提交 根据规则424（b）（3）

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明 成集团控股有限公司

500,000 普通股

这 招股说明书涉及明盛集团控股有限公司（「明盛集团控股有限公司」）的500，000股普通股（「普通股」）公司”), 出售股东可能不时出售的（「售股股东」）在本招股说明书中点名。

我们 不会收到出售股东出售流通普通股的任何收益。

的 普通股已获准在纳斯达克证券市场有限责任公司（纳斯达克）运营的纳斯达克资本市场层级上市， 在股票代码「MSW」下。

投资者应注意 他们不是购买香港运营公司的股票，而是购买控股公司的股票 在开曼群岛注册成立的发行人通过其在香港的子公司运营，这涉及独特的风险 投资者

除非另有说明，否则如本招股说明书所用， 术语「我们」、「我们」、「我们的公司」和「公司」指明盛集团控股 Limited，一家根据开曼群岛法律注册成立的获豁免有限责任公司，无重大业务。电影我们 我们的所有业务均通过我们的两家子公司MS（HK）Engineering Limited和MS Engineering Co.进行，有限公司，根据 香港特别行政区（「香港特区」或「香港」）的法律。

我们现在是，并将继续 指纳斯达克证券市场规则第5615(C)(1)条所界定的“受控公司”。林志明先生，我们的主席 和首席执行官，将实益拥有我们当时已发行和已发行普通股约84.31%，并将 能够在完成后立即行使我们已发行和已发行普通股总投票权的约84.31% 首次公开发行(“首次公开发行”)，假设首次公开发行的承销商 发售并不行使其购买额外普通股的选择权，并假设林先生立即处置所有 根据回售招股章程，500,000股普通股。欲了解更多资讯，请参阅“主要股东”。虽然 我们不打算依赖纳斯达克股票市场规则第5615(C)(1)条下的“受控公司”豁免，我们 可以选择在未来依赖这一豁免。有关更多资讯，请阅读本招股说明书第11页开始的披露。

我们是一家「新兴成长型公司」， 修订后的2012年《快速启动我们的商业法案》中定义，因此有资格降低上市公司报告要求。 投资我们的普通股涉及风险。请参阅本文第15页开始的「风险因素」 招股说明书了解更多信息。

我们是「外国私人发行人」 根据适用的美国联邦证券法，因此有资格降低上市公司报告要求。请参阅 更多信息，请参阅本招股说明书第10页「成为外国私人发行人的影响」。

出售股份的股东 可不时以公开或非公开交易或两者兼而有之的方式发售或出售本招股说明书所提供的普通股。 这些销售将以固定价格、销售时的市场价格、与当时的市场价格相关的价格进行， 或者以协商好的价格。出售股东可以向承销商、经纪自营商或代理人出售股票，或通过承销商、经纪自营商或代理人出售股票，承销商、经纪自营商或代理人可以获得 以折扣、优惠或佣金的形式从出售股东、普通股购买者、 或者两者都有。任何参与的经纪自营商，以及任何作为经纪自营商关联公司的出售股东，均可被视为 是19《证券法》(经修订)所指的“承销商”，任何佣金或折扣给予 任何此类经纪交易商或其关联公司可被视为承销佣金或折扣 经修订的19证券法。出售股东已通知我们，他们没有任何协定或谅解，直接 或间接地与任何人分配其普通股。有关更完整的说明，请参阅“分销计划” 普通股的出售方式。

关于合并和合并的规定 2006年，六个中国监管机构通过并修订了《外国投资者收购境内公司》或《并购规则》 2009年，要求通过收购内地境内公司，为上市目的而成立的海外特殊目的载体 中国并由内地公司或个人控股中国取得中国证监会批准 (“中国证监会”)，在该特别目的载体的证券在海外上市和交易之前 证券交易所。此外，2021年12月24日，中国证监会发布了《国务院关于 境内企业境外发行证券上市(征求意见稿)(《管理条例(草案)》) 和《境内企业境外发行证券和上市备案管理办法(征求意见稿)》(征求意见稿)( 《备案办法草案》)，统称为《境外上市规则草案》，向社会公开征求意见。

