近期，房地产市场迎来新政策，2月25日，上海发布"新七条"，涉及限购调减、公积金优化、房产税完善等七项内容。 李蓓曾在接受媒体采访时表示，基于供给侧大出清、总量周期性回升等因素，半年内地产或出现"十年一遇的机会"。 与此同时，一家专注于岩土工程服务的公司正在寻求港股上市。 格隆汇获悉，深圳宏业基岩土科技股份有限公司（简称"宏业基"）于2月15日递表港交所，由光银国际担任保荐人。这 是该公司第二次递表港交所。 此前，宏业基还曾寻求A股上市。公司于2021年6月向深交所主板提交上市申请，2023年8月过会，并于同年12月提交 注册。不过，2025年1月，公司主承销商主动要求撤回注册申请文件，A股IPO终止。 港股招股书中称，公司A股上市申请终止主要是因为市场环境变化，考虑到联交所可以提供吸引海外投资者的国际平 台，公司在A股上市申请终止后，转而寻求在联交所上市。 01 在华南地区提供岩土工程服务，总部位于深圳南山 宏业基成立于2002年6月，2016年10月改制为股份公司，总部位于深圳南山。 截至2026年2月5日，陈枝东与王凤梅夫妇是公司的控股股东。公司主要机构投资者包括中小企业基金、北京基石创业 有限合伙、宏 ...

Group 1: New Listings and Market Developments - Four companies, including Shandong Xinde Technology Co., Ltd., Shanghai Goraili Software Co., Ltd., Shenzhen Delan Minghai New Energy Co., Ltd., and Shenzhen Hongyeji Geotechnical Technology Co., Ltd., have submitted listing applications to the Hong Kong Stock Exchange, representing diverse sectors such as animal health, semiconductor software, portable energy storage, and geotechnical engineering [1] - Shanghai Shangmi Technology Group Co., Ltd. has passed the listing hearing at the Hong Kong Stock Exchange, positioning itself as a leading provider of Business Internet of Things (BIoT) solutions with over 10% market share in the Android-based BIoT sector [2] Group 2: Corporate Restructuring and Financial Stability - The Hong Kong High Court has rejected a winding-up petition against Country Garden, alleviating immediate delisting and liquidation risks, which indicates the court's recognition of the company's overseas debt restructuring plan [3] Group 3: Travel Industry Insights - Tongcheng Travel reported a significant increase in travel activity during the nine-day Spring Festival holiday, with a 38% rise in civil aviation travel compared to the same period last year, indicating a growing trend for segmented holiday travel [4]

Company Overview - Shenzhen Hongye Jiyuan Geotechnical Technology Co., Ltd. (referred to as Hongye) has submitted its listing application to the Hong Kong Stock Exchange, with Guangyin International as its sole sponsor [1] - This marks the second attempt by Hongye to list on the Hong Kong Stock Exchange, having previously submitted an application in April 2025 after an unsuccessful A-share IPO in 2021 [1] Financial Performance - Hongye's revenue for the years 2022, 2023, and 2024 is reported as RMB 1.228 billion, RMB 1.112 billion, and RMB 1.011 billion respectively, with gross profits of RMB 190 million, RMB 210 million, and RMB 240 million [1][3] - For the first nine months of 2025, the company reported revenue of RMB 780 million, a slight decrease of 2% from RMB 795 million in the same period of the previous year, while net profit increased to RMB 60.99 million from RMB 58.55 million [2][3] Market Analysis - The geotechnical engineering market in China has grown from RMB 870.8 billion in 2020 to an estimated RMB 952 billion by 2024, reflecting a compound annual growth rate (CAGR) of 2.3% [4] - The market is expected to recover and grow due to a rebound in infrastructure and real estate investments, with projections indicating a market size of RMB 1.3049 trillion by 2029, representing a CAGR of 6.5% from 2025 to 2029 [4] Shareholder Structure - The controlling shareholder of Hongye is Chen Zhidong, who directly holds 35.65% of the shares, while his spouse, Wang Fengmei, holds an indirect stake of 2.96% [5] - Together, Chen and Wang control 38.61% of the company, with other significant shareholders including Hongye Investment and Hongbin Investment [5]

Core Viewpoint - Shenzhen Hongye Jiyuan Geotechnical Technology Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange, with Guangyin International as its sole sponsor [1] Company Overview - The company has over 23 years of experience in geotechnical engineering services in South China since 2002, focusing on pile foundation engineering, excavation engineering, and mixed support engineering [3] - It is recognized as the largest non-state-owned geotechnical engineering company in South China by revenue in 2024, with a market share of 1.9% among non-state-owned enterprises involved in large geotechnical projects [3][4] - The company has received multiple awards, including being recognized as one of Shenzhen's top 500 enterprises from 2019 to 2024 and as a high-tech enterprise [3] Industry Overview - The Chinese geotechnical engineering industry is characterized by a fragmented competitive landscape, with state-owned enterprises holding approximately 74% of the market share and non-state-owned enterprises accounting for about 26% [4] - Non-state-owned enterprises are increasingly taking on high-value projects, and their market share is expected to grow as market reforms and technological innovations continue [4][10] Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first nine months of 2025 were approximately RMB 1.228 billion, RMB 1.112 billion, RMB 1.011 billion, and RMB 780 million, respectively [6] - The profit for the same periods was RMB 47.48 million, RMB 56.68 million, RMB 75.67 million, and RMB 60.99 million [7] - The gross profit margins for these periods were 15.5%, 18.9%, 23.7%, and 25.6% [8] Market Growth - The Chinese geotechnical engineering market is projected to grow from RMB 870.8 billion in 2020 to RMB 952 billion in 2024, with a compound annual growth rate (CAGR) of 2.3% [10] - The non-state-owned geotechnical engineering market is expected to grow from RMB 216 billion in 2020 to RMB 247.5 billion in 2024, with a CAGR of 3.5% [12] - The market for large geotechnical engineering projects is anticipated to reach RMB 234.9 billion by 2029, with a CAGR of 8.6% from 2025 to 2029 [13]

