Core Viewpoint - Global Development Engineering Company Limited (宏拓工程) has filed for an IPO in the U.S., seeking to list on NASDAQ under the ticker symbol GDEL, with a planned share price of $4 to $5 and aiming to raise between $15 million and $18.75 million [1][3]. Financial Data - For the fiscal years 2024 and 2025 (ending March 31), the company projects revenues of HKD 26.49 million and HKD 33.77 million (approximately $4.33 million), with net profits of HKD 730,000 and HKD 940,000 (approximately $120,000) respectively [3]. Company Overview - Headquartered in Hong Kong, the company provides comprehensive construction services, covering the entire process from project design, construction, to completion and post-maintenance. Its core services include renovation and maintenance, general construction, and specialized cleaning services [3]. Shareholding Structure - Prior to the IPO, Sui Hei Chan holds a 60% stake, King Wan Leung holds 4.7%, and Sze Yu Tai holds 8.1%. The total number of ordinary shares held by directors and executive officers amounts to 11,322,500 [6].

Company Overview - Chuan Holdings Limited has over 20 years of experience providing earthworks services in Singapore and was one of the top five earthworks contractors by revenue in 2014 according to Euromonitor [2] - The company has completed 199 earthworks and related service projects during its operational history [2] - As of December 31, 2015, earthworks and related services accounted for approximately 49.0% of total revenue, while general construction projects accounted for 51.0% [2] Financial Performance - As of December 31, 2024, Chuan Holdings reported total revenue of 765 million yuan, representing a year-on-year growth of 18.97% [1] - The net profit attributable to shareholders was 43.32 million yuan, showing a significant increase of 150.88% year-on-year [1] - The gross profit margin stood at 13.19%, with a debt-to-asset ratio of 46.14% [1] Market Position and Valuation - The current price-to-earnings (P/E) ratio of Chuan Holdings is 2.57, ranking 7th in the industry, while the average P/E ratio for the construction industry is 10.63 [1] - Other companies in the industry have P/E ratios such as Pujiang International at 1.01, and Dining King (Global) at 1.39 [1] Competitive Advantages - The company has a strong track record and an experienced management team, which enables it to manage and execute complex earthworks projects reliably and on time [2] - Chuan Holdings holds a Class 1 general contractor license, allowing it to undertake public and private sector construction contracts [2]