2023年2月17日，经批准 国务院，中国证监会发布了《境内公司境外发行上市试行管理办法》， 或试行办法，及五项配套指引，于2023年3月31日起施行。根据试行办法， (一)境内公司直接或间接在境外发行或上市的，应当履行备案程式 并向中国证监会报告相关资讯；(2)发行人同时满足下列条件的，境外发行上市 应确定为境内公司境外间接上市：(一)下列任何一项总资产、净资产、收入 或发行人最近一个会计年度境内经营主体利润占相应 发行人同期经审计的综合财务报表中的数位；(2)其主要经营活动为 在中国执行的或其主要营业地点均设在中国，或由负责经营管理的高级管理人员负责 发行人主要为中国公民或在中国有住所；(3)境内公司寻求间接发行上市的 境外市场的证券，发行人应当指定境内主要经营主体负责所有备案手续 发行人向中国证监会申请首次公开发行股票并在境外上市的，发行人应当 自申请提交之日起三个工作日内向中国证监会提交备案。当日，证监会召开新闻发布会。 发布试行办法，发布《关于境内企业境外发行上市备案管理的通知》 公司，除其他外，澄清：(1)将给予国内公司六个月的过渡期，在此之前 试行办法施行之日，已获境外监管部门或证券交易所批准， 如已完成在美国市场的注册，但尚未完成境外间接上市； 已提交有效境外上市申请但尚未获得批准的境内公司 试行办法施行之日或之前，境外监管机构或证券交易所可以合理安排 向中国证监会提交备案申请的时间，并应在其境外备案完成前完成备案 招股上市。

在……上面 2023年2月24日，中国证监会、财政部、国家秘密保护和国家档案局 中国局联合发布《关于加强境外保密和档案管理的规定》 《境内企业发行上市证券或保密规定》，自3月3日起施行 2023年3月31日。保密规定要求，除其他事项外，(1)进行境外发行的境内公司 而直接和间接上市都要建立健全保密和档案管理制度，并采取必要的措施 履行保密和档案管理义务的措施；(2)国内公司计划直接或 或通过其境外上市实体，向包括证券公司在内的有关个人或单位公开披露或提供， 证券服务提供者和境外监管机构，任何包含国家秘密或政府工作秘密的档案和资料 代理机构，应当依法报经主管部门批准，并报保密行政主管部门备案 (三)境内公司拟直接或通过其境外上市机构公开披露 或者向证券公司、证券服务商、境外监管机构等有关个人和单位提供， 泄露其他有损国家安全或者公共利益的档案、资料的，应当严格履行 国家有关法规规定的有关程式；(四)境内公司履行有关程式后， 向证券公司、证券服务提供者和其他实体提供任何含有国家 国家机关秘密、工作秘密或者其他危害国家安全的档案、资料 或公共利益如果被泄露，资讯的提供者和接受者应当签署保密协定； 境内公司、证券公司或者证券服务提供者发现泄露或者可能泄露国家秘密的， 泄露国家机关工作秘密或者其他危害国家安全的档案、资料 或者公共利益的，应当立即采取补救措施，并向有关国家机关和单位报告。

