31日、2023年和2022年3月31日的財年，我們主要通過招標獲得新業務 由客戶。無法保證我們將來能夠獲得新合同。因此，數量和規模 項目和我們能夠從中獲得的收入金額可能因時期而異，並且可能很困難 預測未來業務量。如果我們未能獲得新合同或合同大幅下降 未來可供投標的招標或合同數量、我們的業務、財務狀況和前景可能 受到重大不利影響。

我們 收入成本歷來波動。如果我們的收入成本出現任何顯着增加，我們的毛利率可能會 減少，我們的業務運營和財務狀況可能會受到重大不利影響。

我們 收入通常來自項目，每個合同金額參考制定的投標價格確定 基於我們估計成本的一定加價。我們服務的定價根據具體情況確定，並取決於 各種因素，通常包括（i）服務範圍;（ii）分包服務類型的價格趨勢， 以及所需的材料和工具;（iii）項目的複雜性和地點;（iv）估計數量和類型 所需設備的數量;（v）客戶要求的完成時間;以及（vi）人力和財政資源的可用性。 我們將不時審查成本預算。如果實際成本高於最初預算，可能會降低我們的利潤率 並影響我們的財務表現。如果我們未能將成本控制在初始預算內，我們的業務運營和財務結果 可能會受到不利影響。

的 已完成工作的實際總價值可能與我們與客戶的合同中規定的原始估計合同金額不同。

我們的 在項目實施期間，客戶可以通過以下方式要求增加、減少或更改超出合同範圍的工程 向我們下變更訂單。我們可以從項目中獲得的總收入可能不同於 由於我們的客戶下了變更訂單，相關合同中規定的原始估計合同金額。因此，有 不能保證最終與客戶商定的費用和收費金額足以收回所產生的成本 或爲我們提供合理的利潤率，或從我們的項目中獲得的收入金額不會有實質性的差異 我們的財政狀況可能會受到不利影響。 由於訂單變更導致我們的收入減少，儘管公司會定期審查我們項目的狀況。 因此，我們不能保證我們未來的收入和利潤率將保持在與記錄相當的水平 在截至2024年3月31日、2023年和2022年3月31日的財政年度內。

任何 重大不準確的成本估計或成本超支可能會對我們的財務業績產生不利影響。

當 在確定投標價格時，我們的管理層將考慮到（i）範圍來估計項目涉及的時間和成本 工程;（ii）分包服務類型以及所需材料的價格趨勢;（iii）複雜性和地點 項目的;（iv）所需設備的估計數量和類型;（v）客戶要求的完成時間;和（vi） 我們的勞動力和財政資源的可用性。

那裏 並不保證我們項目執行期間發生的實際時間和成本不會超過我們的估計。 完成項目的實際時間和成本可能會受到許多因素的不利影響，包括不可預見的 現場條件、惡劣的天氣條件、事故、我們分包商的不履行、成本意外大幅增加 同意由我們承擔的材料數量、我們的客戶要求的整改工程量意外增加以及其他 不可預見的問題和情況。對項目涉及的時間和成本的任何重大不準確估計都可能導致 工程完工延遲和/或成本超支，這反過來可能會對我們的財務狀況、盈利能力產生重大不利影響 和流動性。我們通常承擔項目延誤和成本超支的風險，而且我們通常無法轉嫁這些成本 致我們的客戶。

如果 我們不遵守某些法律，可能會被暫停或禁止簽約，這可能會產生重大不利影響 關於我們的生意。

各種 我們的運營所遵守的法規，例如《工廠及工業經營條例》（第32章）。香港法律第59條）、 建築工地（安全）法規（第32章）香港法律第59 I條）、工廠及工業企業（安全主任及 安全監督員）法規（第12章香港法律第59 Z條）、《工廠及工業經營（安全管理）規則》 （大寫。香港法律第59 AF章）和《職業安全及健康條例》（第59 AF章）。香港法律第509條），涉及 施工過程中的健康和安全以及各種其他法規規定了酌情暫停和/或禁止 在某些情況下。

的 任何暫停或禁止的範圍和持續時間可能會根據特定案件的事實以及法定或監管而有所不同 禁止入境的理由。任何暫停或禁止簽約將對我們的財務狀況、結果產生重大不利影響 運營或流動性的。

不滿意 我們分包商的表現或分包商的不可用可能會對我們的運營和盈利能力產生不利影響。

我們 注重項目管理和監督在項目實施中的作用，我們一般聘請分包商履行 工地的一部分在我們的監督下工作。爲了控制和確保我們分包商的工程質量和進度， 我們根據分包商的服務質量、資質、技能和技術、現行市場價格、交貨期來選擇分包商。 時間，資源的可用性，以滿足我們的要求和聲譽。不能保證我們分包商的工作質量 總能滿足我們的要求。我們可能會受到分包商不履行、不適當或質量不佳的工程的影響。 此類事件可能會影響我們的盈利能力、財務表現和聲譽。此外，不能保證我們會 總是能夠在需要時從合適的分包商那裏獲得服務，或者能夠協商出可接受的費用和服務條款 與分包商合作。在這種情況下，我們的運營和財務狀況可能會受到不利影響。

在 如果我們的分包商未能遵守客戶提出的安全指南和其他要求，我們可能會承擔責任 向我們的客戶支付他們產生的費用和罰款。儘管我們有權獲得分包商的補償 對於分包協議下的此類處罰，我們可能無法向此類分包商索賠以維持 與我們的主要分包商建立穩定的關係。在這種情況下，我們可能會承擔我們的額外費用和罰款 分包商未能遵守我們客戶施加的安全程序和其他要求。

我們 依賴第三方供應材料來運營我們的業務。

我們 從我們的供應商購買材料以提供我們的服務。來自我們供應商的主要材料類型包括 波特蘭水泥、水硬性石灰、混凝土塊、集料和沙子。我們無法向您保證我們良好的工作關係 未來將繼續與我們的供應商合作。此外，我們的行業歷史上也曾出現過供應短缺的時期。

的 無法購買材料可能會嚴重影響我們的業務。如果我們的供應商遇到價格上漲或中斷 業務，例如勞資糾紛、供應短缺或分銷問題、我們的業務、財務狀況、運營結果、 流動性和現金流可能會受到重大不利影響。

我們 可能無法在我們競爭激烈的行業中進行有利的競爭。

一些 我們的競爭對手可能具有一定的優勢，包括但不限於具有悠久的經營歷史、更好的融資能力 以及發達的技術專業知識。新參與者可能希望進入該行業，前提是他們擁有適當的技能， 當地經驗、必要的設備、資本，並且獲得相關監管機構授予必要的許可或批准。 競爭的任何顯着加劇都可能導致營業利潤率下降和市場份額損失，這可能會對我們的 盈利能力和經營業績。

期間 截至2024年3月31日、2023年和2022年3月31日的財年，我們的五大客戶佔我們的很大一部分 總營收

一 我們收入的很大一部分來自有限數量的客戶。我們本財年的五大客戶結束 2024年、2023年和2022年3月31日分別佔我們相應收入的91.7%、93.4%和92.8% 分別是時期。特別是，我們的一位頂級客戶貢獻了我們約62.2%、42.1%和23.6%的收入 截至2024年3月31日、2023年和2022年3月31日的財年總收入。我們的客戶逐個項目參與其中 基礎無法保證我們未來將繼續從主要客戶獲得合同。是否存在顯著 主要客戶授予的項目數量減少，無法獲得同等規模的合適項目 以及其他客戶的替代品數量，我們的財務狀況和經營業績將受到重大不利影響。

環境， 健康和安全法律和法規以及此類法律和法規的任何變更或由此產生的責任可能會產生重大影響 對我們的財務狀況、運營業績和流動性產生不利影響。

我們 運營受到嚴格而複雜的法律和法規的約束，管理物質排入環境、健康 以及我們運營的安全方面或與環境保護相關的其他方面。這些法律和法規可能會施加許多 適用於我們運營的義務，包括：在開展受監管的活動之前獲得許可證或其他批准; 對可以釋放到環境中的物質的類型、數量和濃度的限制;限制或 禁止在荒野、濕地和其他保護區內的某些土地上進行活動;具體的適用 解決工人保護的健康和安全標準;並對我們造成的污染承擔重大責任 運營

一 許多政府當局有權強制遵守這些法律和法規以及根據其頒發的許可證。 此類執法行動通常涉及困難且代價高昂的合規措施或糾正行動。未能遵守這些法律 和法規可能會導致對制裁的評估，包括行政、民事或刑事處罰、自然資源損害， 施加調查或補救義務，以及發布限制或禁止我們部分或全部業務的命令。 此外，我們可能會在獲得或無法獲得所需許可時遇到延誤，這可能會延遲或中斷我們的運營 並限制我們的增長和收入。

某些 環境法規定嚴格責任（即，無需證明「過錯」）或承擔共同責任 補救和恢復儲存或釋放危險物質、碳氫化合物或固體廢物的場所所需的費用。 我們可能被要求對我們或第三方設施當前或以前擁有或運營的受污染的財產進行補救， 收到我們運營產生的廢物，無論此類污染是否由他人行為或後果造成 我們自己的行動在採取這些行動時是否符合所有適用法律。此外，存在 我們擁有、租賃或運營的房產的污染可能會導致運營成本增加或限制我們的能力 按預期使用這些屬性。

在 在某些情況下，如果我們不遵守環境規定，公民團體也有能力對我們提起法律訴訟 法律或挑戰我們獲得運營所需的環境許可證的能力。此外，對人身或人身損害的索賠 財產（包括自然資源）可能源於我們的運營對環境、健康和安全的影響。我們的保險 可能無法承保所有環境風險和成本，或者如果針對我們提出環境索賠，可能無法提供足夠的承保範圍。 此外，近年來，公眾對保護環境的興趣急劇增加。更加擴張和嚴格的趨勢 適用於我們行業的環境立法和法規可能會繼續下去，導致開展業務的成本增加， 從而影響盈利能力。

我們 可能無法有效實施我們的業務計劃以實現未來的增長。

我們的 擴展計劃是基於對香港和香港濕貨行業市場前景的前瞻性評估。 不能保證這樣的評估將被證明總是正確的，或者它將能夠按計劃發展我們的業務。擴展 計劃可能會受到一些我們無法控制的因素的影響。這些因素包括但不限於經濟狀況的變化。 在香港，濕貨行業的供求變化、工程服務及與濕貨行業有關的政府法規 工業界。我們未來的增長有賴於我們有能力改善我們的行政、技術和運營基礎設施。AS 隨著業務的擴大，我們在管理業務時可能會遇到一系列困難，例如：(一)產生足夠的 內部流動資金或為資本需求獲得外部融資，以及(2)分配其資源和管理其關係 擁有越來越多的客戶、供應商和其他業務夥伴。不能保證未來的增長會成為現實。 或者我們將能夠有效地管理未來的增長，如果做不到這一點，將對我們的業務產生實質性的不利影響， 財務狀況和經營業績。

我們 持續的成功需要我們在競爭激烈的行業中雇用、培訓和留住合格的人員和分包商。

的 我們業務的成功取決於我們吸引、培訓和留住合格、可靠的人員的能力，包括但不限於 致我們的行政人員和主要管理人員，例如林啟明先生。此外，我們業務的成功運營 取決於擁有必要和所需經驗的項目管理人員、其他員工和合格分包商 和專業知識，以及誰將以合理且有競爭力的價格提供各自的服務。這些和其他經驗豐富的競爭 人員緊張。因此，可能很難吸引和留住具有必要專業知識和能力的合格個人 我們客戶要求的時間表。

在 此外，提供服務的成本，包括我們利用勞動力的程度，會影響我們的盈利能力。為 例如，合同授予時間的不確定性可能會給我們的員工規模與合同相匹配帶來困難。如果是預期 合同授予被推遲或未收到，我們可能會因員工過剩或設施冗餘而產生成本，這些設施可能會導致 對我們的業務、財務狀況和運營運績產生重大不利影響。

失敗 可靠、及時地完成我們的項目可能會對我們的聲譽、財務業績產生重大影響，或者可能會受到 我們索賠。

的 與客戶簽訂的合同通常包含違約金條款，根據該條款，我們有責任向我們的客戶支付違約金 如果我們無法在合同規定的時間內交付或執行合同工程，則向客戶提供賠償。違約金 一般按每天固定金額確定。

延遲 由於各種不可預見的因素，例如人力短缺、分包商的延誤、工業 事故和材料交付延誤。如果我們在項目完成方面出現任何延誤，我們可能有責任付款 合同項下的違約金。我們無法保證我們現有和未來的項目不會出現任何延誤 與違約金相關的索賠，這反過來又將對我們的聲譽、業務、財務狀況產生不利影響 和運營結果。

我們 運營受到可能導致人身傷害或財產損失的特殊危險，使我們承擔責任和可能的 保險可能不承保的損失。

操作 我們業務中固有的危險（其中一些可能超出了我們的控制範圍）可能會導致人身傷害和生命損失、損害或 財產、廠房和設備的破壞以及環境的破壞。我們按金額和風險維持保險範圍 我們認為符合行業實踐，但該保險可能不足以或無法涵蓋所有損失或責任 我們在運營中可能發生的情況。

我們 保險單有不同水平的免賠額。我們的免賠額以內的損失是根據我們的估計累積的 已發生索賠的最終責任以及已發生但未報告的索賠的估計。然而，須保險的責任 由於未知因素，包括傷害的嚴重程度、我們責任的確定比例等，很難估計 向其他各方提供未報告事件的數量以及我們安全計劃的有效性。如果我們要體驗保險 索賠或成本超出我們的估計，我們可能需要使用營運資金來滿足這些索賠，而不是使用營運資金 維持或擴大我們的運營。

