IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
CF PharmTech 02652.HK	Pharmaceuticals	14.75	500	7,449.38	2025/10/02	2025/10/06	2025/10/08
Zhida Technology 02650.HK	Auto Parts & Equipment	66.92-83.63	50	4,223.68	2025/10/06	2025/10/09	2025/10/10
Golden Leaf Int 08549.HK	Building Construction	0.45-0.65	5,000	3,282.77	2025/10/06	2025/10/09	2025/10/10

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

CF PharmTech
02652.HK

Pharmaceuticals

14.75

500

7,449.38

2025/10/02

2025/10/06

2025/10/08

Zhida Technology
02650.HK

Auto Parts & Equipment

66.92-83.63

4,223.68

2025/10/06

2025/10/09

2025/10/10

Golden Leaf Int
08549.HK

Building Construction

0.45-0.65

5,000

3,282.77

2025/10/06

2025/10/09

2025/10/10

Summary

We are an established contractor in Hong Kong engaging in E&M engineering works, and our history can be traced back to 2006. We specialise in the supply, installation and maintenance of (i) HVAC systems; (ii) electrical systems; and (iii) plumbing and drainage systems, on a project-by-project basis. During the Track Record Period, we mainly acted as main contractor, and our projects were substantially private sector projects, in which the project owners were mainly sizeable property managers. For FY2023/24 and FY2024/25, our revenue attributable to private sector projects accounted for approximately 97.7% and 98.2% of our total revenue, respectively, and our revenue attributable to projects in which we acted as the main contractor accounted for approximately 90.7% and 86.4% of our total revenue, respectively. In terms of types of properties for our projects, during the Track Record Period, we were mainly engaged to deliver our services at existing commercial properties in Hong Kong which are managed by certain sizeable property managers. The commercial properties where we delivered our services during the Track Record Period are located across Hong Kong Island, Kowloon and New Territories, including Olympian City in Tai Kok Tsui, China Hong Kong City in Tsim Sha Tsui, Citywalk in Tsuen Wan, Hang Lung Centre in Causeway Bay, Fashion Walk in Causeway Bay, Peak Galleria at the Peak, AIA Tower in North Point, Metro Harbour Plaza in Tai Kok Tsui, The Center in Central, Taikoo Place in Quarry Bay, AIRSIDE in Kai Tak and the Metropolis Tower in Hung Hom. During the Track Record Period, the types of contracts under which we provided our E&M engineering works include (i) lump-sum contracts, which set out our contract sums, and we bill our works based on our work progress; (ii) maintenance contracts, which cover set periods (ranging from one to three years) during which we provide our maintenance services, and we bill our works periodically; and (iii) term contracts, which cover set periods (mainly three years) without specifying a contract sum and contain pre-agreed schedules of rates setting out the standard rates for different types of works, and the billable amount for each works order is calculated based on the agreed unit price in the schedule of rates and the actual amount of work carried out by our Group. For each of FY2023/24 and FY2024/25, we undertook over 1,000 projects, respectively, with the vast majority of these projects (being lump-sum projects) contributing revenue of less than HK$0.5 million individually. The scope of these small projects undertaken by our Group was generally straightforward, and thus these small projects usually entailed relatively lower subcontracting fees and in turn a higher gross profit margin. According to the Industry Report, it is an industry norm for E&M contractors such as our Group to have a high volume of projects. In respect of lump-sum contracts, to the best knowledge of our Directors, property managers in Hong Kong would invite tenders from their approved E&M contractors for lump-sum contracts in E&M engineering for the properties under their management, typically when: (i) there are demands arising in those properties (e.g. replacing or upgrading old air-cooled chillers or building management systems to achieve better electricity efficiency); (ii) corrective maintenance works or parts replacements are identified by their maintenance E&M contractors during routine maintenance checks under standard (but not comprehensive) maintenance contracts; or (iii) the contract sum of the E&M engineering works exceeds the property managers’ internal threshold which cannot be covered by the term contracts with the property managers’ term contractor. Furthermore, to the best knowledge of our Directors, property managers in Hong