明晟集团控股有限公司 是一间在开曼群岛注册成立的控股公司，并有两间营运附属公司在香港独资经营，而该公司并没有 任何附属公司或可变权益实体(“VIE”)或拟收购中国的任何股权 在内地中国境内的任何国内公司，也不由内地中国的任何公司或个人控制。此外，我们 总部设在香港，我们的首席执行官、首席财务官和所有董事会成员都在 在香港，中国不是内地公民，我们所有的收入和利润都来自我们在香港的子公司和 我们没有在大陆产生任何收入或利润，中国。此外，我们在可预见的时间内不打算在大陆开展业务中国 未来。因此，我们不相信我们会受到并购规则的约束，也不会被要求在试行中向中国证监会提交申请。 措施或保密条款。此外，根据香港特别行政区基本法， 或《基本法》，除《基本法》附件三所列的法律和法规外，其他法律和法规不在香港实施。 仅限于与国防、外交和其他不在自治范围内的事项有关的法律)。因此， 正如我们的中国律师中国商业律师事务所确认的那样，截至本招股说明书的日期，我们和我们的子公司都不在招股说明书的覆盖范围内 根据中国证监会或内地中国任何其他政府机构的许可要求，批准我们子公司的 运营或我们的产品。此外，我们或我们的附属公司在上市前均无须获得中国证监会的批准。 因此，截至招股说明书的日期，我们和我们的运营子公司都没有申请过任何 这样的许可或认可。尽管有上述意见，我们的中国法律顾问进一步告知我们，以下方面存在不确定性 中国将如何解读和实施并购规则、试行办法和保密规定 以上概述的监管机构及其意见受任何新的法律、法规或详细实施和解释的约束 与并购规则、试行办法和保密条款有关的任何形式。如果中国证监会或其他机构 中国监管机构随后确定，我们的发行需要事先获得中国证监会的批准，我们可能面临监管行动 或中国证监会或其他中国监管机构给予的其他处罚。此外，如果适用的法律、法规有重大变化， 或解释改变，这要求我们获得中国证监会或其他中国监管机构的批准，其中包括 任何阶段的并购规则、试行办法和保密条款，包括但不限于完成后 如果在这种情况下，我们或我们的香港子公司(I)没有收到或维持批准， (Ii)无意中得出不需要这种许可或批准的结论；。(Iii)需要获得这种许可或批准。 未来，如果适用的法律、法规或解释发生变化，或者(Iv)被中国证监会或任何其他中华人民共和国拒绝许可 监管机构，我们将不能在美国交易所上市我们的普通股，或继续向投资者提供证券， 这将对投资者的利益造成重大影响，并导致普通股价值大幅下降或一文不值。

最近，中国政府发起了 一系列监管行动和声明，以规范内地某些地区的商业经营中国，包括破解 严厉打击证券市场违法违规行为，加强对中国境外上市公司的监管 可变利益主体结构，采取新措施扩大网路安全审查范围，扩大力度 在反垄断执法方面。例如，2021年7月6日，中国共产党中央办公厅和 国务院办公厅联合发文打击证券市场违法违规行为推动 资本市场高质量发展，其中需要政府有关部门加强 跨境监管执法和司法合作，加强对内地中国上市公司的监管 在海外建立和完善内地中国证券法的域外适用制度。另外，在12月 2021年2月28日，《网路安全审查办法》(《办法》)公布并于2月15日起施行， 2022年，并要求除其他事项外，除任何“关键资讯基础设施运营者”外， 控制不少于一百万个用户的个人资讯(有待进一步说明)的任何“数据处理器” 寻求在外国证券交易所上市还应接受网路安全审查，《办法》进一步阐述了这一点 评估有关活动的国家安全风险时应考虑的因素。我们在香港的营运子公司 目前只服务于香港本地市场，目前没有在内地的任何业务中国。我们目前没有 预计这些措施将对我们的业务、运营或此次发行产生影响，我们也不预期我们或我们的香港子公司 符合中国网信办的许可要求(“CAC”)这是必需的 批准我们子公司的运营，因为我们不认为我们可能被视为“关键资讯的运营者 基础设施“或控制不少于一百万用户的个人资讯的”数据处理器“，即 在美国上市前需要提交网路安全审查，因为(I)我们的所有业务都是在香港进行的 经营目前只服务于香港本地市场的附属公司，我们目前在内地没有业务中国； 我们没有或打算拥有任何子公司，也没有或打算与内地任何实体建立VIE架构中国 这些措施是否适用于像我们这样的公司仍不清楚；(Iii)截至本招股说明书的日期，我们有 既不收集或存储任何内地中国个人或在内地中国的任何个人资讯，也不委托或 预计受任何个人或单位委托，进行内地任何中国个人或内部的任何数据处理活动 内地中国；及(Iv)截至本招股说明书日期，吾等并未获任何中国政府当局通知任何要求 我们必须提交网路安全审查。此外，根据香港特别行政区基本法，或 除列于《基本法》附件三的法律和法规外，《基本法》和中华人民共和国的法律、法规不在香港实施 仅限于与国防、外交和其他不在自治范围内的事项有关的法律)。已确认 我们的中国律师中国商事律师事务所根据他们对现行有效的中国法律法规的理解， 无论是我们或我们在香港的营运附属公司，目前均不受 措施。此外，我们或我们的子公司都不受CAC或任何其他政府部门的许可要求的影响 审批我们子公司运营所需的机构。然而，对于这些措施将如何实施，仍存在不确定性 被解释或实施。此外，在有关中华人民共和国的解释和执行方面也存在重大不确定性 网路安全法律法规。如果我们被认为是“关键资讯基础设施的运营者”或“数据 《处理者》根据《办法》对不少于100万名用户的个人资讯进行控制，或者颁布其他规定的 关于被视为适用于我们的措施，我们的业务运营和我们的普通股在美国上市可能 未来将接受CAC的网路安全审查。此外，如果适用的法律、法规有重大变化， 或解释更改，这需要我们公司在未来获得CAC或任何其他政府机构的批准，并且， 如在此情况下，在任何阶段，包括但不限于，于本次发售完成后，吾等或吾等香港营运附属公司 (I)没有收到或保持批准，(Ii)无意中得出不需要此类许可或批准的结论，或(Iii) 如果适用的法律、法规或解释发生变化，需要在将来获得此类许可或批准，或者(Iv) 如果被拒绝获得CAC或任何其他中国监管机构的许可，我们将无法在美国交易所上市我们的普通股。 或者继续向投资者提供证券，会对投资者的利益造成重大影响，造成普通股的价值 股价要么大幅下跌，要么一文不值。