某些 本招股說明書中的數據和信息來自第三方來源，未經我們獨立驗證。

我們 已聘請Frost & Sullivan委託編寫一份分析香港建築業的行業報告。信息 與香港建築業相關的數據來自Frost & Sullivan的行業報告。統計 Frost & Sullivan報告中包含的數據還包括基於許多假設的預測。建築業 可能不會按照市場數據預測的速度增長，甚至根本不會增長。香港建築業未能按預期增長 利率可能會對我們的業務和普通股的市場價格產生重大不利影響。此外，如果有任何一個或多個 市場數據的假設後來被發現不正確，實際結果可能與基於 這些假設。

我們 尚未獨立驗證Frost & Sullivan報告或任何第三方出版物中包含的數據和信息 以及Frost & Sullivan在編寫報告時所依賴的報告。此類第三方出版物中包含的數據和信息 並且可能會使用第三方方法收集報告，該方法可能與我們使用的數據收集方法不同。此外， 這些行業出版物和報告通常表明其中包含的信息被認為是可靠的，但確實 不保證此類信息的準確性和完整性。

我們 未來可能需要籌集額外資本用於運營資本、資本支出和/或收購，但我們可能無法 以優惠條件或根本不這樣做，這將損害我們運營運務或實現增長目標的能力。

我們 持續產生現金的能力對於為我們的持續運營提供資金、進行收購和償還債務至關重要。 現有現金餘額和運營現金流以及借貸能力不足以進行投資 或收購或提供所需的運營資金，我們可能需要其他來源的額外融資。我們獲得這樣的能力 未來的額外融資將部分取決於當前的資本市場狀況以及我們的業務狀況 經營結果。這些因素可能會影響我們以我們可以接受的條款安排額外融資的努力。

Furthermore, if global economic, political or other market conditions adversely affect the financial institutions that provide credit to us, it is possible that our ability to draw upon credit facilities may be impacted. If adequate funds are not available, or are not available on acceptable terms, we may not be able to make future investments, take advantage of acquisitions or other opportunities, or respond to competitive challenges, resulting in loss of market share, each of which could have a material adverse impact on our financial position, results of operations, cash flows and liquidity.

Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud which may affect the market for and price of our Ordinary Shares.

We are a private company with limited accounting personnel and other resources for addressing our internal control over financial reporting. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. However, in connection with the audits of our consolidated financial statements as of March 31, 2024, 2023, and 2022, we identified certain material weaknesses in our internal control over financial reporting. A “material weakness” is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

The material weaknesses identified related to (1) our lack of sufficient full-time personnel with appropriate levels of accounting knowledge and experience to monitor the daily recording of transactions, address complex U.S. GAAP accounting issues and to prepare and review financial statements and related disclosures under U.S. GAAP; and (2) our lack of a functional internal audit department or personnel that monitors the consistencies of the preventive internal control procedures as well as adequate policies and procedures in internal audit function to ensure that our policies and procedures have been carried out as planned.

Our management has implemented and is currently taking the steps necessary to remediate the underlying causes of these material weaknesses, including (i) conducting regular and continuous U.S. GAAP training programs and webinars for our financial reporting and accounting personnel; (ii) established three committees under the board of directors: an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee (see “Management” for details); (iii) actively hiring more qualified staff to fill up the key roles in the operations; and (iv) setting up a financial and system control framework with formal documentation of polices and controls in place. However, we cannot assure you that these measures may fully address the material weakness in our internal control over financial reporting or that we may not identify additional material weaknesses or significant deficiencies in the future.

我們 受制於我們維持內部控制的要求，以及管理層定期對有效性進行評估 內部控制。對財務報告進行有效的內部控制對於防止舞弊很重要。因此，我們的業務， 我們的財務狀況、經營結果和前景，以及我們普通股的市場和交易價格可能 如果我們沒有有效的內部控制，將受到實質性和不利的影響。在首次公開募股之前，我們是一傢俬人公司 資源有限的公司。因此，我們可能不會及時發現任何問題以及現有和潛在的股東 可能對我們的財務報告失去信心，這將損害運營子公司的業務和交易價格 我們的普通股。對財務報告缺乏內部控制可能會抑制投資者購買我們的普通股 這可能會使我們更難通過債務或股權融資來籌集資金。

額外 未來可能會發現重大弱點或重大缺陷。如果我們發現此類問題或無法生產 準確及時的財務報表，我們的普通股價格可能會下跌，我們可能無法維持與納斯達克的合規性 上市規則。

我們 面臨與我們的貿易應收帳款和合同資產的可收回性相關的信用風險。

一 合同資產代表我們向客戶收取對價的權利，以換取我們已轉讓的濕貿易工程的提供 對客戶來說這還不是無條件的。當我們根據相關合同提供濕貿易工程時，就會產生合同資產 但工程尚未得到建築師、工料測量師或客戶和/或我們任命的其他代表的認證 付款權仍然取決於時間流逝以外的因素。之前確認為合同資產的任何金額均為 當我們的付款權隨著時間的推移而成為無條件時，重新分類為貿易應收帳款。

那裡 不保證我們能夠就根據付款條款完成的服務向所有或任何部分合同資產收取費用 並且無法保證我們的客戶將及時並在 相應地充滿。此外，無法保證我們的客戶會按時全額結算我們的發票。的情況下 我們無法在付款期限內或根本無法收回大部分貿易應收帳款、現金流和財務 職位將受到不利影響。收取我們大部分貿易應收帳款和合同資產時有任何困難 可能會對我們的現金流和財務狀況產生重大不利影響。

我們 是一家控股公司，其運營現金的主要來源是從我們的運營子公司收到的收入。

我們 取決於我們的運營子公司產生的收入來對股份進行分配和股息。的量 我們的運營子公司可能向我們支付的分配和股息（如果有的話）將取決於許多因素，包括 此類子公司的經營運績和財務狀況、適用法律規定的股息限制、其憲法 文件、管轄任何債務的文件以及可能超出我們控制範圍的其他因素。如果我們的運營子公司這樣做 如果無法產生足夠的現金流，我們可能無法對股份進行分配和股息。

我們 大股東對我們的公司事務具有相當大的影響力。

先生。 我們已發行和已發行普通股的發行後基準，假設承銷商不行使購買選擇權 增加普通股及假設林先生根據回售招股章程立即出售全部500,000股普通股。 林志明先生將在需要股東批准的公司事務上擁有相當大的影響力，並將獨立控制 公司的運作，包括但不限於選舉董事和批准重大合併、收購或其他 企業合併交易記錄。這種集中控制將限制你影響公司事務的能力，還可能會阻礙 其他人不得進行任何潛在的合併、接管或其他控制權變更交易，這可能會導致 我們普通股的持有者有機會以高於當前市場價格的溢價出售他們的股票。

我們 大股東可能與我們存在潛在利益衝突，這可能會對我們的業務產生重大不利影響， 財務狀況。

因為 我們的大股東對我們的公司事務具有相當大的影響力，他的利益可能與 我們公司的整體利益。例如，股東可以任命沒有必要經驗的董事和管理層， 由於他們的隸屬關係或忠誠度，因此無法正確管理我們的公司，此類行為可能會對我們的公司造成重大不利影響 影響我們的業務和財務狀況。目前，我們沒有任何安排來解決雙方之間潛在的利益衝突 股東和我們的公司。如果我們無法解決我們與股東之間的任何利益衝突或糾紛，我們會 不得不依賴法律訴訟，這可能會擾亂我們的業務，並使我們對任何訴訟的結果面臨重大不確定性 這樣的法律訴訟。

如果 我們未能有效且具有成本效益地宣傳和維護我們的品牌，我們的業務和運營成果可能會受到損害。

我們 相信有效地發展和保持我們品牌的知名度對於吸引新客戶和留住現有客戶至關重要。 我們品牌的成功推廣和吸引客戶的能力在很大程度上取決於我們營銷工作的有效性， 我們用於推廣服務的渠道的成功。我們未來的營銷工作可能需要我們承擔額外的費用。 這些努力可能不會在不久的將來或根本不會導致收入增加，即使確實如此，收入的任何增加都可能 不抵消產生的費用。如果我們未能成功推廣和維護我們的品牌，同時產生巨額費用，我們的 運營運績和財務狀況將受到不利影響，這可能會損害我們發展業務的能力。

我們 可能會受到智慧財產權侵權索賠，辯護成本可能很高，並且可能會擾亂我們的業務和運營。

我們 無法確定我們的運營或我們業務的任何方面沒有或不會侵犯或以其他方式侵犯商標， 第三方持有的專利、版權、專有技術或其他智慧財產權。未來我們可能會時不時 受到與他人智慧財產權相關的法律訴訟和索賠的影響。此外，可能還有第三方 我們的產品、服務或其他侵犯的商標、專利、版權、專有技術或其他智慧財產權 在我們不知情的情況下處理我們業務的各個方面。此類智慧財產權的持有者可能會尋求執行此類智慧財產權 在香港、美國或其他司法管轄區針對我們的權利。如果針對第三方侵權索賠 我們可能被迫將管理層的時間和其他資源從我們的業務和運營中轉移出來，以抵禦這些索賠， 無論他們的優點如何。

任何 COVID-19爆發的惡化可能會對我們的運營和財務狀況產生不利影響。

的 香港首例COVID-19確診病例於2020年1月首次報告。此後發生了多輪疫情 香港的COVID-19死亡率。政府已宣布採取各種措施，包括旅行限制和安全距離措施 以降低COVID-19本地傳播的風險。無法保證香港爆發的COVID-19能夠有效地 受到控制或政府不會採取更嚴格的措施，例如關閉實體工作場所、全面關閉 暫停所有商業、社交及其他活動，以及其他封鎖政策，以控制COVID-19的傳播。

之間 2022年1月和2022年4月，香港因SARS-CoV-2 Omicron爆發第五波COVID-19 變體。自2020年初以來，COVID-19大流行對香港建築業產生了負面影響。例如， 出現COVID-19確診病例的項目工地的建築活動暫時暫停長達兩周， 消毒自2022年初以來，由於供應鏈和 跨境運輸中斷。自2023年初至本招股說明書日期，在香港的業務活動 金剛已恢復正常。

雖然 截至本招股說明書日期，如果存在以下情況，我們的任何項目均未經歷任何重大延誤： 如果我們的任何建築工地發生類似事件，可能會導致重大中斷或延誤。由此就可以 對我們按時完成項目的能力產生不利影響，從而損害我們的聲譽、業務和財務狀況 以及我們與客戶的關係。此外，如果長期停牌，我們的毛利率可能會受到不利影響 由於COVID-19，我們可能不得不承擔額外的成本：（i）加班並雇用額外的分包商 恢復工作，避免項目未能按原計劃完成;及（ii）相關租金費用 由於我們不被允許進入現場將任何閒置設備調動到其他建築工地，因此需要額外的設備。

的 香港進一步爆發COVID-19可能對香港經濟產生重大不利影響，可能導致 房地產市場放緩以及香港現有的濕貿易工程項目的供應量減少。的任何惡化 COVID-19的爆發還可能導致勞動力短缺、工人薪津上漲和/或我們的業務中斷 以暫時暫停或延遲的形式進行運營。我們無法向您保證我們不會遇到任何項目延誤。我們可能 由於未來的疫情爆發，無法按照計劃的規範、進度和預算完成項目 在COVID-19的任何亞變體浪潮中，這反過來可能會讓我們面臨客戶潛在的違約金索賠， 這可能會對我們的聲譽產生不利影響，並對我們的業務和財務狀況以及我們的運營運績產生不利影響。

我們 如果我們的任何員工或分包商的員工涉嫌承包或承包，運營也可能受到負面影響 已感染COVID-19，因為這可能需要我們和我們的分包商隔離部分或所有相關員工， 對我們的項目現場和設施進行消毒。如果這些不利影響成為現實並持續很長一段時間，他們可能會 對我們的業務運營和財務業績產生重大不利影響。

在 此外，如果政府採取進一步措施來遏制COVID-19的傳播，包括進口管制或封鎖政策 在全市範圍內，無法保證我們的供應商能夠（a）在不 中斷;和/或（b）毫不拖延地向我們提供服務、材料或分包服務，並且不保證 如果此類措施持續存在，我們將能夠及時從替代供應商採購服務、材料或分包服務 持續了很長一段時間。

事件 例如流行病、自然災害、惡劣天氣條件、政治動盪和恐怖襲擊可能會顯著推遲，或 甚至阻止我們完成我們的項目。

我們的 運營受到我們無法控制的不確定性和意外事件的影響，這可能會導致我們的運營發生實質性中斷 並對我們的業務造成不利影響。其中包括流行病、自然災害、火災、惡劣天氣條件、政治動亂、戰爭。 和恐怖襲擊。任何此類事件都可能導致我們減少或停止運營，對我們的業務運營造成不利影響，增加 我們的成本和/或阻止我們完成我們的項目，其中任何一個都可能對我們的業務、財務 手術的條件和結果。

在……裏面 這樣的事件，我們的業務運營也可能會因爲對投資者信心和風險偏好的負面影響而嚴重中斷， 發行人及擬上市申請人的集資活動、宏觀經濟狀況及財務狀況 在香港。我們的業務運作、財務狀況以及本招股說明書所預期的集資活動 可能會因此受到實質性和不利的影響。

失敗 維護建築工地的安全和/或實施我們的安全管理體系可能會導致人身傷害、財產損失的發生 損害賠償、致命事故或暫停或不更新我們在註冊專業貿易承包商計劃下的註冊 建造業議會。

