IPO news丨Established contractor Jinye International passed the Hong Kong Stock Exchange GEM hearing that it has 187 projects

The Zhitong Finance App learned that according to news from the Hong Kong Stock Exchange on September 26, Jinye International Group Co., Ltd. (Jinye International) passed the Hong Kong Stock Exchange GEM listing hearing, and Doujin Finance is its sole sponsor.

According to the prospectus, Jinye International is an established contractor engaged in mechanical and electrical engineering. Its history dates back to 2006. The company specializes in supplying, installing, maintaining and repairing heating, ventilation and air conditioning systems; electrical installation systems; and water supply systems according to individual project standards. During the track record period, the company mainly acted as the lead contractor. The projects were mainly private projects, while the owners of the projects were mainly large property management companies. In the 2023/24 and 2024/25 fiscal years, the company's revenue from private projects accounted for about 97.7% and 98.2% of total revenue, respectively, while revenue from projects as lead contractors accounted for about 90.7% and 86.4% of total revenue, respectively.

As far as the type of property in the project is concerned, the company was mainly employed during the track record period to provide services for existing commercial properties in Hong Kong, which are managed by a number of major property management companies. The company has provided services in commercial properties throughout Hong Kong Island, Kowloon and the New Territories, including O'Hai City in Tai Kok Tsui, China Hong Kong City in Tsim Sha Tsui, Tsuen Sun Land in Tsuen Wan, Hang Lung Centre in Causeway Bay, FashionWalk in Causeway Bay, Hilltop Plaza in North Point, Harbour Palace Plaza in Tai Kok Tsui, Central Centre in Central, Taikoo Place in Quarry Bay, AIRSIDE in Kai Tak, and Metropolis Tower in Hung Hom.

During the track record period, the company's contract types for the provision of mechanical and electrical works include: total price contracts, which stipulate the contract amount and charge the project fee according to the project schedule; maintenance contracts, which cover a fixed period of time (between 1 to 3 years), during which the company provides maintenance services and regularly charges the customer for the project; and fixed-term contracts, which cover a fixed period (mainly three years) without a specified contract amount, and the amount payable for each project order is based on the rate schedule Unit price and actual project volume calculation.

In the 2023/24 and 2024/25 fiscal years, the company undertook more than 1,000 projects, the vast majority of which (total cost projects) contributed less than HK$500,000 in revenue alone. The scope of such small projects that the company undertakes is usually simpler, so the subcontract fees usually involved are relatively low, which results in a higher gross margin. According to industry reports, it is normal for mechatronic contractors (such as the company) to have a large number of projects.

As of July 31, 2025, the company had 187 projects with an outstanding order value of approximately HK$62.8 million.

On the financial side, in the 2023/24 fiscal year and 2024/25 fiscal year, the company's revenue was approximately HK$123 million and HK$155 million respectively, while profit during the same period was 10.373 million and HK$14.04 million respectively.