然而，由于这些声明 而且监管行动是新的，因此立法或行政监管制定机构何时做出反应是高度不确定的 以及将修改或颁布哪些现有或新的法律、法规或详细实施和解释（如果有的话）。 此外，此类修改或新的法律法规将对我们的运营子公司产生什么潜在影响也高度不确定。 日常业务运营、接受外国投资的能力以及我们普通股在美国或其他外国上市 交流

如果发生重大更改， 适用的法律、法规或解释更改，要求本公司获得CAC或任何其他政府部门的批准 在将来代理，如果在这种情况下，我们或我们的香港子公司在任何阶段，包括但不限于，在完成时 对于本次发行，(I)未收到或保持批准，(Ii)无意中得出结论，此类许可或批准不是 需要，(Iii)如果适用法律、法规或解释，需要在未来获得此类许可或批准 变更，或(Iv)被中国证监会、CAC或任何其他中国相关监管机构、相关监管机构、 例如CAC或中国证监会，在处理此类违规行为时可能拥有广泛的自由裁量权，包括：对我们或香港处以罚款 终止或限制子公司的运营；施加下列条件或要求： 或者我们的运营子公司可能无法遵守；限制或禁止我们使用首次公开募股的收益 为在香港的业务和运作提供资金。施加这些惩罚中的任何一种也将导致实质性的和不利的 对我们开展业务的能力，以及我们的运营和财务状况的影响。如果发生上述任何一项或全部情况， 它可能会大大限制或完全阻碍我们完成此次发行的能力，或导致我们普通股的价值大幅上升 拒绝或变得一文不值。此外，我们可能无法完成此次发行，无法将我们的普通股在美国交易所上市，或者 继续向投资者提供证券，这也会对投资者的利益造成重大影响，并导致普通股的价值 股价要么大幅下跌，要么一文不值。见“风险因素-与我们公司结构相关的风险-最近， 中国政府发起了一系列监管行动和声明，以规范内地某些地区的商业运营。 中国，包括打击证券市场违法行为，加强对内地中国公司的监管 采用可变利益主体结构在境外上市，采取新措施扩大网络安全审查范围，以及 加大反垄断执法力度。在未来，我们可能会受到中国法律法规的制约 我们运营子公司的业务运营以及此类法律法规和解释的任何变化都可能损害我们的 盈利能力，这可能会对我们的运营和/或我们的价值造成实质性的负面影响 香港法律顾问David律师事务所告知我们，无论我们或我们的营运附属公司， 必须获得香港当局的许可或批准，才能向外国投资者发售注册的证券。 如果适用的法律、法规或解释有任何变化，我们或我们的任何子公司必须获得 在未来此类许可或批准的情况下，我们将努力遵守当时适用的法律、法规或解释。