到期 就建築地盤的工程性質而言，工人發生意外或受傷的風險是固有的。儘管我們的職業 我們的員工和我們分包商的員工必須遵守的健康和安全措施，導致 人身傷害、財產損失和/或致命事故仍然是工作場所的固有風險。不能保證會有 我們的員工或我們分包商的員工不得違反我們的安全措施或其他相關規章制度。 任何這種違規行爲都可能導致更高的發生概率和/或更嚴重的人身傷害、財產損失 及/或工作地點發生致命意外，可能對我們的業務運作及財務狀況造成重大不利影響 不在保險單承保範圍內。此外，未能維護安全建築工地和/或實施安全管理 導致嚴重人身傷害或致命事故發生的措施可能會導致負面宣傳和/或暫停 或根據建造業議會的註冊專門工程承建商計劃不獲續期。 反過來，我們的聲譽、財務狀況和經營結果也會受到不利影響。

在……裏面 此外，我們的員工和我們分包商的員工的任何人身傷害和/或致命事故都可能導致索賠或其他 針對我們的法律訴訟。任何該等索償或法律程序可能會對本行的財政狀況造成不利及重大影響。 保單不承保的範圍。此外，儘管有任何此類索賠或法律程序的是非曲直，我們需要轉移 管理資源，併產生額外的費用來處理這些問題。因此，任何此類索賠或法律程序都可能有實質性的 並對我們的業務運營造成不利影響。

雖然 由於建築行業工程的性質，工人發生事故或受傷的風險是固有的，例如事故記錄 可能會對我們的行業聲譽產生不利影響，這反過來又可能會影響我們收到潛在新人招標的前景 客戶或獲得我們現有和潛在新客戶的未來投標。此外，我們可能不得不承擔 加強安全管理措施的額外費用，例如招聘額外的安全監督人員，這可能會 對我們的盈利能力產生不利影響。

那裡 不保證我們能夠根據建築業的註冊專門貿易承包商計劃續簽註冊 行業委員會。

分包商 參與政府發起的公共部門項目的人員通常需要擁有已註冊的註冊 建造業議會專業貿易承包商計劃。註冊專業行業的註冊續期 承包商計劃每三年或五年需要一次，通常需要具備一定的技術和相關行業經驗 要求.無法保證我們將來每次都能夠續訂此類註冊。如果不續約 此類註冊、我們的聲譽、我們獲得未來業務的能力以及我們的業務和財務狀況和前景 可能會受到重大不利影響。

我們 可能是不時法律訴訟的一方，我們無法向您保證此類法律訴訟不會產生重大不利影響 對我們業務的影響。特別是，可能存在潛在的員工賠償索賠和人身傷害索賠。

我們 可能參與客戶、分包商、工人和其他各方的各種索賠和訴訟 時不時地關心我們的工作。這類索賠可能特別包括僱員的賠償索賠和人身傷害。 就因僱員在受僱工作期間所發生的意外而蒙受人身傷害的申索 受傷的工人。我們不能保證我們不會捲入任何索賠或法律程序，也不能向您保證 任何此類索賠或法律程序都不會對我們的業務產生實質性的不利影響。如果有任何針對我們的索賠落在外面 保險範圍和/或限額，我們的財務狀況可能會受到不利影響。不管任何懸而未決的 和潛在的索賠，我們需要轉移管理資源並產生額外成本來處理這些索賠，這可能會影響我們的公司 如果它們是由媒體發佈的，那麼它們的形象和聲譽。如果上述索賠被成功地針對我們提出並且不在承保範圍內 根據保險單，我們可能需要支付損害賠償和法律費用，這反過來可能會對我們的經營業績和 財務狀況。

我們 保險範圍可能不足以涵蓋潛在的責任。

某些 本節其他地方披露的風險，例如與客戶集中度有關的風險、我們獲得新合同的能力、我們的 保留和吸引人員的能力、分包商的可用性和績效、項目和成本管理、我們的能力 維護和更新我們的註冊、信用風險和流動性風險通常不受保險承保，因為它們要麼 不可保險或承保此類風險的成本不合理。保險單涵蓋戰爭行為、恐怖主義行為、 或者自然災害要麼無法發生，要麼成本高昂。

此外， 我們可能承擔我們沒有充分保險或根本沒有保險的責任，或者無法保險的責任。 如果因事故、自然災害或其他未承保或不充分的事件而產生任何重大責任 在我們的保險範圍內，我們的業務可能會受到不利影響，可能導致資產損失、訴訟、員工賠償 義務或其他形式的經濟損失。

我們 無法保證我們當前的保險水平足以覆蓋所有潛在的風險和損失。此外，我們不能 保證我們可以更新我們的保單，或者可以按照類似或其他可接受的條款更新我們的保單。如果我們遭受嚴重的意外 損失或損失遠超過保單限額，可能會對我們的業務、財務狀況、 運營結果和前景。

可能 難以招募足夠的勞動力或勞動力成本大幅增加可能會阻礙我們未來的業務戰略。

這個 香港濕貨行業一直面臨著勞動力短缺和勞動力老齡化的問題。勞動力的供給和成本 受市場勞動力供應和香港經濟因素(包括通脹)的影響。 利率和生活水準。不能保證勞動力和勞動力成本的供應會穩定。此外，最低 《工資條例》(香港法例第608章)規定，僱員有權就任何工資期獲支付工資 不少於最低工資，參考訂明的最低每小時工資率(現時定為港幣40元)計算 每小時(2023年5月1日起生效)。不能保證法定最低工資在未來不會增加。 如果我們或我們的分包商未能及時保留現有勞動力和/或招聘足夠的勞動力來應對 我們現有或未來工作的需求和/或勞動力成本的大幅增加，我們可能無法完成 我們的工作按計劃和/或在預算範圍內完成，我們的運營和盈利能力可能會受到不利影響。

濕 貿易工作通常是勞動密集型的，我們無法確定在需要時是否有足夠的工人來完成項目。甚至 儘管我們通常不雇用工人進行濕貿易工作，而是雇用直接雇用工人的分包商， 勞動力成本被計入分包商的價格中。勞動力成本的任何意外上漲都可能由我們承擔並可能減少 我們的利潤率。此外，如果報價必須提高才能充分考慮，潛在客戶可能會猶豫是否與我們合作 未來勞動力成本的任何預期增長。

波動 價位可能會對我們的經營運績和普通股價格產生重大不利影響。

我們 收入和費用將主要以港元計價。港元兌美金的價位 可能會波動並可能受到政治和經濟狀況變化等因素的影響。儘管之間的價位 港元自1983年以來一直與美金掛鈎，我們無法向您保證港元將繼續與美金掛鈎 兌美金。

我們的 我們的業務在香港進行，我們的賬簿和記錄保存在香港。美元，即香港的貨幣，以及 我們向美國證券交易委員會提交並提供給股東的財務報表以美元表示。的變化 香港之間的匯率。美元和美元會影響我們的資產價值和我們的運營結果 以美元計價。任何顯著的波動 港元與美元之間的匯率變動，可能會對我們的收入和財政狀況產生重大不利影響。 例如，我們被要求將我們從此次發行中獲得的美元兌換成港元，用於我們的 操作上，港元兌美元匯率的波動會對 我們從轉換中獲得的金額。我們沒有使用任何遠期合約、期貨、掉期或貨幣借款來對沖我們的風險敞口。 外匯風險。

我們 企業容易受到政府政策和宏觀經濟狀況的影響。

這個 香港建築業的市場增長與政府政策和宏觀經濟環境密切相關。尤其是， 在經濟低迷時期，由於財政預算有限，房地產開發商和租戶在投資資本方面更為保守。 資源，翻新他們的生活空間，選擇高端產品，如從海外進口的傢俱和大理石。論 另一方面，政府的政策，例如市區重建及發展計劃和賣地計劃，可能會影響土地的供應。 地產發展商在香港進行建築工程，以及隨後對濕行業的需求可能惡化。事實上，根據 在地政總署，賣地面積已由2016/17年度的約32.38萬平方米下降至約 2023/24年3.48萬平方米。因此，過度依賴政府政策和週期性的問題 建造工程的減少可能會對香港濕貨行業工程市場的發展造成不利影響。

我們面臨總體經濟風險 經濟低迷和市場狀況惡化，例如中美貿易衝突。

由於我們的業務和運營總部位於香港 在香港，我們的業務增長主要取決於香港和中國的經濟和市場狀況。市場情況 直接受到全球和當地政治和經濟環境的影響，例如 中美貿易衝突。香港整體經濟環境突然下滑或政治環境發生變化， 超出我們控制範圍的中國可能會對整個金融市場情緒產生不利影響。市場和經濟嚴重波動 情緒還可能導致房地產和建築行業長期表現低迷。因此，我們的收入 和盈利能力可能會波動，我們無法向您保證我們將能夠及時保持我們的歷史財務業績 經濟狀況困難或不穩定。

在香港開展業務的相關風險

洪 Kong的法律體系正在不斷發展，並且存在固有的不確定性，這可能會限制您可以獲得的法律保護。

為 截至2024年、2023年和2022年3月31日的財年，我們的收入來自香港的濕貿易工程。香港 法律體系包含不確定性，這可能會限制您和我們可用的法律保護。

作為 香港主權移交給中華人民共和國的條件之一，中華人民共和國必須接受一些條件，例如香港 香港回歸前的基本法。《基本法》確保香港將保留自己的合法貨幣（港元） 制度、議會制度以及人民的權利和自由從1997年開始五十年。該協議為香港提供了 高度自治地運作的自由。香港特別行政區負責自己的國內事務 事務包括但不限於司法部門和最後法院、移民和海關、公共財政、貨幣和 引渡。香港繼續使用英國普通法制度。

一些人 國際觀察員和人權組織對相對享有的政治自由的未來表示懷疑 在香港和中華人民共和國的承諾下，允許香港高度自治。2020年7月14日，美國簽署了一項 終止香港在一九九七年後享有的特殊地位的行政命令。由於目前享有的自主權可能會受到損害，它可能會 可能會影響香港的普通法法律制度，進而可能會在執法方面帶來不確定性，例如 我們的合同權利。事實上，如果中華人民共和國違背其允許香港自治的協定，這可能會 可能會影響香港的普通法法律制度，並可能在執法方面帶來不明朗因素，例如 我們的合同權利。這反過來又可能對我們的業務和運營產生實質性的不利影響。此外，知識分子 香港的產權和保密保護措施可能不如美國或其他國家那麼有效。因此， 我們無法預測香港法律制度未來發展的影響，包括頒佈新法律、改變 現行法律或對其的解釋或執行，或國家法律對地方性法規的搶佔。這些不確定性 可能會限制我們可獲得的法律保護，包括我們執行與客戶協定的能力。

的 制定《中華人民共和國香港特別行政區維護國家安全法》（「香港國家 《證券法》）可能會影響我們在香港的運營子公司。

在……上面 2020年6月30日，中華人民共和國全國人民代表大會常務委員會通過了香港國家安全法。這部法律 界定香港《國家安全法》維護國家安全的職責和政府機構，以及四大類 罪行-分裂國家、顛覆、恐怖活動和與外國或外部分子勾結以危害 國家安全--以及他們相應的懲罰。2020年7月14日，前美國總統總裁唐納德·特朗普簽署了香港 香港自治法，或稱HKAA，成為法律，授權美國政府對個人和實體實施阻止制裁 他們被認定對侵蝕香港的自治權起到了重大作用。2020年8月7日，美國政府 對包括香港特別行政區前行政長官林鄭月娥在內的11名個人實施香港機場管理局授權的制裁。2020年10月14日， 美國國務院向國會相關委員會提交了根據HKAA要求的報告，確定了有重大貢獻的人 “中國政府未能履行”聯合聲明“或”基本法“所規定的義務。”香港機場管理局 進一步授權對知情的外國金融機構實施二級制裁，包括實施封鎖制裁 與根據這一授權受到制裁的外國人員進行重大交易。實施制裁可能會直接影響到 外國金融機構以及與目標外國金融機構進行交易的任何第三方或客戶。 很難預測《香港國家安全法》和香港機管局對香港和位於香港的公司的全面影響。 孔令輝。如我們在香港的營運附屬公司被裁定違反香港國家安全法或香港機管局 如果受到主管當局的影響，我們的業務運營、財務狀況和運營結果可能會受到實質性的不利影響。

納斯達克 可能會對我們的繼續上市應用額外且更嚴格的標準。

納斯達克 上市規則第5101條賦予納斯達克廣泛的酌情決定權，決定證券在納斯達克和 納斯達克可能會利用這一酌情權拒絕首次上市，對首次或繼續上市適用額外或更嚴格的標準 根據存在或發生的任何事件、條件或情況，對特定證券進行停牌或退市 這使得這些證券在納斯達克上首次或繼續上市是不可取的或沒有根據的，即使納斯達克認為 這些證券符合納斯達克首次或繼續上市的所有列舉標準。此外，納斯達克還利用其自由裁量權 拒絕首次或繼續列名，或在情況下適用額外和更嚴格的標準，包括但不限於(I) 如果公司聘請了一名未接受PCAOB檢查的審計師，或一名PCAOB不能檢查的審計師，或 沒有證明足夠的資源、地域範圍或經驗來充分執行公司審計的審計師； (Ii)如果公司計劃進行小規模公開募股，將導致內部人士持有公司上市公司的大部分股份 證券。納斯達克擔心，發行規模不足以確定該公司的初始估值，因此 將不會有足夠的流動資金支持公司的公開市場；以及(Iii)公司沒有證明有足夠的流動性 與美國資本市場的聯繫，包括沒有美國股東、業務或董事會或管理層成員。 對於上述任何擔憂，我們可能會受到納斯達克更多和更嚴格的標準的約束，才能繼續 上市，這可能會導致我們的普通股上市申請被推遲甚至被拒絕。

如果 我們未能滿足適用的上市要求，納斯達克可能會將我們的普通股票退市res 在這種情況下，我們普通股的流動性和市場價格可能會下降。

我們 無法向您保證我們將能夠滿足持續的 未來納斯達克的上市標準。如果我們未能遵守適用的上市標準並且納斯達克將我們的普通股退市 股份，我們和我們的股東可能面臨重大重大不利後果，包括：

The recent joint statement by the SEC and PCAOB, proposed rule changes submitted by Nasdaq, and the HFCAA all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. These developments could add uncertainties to our Offering.

