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]

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 ...

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].

Core Viewpoint - Zhongyan Dadi, a leading geotechnical engineering company in China, has shown significant growth potential through its core technologies and strategic partnerships, despite its current lower revenue and profit rankings within the industry [1][2][6]. Company Overview - Zhongyan Dadi was established on December 19, 2008, and listed on the Shenzhen Stock Exchange on October 13, 2020. The company is headquartered in Beijing and specializes in providing comprehensive solutions in geotechnical engineering and environmental remediation [1]. - The company operates in the construction decoration sector, specifically in specialized engineering, and is involved in various concept sectors including small-cap, water conservancy construction, online education fusion, superconductivity, and nuclear power [1]. Financial Performance - For Q3 2025, Zhongyan Dadi reported a revenue of 447 million yuan, ranking 17th out of 20 in the industry, significantly lower than the top competitor, China Metallurgical Group, which reported 335.09 billion yuan [2]. - The main business revenue composition includes geotechnical engineering at 340 million yuan (94.16%), product sales at 17.59 million yuan (4.87%), and environmental remediation at 1.92 million yuan (0.53%) [2]. - The net profit for the same period was 20.07 million yuan, ranking 14th in the industry, again trailing behind major competitors [2]. Profitability and Debt Management - As of Q3 2025, Zhongyan Dadi's debt-to-asset ratio was 30.59%, a decrease from 31.85% year-on-year, and significantly lower than the industry average of 61.18% [3]. - The company's gross profit margin was reported at 24.29%, slightly down from 24.96% year-on-year but still above the industry average of 16.47% [3]. Management and Shareholder Structure - The chairman, Wang Lijian, received a salary of 339,000 yuan in 2024, an increase of 73,600 yuan from 2023. The general manager, Wu Siyu, earned 309,200 yuan, up by 44,900 yuan from the previous year [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 3.44% to 17,400, with an average holding of 6,203.64 shares, an increase of 3.57% [5]. Strategic Partnerships and Future Outlook - Tianfeng Securities noted that Zhongyan Dadi's profitability is expected to improve, benefiting from hydroelectric and nuclear power projects, with profit forecasts for 2025-2027 set at 150 million, 290 million, and 420 million yuan respectively [5]. - Huajin Securities highlighted the company's transition towards major national infrastructure projects, emphasizing its core technology and strategic collaborations, including partnerships with China Nuclear Group and Jingtai Technology [6].

Group 1 - The company Zhongyan Dadi (SZ 003001) announced that its fourth board meeting will be held on October 30, 2025, to review the proposal for the Q3 2025 report [1] - For the first half of 2025, the company's revenue composition is as follows: geotechnical engineering accounts for 94.16%, product sales for 4.87%, environmental remediation for 0.53%, and others for 0.44% [1] - As of the report date, Zhongyan Dadi has a market capitalization of 4.1 billion yuan [1]

Group 1 - The core point of the article is that Shenzhen Hongye Jiyuan Geotechnical Technology Co., Ltd. (referred to as Hongye Jiyuan) has seen its Hong Kong IPO application expire after six months, with China Merchants Securities acting as the sole sponsor during the application process [1] - Hongye Jiyuan has over 22 years of experience in geotechnical engineering services in South China since its establishment in 2002 [1] - The company holds a first-class qualification for foundation engineering contracting, along with two second-class qualifications and one class B qualification covering municipal public works, engineering surveying, geotechnical engineering design, and environmental engineering [1]