2021年12月2日，美国证券交易委员会通过 对其规则的最终修订，涉及执行所持外国公司的某些披露和文件要求 公司问责法，或HFCAA，于2022年1月10日生效。如果发生以下情况，我们将被要求遵守这些规则 美国证券交易委员会认为，根据规则中的定义，我们在随后建立的程序中有一年没有进行检查 在美国证券交易委员会旁边。美国证券交易委员会正在评估如何落实HFCAA的其他要求。根据HFCAA，我们的证券可能被禁止 如果我们的审计师没有受到上市公司会计监督委员会的检查，我们就不能在纳斯达克或其他美国证券交易所进行交易， 或PCAOB，连续三年，这最终可能导致我们的股票被摘牌。此外，在2021年6月22日， 美国参议院通过了《加速追究外国公司责任法案》，并于2022年12月29日签署成为法律。 修改HFCAA并要求美国证券交易委员会在以下情况下禁止发行人的证券在任何美国证券交易所交易 审计师不接受PCAOB连续两年的检查，而不是连续三年，缩短了时间表 适用HPCAA的退市和交易禁令，从三年延长到两年，因此 缩短证券被禁止交易或退市前的时间。2021年9月22日，PCAOB通过了实施 HFCAA，它提供了一个框架，供PCAOB在根据HFCAA预期确定PCAOB是否无法 因所持职位而检查或调查位于外国司法管辖区的注册会计师事务所 由该司法管辖区内的一个或多个当局提出。

根据 对于HFCAA，PCAOB于2021年12月16日发布了一份确定报告，发现PCAOB无法检查或调查 完全注册的会计师事务所，总部设在：(1)内地中国的人民Republic of China；(2)香港 香港特别行政区的裁决于2022年12月15日撤销。此外，PCAOB的 报告确定了受这些决定制约的具体注册会计师事务所，哪些决定是 于2022年12月15日腾出。我们目前的注册会计师事务所ZH CPA，LLC为我们的财务报表进行了审计 截至2024年3月31日、2023年3月31日和2022年3月31日的财年，总部位于美国科罗拉多州丹佛市，总部不是 在内地或香港的中国，在2021年12月16日的PCAOB报告中并未被确认为受 PCAOB的决定，这些决定于2022年12月15日被撤销。尽管如此，如果PCAOB 不能全面检查我们中国审计师的工作底稿，投资者可能会被剥夺这样的利益 可能导致限制或限制我们进入美国资本市场和我们的证券交易的检查可能 根据HFCAA是被禁止的。此外，2022年8月26日，PCAOB与PCAOB签署了一项议定书声明或SOP协定 中国证监会和中国的财政部。标准作业程序与管理检查和调查的两项议定书协议一起，确定 一个具体、负责的框架，使PCAOB能够对总部设在中国的审计公司进行全面检查和调查 和香港，根据美国法律的要求。2022年12月15日，PCAOB宣布它能够确保完全访问检查 并于2022年全面调查了在PCAOB注册的会计师事务所，总部设在内地和香港的中国。PCAOB 撤销了之前2021年关于PCAOB无法检查或调查完全注册的公共会计的决定 公司总部设在大陆、中国和香港。不过，PCAOB能否继续令人满意地进行检查 在PCAOB注册的会计师事务所中，总部位于内地和香港的中国受到不确定性的影响，并取决于 我们和我们的审计师无法控制的因素数量。PCAOB继续要求完全进入大陆中国和 香港正在向前迈进，并已计划在2023年初及以后恢复定期检查，以及继续 进行正在进行的调查，并根据需要启动新的调查。PCAOB已表示将立即采取行动考虑 如果需要，需要向HFCAA发布新的决定。如果未来PCAOB再次确定它无法检查 并对内地中国和香港的审计师进行全面调查，那么被审计师审计的公司将受到 根据HFCAA对美国市场的交易禁令。见《风险因素--美国证券交易委员会和美方最近的联合声明》 PCAOB、纳斯达克提交的拟议规则修改以及HFCAA都呼吁对以下各项应用更多、更严格的标准 新兴市场公司评估其审计师的资格，特别是未接受检查的非美国审计师 被PCAOB。这些发展可能会增加我们的产品供应的不确定性。“

我们 不 使用可变利益实体 我们的企业结构。我们通过间接全资运营子公司MS（HK）Engineering Limited和MS Engineering 公司，有限公司，在香港从事湿贸易工程服务。