On April 21, 2020, SEC Chairman Jay Clayton and PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated with investing in companies based in or have substantial operations in emerging markets including China. The joint statement emphasized the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in emerging markets.

On May 18, 2020, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in “Restrictive Market”, (ii) adopt a new requirement relating to the qualification of management or board of director for Restrictive Market companies, and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company’s auditors.

On May 20, 2020, the U.S. Senate passed the HFCAA requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company’s auditors for three consecutive years, the issuer’s securities are prohibited to trade on a national exchange. On December 2, 2020, the U.S. House of Representatives approved the HFCAA. On December 18, 2020, the HFCAA was signed into law. Additionally, in July 2020, the U.S. President’s Working Group on Financial Markets issued recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or other federal agencies and department with respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors in the United States. In response, on November 23, 2020, the SEC issued guidance highlighting certain risks, and their implications to U.S. investors, associated with investments in China-based issuers and summarizing enhanced disclosures the SEC recommends China-based issuers make regarding such risks.

On December 2, 2021, the SEC adopted final amendments to its rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA, which took effect on January 10, 2022. We will be required to comply with these rules if the SEC identifies us as having a “non-inspection” year, as defined in the rules, under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCAA, including the listing and trading prohibition requirements described above. Under the HFCAA, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor is not inspected by the PCAOB for three consecutive years, and this ultimately could result in our shares being delisted. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer’s securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years, shortening the timeline for the application of the HPCAA’s delisting and trading prohibition from three years to two, and thus, would reduce the time before securities may be prohibited from trading or delisted. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On December 16, 2021, the PCAOB issued a determination report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (1) mainland China of the People’s Republic of China; and (2) Hong Kong, a Special Administrative Region of the PRC, because of positions taken by PRC authorities in those jurisdictions, which determinations were vacated on December 15, 2022. Our current auditor, ZH CPA, LLC, is not headquartered in mainland China or Hong Kong and was not identified by the PCAOB in its report on December 16, 2021 as a firm subject to the PCAOB’s determinations, which determinations were vacated on December 15, 2022.

On August 26, 2022, the PCAOB signed a Statement of Protocol, or SOP, Agreement with the CSRC and China’s Ministry of Finance. The SOP, together with two protocol agreements governing inspections and investigation, establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor’s, control. The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed. If the PCAOB in the future again determines that it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the companies audited by those auditors would be subject to a trading prohibition on U.S. markets pursuant to the HFCAA.

If the PCAOB in the future again determines that it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the lack of access to the PCAOB inspection in China would prevent the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, investors could be deprived of the benefits of such PCAOB inspections, if the PCAOB in the future again determines that it is unable to inspect and investigate completely auditors in mainland China and Hong Kong. The inability of the PCAOB to conduct inspections of auditors in China would make it more difficult to evaluate the effectiveness of these accounting firms’ audit procedures or quality control procedures, which could cause existing and potential investors in our stock to lose confidence in our audit procedures and reported financial information and the quality of our financial statements. Although our auditor was not identified by the PCAOB in its report as a firm subject to the PCAOB’s determinations, which determinations were vacated on December 15, 2022, should the PCAOB be unable to fully conduct inspection of our auditor’s work papers in China, this could adversely affect us and our securities for the reasons noted above.

Our auditor, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor’s compliance with the applicable professional standards. Our auditor is headquartered in Denver, Colorado, and has been inspected by the PCAOB on a regular basis with the last inspection in 2023. However, the recent developments would add uncertainties to our Offering and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor’s audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements.

Risks Related to Our Initial Public Offering and Ownership of Our Ordinary Shares

We will incur additional costs as a result of becoming a public company, which could negatively impact our net income and liquidity.

Upon completion of this Offering, we will become a public company in the United States. As a public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. In addition, Sarbanes-Oxley and rules and regulations implemented by the Securities and Exchange Commission and the Nasdaq require significantly heightened corporate governance practices for public companies. As a result, we expect these rules and regulations to increase our legal, accounting and financial compliance costs and make many corporate activities more time-consuming and costly.

We do not expect to incur materially greater costs as a result of becoming a public company than those incurred by similarly sized U.S. public companies. If we fail to comply with these rules and regulations, we could become the subject of a governmental enforcement action, investors may lose confidence in us and the market price of our Ordinary Shares could decline.

As a public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002 and rules subsequently implemented by the Securities and Exchange Commission and the Nasdaq impose various requirements on the corporate governance practices of public companies. As a company with less than US$1.07 billion in net revenue for our last fiscal year, we qualify as an “emerging growth company” pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other generally applicable requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company’s internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costly. After we are no longer an “emerging growth company,” we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules and regulations of the Securities and Exchange Commission. We also expect that operating as a public company will make it more difficult and expensive for us to obtain director and officer liability insurance. We may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

In the past, shareholders of a public company often brought securities class action suits against the company following periods of instability in the market price of that company’s securities. If we were involved in a class action suit, it could divert a significant amount of our management’s attention and other resources from our business and operations, which could harm our results of operations and require us to incur significant expenses to defend the suit. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

Our management team has limited experience managing a public company.

Most members of our management team have limited experience managing a publicly traded company, interacting with public company investors, and complying with the increasingly complex laws pertaining to public companies. We are subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These obligations and constituents require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition, and operating results.

The obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies.

Upon completion of this Offering, we will be a publicly listed company in the United States. As a publicly listed company, we will be required to file periodic reports with the Securities and Exchange Commission upon the occurrence of matters that are material to our company and shareholders. In some cases, we will need to disclose material agreements or results of financial operations that we would not be required to disclose if we were a private company. Our competitors may have access to this information, which would otherwise be confidential. This may give them advantages in competing with our Company. Similarly, as a U.S.-listed public company, we will be governed by U.S. laws that our competitors, mostly private companies, are not required to follow. To the extent compliance with U.S. laws increases our expenses or decreases our competitiveness against such companies, our public listing could affect our results of operations.

We are a “foreign private issuer,” and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects.

We are a foreign private issuer and, as a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we will not be required to issue quarterly reports or proxy statements. In addition, we will not be required to disclose detailed individual executive compensation information. Furthermore, our directors and executive officers will not be required to report equity holdings under Section 16 of the Exchange Act and will not be subject to the insider short swing profit disclosure and recovery regime.

As a foreign private issuer, we will also be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information about an issuer before other investors. However, we will still be subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the disclosure obligations imposed on us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same information about us and at the same time as the information provided by U.S. domestic reporting companies.

The information we are required to file with or furnish to the SEC will be less extensive and less timely as compared to that required to be filed with the SEC by U.S. domestic issuers.

As a Cayman Islands company listed on the Nasdaq Capital Market, we are subject to the Nasdaq Capital Market corporate governance listing standards. However, Nasdaq Capital Market rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq Capital Market corporate governance listing standards. We do not currently plan to rely on home country practice with respect to any corporate governance matters. However, if we choose to do follow home country practice in the future, our shareholders may be afforded less protection than they otherwise would under the Nasdaq Capital Market corporate governance listing standards applicable to U.S. domestic issuers.

We are an “emerging growth company,” and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our Ordinary Shares less attractive to investors.

We are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act, or the JOBS Act. We have elected to avail ourselves of the extended transition period for implementing new or revised financial accounting standards. For as long as we continue to be an emerging growth company, we may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We could be an emerging growth company for up to five years, although we could lose that status sooner (1) if our revenue exceed $1.235 billion, (2) if we issue more than $1 billion in non-convertible debt in a three-year period, or (3) if the market value of our shares held by non-affiliates exceeds $700 million as of any March 31 before that time, in which case we would no longer be an emerging growth company as of the following March 31. We cannot predict if investors will find our Ordinary Shares less attractive because we may rely on these exemptions. If some investors find our shares less attractive as a result, there may be a less active trading market for our shares and our stock price may be more volatile.

Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to take advantage of certain of the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect to take advantage of other reduced reporting requirements in future filings. As a result, the information that we provide to our stockholders may be different than you might receive from other public reporting companies in which you hold equity interests and our financial statements may not be comparable to companies that comply with public company effective dates. We may take advantage of these provisions for up to five years or such earlier time that we are no longer an emerging growth company.

We are a “controlled company” defined under the Nasdaq Stock Market Rules. Although we do not intend to rely on the “controlled company” exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future and you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

We expect that our Chairman and Chief Executive Officer, Mr. Chi Ming Lam will own a majority of our Ordinary Shares following the Offering and we will be a controlled company under the applicable Nasdaq listing rules. For so long as we are a controlled company under the applicable Nasdaq listing rules, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including:

As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

Although we do not intend to rely on the “controlled company” exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future. If we elected to rely on the “controlled company” exemption, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors upon closing of the Offering. Our status as a controlled company could cause our Ordinary Shares to look less attractive to certain investors or otherwise harm our trading price. As a result, the investors will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Please refer to the paragraph titled “Risk Factors – Our significant shareholder has considerable influence over our corporate matters.”

Ordinary Shares eligible for future sale may adversely affect the market price of our Ordinary Shares, as the future sale of a substantial amount of outstanding Ordinary Shares in the public marketplace could reduce the price of our Ordinary Shares.

The market price of our Ordinary Shares could decline as a result of sales of substantial amounts of our Ordinary Shares in the public market, or the perception that these sales could occur. In addition, these factors could make it more difficult for us to raise funds through future offerings of our Ordinary Shares. An aggregate of 11,250,000 Ordinary Shares are outstanding before the consummation of this Offering and 12,750,000 Ordinary Shares will be outstanding immediately after this Offering, assuming no exercise of the underwriters’ over-allotment option to purchase additional Ordinary Shares. All of the Ordinary Shares sold in the Offering will be freely transferable without restriction or further registration under the Securities Act. The remaining Ordinary Shares will be “restricted securities” as defined in Rule 144. These shares may be sold in the future without registration under the Securities Act to the extent permitted by Rule 144 or other exemptions under the Securities Act.

Future sales, or the perception of future sales, by us or our shareholder in the public market following this Offering could cause the market price for our Ordinary Shares to decline.

The sale of substantial amounts of Ordinary Shares in the public market, or the perception that such sales could occur could harm the prevailing market price of our Ordinary Shares. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate. Upon completion of this Offering we will have a total of 12,750,000 Ordinary Shares outstanding, assuming no exercise of the underwriters’ over-allotment option to purchase additional Ordinary Shares. Of the outstanding Ordinary Shares, the 1,500,000 Ordinary Shares sold or issued in this Offering will be freely tradable without restriction or further registration under the Securities Act of 1933, as amended, or Securities Act, except that any Ordinary Shares held by our affiliates, as that term is defined under Rule 144 of the Securities Act, may be sold only in compliance with the limitations described in “Ordinary Shares Eligible for Future Sale.” All remaining Ordinary Shares, which are currently held by our shareholder, may be sold in the public market in the future subject to the lock-up agreements and the restrictions contained in Rule 144 under the Securities Act. If our shareholder sells a substantial amount of Ordinary Shares, the prevailing market price for our Ordinary Shares could be adversely affected. Our executive officers, directors and shareholder will sign lock-up agreements with the underwriters that will, subject to certain customary exceptions, restrict the sale of our Ordinary Shares and certain other securities held by them for a period of no less than six months following the date of this prospectus. The underwriters may, in their sole discretion and at any time without notice, release all or any portion of the Ordinary Shares subject to any such lock-up agreements. As restrictions on resale end, the market price of our Ordinary Shares could drop significantly if the holders of our restricted shares sell them or are perceived by the market as intending to sell them. These factors could also make it more difficult for us to raise additional funds through future offerings of our Ordinary Shares or other securities.

The requirements of being a public company may strain our resources and divert management’s attention.

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, the listing requirements of the securities exchange on which we list, and other applicable securities rules and regulations. Despite recent reforms made possible by the JOBS Act, compliance with these rules and regulations will nonetheless increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources, particularly after we are no longer an “emerging growth company.” The Exchange Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and operating results.

As a result of disclosure of information in this prospectus and in filings required of a public company, our business and financial condition will become more visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties. If such claims are successful, our business and operating results could be harmed, and even if the claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management and adversely affect our business, brand and reputation and results of operations.

We also expect that being a public company and these new rules and regulations will make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors could also make it more difficult for us to attract and retain qualified members of our board of directors, particularly to serve on our audit committee and compensation committee, and qualified executive officers.

The market price of our Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price.

The initial public offering price for our Ordinary Shares will be determined through negotiations between the Underwriter and us and may vary from the market price of our Ordinary Shares following our initial public offering. If you purchase our Ordinary Shares in our initial public offering, you may not be able to resell those Ordinary Shares at or above the initial public offering price. We cannot assure you that our Ordinary Shares’ initial public offering price, or the market price following our initial public offering, will equal or exceed prices in privately negotiated transactions of our Ordinary Shares that have occurred from time to time prior to our initial public offering. The market price of our Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:

We may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares.

Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial public offerings, especially among those with relatively smaller public floats. As a relatively small-capitalization company with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. In particular, our Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares.

In addition, if the trading volumes of our Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Ordinary Shares. This low volume of trades could also cause the price of our Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares. A decline in the market price of our Ordinary Shares also could adversely affect our ability to issue additional Ordinary Shares or other securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Ordinary Shares will develop or be sustained. If an active market does not develop, holders of our Ordinary Shares may be unable to readily sell the Ordinary Shares they hold or may not be able to sell their Ordinary Shares at all.

Future issuances or sales, or perceived issuances or sales, of substantial amounts of Ordinary Shares in the public market could materially and adversely affect the prevailing market price of the Ordinary Shares and our ability to raise capital in the future.

The market price of our Ordinary Shares could decline as a result of future sales of substantial amounts of shares or other securities relating to the shares in the public market, including by the Company’s significant shareholder, or the issuance of new shares by the Company, or the perception that such sales or issuances may occur. Future sales, or perceived sales, of substantial amounts of the shares could also materially and adversely affect our ability to raise capital in the future at a time and at a price favorable to us, and our shareholders will experience dilution in their holdings upon our issuance or sale of additional securities in the future. In addition, these factors could make it more difficult for us to raise funds through future offerings of our Ordinary Shares. A few shareholders hold a significant portion of our Ordinary Shares and these are “restricted securities” as defined in Rule 144. These Ordinary Shares may be sold in the future without registration under the Securities Act to the extent permitted by Rule 144 or other exemptions under the Securities Act.

We have broad discretion in the use of the net proceeds from our initial public offering and may not use them effectively.

To the extent (i) we raise more money than required for the purposes explained in the section titled “Use of Proceeds” or (ii) we determine that the proposed uses set forth in that section are no longer in the best interests of our Company, we cannot specify with any certainty the particular uses of such net proceeds that we will receive from our initial public offering. Our management will have broad discretion in the application of such net proceeds, including working capital, possible acquisitions, and other general corporate purposes, and we may spend or invest these proceeds in a way with which our shareholders disagree. The failure by our management to apply these funds effectively could harm our business and financial condition. Pending their use, we may invest the net proceeds from our initial public offering in a manner that does not produce income or that loses value.

Future financing may cause a dilution in your shareholding or place restrictions on our operations.

We may need to raise additional funds in the future to finance further expansion of our capacity and business relating to our existing operations, acquisitions or strategic partnerships. If additional funds are raised through the issuance of new equity or equity-linked securities of the Company other than on a pro rata basis to existing shareholders, the percentage ownership of such shareholders in the Company may be reduced, and such new securities may confer rights and privileges that take priority over those conferred by the shares. Alternatively, if we meet such funding requirements by way of additional debt financing, we may have restrictions placed on us through such debt financing arrangements which may:

We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.

As discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an issuer’s most recently completed second fiscal quarter. We would lose our foreign private issuer status if, for example, more than 50% of our Ordinary Shares are directly or indirectly held by residents of the U.S. and we fail to meet additional requirements necessary to maintain our foreign private issuer status. If we lose our foreign private issuer status on this date, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the Nasdaq listing rules. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer, and accounting, reporting and other expenses in order to maintain a listing on a U.S. securities exchange.

You will experience immediate and substantial dilution.

The initial public offering price of our Ordinary Shares is substantially higher than the pro forma net tangible book value per share of our Ordinary Shares. Assuming the completion of the Offering, if you purchase Ordinary Shares in this Offering, you will incur immediate dilution of approximately $4.97 in the pro forma net tangible book value per share from the price per share that you pay for the shares. Accordingly, if you purchase shares in this Offering, you will incur immediate and substantial dilution of your investment. Please refer to the section titled “Dilution.”

You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in the Cayman Islands or Hong Kong based on U.S. or other foreign laws against us, our management or the experts named in the prospectus.

Although we are a company incorporated in the Cayman Islands, we conduct substantially all of our operations in Hong Kong and substantially all of our assets are located in Hong Kong. In addition, a majority of our directors and executive officers reside within Hong Kong, and most of the assets of these persons are located within Hong Kong. As a result, it may be difficult for you to effect service of process within the United States upon us or these individuals, or to bring an action against us or against these individuals in the United States in the event that you believe your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and of the Hong Kong may render you unable to enforce a judgment against our assets or the assets of our directors and officers.

Hong Kong is a Special Administrative Region of the PRC. A foreign judgment can be registered and enforced in Hong Kong either under the Foreign Judgments (Reciprocal Enforcement) Ordinance (Cap. 319) (the “Ordinance”) or at common law. Registration of a foreign judgment under the Ordinance can be made by an ex parte application with the local court but this avenue is limited to judgments entered in designated jurisdictions, which currently include: Australia, Austria, Belgium, Bermuda, Brunei, France, Germany, India, Israel, Italy, Malaysia, The Netherlands, New Zealand, and Singapore and Sri Lanka. An action to enforce a foreign judgment at common law is a comparatively cumbersome process. It is in essence an independent suit in Hong Kong and the judgment creditor must follow normally applicable service procedures. Judgments entered in the United States and the United Kingdom can be enforced in Hong Kong only at common law. To be eligible for common-law recognition, the judgment must (1) be for a definite sum of money; (2) be final and conclusive; and (3) have been entered by a court with competent jurisdiction over the defendant. With respect to finality, a Hong Kong court will generally refrain from enforcing a judgment during the pendency of an appeal. This raises the possibility of undue delay and asset dissipation. With respect to the requirement of competent jurisdiction of the foreign judgment seeking to be enforced in Hong Kong, it is governed by private international law as interpreted in Hong Kong, not the law of the foreign forum. Jurisdiction can generally be asserted on the basis of the defendant’s physical presence in the foreign forum, appearance in the underlying legal proceeding or prior contractual consent to jurisdiction. Under the common law and the Ordinance, only limited defenses on the grounds such as fraud, due process and Hong Kong public policy can be raised against a duly registered foreign judgment. There is no mechanism for reconsideration of the merits of the underlying foreign litigation.

You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.

We are an exempted company incorporated under the laws of the Cayman Islands and conduct substantially all of our operations in Hong Kong through our wholly-owned Hong Kong Operating Subsidiaries. Most of our directors and substantially all of our executive officers reside outside the United States and a substantial portion of their assets are located outside of the United States. As a result, it may be difficult for our shareholders to effect service on these persons or bring an action against us or against these individuals in the Cayman Islands or in Hong Kong in the event that they believe that their rights have been infringed under the securities laws of the United States or otherwise. Even if shareholders are successful in bringing an action of this kind, the laws of the Cayman Islands and Hong Kong may render them unable to enforce a judgment against our assets or the assets of our directors and officers.

Our corporate affairs are governed by our Amended Memorandum and Articles, the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take legal action against our directors, actions by our minority shareholders and the fiduciary duties of our directors under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in some jurisdictions in the United States. In particular, the Cayman Islands has a less developed body of securities laws as compared to the United States, and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of association and any special resolutions passed by such companies, and the register of mortgage and charges of such companies) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under the Amended Memorandum and Articles to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions the Companies Act and the laws applicable to companies incorporated in the United States and their shareholders, please refer to the section titled “Description of Ordinary Shares – Material Differences in Cayman Islands Law and our Memorandum and Articles of Association and Delaware Law”.

It may be difficult to enforce a judgment of U.S. courts for civil liabilities under U.S. federal securities laws against us, our directors or officers in the Cayman Islands and Hong Kong.

We have been advised by our Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would:

There is no statutory enforcement in the Cayman Islands of judgments obtained in the U.S., however, the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment without any re-examination or re-litigation of matters adjudicated upon, provided such judgment:

Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

David Fong & Co., our counsel to Hong Kong law, have advised us that there is uncertainty as to whether the courts of the Hong Kong would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Our Hong Kong counsel also advised us that in Hong Kong, foreign judgments can be enforced under statute under the Foreign Judgments (Reciprocal Enforcement) Ordinance or under common law. The Foreign Judgments (Reciprocal Enforcement) Ordinance is a registration scheme for the recognition and enforcement of foreign judgments based on reciprocity but the United States is not a designated country under the Foreign Judgments (Reciprocal Enforcement) Ordinance. As a result, a judgment rendered by a court in the United States, including as a result of administrative actions brought by regulatory authorities, such as the SEC, and other actions, will not be enforced by the Hong Kong courts under the statutory regime. In addition, the Supreme People’s Court of the PRC and the Government of Hong Kong have entered into the “Arrangement on Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters by the Courts of the Mainland and of the Hong Kong Special Administrative Region pursuant to Choice of Court Agreements between Parties Concerned,” or the Arrangement. The Mainland Judgements (Reciprocal Enforcement) Ordinance gave effect to the Arrangement and is a registration scheme for recognition and enforcement of PRC judgements based on reciprocity. Other than the Arrangement, Hong Kong has not entered into any multilateral convention or bilateral treaty regarding the recognition and enforcement of foreign judgments. Accordingly, any judgments rendered by a court in the United States will need to be enforced under common law. In order to enforce a foreign judgment under common law in Hong Kong, the judgment must meet certain criteria before it can be enforced, such as the judgment being final and conclusive.

We employ a mail forwarding service, which may delay or disrupt our ability to receive mail in a timely manner.

Mail addressed to the Company and received at its registered office will be forwarded unopened to the forwarding address supplied by Company to be dealt with. None of the Company, its directors, officers, advisors or service providers (including the organization which provides registered office services in the Cayman Islands) will bear any responsibility for any delay howsoever caused in mail reaching the forwarding address. If such mail is delayed, it may impair your ability to communicate with us.

We could become a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year, which could subject United States investors in our shares to significant adverse United States income tax consequences.

We will be a “passive foreign investment company,” or “PFIC,” if, in any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of “passive” income or (b) 50% or more of the average quarterly value of our assets (as determined on the basis of fair market value) during such year produce or are held for the production of passive income (the “asset test”). In determining whether we are a PFIC, we are permitted to take into account the assets and income of our Operating Subsidiaries because we own 100% of their stock. However, even if we take into account the assets and income of our Operating Subsidiaries, we may still be considered a PFIC in 2023 and possibly later years, depending on a number of factors, including the composition of our income and assets, how quickly we use our liquid assets, including the cash raised pursuant to this offering (if we determine not to, or are unable to, deploy significant amounts of cash for active purposes our risk of being a PFIC will substantially increase), the market price of our Ordinary Shares, and fluctuations in that price. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for 2023 or any future taxable year. Please refer to the paragraph titled “Taxation – United States Federal Income Taxation”.

If we are a PFIC in any taxable year, a U.S. holder may incur significantly increased United States income tax on gain recognized on the sale or other disposition of the Ordinary Shares and on the receipt of distributions on the Ordinary Shares to the extent such gain or distribution is treated as an “excess distribution” under the United States federal income tax rules. A U.S. holder may also be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. holder holds our Ordinary Shares, we generally will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which such U.S. holder holds our Ordinary Shares. Please refer to the paragraph titled “Taxation – United States Federal Income Taxation”.

We do not expect to pay dividends in the foreseeable future after this Offering. You must rely on price appreciation of the Ordinary Shares for return on your investment.

We currently intend to retain most, if not all, of our available funds and any future earnings after this offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Please refer to the section titled “Dividend Policy.” Therefore, you should not rely on an investment in the Ordinary Shares as a source for any future dividend income.

Our board of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business. Even if we decide to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in the Ordinary Shares will likely depend entirely upon any future price appreciation of the Ordinary Shares. There is no guarantee that the Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased the Ordinary Shares. You may not realize a return on your investment in the Ordinary Shares and you may even lose your entire investment in the Ordinary Shares.

New climate-related disclosure obligations in proposed SEC rule amendments could have uncertain impacts on our business, impose additional reporting obligations on us, and increase our costs.

In March 2022, the SEC proposed rule amendments that would implement a framework for the reporting of climate-related risks and create a wide range of new climate-related disclosure obligations for all registrants, including us. The proposed rules would require us to include certain climate-related information in registration statements and annual reports, including (i) climate-related risks and their actual or likely material impacts on our business, strategy, and outlook; (ii) our governance of climate-related risks and relevant risk management processes; (iii) information on our greenhouse gas emissions; (iv) certain climate-related financial statement metrics and related disclosures in a note to our audited financial statements; and (v) information about our climate-related targets, goals, and transition plans.

The proposed rules remain open to public comment and may be subject to challenges and litigation. Thus, the ultimate scope and impact of the proposed rules on our business remain uncertain. To the extent new rules, if finalized, impose additional reporting obligations on us, we could face substantial increased costs. Separately, the SEC has also announced that it is scrutinizing climate-change related disclosures in public filings, increasing the potential for enforcement if the SEC were to allege that our existing climate disclosures are misleading or deficient.

We are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.

We are subject to rules and regulations by various governing bodies, including, for example, the Securities and Exchange Commission, which are charged with the protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving regulatory measures under applicable law, including the laws of the Cayman Islands. Our efforts to comply with new and changing laws and regulations have resulted in and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities.

Moreover, because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations and any subsequent changes, we may be subject to penalty and our business may be harmed.

The sale or availability for sale of substantial amounts of our Ordinary Shares, including the Ordinary Shares that are being registered concurrently for resale by the Selling Shareholder, could adversely affect their market price.