Core Viewpoint - Shenzhen Hongye Jiyuan Soil Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the second time, with Guangyin International as its sole sponsor [1]. Group 1: Company Overview - Hongye Jiyuan is the largest non-state-owned geotechnical engineering company in South China by revenue projected for 2024 [1]. - The company ranks first among non-state-owned enterprises participating in large geotechnical engineering projects in South China, with a market share of 1.9% for 2024 [1]. - It is positioned as the second-largest non-state-owned foundation construction company in China for 2024 [1]. Group 2: Industry Experience - The company has over 23 years of experience in undertaking geotechnical engineering projects since its establishment in 2002 [3]. - Hongye Jiyuan primarily focuses on providing geotechnical engineering services, including pile foundation engineering, excavation engineering, and mixed engineering for pile foundations and excavation support [3].

Core Viewpoint - Shenzhen Hongye Jiyuan Geotechnical Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the second time, with Guangyin International as its sole sponsor [1] Group 1: Company Overview - Hongye is the largest non-state-owned geotechnical engineering company in South China by revenue projected for 2024 [1] - The company ranks first among non-state-owned enterprises participating in large geotechnical engineering projects in South China, with a market share of 1.9% for 2024 [1] - Hongye is positioned as the second-largest non-state-owned enterprise in China's top 10 foundation construction companies for 2024 [1] Group 2: Service Offerings - The company has over 23 years of experience in geotechnical engineering since its establishment in 2002 [3] - Hongye primarily focuses on providing geotechnical engineering services, including: - Pile foundation engineering - Excavation engineering - Combined pile foundation and excavation support engineering [3]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Shenzhen Hongyeji Geotechnical Technology Co., Ltd. 深圳宏業基岩土科技股份有限公司 (the "Company") (A joint stock company incorpor ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Shenzhen Hongyeji Geotechnical Technology Co., Ltd. 深圳宏業基岩土科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問或包銷團成員表示同 意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據呈交香港公司註冊處註冊的本 公司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本 文件中的資料作出任何投資決定； (b ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Shenzhen Hongyeji Geotechnical Technology Co., Ltd. 深圳宏業基岩土科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 警告 本公告根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員 會（「證監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 閣下閱覽本 公告，即代表 閣下知悉、接納並向深圳宏業基岩土科技股份有限公司（「本公 司」）、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 1 (a) 在聯交所網站登載本公告，並不引起本公司、其獨家保薦人、整體協調人、 顧問或包銷團成員須在香港或任何其他司法權區進行發售或配售活動的責 任。本公司最終會否進行發售或配售仍屬未知之數； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關公開發售及╱或上市申請； (c) 本公告不應被視為勸誘認購或購買任何證券， ...

Core Viewpoint - The company is experiencing a significant decline in net profit for 2025, but it is maintaining a steady increase in new orders and has a robust order backlog, while also advancing strategic collaborations in the nuclear power sector [1][2]. Financial Performance - The company forecasts a net profit attributable to shareholders for 2025 to be between 10 million and 15 million yuan, representing a year-on-year decline of 75.97% to 83.98% [2]. - The decline in performance is primarily due to extended project lead times, increased costs, and asset impairment provisions [2]. Order and Project Status - In Q4 2025, the company secured new orders amounting to 483 million yuan, with total new orders for the year reaching approximately 1.062 billion yuan, showing a steady increase compared to 2024 [3]. - As of the end of 2025, the company has signed but uncompleted orders totaling 809 million yuan, indicating a strong order reserve mainly in geotechnical engineering, covering nuclear power and water conservancy sectors [3]. Contract Developments - In January 2026, the company won a bid for the foundation engineering of the Jiangsu Xuwei Nuclear Energy Heating Power Plant, valued at approximately 93.25 million yuan, although a formal contract has yet to be signed [4]. - The Zhejiang Jin Qimen Nuclear Power Project has a contract value of 159 million yuan, with 72.59% of the work completed by the end of 2025, expected to be finished in 2026, which may impact future performance [4]. Corporate Structure and Governance - The board of directors approved a capital reduction plan for its subsidiary, Tianjin Zhongyan Material Technology Co., Ltd., reducing its registered capital from 50 million yuan to 28.48 million yuan, increasing the company's ownership stake to 85.67% [5]. Strategic Initiatives - The company continues to deepen its engagement in the nuclear power sector, collaborating with enterprises like China General Nuclear Power Group, and is also exploring emerging areas such as controllable nuclear fusion [6]. - In 2025, the company signed an agreement with Jingtai Technology for AI-enabled material development, aimed at promoting the intelligent upgrade of geotechnical engineering [6].