AS 截至目前，我们没有一家公司派发任何现金股息或进行任何现金分配。没有任何限制 用于在公司之间转移或分配现金。在我们正常的业务过程中，现金可以在 我们公司通过电汇往来银行账户来支付一定的业务费用，如贷款或出资。明自明 成集团控股有限公司于最近注册成立，至今未有任何转让、股息或分派。 控股公司明晟集团控股有限公司及其附属公司或其投资者。MS(香港)建筑工程有限公司 和我们的运营子公司分别根据英属维尔京群岛和香港的相关法律允许提供 通过股利分配筹集资金，不受资金数额的限制。对股息转移没有限制 从香港到开曼群岛，再到美国投资者。

不过，未来资金可能不会 由于我们的能力受到限制和限制，可用于资助业务或用于香港以外的其他用途 或中国政府对我们子公司转移现金的能力。对我们子公司的能力的任何限制 向我们付款可能会对我们开展业务的能力产生重大不利影响，并可能会大幅降低 我们的普通股或导致它们一文不值。

请 请参阅“招股说明书摘要-转入和转出我们的子公司的现金转移”和简明合并时间表 以及第7页的综合财务报表以获取更多信息。

既不 美国证券交易委员会、任何州证券委员会或任何其他监管机构均已批准或不批准 或确定本招股说明书是否真实或完整。任何相反的陈述都是刑事犯罪。

本招股说明书的日期 是2024年11月21日。

表 内容

关于这份招股说明书

我们和承销商 未授权任何人向您提供与本招股说明书或任何自由撰写招股说明书中所载内容不同的信息 由我们或代表我们准备或我们推荐您参考的。我们和承销商不承担任何责任，并且可以提供 不保证其他人可能向您提供的任何其他信息的可靠性。我们正在提供销售，并寻求报价 购买特此要约的普通股，但仅在要约和销售允许且合法的情况和司法管辖区 这样做.本招股说明书中包含的信息仅截至本招股说明书日期有效，无论交付时间如何 本招股说明书或普通股的任何出售。我们的业务、财务状况、运营业绩和前景可能 自那时起发生了变化。

对于美国以外的投资者： 我们和承销商均未采取任何行动允许在境外公开发行普通股 美国或允许拥有或分发本招股说明书或任何相关的自由撰写招股说明书。 美国境外拥有本招股说明书或任何相关免费撰写招股说明书的人员必须了解自己 关于普通股的发售和招股说明书的分发，并遵守与之相关的任何限制 美国的

我们获得了统计数据、市场数据 以及本招股说明书中描述的来自市场研究、公开信息和行业的其他行业数据和预测 出版物，包括独立市场研究和咨询公司Frost & Sullivan的出版物，涉及以下信息 香港的建筑业。虽然我们相信统计数据、行业数据以及预测和市场研究 是可靠的，我们尚未独立验证数据。

我们 根据《公司法》注册为豁免有限责任公司，我们的大部分未发行证券 由非美国居民拥有。根据美国证券交易委员会的规则，我们目前有资格获得“外国私人发行人”待遇。 作为外国私人发行人，我们不会被要求向SEC提交定期报告和财务报表， 与证券根据1934年证券交易法（“交易所”）注册的美国国内注册人一样迅速 行动”）。

通常 使用的定义术语

除非 另有说明或上下文另有要求，本招股说明书中提及：

我们 业务由我们在香港的间接全资运营子公司使用香港开展美元，香港货币。 我们的经审计综合财务报表和未经审计简明综合财务报表以美国呈列 美元.在本招股说明书中，我们指的是经审计的合并财务报表中的资产、义务、承诺和负债 以及以美元为单位的未经审计的简明综合财务报表。这些美元参考基于汇率 香港美元兑美元，在特定日期或特定时期确定。汇率变化将影响 我们的义务金额和以美元计算的资产价值，这可能会导致 我们的义务金额（以美元表示）和我们的资产价值，包括应收账款（以美元表示）。