Sales of substantial amounts of our Ordinary Shares in the public market after the completion of this offering and from the sale of shares held by the Selling Shareholder, or the perception that these sales could occur, could adversely affect the market price of our shares and could materially impair our ability to raise capital through equity offerings in the future. As of the date of this prospectus, we have 11,250,000 Ordinary Shares issued and outstanding. The Ordinary Shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, and Ordinary Shares held by our existing shareholders may also be sold in the public market in the future subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and applicable lock-up agreements. There will be 12,750,000 Ordinary Shares issued and outstanding immediately after this offering, assuming no exercise of the underwriters’ over-allotment option to purchase additional Ordinary Shares. See “Underwriting” and “Shares Eligible for Future Sale” for a more detailed description of the restrictions on selling our securities after this offering.

There may be substantial sales of our Ordinary Shares by the Selling Shareholder after the effective date of this registration statement of which this prospectus forms a part, which could have a material adverse effect on the price of our Ordinary Shares after this offering.

The registration statement of which this prospectus forms a part also registers on behalf of the Selling Shareholder an aggregate of 500,000 Ordinary Shares previously issued by us. There are currently no agreements or understandings in place with the Selling Shareholder to restrict the sale of the Ordinary Shares to be offered by the Selling Shareholder after the effective date of the registration statement of which this prospectus forms a part. Sales of a substantial number of our 11,250,000 currently issued and outstanding Ordinary Shares by the Selling Shareholder at such time could cause the market price of our Ordinary Shares to decrease (possibly below the initial public offering price of the Ordinary Shares in this offering) and could impair our ability to raise capital in the future by selling additional Company securities.

INDUSTRY DATA AND FORECAST

All the information and data presented in this section has been derived from Frost & Sullivan Limited (“Frost & Sullivan”)’s industry report commissioned by us entitled “The Interconnect Product Market Independent Market Research” (the “Frost & Sullivan Report”) unless otherwise noted. Frost & Sullivan has advised us that the statistical and graphical information contained herein is drawn from its database and other sources. The following discussion contains projections for future growth, which may not occur at the rates that are projected or at all.

OVERVIEW OF HONG KONG WET TRADES WORKS MARKET

Definition and Classification

Wet trades works is defined as a subset of fitting-out works. In Hong Kong, wet trades work generally involves the use of dry construction materials mixed with water. Common scope of wet trades works includes plastering, brickwork, wall and floor tiling, painting and decoration, floor screeding and marble works. Wet trades contractors may also provide wet trades related ancillary services such as cleaning, smoothing platform, applying sealant, and washed granolithic screed, on-site logistics services, etc. The demand for wet trades works is associated with construction, renovation, maintenance, addition, and alteration of buildings in mainly residential (e.g., private residential buildings and public housing) and commercial segments (e.g., hotel, office buildings, retail stores and shopping malls), as well as industrial buildings, government buildings, community facilities transportation and public infrastructure and so on.

Wet trades works are carried out in a wide variety of buildings and facilities in Hong Kong, which includes residential buildings, commercial buildings, industrial buildings, government buildings and community facilities. Below sets out the common scope of wet trades works:

Value Chain

Typically, main contractors are responsible for supervising the overall progress and quality of the construction project, monitoring the daily operation of the construction site, and coordinating subcontractors to carry out construction works. Main contractors would subcontract some of the construction works to subcontractors because (i) labor intensive works such as wet trades works are subcontracted to subcontractors for the supply of sufficient direct labor as main contractors generally only hire a small number of direct labor on a permanent basis to control cost; and (ii) subcontractors often possess the necessary experience and expertise in performing specific areas of tasks and it is generally more cost effective to subcontract different parts of construction works to different subcontractors which are specialized in the field of expertise.

Wet trades subcontractors generally work with main contractors and are mainly responsible for managing wet trades workers, coordinating subcontractors, and supervising the progress and quality of wet trades works. It is common in the wet trades works industry that the works are subcontracted to different subcontractors. These subcontractors include direct labor and are commonly engaged on a project-by-project basis, given the fact that hiring a pool of workers for different trades of works under permanent agreement can be costly. There may be occasions where the main contractors supply certain tooling and miscellaneous services to their wet trade’s subcontractors for the use under the same projects and subsequently deduct such amounts in the relevant payment certificates issued to the wet trade’s subcontractors.

Source: The Frost & Sullivan Report

Market Size of Wet Trades Works in Hong Kong

Driven by the rising housing supply and continuous expansion of the commercial segment, including offices and hotels, and the residential segment, the gross value of wet trades works in Hong Kong increased from approximately HK$9,574.9 million (approximately US$1,227.6 million) in 2016 to approximately HK$11,335.2 million (approximately US$1,453.2 million) in 2021, representing a CAGR of 3.4%. The drop of gross value of wet trades works in 2020 was mainly due to the outbreak of COVID-19 which led to economic downturn and further disrupted the construction industry in Hong Kong.

As set out in the 2021 Policy Address by the Chief Executive of Hong Kong, the Government targets to increase the overall supply of transitional housing in the coming few years, and the launch of the Northern Metropolis Development Strategy contributes to the growth of the new towns, new development areas and development nodes. Together with other supportive government policies and expedited urban renewal, the gross value of wet trades works is expected to increase from HK$12,103.1 million (approximately US$,1551.7 million) in 2022 to approximately HK$15,609.3 million (approximately US$2,001.2 million) in 2026.

Note: The gross value of wet trades works refers to the revenue of the wet trades works industry in nominal term performed by main contractors and subcontractors in construction sites, and is indicative for the revenue of wet trades works contractors involved.

Source: The Frost & Sullivan Report

Market Size of Wet Trades Works in Hong Kong (Breakdown by Sector)

The private sector contributes to most of the total gross value of wet trades works in Hong Kong. During 2016 to 2021, primarily owing to the rising housing supply and the establishment of various sizeable real estate properties in Kowloon City and Sai Kung, the gross value of wet trade works in the private sector increased from approximately HK$5,992.6 million (approximately US$768.3 million) in 2016 to approximately HK$6,982.5 million (approximately US$895.2 million) in 2021, representing a CAGR of approximately 3.1%, On the other hand, the urban development in Tuen Mun and Kwun Tong has also created the demand for wet trade works. During the same period, the actual public housing units recorded the growth. Accordingly, the gross value of wet trade works in public sector increased from approximately HK$3,582.3 million (approximately US$459.3 million) in 2016 to approximately HK$4,352.7 million (approximately US$558.0 million) in 2021, at a CAGR of approximately 4.0%.

The rising housing supply would serve as the driver to the wet trade works market in Hong Kong. As set out in the release of the “Hong Kong 2030: Planning Vision and Strategy”, the construction of North East New Territories New Development Areas (NDAs) in Kwu Tung North, Fanling North and Ping Che which is expected to accommodate more than 50,000 household residential units in both public and private sectors. Growing along with several private residential properties expected to complete in Ho Man Tin and Cheung Sha Wan, such as the development at Ho Man Tin MTR Station and Hing Wah Street West, in the coming years, the gross value of wet trades works in the private sector is anticipated to grow from 2022 to 2026 at a CAGR of approximately 7.0%, reaching approximately HK$9,865.1 million (approximately US$1,264.8 million) in 2026. Driven by the Long Term Housing Strategy (LTHS) issued in 2020 with total public housing units target for the ten-year period from 2021–22 to 2030–31 of approximately 301,000 units and the continuous investment by the Government in infrastructure with an estimated annual expenditure of over HK$100 billion (approximately US$12.8 billion) on average in the next few years, as proposed by the Chief Executive in the 2020 Policy Address, the gross value of wet trades works in the public sector is expected to grow from approximately HK$4,575.0 million (approximately US$586.5 million) in 2022 to approximately HK$5,744.2 million (approximately US$736.5 million) in 2026, representing a CAGR of approximately 5.9%.

Source: The Frost & Sullivan Report

Market Drivers and Opportunities

連續式 香港的房屋供應：濕貨交易市場的發展與建築物的建設和 基礎設施。尤其是住宅樓宇部分的濕式貿易工程總值，佔總值逾六成。 2021年濕貿易價值工作。香港行政長官在《2021年施政報告》中提出，政府的目標是 在未來數年增加5 000個過渡時預售屋屋單位，使過渡時預售屋屋的整體供應量增至2萬個；及 將相關基金計劃的資助額提高至116港元億(約14.9美元億)。另一方面， 2021年，政府發佈了《北方大都市發展戰略》，涵蓋兩個地區行政區域，包括 元朗區和北區，包括成熟的新市鎮、新發展區和發展節點，總用地 面積約300平方公里，將發展為住宅單位高度集中、勞動人口集中的地區 和企業。此外，香港政府出臺了不同的政策來推動住房供應，即 2020年施政報告提出“分享試驗計劃”，旨在釋放私營農業的發展潛力 公私營合作發展公營及私營房屋的地段；部署“土地專責小組” 其中包括約210個潛在用地及3,235公頃土地作房屋用途，可提供超過 在未來十年內，香港共有330,000個公共及私人住宅單位，包括 東大嶼山都會區、郊野公園外圍、填海土地及多個棕地。在私營部門方面，2022-23年度財政預算案 預計從2022年到2026年的未來五年，預計平均年產量約為19,000輛，遠遠超過 高於2016年至2021年過去五年約1.7萬輛的平均產量。反過來，對建築工程的需求 濕法貿易工作將繼續推進。

城市 更新專案：香港政府自2012年起推行強制性驗樓計劃，樓齡高的業主 30年或以上並附有法定通知送達的，均須進行規定的檢查。根據《城市更新》 當局，到2046年將有326,000個樓齡在70歲或以上的私人住宅單位，迫切需要加快更新 舊區，特別是位於市區核心密集地帶，例如深水？和九龍城。如上所述 在《市區重建局(市建局)2019-20年年報》中，香港有超過1萬幢樓齡達50年或以上的樓宇， 預計到2046年，這一數位將達到2.8萬。此外，為保障公眾安全，行政長官宣佈 在《2017年施政報告》中預留港幣30元億(約3.8億美元億)，並與市區重建 授權實施建築光明行動，協助他們按照《建築光明行動》的要求行事。濕貿易 工程作為必不可少的建設過程，不斷的城市更新專案有望帶動各自的需求。

更高級別 行業標準和客戶要求：由於人民生活水準的提高和可支配收入水準的提高 香港市民、下游地產商傾向於期望缺陷最少的建築物和設施具有更高的耐久性， 未來的維護成本和麻煩，預計將在材料質量、工作過程和工藝方面設定更高的標準 濕交易的效果很好。由於房地產開發商希望提高各自物業的標準，以增強競爭力， 因此，為了滿足室內設計和檢查的要求，對優質濕行業工程的需求增加了。與更高的 對住宅及商業樓宇室內環境的需求，包括 設計，以及使用固定裝置、傢俱和其他配件，作品的質量正成為競爭的關鍵焦點 濕貿易工程行業。因此，地產商更青睞信譽良好、工程質素優良的濕式行業承建商。 和主要承包商。

加快速度 商業區發展：根據香港差餉物業估價署的數據， 在2016至2021年期間，商業單位的數量從1,520個增加到2,1個，寫字樓和商業單位的總考慮 單位由245港元億(約31.6美元億)增至420港元億(約53.8美元億)。 隨著交通便利，以及九龍東和港島東等地區的基礎設施發展和支持， 在這些地區，經常需要進行濕法作業。關於香港政府的政策，將推出8幅土地，並 在2020至2022年間根據賣地計劃發展商業樓宇。幾家酒店和購物中心正在籌劃 根據市場動態進行升級。不斷擴展的商業活動，開發新的商業區，住宅和 娛樂設施將支持濕貨交易市場的增長。此外，政府對基礎設施的持續投資 預計未來幾年平均每年支出超過1,000港元億(約合128美元億)， 行政長官在2020年《施政報告》中提出，會增加濕工場的需求

市場 趨勢與展望

更寬 機器和設備的應用：根據“指定技能指定工人”條文的規定 《建造業工人註冊條例》，只適用於指定行業組別的註冊技術工人或半技術工人 允許在建築工地上獨立進行相關行業部門的建築工程，旨在改善 建築工程和工人的質量。預計使用噴灰機和地板等機械設備 找平機取代人工將成為未來的市場趨勢之一。取代人工操作越來越普遍 使用石膏噴霧機進行濕法行業工程，以提高工人的生產力 並進一步提升工藝質量。石膏噴塗機的使用使工人能夠完成更大範圍的 抹灰工作與在相同持續時間內依賴傳統手工工作相比。

Increasing training and revitalized manpower in the industry: To alleviate manpower shortage in construction industry, with the support of Development Bureau, the Construction Industry Council (“CIC”) launches the “Advanced Construction Manpower Training Scheme - Pilot Scheme (Structured On-the-job) to train up semi-skilled workers to become skilled workers. The CIC has also launched the Construction Industry Council Relief Fund – Multi-skills Training Scheme for Registered Workers to assist the underemployed or temporarily unemployed registered construction workers in acquiring new skills to enhance their competitiveness to prepare for further development in the industry. Labor in the wet trade works industry is expected to garner related skills continuously with increased productivity and efficiency.

Technology-driven operational model: Outlined in the Policy Address in 2021, the implementation of Construction 2.0, which include the wider use of I&T and Modular Integrated Construction, shall enhance the overall operational performance of various sector in the construction industry. In the wet trade industry, converting project specifications into visual graphics can facilitate design project better and conduce to better communication between stakeholders. Building Information Modelling works as a cutting-edge 3D modelling and visualization tool to efficiently handle design, tender, construction, and maintenance process, which is able highly reduce the risk for improper design due to onsite limitation. In the long run, the wet trades work industry is expected to grow towards the assimilation of technology throughout the design and build process The adoption of various technology tools is expected to streamline procedures, elevate operating efficiency, and propel sustainable business model for service providers.

