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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	REFIRE 02570.HK	Electrical Components & Equipment	145-165	20	3,333	2024/12/03	2024/12/05	2024/12/06
	Dmall 02586.HK	Application Software	30.21	100	N/A	2024/12/03	2024/12/05	2024/12/06

Summary

We are a state-owned urban service and operation provider with business operations primarily based in Changsha, Hunan Province. We provide a wide spectrum of services to our customers, forming a cohesive business layout rooted in urban area. The services we provide can be divided into three categories depending on service characteristics and industry standards: (i) property management services, including different property management services and value-added services to public properties, commercial properties, and residential properties; (ii) urban services, including landscaping and engineering, lighting system operation, parking lot operation, and municipal sanitation services; and (iii) commercial operation services. We have built a reputation in the local market by serving a variety of property owners and developers, and our prospects are reliant on the relationships we have cultivated with these property owners and developers, particularly the local government and its affiliated entities, public institutions, and other SOEs in Changsha. Our success and future growth are closely interrelated with CSUD Group. The holding company of CSUD Group, CSUDGCL, is wholly owned by Changsha Municipal SASAC. During the initial stage of our establishment, we primarily engaged in property management services, while CSUD Group’s business was concentrated in urban construction and development. Influenced by CSUD Group, we leaned towards managing public urban spaces since our inception. Our property management services mainly catered to public and commercial properties, with residential properties playing a secondary role. As we continued to grow, we leveraged our experience in property management services and gradually strengthened our competitive edge in urban services. For instance, we acquired a landscaping company, enabling us to expand into landscaping and engineering services in 2016. Starting from 2017, we also took on the operation of night scenery illumination in Changsha, further establishing the foundation of our urban services business. In 2021, we officially began undertaking municipal sanitation projects. Over the past few years, our urban services business has generated steady revenue and profits, becoming the crucial driving force for our growth and the focal point of our business. During the Track Record Period, the total aggregate number of projects for all of our business segments was 299, 355, and 360, including 44, 98, and 85 completed landscaping and engineering projects respectively. The total aggregate GFA under management of our property management services and commercial operation services was 11.2 million sq.m., 10.8 million sq.m., and 11.8 million sq.m., respectively. The decrease in the total aggregate GFA under management in 2022 was due to the termination of two temporary property management service projects, while the increase in the total aggregate GFA under management in 2023 was attributable to the new property management service projects as a result of our business expansion. From 2021 to 2023, our revenue increased at a CAGR of 22.9% from RMB431.7 million in 2021 to RMB528.5 million in 2022, and further to RMB651.9 million in 2023. Our profit and total comprehensive income for the year amounted to RMB40.8 million, RMB53.6 million and RMB70.2 million in 2021, 2022 and 2023, respectively, which represented a CAGR of 31.1% from 2021 to 2023. We maintain a well-established and ongoing business relationship with CSUD Group and its associates, the diverse property portfolio of which provides us with a large potential pipeline of quality projects. Going forward, CSUD Group will provide us with a large potential pipeline of quality projects on the basis that (i) CSUD Group had ten real estate projects under construction or development with a total GFA of 2.7 million sq.m. and a total land bank for future development of approximately 18.3 million sq.m. as of the Latest Practicable Date; and (ii) CSUD Group will continue awarding its projects to us as long as certain criteria are met. For details of the criteria, please refer to “Business – Our Strategic Business Relationship with CSUD Group”. Our long-standing relationship with CSUD Group and its associates has driven our development since our inception and laid the solid foundation for our continuous growth. During the Track Record Period, the total revenue we generated from CSUD Group and its associates as our customer amounted to RMB182.9 million, RMB234.7 million, and RMB289.5 million respectively, accounting for 42.4%, 44.4%, and 44.4% of our total revenue, respectively. Going forward, our Directors believe that, given (a) the long-standing cooperation relationship between our Group and CSUD Group and its associates; (b) our knowledge of and familiarity with the requirements of CSUD Group and its associates and our priority position in satisfying CSUD Group and its associates’ demand; (c) the mutual benefits for our Group and CSUD Group and its associates to maintain such reciprocal relationship; (d) various long-term cooperation agreements entered into between our Group and CSUD Group and its associates; and (e) CSUD Group and its associates and our Group are state-invested enterprises which have relatively stable controlling ownership, we expect that the mutually beneficial and complementary business relationship between our Group and CSUD Group and its associates will continue and in turn, is unlikely to be materially or adversely changed. For details, please refer to “Relationship with Our Controlling Shareholders – Mutual and Complementary Relationship with CSUD Group” in this document. During the Track Record Period, all of our revenue from commercial operation services projects were sourced from CSUD Group and its associates. Going forward, leveraging our capabilities and expertise demonstrated in cooperation with CSUD Group and its associates, we expect that commercial operation services revenue may be generated from projects sourced from Independent Third Parties since we have been actively sourcing projects from customers other than CSUD Group and its associates and we have also been making continuous efforts to expand our business to manage projects developed by third-party property developers and owners as well as our customer base by leveraging our increasingly enhanced brand awareness and market position. Source: Hollwin Urban (02529) Prospectus (IPO Date : 2024/05/08)
Listing Market	MAIN
Industry	Property Service and Management
Background	H Shares
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Changsha Urban Development Group Co., Ltd. (Total share: 75.00%); (H share: 0.00%) RAYS Capital Partners Limited (Total share: 5.51%); (H share: 22.05%) [00005] HSBC Holdings plc (Total share: 1.92%); (H share: 7.70%)
Directors	Xie Yi (Chairman and Executive Director) Yan Yongxiang (General Manager) Duan Wenming (Chief Financial Officer and Executive Director) Wong Kwok Fu (Executive Director and Secretary to the Board) Yang Xin (Executive Director) Yu Xiao (Non-Executive Director) Chan Ka Lai Vanessa (Independent Non-Executive Director) Dai Xiaofeng (Independent Non-Executive Director) Tse Chi Wai (Independent Non-Executive Director)
Company Secretary	Lam Kang Chi Wong Kwok Fu
Principal Bankers	Bank of Changsha
Solicitors	Tian Yuan Law Firm Commerce & Finance Law Offices
Auditors	KPMG
Registered Office	40th Floor Dah Sing Financial Centre, 248 Queen's Road East Wanchai, Hong Kong
Share Registrars	Boardroom Share Registrars (HK) Ltd. [Tel: (852) 2153-1688]
Share Registrars Tel No	(852) 2153-1688
Internet Address	http://www.hollwingroup.com
Email Address	[email protected]
Tel No	(852) 3594 6458
Fax No

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