交换 速率信息

的 公司是一家控股公司，通过其在香港的主要运营子公司及其报告在香港开展业务 货币为美元，公司功能货币为港元。金额的翻译 从港元兑换美元仅为方便读者，并按1美元= 7.8港元的挂钩汇率计算，即 兑换区的中点1美元= 7.75港元至7.85港元。香港金融管理局提供兑换保证， 根据该规定，当局承诺应1美元= 7.75港元强势银行的要求出售港元并购买港元 应弱势1美元= 7.85港元银行要求发行港元，以维持港元货币稳定在左右 1美元= 7.80港元。并无任何陈述表明港元金额代表或可能已或可兑换、变现或结算 按该汇率或任何其他汇率兑换成美元。

警示 关于前瞻性声明的声明

这 招股说明书包含涉及风险和不确定因素的前瞻性陈述，例如与未来事件、业务有关的陈述 战略、未来业绩、未来运营、积压、财务状况、预计收入和亏损、预计成本、前景、 管理的计划和目标。除历史事实以外的所有陈述都可能是前瞻性陈述。前瞻性 陈述常常，但不总是，通过使用诸如“目标”，“预期”，“相信”， “估计”、“预期”、“向前看”、“打算”、“可能”、“计划”、 “潜力”，“预测”，“提议”，“寻求”，“应该”，“将”， “Will”和类似的表达或它们的否定。前瞻性陈述不应被解读为对未来的保证 绩效或结果，并不一定准确地表明该等绩效或结果将在什么时间或由什么时候发生 才能实现。前瞻性陈述是基于管理层对结果的信念，基于目前可获得的信息 以及未来事件的时间安排。这些陈述涉及估计、假设、已知和未知风险、不确定性和其他因素。 这可能会导致实际结果或事件与这些前瞻性陈述中表达的结果或事件大不相同。在评估时 前瞻性陈述，你应该考虑风险因素和标题为“风险”一节中描述的其他警告性陈述。 这些因素。“我们相信本招股说明书所载前瞻性陈述所反映的预期是合理的， 但不能保证这些预期将被证明是正确的。前瞻性陈述不应过度依赖 在那里。

重要 可能导致实际结果或事件与前瞻性陈述中表达的结果或事件存在重大差异的因素包括，但是 不限于：

这些 因素不一定是可能导致实际结果或事件与所表达的结果或事件存在重大差异的所有重要因素 在前瞻性陈述中。其他未知或不可预测的因素也可能导致实际结果或事件存在重大差异 来自前瞻性陈述中表达的内容。我们未来的业绩将取决于各种其他风险和不确定性，包括 那些在标题为“风险因素”的部分中描述的。归属于我们的所有前瞻性陈述均符合以下条件： 他们的全部内容都是通过这个警告性声明。前瞻性陈述仅适用于本文日期。我们没有义务 在任何此类陈述发表之日后更新或修改任何前瞻性陈述，无论是由于新信息， 未来事件或其他。

的 提供

总结 财务数据

的 以下摘要列出了截至2024年3月31日财年的合并运营报表和现金流数据， 2023年和2022年以及截至2024年、2023年和2022年3月31日的合并资产负债表汇总数据，已得出 来自本招股说明书其他地方包含的合并财务报表。您应该结合我们的阅读本节 经审计的财务报表、随附注释以及题为“管理层对财务的讨论和分析”的部分 经营状况和业绩”包含在本招股说明书的其他地方。我们的合并财务报表已编制 并按照美国公认会计原则或美国GAAP呈列。我们的合并财务报表 已准备好，就好像当前的公司结构在所列期间一直存在一样。

运营结果数据：

资产负债表数据：

现金流量数据报表：

风险 因素

投资 我们的证券涉及高度风险。您应该仔细考虑以下描述的风险以及所有其他风险 在做出投资决定之前，本招股说明书中包含的信息。下文描述的风险和不确定性代表了我们的 我们业务面临的已知重大风险。如果实际发生以下任何风险，我们的业务、财务状况或结果 运营可能会受到影响。在这种情况下，您可能会失去全部或部分投资。您不应该投资此产品，除非您 可以承受失去您的全部投资。

风险 与我们的公司结构相关

我们 依靠运营子公司支付的股息和其他股权分配来资助我们的任何现金和融资需求 可能产生，并且对运营子公司向我们付款的能力的任何限制都可能产生重大不利影响 我们开展业务的能力。未来，资金可能无法用于资助运营或在香港以外的其他用途 由于中国政府对我们或我们的子公司转移现金的能力施加限制和限制。