Market Constraints and Challenges

Cyclical nature of construction industry: As a part of the construction industry, wet trades works market follows the cyclicality of the construction industry, which is generally considered to be highly related to macroeconomic conditions, government policies and business cycle. For example, in the event of an economic downturn, the tightened financial budgets and higher costs of financing may make project owners be more conservative in initiating new projects or investing more resources. Similarly, if there are signs of slowing down in land supply or development programs of the HK Government, the growth of wet trades works market in Hong Kong may be hindered.

Shortage of Labor and Increasing Labor Cost: According to the Construction Industry Council, labor engaged in the wet trade works industry in Hong Kong, including plasterer, bricklayer and concreter have all categorized into the list of shortage trades. Due to the aging population and higher requirements on skills and qualifications of workers, the wet trades market in Hong Kong has been facing serious problems of shortage of experienced and skilled labor. Therefore, in order to attract qualified workers, market participants may need to adopt measures including competitive remuneration packages, growth opportunities and flexible schedule. The increasing competition for talents will result in higher labor cost and pose a challenge to the growth of wet trades market.

Higher material cost: The price of raw material in the wet trade works industry has risen continuously. For example, prices of sand, Portland cement and concrete blocks have increased from 2016 to 2021, registering CAGRs of approximately 17.6%, 3.1% and 4.1%, respectively. Amongst all raw materials used in wet trades works, the average price of sand has increased the most, primarily due to the limited supply of river sand in the PRC. The inflation in material cost will result in higher expenditure of wet trades market participants, which may further negatively impact of profit margin.

Labor Cost Analysis

Generally, wet trades works required plasterer, marble worker, bricklayer, and concreter. According to Frost & Sullivan, the average daily wages of major wet trades workers, have increased from approximately HK$1,440.1 (approximately US$184.6) per day in 2016 to approximately HK$1,445.7 (approximately US$185.3) per day in 2021, representing a CAGR of 0.1%. The decrease of wage of wet trade works workers in 2018 was mainly due to increase of labor supply. For instance, as compared to 2017, the number of bricklayer and concreter increased by approximately 11.5% and 8.0% in 2018, respectively. In 2019, there was slight decrease in gross value of construction works in the private sector due to uncertainties including the developments of the US-China trade relations and the social movement in Hong Kong against the Anti-Extradition Law Amendment Bill in 2019, which in turn led to the decrease in demand, and thus, the average daily wages of wet trade workers in Hong Kong. The average daily wages of wet trade workers increased from HK$1,415.4 (approximately US$181.5) in 2019 to HK$1,464.1 (approximately US$187.7) in 2020. Due to the outbreak of COVID-19 in 2020, some ongoing construction projects have been postponed, which led to temporary decrease in the demand for construction workers and the slowdown in growth of average daily wages of wet trade workers in 2021. The rise in the average daily wages of wet trades workers was principally due to the imbalance between the demand and supply of experienced construction workers available in the market and the labor shortage is very likely to continue in the future years, which the average daily wages of wet trades workers will grow at a CAGR of 2.2% during 2022 to 2026.

註： 濕工平均日薪津是根據抹灰工、大理石工、泥瓦工、 而且更具體。

資料來源： Frost&Sullivan報告

原 材料成本分析

波特蘭 水泥、水硬性石灰、混凝土砌塊、集料、沙、油漆和釉面瓷磚是 濕交易很管用。濕貨行業使用的所有建築材料的平均價格在#年呈上升趨勢。 過去的幾年裡。在所有濕行業工程材料中，砂子的平均價格有顯著的增長，年復合增長率上升。 增長17.6%，由2016年的每公噸約137.7港元(約17.7美元)增至約310.0港元(約 在2021年，由於中國河沙供應有限，每公噸約39.7美元。原材料成本上漲的主要原因是 由於香港持續進行建造工程，支持了對這些建造工程的需求 材料，以及某些材料的有限供應，如河沙。在接下來的幾年裡，主要建築的平均價格 濕法工程中的材料可能會攀升，因為由於持續的 建築專案在香港開工。

註： 油漆的平均價格包括乳膠漆和丙烯酸漆，而釉面的平均價格 陶瓷牆磚包括白色瓷磚和彩色瓷磚。

資料來源： Frost&Sullivan報告

競爭 概述

的 就市場參與者數量而言，香港的濕貿易工作市場被認為是分散的。根據施工 行業議會，有500多個承包商在「精加工濕貿易」行業專業下註冊 2021年底。

該集團是一家成熟的濕貿易工廠 2021年市場份額約為0.4%的分包商。

條目 壁壘

資本 要求： 資本要求成為濕貿易工程市場新進入者的障礙。在濕貿易工廠 行業，招聘工人、原材料採購以及向工人支付薪津都需要足夠的資本儲備。 此外，如果客戶要求，發行保證債券可能需要大量資金。市場 與沒有足夠資本的承包商相比，擁有足夠資本的參與者更有可能承擔大規模的項目 資源沒有工廠的承包商可能會在競爭中失敗並隨後退出市場。

證明 業績記錄和聲譽： NPS記錄是濕貿易工程行業的關鍵競爭因素之一。可信 工作質量的跟蹤記錄、高效的勞動分工、預算控制內的及時交付是 公司進行濕貿易工作。香港的房地產開發商和主要承包商更喜歡與濕貨承包商合作 他們有良好的記錄。沒有良好聲譽的新進入者建立在過去與行業利益相關者的合作之上， 提供服務的經驗會損害公司在市場上的整體競爭力。

技術 專業知識： 技術知識是濕貿易工程新進入者的關鍵障礙之一。現有市場參與者普遍 對抹灰工程、瓷磚鋪設工程、砌磚、牆地瓷磚、繪畫和裝飾有深入的了解， 地面平整和大理石工程，以提供優質的服務。具有技術知識。現有球員的表現 並且他們的作品質量能夠保證達到質量標準。相比之下，新的市場進入者沒有技術知識， 經驗豐富的管理團隊可能競爭力較弱。

因素 競爭

分包商的 註冊計劃: 該集團是註冊專業貿易承包商旗下的註冊精整濕貿易分包商 建造業議會的計劃（前稱分包商註冊計劃）。註冊專業貿易 承包商計劃由建造業議會推出，旨在建立一批有能力且負責任的分包商， 具有建築和工程工程方面的專業技能和較強的職業道德。主要客戶組織和承包商貿易 協會已承諾支持該計劃。主要承包商須聘請該計劃下的註冊分包商 對於公共部門項目，信貸將在招標過程中授予註冊分包商。註冊使 分包商進一步提高對行業業績記錄、財務穩定性和專業知識的認可度，從而擴大 商業網絡。

建立 業務關係： 在濕貿易行業，與客戶建立長期的關係意味著更好地了解客戶的需求 要求並能夠更好地提供客戶服務，並節省協調的時間和成本。通過利用良好的工作 建立在與行業利益相關者合作基礎上的關係，可以在日常運營中大大節省時間和成本。此外， 與材料供應商的良好關係將有助於濕貿易服務提供商保持有競爭力的定價和穩定的供應。 因此，它將進一步提高濕行業工程承包商的執行能力。

Wide Variety of Expertise: During wet trade works, variety of expertise are involved such as plastering, floor screeding and bricklaying. Given the high standard of specialized wet trades works, contractors with proven industry know-how have the competitive advantage in the wet trade works industry in Hong Kong. Moreover, extensive capacity is one of the most important criteria for selecting contractors during tendering process, which in turn increases the possibility of bidding large scale projects.

USE OF PROCEEDS

We will not receive any of the proceeds from the sale of the Ordinary Shares by the Selling Shareholder.

售股股東 將支付他因行紀、會計、稅務或法律服務而產生的任何承保折扣、佣金和費用，或 他們在處置普通股時發生的任何其他費用。我們將承擔所有其他成本、費用和開支 實施本招股說明書涵蓋的普通股的登記，包括但不限於所有登記和備案 我們的律師和公證的費用和費用。

分紅 政策

為 截至2024年、2023年及2022年3月31日止年度，MS（HK）Engineering Limited宣布股息13，347，553港元（約 分別向當時的唯一股東林志明先生支付20，000，000港元（約2，564，103美金）和10，000，000港元（約1，282，051美金）。 該等款項用於抵消應收林啟明先生的餘額。我們目前打算保留大部分（如果不是全部）可用資金 以及本次發行後的任何未來收益，以資助我們業務的發展和增長。因此，我們不期望支付 可預見的未來的任何現金股息。

我們的 董事會完全有權決定是否派發股息，但須受開曼群島的某些限制。 島法，即我們公司只能從利潤或股票溢價中支付股息，並且在任何情況下都不能這樣做 如果這將導致我們公司在正常業務過程中無法償還到期的債務，則可以支付股息。 此外，我們的股東可以通過普通決議宣佈股息，但股息不得超過我們的 董事會。即使我們的董事會決定分紅，未來分紅的時間，金額和形式， 將取決於我們未來的經營業績和現金流、我們的資本需求和盈餘、 我們從子公司收到的分配(如果有)、我們的財務狀況、合同限制和其他被認為是 與我們的董事會有關。請參閱本招股說明書的“稅務”一節，以瞭解有關 宣佈的任何現金股利的潛在稅收後果。

如果 我們決定在未來對我們的任何普通股支付股息，作為控股公司，我們將取決於收到的資金 來自我們的英屬維京群島子公司MS（HK）Construction Engineering Limited以及我們的香港運營子公司。那裡 香港和英屬維京群島不對股息收入徵稅。

管理層的 財務狀況和運營結果的討論和分析

這個 以下對我們的財務狀況和經營結果的討論和分析應與我們的財務 報表及其相關附註和其他財務資訊，包括在本招股說明書的其他部分。這場討論 包含前瞻性陳述。這些前瞻性陳述受各種因素、風險和不確定性的影響，這些因素、風險和不確定性可能 導致實際結果與這些前瞻性陳述中反映的結果大不相同。此外，由於這些因素， 風險和不確定性，前瞻性事件可能不會發生。相關因素、風險和不確定因素包括但不限於 至“業務”、“風險因素”一節及本招股說明書其他部分所討論的事項。讀者 告誡不要過度依賴前瞻性陳述，這些前瞻性陳述反映了管理層截至 此註冊聲明的日期。我們沒有義務公開更新或修改任何前瞻性陳述，無論是作為 新資訊、未來事件或其他方面的結果。請參閱“關於前瞻性陳述的告誡”。

概述

我們 是一家豁免有限責任公司，於2022年8月2日根據開曼群島法律註冊成立，作為控股公司 我們的業務主要通過我們間接全資擁有的香港運營子公司MS（HK）Engineering運營 有限公司和MS Engineering Co.，有限公司（「運營子公司」）。明盛集團控股有限公司（「公司」） 不是一家香港運營公司，而是一家開曼群島控股公司，由我們的運營子公司在 香港我們主要從事濕行業工程，如抹灰工程、瓷磚鋪設工程、砌磚工程、地板熨平工程， 和大理石作品。在較小的程度上，我們還為客戶提供小規模的裝修服務，例如裝修工程。

MS (HK)工程有限公司和MS工程有限公司，有限公司分別成立於2012年和2019年。在我們的運營歷史中 大約十年來，我們一直專注於以分包商的身份提供濕貿易工程服務，並積累了我們的專業知識 以及濕貿易工作的記錄。我們專注於項目管理和監督在執行項目中的作用， 我們已聘請分包商在我們的監督下進行大部分現場工程。通常，我們的主要職責 在項目中包括（i）安排現場準備和初步工作;（ii）聘請和監督我們的分包商;（iii）監控 實施現場工程;（iv）進行現場安全監督和質量控制;及（v）制定詳細的工作時間表 以及工作分配計劃。

我們， 通過我們的運營子公司，主要從事香港的私營部門項目。到目前為止，我們的私營部門項目 主要涉及私人住宅發展和商業發展。我們私營部門項目的項目所有者 通常是房地產開發商，而我們的客戶通常是主要承包商和從事的濕貿易工程分包商 在這樣的項目下。到目前為止，我們還在較小程度上參與了香港的公共部門項目。我們的公共部門 項目主要涉及公共住宅開發以及基礎設施和公共設施開發。客戶 我們的公共部門項目通常由政府部門和法定機構聘請的主要承包商。

作為 截至本招股說明書日期，MS（HK）Engineering Limited為指定行業類別的註冊專業貿易承包商 （第二組）建造業議會註冊專門貿易承包商計劃。MS Engineering Co.，有限 主要專業提供抹灰工程、瓷磚鋪設工程、大理石工程等濕行業工程服務， 私人住宅開發項目的分包商。自MS Engineering Co.以來，Limited專注於私營部門項目，MS Engineering 公司，有限公司無需也沒有在建築業的註冊專業貿易承包商計劃下註冊 行業委員會。

為 截至2024年、2023年和2022年3月31日止年度，總收入為27，572，692美金、21，868，220美金和14，383，980美金， 分別截至2024年3月31日止年度，我們的毛利潤和淨利潤分別為5，093，079美金和2，326，597美金， 相比之下，截至3月份止年度，我們的毛利潤和淨利潤分別為3，494，548美金和2，787，236美金 截至2022年3月31日止年度，我們的毛利潤和淨利潤分別為2，628，869美金和1，803，509美金。