Kong may also refer their approved E&M contractors to their incoming/outgoing tenants for conducting E&M installation/restoration works. During the Track Record Period and as at the Latest Practicable Date, our Group is one of the approved E&M contractors of each of our Group’s five largest customers for each of FY2023/24 and FY2024/25, respectively, all of which are sizeable property managers in Hong Kong. Our Directors believe that, our Group was able to obtain a large number of projects as main contractor with a wide range of contract sum directly from our five largest customers in each year during the Track Record Period due to our established business relationships with them and our status as one of their approved E&M contractors. In respect of maintenance contracts, to the best knowledge of our Directors, property managers in Hong Kong would invite tenders from their approved E&M contractors to provide E&M engineering maintenance works to the properties under their management over a set period (e.g. one to three years) by way of maintenance contracts. Furthermore, maintenance contracts can generally be subdivided into standard maintenance and comprehensive maintenance contracts, in which the work scope under standard maintenance contract typically includes services such as routine inspections, preventive maintenance and minor repairs; whereas the work scope under comprehensive maintenance contract typically includes those covered by standard services above plus corrective maintenance and parts replacement. The maintenance contracts which contributed revenue during the Track Record Period included those that were awarded prior to and during the Track Record Period. In respect of term contracts, to the best knowledge of our Directors, property managers in Hong Kong would invite tenders from their approved E&M contractors to provide routine or ad hoc E&M engineering works to the properties under their management over a set period (e.g. mainly three years) by way of term contracts that contain a pre-agreed schedule of rates such that works orders can be undertaken and priced accordingly without having to invite tenders for each works order on each occasion. During the Track Record Period, our key revenue contributing term contract was the Master Agreement. As at 31 July 2025, we had 187 projects on hand with backlog value of approximately HK$62.8 million. We maintain a pool of direct labour capable of undertaking our E&M engineering works. Depending on our capability, resources level, cost effectiveness and the complexity of the project, we may subcontract specific works to our subcontractors which are on our approved list of subcontractors. Typically, our major responsibilities as main contractor in a project include (i) arranging site preparatory and preliminary works; (ii) engaging and supervising our subcontractors; (iii) monitoring the implementation of site works; (iv) conducting site safety supervision and quality control; and (v) developing detailed work schedule and work allocation plan. For FY2023/24 and FY2024/25, we incurred subcontracting fees of approximately HK$64.0 million and HK$80.6 million, representing approximately 64.5% and 65.4% of our total cost of services, respectively. During the Track Record Period, we incurred a higher proportion of subcontracting fees on our projects under lump-sum contracts, and our direct labour was mainly deployed to our maintenance projects. Source: Golden Leaf Int (08549) Prospectus (IPO Date : 2025/09/30)
Listing Market	GEM
Industry	Building Construction
Background	Others
Major Business Area	Hong Kong

Corporate Information

Substantial Shareholders	Ip Kam Yik (64.50%) Lui Kwok Kit (10.50%)
Directors	Ip Kam Yik (Chairman and Chief Executive Officer and Executive Director) Ip Tsz Kwan (Chief Financial Officer and Executive Director) Lui Kwok Kit (Executive Director) Cheung Kwong Tat (Independent Non-Executive Director) Lin Wai Chong (Independent Non-Executive Director) Wong Chun Kat (Independent Non-Executive Director)
Company Secretary	Ip Tsz Kwan
Principal Bankers	DBS Bank (Hong Kong), Limited Bank of China (Hong Kong) Limited
Solicitors	Grandall Law Firm (Shanghai) Ogier KJ Tan & Co Mr. Tse Siu Chung Dixon
Auditors	Moore CPA Limited
Registered Office	23/F, New Venture Centre, 18 Lam Tin Street, Kwai Chung, Hong Kong
Share Registrars	Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No	(852) 2862-8628
Internet Address	http://www.glint.com.hk
Email Address
Tel No
Fax No

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