长乐控股，二度递表港交所

Core Viewpoint - Changle Holdings Limited has submitted its listing application to the Hong Kong Stock Exchange for the second time, following an initial application that expired in June 2025. The company has reported a significant "revenue growth without profit increase" phenomenon in 2025, with total revenue and net profit of approximately 0.22 million Singapore dollars and 106 thousand Singapore dollars, respectively, indicating a sharp decline in net profit compared to previous periods [1]. Group 1 - The company is a Singapore-based general contractor specializing in building construction, renovation, and related services, with most of its revenue derived from building construction projects [2]. - Projected total revenues for 2023, 2024, and 2025 are approximately 0.3 million Singapore dollars, 0.2 million Singapore dollars, and 0.22 million Singapore dollars, respectively, with construction project revenues of about 0.29 million Singapore dollars, 0.19 million Singapore dollars, and 0.21 million Singapore dollars [2][3]. - The company has confirmed that its projects have an average duration of about 15 months, with a total of 11 ongoing projects [3]. Group 2 - The company has a high customer concentration, with the top five clients accounting for approximately 81%, 57.8%, and 54.7% of total revenue in 2023, 2024, and 2025, respectively. The largest client is expected to contribute around 0.16 million Singapore dollars, 0.027 million Singapore dollars, and 0.04 million Singapore dollars, representing 53.4%, 13.5%, and 18.2% of total revenue during the same periods [3]. - The board believes that the level of customer concentration is not uncommon for Singaporean construction companies and does not adversely affect business sustainability [3].