A reorganization of the Company (the “Reorganization”) was completed on December 5, 2022. On August 2, 2022, the Company was incorporated in the Cayman Islands and issued 1 ordinary share at par value of US$1 to Ogier Global Subscriber (Cayman) Limited. On August 17 2022, Ogier Global Subscriber (Cayman) Limited transferred 1 ordinary share to Mr. Chi Ming Lam and on the same day, the Company issued 49,999 ordinary shares at par value of US$1 to Mr. Chi Ming Lam. On August 17, 2022, MS (HK) Construction Engineering Limited (“MSC”) was incorporated in the British Virgin Islands as a wholly owned subsidiary of the Company. On November 25, 2022, MSC entered into share exchange agreements with the Company and Mr. Chi Ming Lam. Pursuant to the share exchange agreements, the Company issued 11,249 ordinary shares at par value of US$1 to Mr. Chi Ming Lam in exchange of 100% ownership of MS (HK) Engineering Limited and MS Engineering Co., Limited via MSC. Upon completion of the above share exchange, MS (HK) Engineering Limited and MS Engineering Co., Limited became direct wholly-owned subsidiaries of MSC. On November 25, 2022, Mr. Chi Ming Lam proposed to surrender 49,999 shares to the Company for cancellation, and the Company approved the surrender and cancellation of such shares on the same day. On December 5, 2022, Mr. Chi Ming Lam, the then sole shareholder of our Company resolved and approved a subdivision of each of the issued and unissued shares with a par value of USD1 each into 2,000 shares with a par value of USD0.0005 each as part of the Company’s reorganization (the “Share Subdivision”). Subsequent to the Share Subdivision, the authorized share capital of the Company shall become USD50,000 divided into 100,000,000 ordinary shares with a par value of USD0.0005 each, of which 22,500,000 Ordinary Shares were held by Mr. Chi Ming Lam. Mr. Chi Ming Lam proposed to surrender 6,450,000 shares to the Company for cancellation, and the Company approved the surrender and cancellation of such shares on December 5, 2022. Mr. Chi Ming Lam proposed to surrender 2,925,000 shares to the Company for cancellation, and the Company approved the surrender and cancellation of such shares on June 2, 2023. Mr. Chi Ming Lam proposed to surrender 375,000 shares to the Company for cancellation, and the Company approved the surrender and cancellation of such shares on June 12, 2023. Mr. Chi Ming Lam proposed to surrender 1,500,000 shares to the Company for cancellation, and the Company approved the surrender and cancellation of such shares on June 15, 2023. Subsequently, Mr. Chi Ming Lam holds 11,250,000 Ordinary Shares of the Company with a par value of USD0.0005.

During the years presented in these financial statements, the control of the entities has never changed (always under the control of Chi Ming Lam). Accordingly, the combination has been treated as a corporate restructuring (reorganization) of entities under common control and thus the current capital structure has been retroactively presented in prior periods as if such structure existed at that time and in accordance with ASC 805-50-45-5, the entities under common control are presented on a combined basis for all periods to which such entities were under common control. Since all of the subsidiaries were under common control for years ended March 31, 2022 and 2021, except for MS Engineering Co., Limited which was under common control starting from October 20, 2021. The results of the subsidiaries are included in the financial statements for both periods and MS Engineering Co., Limited starting from October 20, 2021.

Our principal growth strategies are to further strengthen our market position, increase our market share, and capture the growth in the Hong Kong wet trades works industry. We intend to achieve our business objectives by expanding our scale of operation through our intended effort in actively seeking opportunities in undertaking additional wet trades works projects, from both our existing and potential new customers, on top of our present scale of operation and our current projects on hand. To achieve these goals, we plan to implement the following strategies:

Enhance competitiveness and expanding our market share

We believe that we should focus on deploying our resources towards competing for additional and more sizeable wet trades works projects in Hong Kong. However, the number of projects that can be executed by us concurrently at any given time is constrained by our then available resources, including availability of our manpower and working capital. We plan to enhance our competitiveness by strengthening our manpower and working capital in order to capture the potential opportunities in the growing wet trades works market.

Acquiring additional equipment

We generally deploy equipment owned by us for use by our subcontractors in our projects. We believe that it is crucial for us to enhance our set of equipment in order to best equip our employees and our subcontractors enabling them to carry out their work. We believe that a larger set of equipment will allow us to (i) improve our overall work efficiency and technical capability; and (ii) enhance our flexibility to deploy our resources more efficiently.

Enhancing our brand

We secured our new business through direct invitations for tenders by customers. We believe that we can broaden our customer base and attract more invitations from potential customers by increasing our marketing efforts to promote our brand and market presence in the wet trades works industry in Hong Kong.

Our planned marketing efforts include (i) setting up dedicated web pages for advertising our services; (ii) placing advertisements in industry publications; (iii) sponsoring business events and charity functions organized by property developers and construction contractors; (iv) sending promotional booklets and other promotional materials for advertising our services; and (v) approaching potential customers more actively to secure new business opportunities for our wet trades works services.

Key Factors that Affect Operating Results

We believe the following key factors may affect our financial condition and results of operations:

Non-recurrent nature of our projects

Our revenue is typically derived from projects which are non-recurrent in nature and our customers are under no obligation to award projects to us. For the fiscal years ended March 31, 2024, 2023 and 2022, we secured new businesses mainly through invitation for tender by customers. There is no assurance that we will be able to secure new contracts in the future. Accordingly, the number and scale of projects and the amount of revenue we are able to derive therefrom may vary significantly from period to period, and it may be difficult to forecast the volume of future business. In the event that we fail to secure new contracts or there is a significant decrease in the number of tender invitations or contracts available for bidding in the future, our business, financial position and prospects could be materially and adversely affected.

Performance and availability of our subcontractors

We focus on the role of project management and supervision in carrying out our projects and we generally engage subcontractors to perform part of the site works under our supervision. In order to control and ensure the quality and progress of the works of our subcontractors, we select subcontractors based on their quality of services, qualifications, skills and technique, prevailing market price, delivery time, availability of resources in accommodating our requests, and reputation. There is no assurance that the work quality of our subcontractors can always meet our requirements. We may be affected by the non-performance, inappropriate, or poor quality of works rendered by our subcontractors. Such events could impact upon our profitability, financial performance, and reputation. In addition, there is no assurance that we will always be able to secure services from suitable subcontractors when required, or be able to negotiate favorable fees and terms of service with subcontractors. In such events, our operation and financial position may be adversely affected.

In the event that our subcontractors fail to follow the safety guidelines and other requirements imposed by our customers, we may be liable to pay to our customers the expenses and penalties incurred by them. Although we are entitled to be compensated by our subcontractors in relation to such penalties under the subcontracting agreement, we may not be able to claim from such subcontractors in order to maintain a stable relationship with our major subcontractors. In such event, we may be subject to additional costs and penalties incurred by our subcontractors in relation to their failure to comply with the safety procedures and other requirements imposed by our customers.

Estimation of project costs

When determining our tender price, our management would estimate the time and costs involved in a project taking into account (i) the scope of works; (ii) the price trend for the types of subcontracting services as well as materials required; (iii) the complexity and the location of the project; (iv) the estimated number and types of equipment required; (v) the completion time requested by customers; and (vi) the availability of our labor and financial resources.

There is no assurance that the actual amount of time and costs incurred during the performance of our projects would not exceed our estimation. The actual amount of time and costs incurred in completing a project may be adversely affected by many factors, including unforeseen site conditions, adverse weather conditions, accidents, non-performance by our subcontractors, unexpected significant increase in costs of materials agreed to be borne by us, unexpected increase in the amount of rectification works requested by our customers and other unforeseen problems and circumstances. Any material inaccurate estimation in the time and costs involved in a project may give rise to delays in completion of works and/or cost overruns, which in turn may materially and adversely affect our financial condition, profitability, and liquidity. We typically bear the risk of delays and cost overruns in our projects and we are generally unable to pass these costs to our customers.

We are exposed to risks of general economic downturn and deteriorating market conditions, such as Sino-U.S. trade conflicts

As our business and operations are based in Hong Kong, our business growth is primarily dependent upon the economy and market condition in Hong Kong and the PRC. The market conditions are directly affected by, among other things, the global and local political and economic environments, such as uncertainties about the Sino-U.S. trade conflicts. Any sudden downturn in the general economic environment or change to political environment in Hong Kong and the PRC beyond our control may adversely affect the financial market sentiment in general. Severe fluctuations in market and economic sentiments may also lead to a prolonged period of slowdowns in the real estate and construction industries. As such, our revenue and profitability may fluctuate and we cannot assure you that we will be able to maintain our historical financial performance in times of difficult or unstable economic conditions.

Basis of Presentation

Our consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the regulations of SEC. They include the financial statements of our Company and our subsidiaries. All transactions and balances among these entities have been eliminated upon consolidation.

Please also refer to the crucial accounting policies, judgments and estimates adopted by our Company discussed in Note 2 to the consolidated financial statements.

Critical Accounting Policies and Estimates

The discussion of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. We evaluate our estimates and assumptions on an ongoing basis using the vest information available. Actual results may differ from these estimates under different assumptions or conditions, and the impact of such differences may be material to our consolidated financial statements.

Critical accounting policies are those policies that, in management’s view, are the most important in the portrayal of our financial condition and results of operations. The notes to the consolidated financial statements also include disclosure of significant accounting policies. The methods, estimates and judgments that we use in applying our accounting policies have a significant impact on the results that we report in our consolidated financial statements. These critical accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates regarding matters that are inherently uncertain. Those critical accounting policies and estimates that require the most significant judgment are discussed further below.

Revenue Recognition

The Company recognizes contract revenue over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer in accordance with ASC Topic 606, Revenue from Contracts with Customers. The Company adopted output method using construction works delivered as this method best represents the measure of progress against the performance obligations incorporated within the contractual agreements.

However, the nature of the Company’s contracts gives rise to several types of variable consideration from the changes in job performance, job conditions and estimated profitability, including those changes arising from unpriced change orders and claims, liquidated damages and penalties and final contract settlements.

Change orders may include changes in specifications or designs, manner of performance, facilities, equipment, materials, sites and period of completion of the work. Either we or our customers may initiate change orders. We consider unapproved change orders to be contract variations for which we have initiated a change of scope which we believe we are contractually entitled to a certain price, but where a price change associated with such change of scope has not yet been agreed upon with our customer. The Company recognizes revenue for variable consideration when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The Company estimates the amount of revenue to be recognized on variable consideration using the expected value (i.e., the sum of a probability-weighted amount) or the most likely amount method, whichever is expected to better predict the amount. Change orders that are unapproved as to both price and scope are evaluated as claims. We consider claims to be amounts in excess of agreed contract prices that we seek to collect from our customers or others for customer-caused delays, errors in specifications and designs, contract terminations, change orders that are either in dispute or are unapproved as to both scope and price, or other causes of unanticipated additional contract costs. The Company mainly considers the change orders as the contract modification. And the Company accounted for the contract modification as if it were a part of the existing contract as the remaining services are not distinct and, therefore, form part of a single performance obligation that is partially satisfied at the date of the contract modification.

Upon completion and final acceptance of the services that we were contracted to perform, we receive our final payment upon completion of the necessary contract closing documents. The accuracy of our revenue recognition in a given period depends on the accuracy of our estimates of the revenues and costs to finish uncompleted contracts. The management reviews and revises the estimates of both contract revenue and costs for the construction services as the contract progresses, because of the nature of the activity undertaken in construction contracts, the date at which the contract activity is entered into and the date when the activity is completed usually fall into different accounting period and actual cost or revenue may be higher or lower than estimated at the end of the reporting period, which could affect the revenue and profit recognized in future years as an adjustment to the amounts recorded to date. The Group reviews and revises the estimates of contract revenue, contract costs and change orders prepared for each construction contract as the contract progresses regularly.

Provision of expected credit loss allowance for accounts receivable and contract assets

The allowance for credit losses consists of the allowance for credit losses and the allowance for losses on unfunded commitments. The Company adopted ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments,” using the modified retrospective approach for accounts receivable and contract assets. The approach requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures). It removes the incurred loss approach’s threshold that delayed the recognition of a credit loss until it was ‘‘probable” that a loss event was ‘‘incurred.’’ The estimate of expected credit losses under the approach is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses, then considers whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period from which historical experience was used. Finally, the Group considers forecasts about future economic conditions that are reasonable and supportable.

The Group considers the accounting policy relating to the allowance for credit losses to be a critical accounting estimate given the uncertainty in evaluating the level of the allowance required to cover the Group’s estimate of all expected credit losses over the expected contractual life of our accounts receivable and contract assets. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the then-existing accounts receivable and contract assets, in light of the factors then prevailing, may result in significant changes in the allowance for credit losses in those future periods. The impact of utilizing the approach to calculate the reserve for credit losses will be significantly influenced by the composition, characteristics and quality of our accounts receivable and contract assets, as well as the prevailing economic conditions and forecasts utilized. Material changes to these and other relevant factors may result in greater volatility to the reserve for credit losses, and therefore, greater volatility to our reported earnings.

The Group adopted the probability of default and loss given default methods for estimating expected credit losses because it can reflect the Group’s expectation of the recoverability of accounts receivable and contract assets at each of the reporting period. The management makes reference to (i) the research by Moody’s and data of Bloomberg for average cumulative default probability rate of the debtors, and (ii) 2024 Annual default study, Moody’s for the weighted average default rates. In addition, the rates have been adjusted for forward-looking factors by taking into account any observable change in future economic conditions, events and environment. The management assumes historical loss pattern does not vary significantly across the customer groups and there is no expectation of such changes over the expected collection period of the receivables outstanding at the period end.

Summary of Results of Operations

Comparison of Years Ended March 31, 2024 and 2023

The following table sets forth key components of our results of operations for the years ended March 31, 2024 and 2023. The historical results presented below are not necessarily indicative of the results that may be expected for any future period.