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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

Established in 2002, the Group is a reputable integrated service provider and software developer headquartered in Jiangxi Province of the PRC and focuses on the provision of Telecommunications Infrastructure Services and Digitalisation Solution Services in the PRC. Since its founding, the Group has established long and stable business relationships with the key players in the telecommunications industry in the PRC including the Big Three, being the three largest telecommunications network operators in the PRC, and the largest telecommunications tower infrastructure service provider in the world. According to the Ipsos Report, the Group ranked third amongst all telecommunications network infrastructure construction and maintenance services providers in Jiangxi Province in terms of revenue in 2023, with a market share of approximately 3.1%. As at the Latest Practicable Date, the Group has expanded its operations to 25 provinces, municipalities and autonomous regions across the PRC. PRINCIPAL SERVICES AND BUSINESS MODEL Telecommunications Infrastructure Services Telecommunications Infrastructure Services consist of Infrastructure Construction Services and Infrastructure Maintenance Services, which are utilised by key market players in the telecommunications industry in the PRC to expand and maintain their telecommunications networks. Such key players include telecommunications network operators, telecommunications tower infrastructure service providers, local governments, quasi-government institutions and state- owned enterprises. ‧ Infrastructure Construction Services mainly involve the construction, adaptation and installation works of network infrastructure along the entire telecommunications network, such as base stations and auxiliary facilities engineering services, power grid connection services, cable installation services, access network related services and wireless network equipment installation services. ‧ Infrastructure Maintenance Services mainly involve carrying out routine basic maintenance, repairs and restoration works and emergency trouble shooting to the telecommunications infrastructure located across rural and urban areas in the PRC. The Group’s customers in Telecommunications Infrastructure Services business segment during the Track Record Period primarily comprised key players in the PRC telecommunications industry such as telecommunications network operators and telecommunications tower infrastructure service providers who would contract telecommunications infrastructure construction and maintenance works to the Group. The Group generally acts as the main contractor as well as the sole contractor for its Telecommunications Infrastructure Services projects, which are typically obtained on a project-by-project basis. During the Track Record Period, the Group’s suppliers in relation to its Telecommunications Infrastructure Services business segment mainly consisted of labour suppliers who would supply labour services for completing the on-site labour intensive works and provide ancillary construction materials required, while the Group would remain responsible for the core aspects of the projects such as overall project management and implementation, testing and inspection as well as quality control. The engagement of labour suppliers by the Group does not constitute subcontracting in nature, and the labour suppliers are not considered as the Group’s subcontractors, reasons for which are set out in the paragraph headed ‘‘Business – Suppliers – Labour suppliers’’ in this document. Due to the specialised equipment and materials needed for the construction of network infrastructure as well as the need to meet specific technical requirements and ensure compatibility with their existing infrastructure, the Group’s customers would generally be responsible for providing the necessary telecommunications equipment. In respect of the Group’s pricing policy, it generally adopts a cost-plus pricing model when determining its bid/offer price quoted in the tender documents for its Telecommunications Infrastructure Services projects after taking into account factors such as (i) the nature, scale, complexity and location of the relevant projects as well as (ii) the estimated costs for the procurement of labour services and ancillary construction materials. Digitalisation Solution Services Digitalisation Solution Services consist of Integrated Solution Services, System Maintenance Services and Software Solution Services, and aim to improve the operational efficiency and productivity of its customers through incorporating digital technologies such as IoT, cloud computing, big data, discriminative AI and blockchain to enable the integration of various hardware and software systems under a unified platform. ‧ Integrated Solution Services generally involve providing turnkey solutions through (i) system design planning; (ii) supply of hardware and software and installation and integration services; and (iii) provision of after-sale services such as technical support services, which primarily involve provision of a comprehensive digitalisation solution that includes all the necessary hardware and software components in a single package. The hardware is sourced from approved third-party suppliers, while the software consists of both self-developed software and software sourced from approved third-party suppliers. The self-developed software includes ready-to-use software and customised software designed specifically for customers, typically developed by the Group’s research and development team, sometimes with the assistance of third-party programmers. ‧ System Maintenance Services mainly included commissioned technical support and maintenance services for the hardware and software systems delivered under its Integrated Solution Services projects. Depending on the specific requirements of the customers, the System Maintenance Services generally include (i) day-to-day system and network maintenance and data back-up support services; (ii) 24/7 technical support and consulting services; (iii) system migration solution services; and (iv) emergency trouble shooting services. ‧ Software Solution Services focus on (i) sale of self-developed software; and (ii) delivering customised software development services. The Group has the capability to offer its self- developed software and/or deliver customised software development services, sometimes with the assistance of third-party software programmers, which suit the needs of end- users across various sectors, such as digital healthcare, digital government, digital industrial and digital telecommunications construction. The Group’s research and development efforts have largely driven the increase in significance of its Digitalisation Solution Services business segment, particularly for those involving the use of the Group’s self- developed software, to the Group’s operational results. The technologies developed as a result of the Group’s research and development efforts were applied and/or adopted for developing the software systems required by its customers under the Integrated Solution Services projects and Software Solution Services projects. For Group’s further details of the research and development efforts, please refer to the paragraphs headed ‘‘Business – Research and development’’ in this document. The Group’s customers in Digitalisation Solution Services mainly included not only telecommunications network operators but also local governments, quasi-government institutions, state-owned enterprises and private companies in the PRC whereas the Group’s suppliers for this business segment mainly consisted of hardware and software suppliers who would supply hardware such as surveillance cameras, biometric scanners, computers, data storage and processing system, third-party software and/or technical support and maintenance services. In respect of the Group’s pricing policy for Digitalisation Solution Services, it generally takes into account the estimated prices its customers are willing to pay and other factors such as (i) in Group’ relation to the s Integrated Solution Services projects only, the estimated costs for the procurement of hardware and third-party software system, (ii) (if applicable) the relevant research and development expenses incurred, (iii) the scale and timeframe required, (iv) the credit term required by its customers, and (v) the contract prices of the Group’s similar projects. Source: Zhonggan Comm (02545) Prospectus (IPO Date : 2024/06/21)
Listing Market	MAIN
Industry	Telecommunications & Networking Equipment
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Liu Haoqiong (56.16%) Liu Dingyi (6.16%) Liu Dingli (5.33%)
Directors	Liu Haoqiong (Chairman and Executive Director) Liu Dingli (Executive Director) Liu Dingyi (Executive Director) Peng Shengqian (Executive Director) Xie Xiaolan (Executive Director) Zhou Zhiqiang (Executive Director) Li Yinguo (Independent Non-Executive Director) Yu Shiyong (Independent Non-Executive Director) Zhu Yugang (Independent Non-Executive Director)
Company Secretary	Liu Dingyi Wong Wai Yee, Ella
Principal Bankers	Bank of Communications Co., Ltd. China Construction Bank Corporation
Solicitors	Ogier JunZeJun Law Offices Nixon Peabody CWL
Auditors	KPMG
Registered Office	5th Floor Manulife Place 348 Kwun Tong Road Kowloon, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.gantongjt.com
Email Address	[email protected]
Tel No	(86 791) 8733-8888
Fax No

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