明 盛集团控股有限公司是一家控股公司，我们依赖运营子公司支付的股息和其他股权分配 满足我们的现金和融资需求，包括向股东支付股息和其他现金分配所需的资金 并偿还我们可能产生的任何债务。我们预计在可预见的未来不会支付现金股息。我们预计我们将保留 任何收入来支持运营并为我们业务的增长和发展提供资金。如果任何运营子公司发生 未来代表其自身债务，管理债务的工具可能会限制其支付股息或进行其他分配的能力 对我们请参阅标题为“股息政策”的部分了解更多信息。

根据 根据《2004年英属维尔京群岛商业公司法》（经修订），英属维尔京群岛公司可以在以下范围内进行股息分配 分配后，该公司的负债不超过其资产，并且该公司有能力支付其 到期的债务。根据香港《公司条例》，香港公司只能从利润中进行分配 可供分发。根据香港税务局的现行做法，香港无需缴税 关于我们支付的股息。对我们香港子公司支付股息或进行其他分配的能力的任何限制 对我们来说可能会在重大和不利的情况下限制我们的增长、进行可能对我们业务有利的投资或收购的能力， 支付股息，或以其他方式资助和开展我们的业务。

在现行税务局的做法下 作为香港分部，本公司派发的股息在香港无须缴税。请参阅“税务-香港税务”。 中国法律和法规目前对明晟集团控股有限公司向 我们的营运附属公司或我们的营运附属公司向明晟集团控股有限公司、我们的股东及美国投资者转让。然而， 未来，中国政府可能会对我们将资金转移出香港、分发资金的能力施加限制或限制 向我们组织内的其他实体支付收益和支付股息，或对我们香港以外的业务进行再投资。 这些限制和限制，如日后实施，可能会延误或阻碍我们把业务扩展至香港以外的地区。 并可能影响我们从香港营运附属公司收取资金的能力。颁布新的法律或法规， 或对现有法律和法规的新解释，在每一种情况下，限制或以其他方式不利影响能力或 我们经营业务的方式，可能需要我们改变业务的某些方面以确保合规性，这可能会减少需求 对于我们的服务，减少收入，增加成本，要求我们获得更多的许可证，许可证，批准或证书，或主题 美国将承担额外的债务。在需要实施任何新的或更严格的措施的范围内，我们的业务、金融 运营的条件和结果可能会受到不利影响，这种测量可能会大幅降低我们的普通股价值 股票，可能会让它们一文不值。

最近，中国政府发起了一系列 监管中国大陆某些地区的业务运营的监管行动和声明，包括打击非法 证券市场活动，加强对利用可变利率在境外上市的中国内地公司的监管 实体结构，采取新措施扩大网络安全审查范围，扩大反垄断执法力度。 未来，我们可能会遵守与我们的运营子公司当前业务运营相关的中国法律法规 此类法律法规和解释的任何变化都可能会损害我们盈利运营的能力，这可能会导致 对我们的运营和/或我们普通股的价值产生重大负面影响。

尽管我们对我们的运营拥有直接所有权 在香港的实体，目前没有或打算有任何附属公司或任何合约安排，以建立VIE结构 对于大陆的任何实体中国，我们仍然面临与我们的运营子公司相关的某些法律和运营风险， 总部设在香港，迄今所有业务都在香港。此外，相关的法律和操作风险 在内地中国也可能适用于在香港的业务，我们面临著与复杂和不确定相关的风险和不确定因素 关于不断演变的中国法律和法规，以及最近中国政府的声明和监管发展是否以及如何，例如 那些与数据和网路空间安全以及反垄断担忧有关的规定将适用于我们的运营子公司等公司 和明晟集团控股有限公司，鉴于我们在香港和中国政府的运营子公司的大量业务 可对在香港进行的业务进行重大监督。如果我们或我们的运营子公司 要受中国法律法规的约束，我们可能会产生物质成本以确保合规，我们或我们的运营子公司 可能会被处以罚款、有经验的证券评估或退市，不再被允许向外国公司进行股票发行 投资者，和/或不再被允许继续目前进行的业务运营。我们的组织结构包括 投资者面临风险，中国监管机构可能不允许这种结构，这可能会导致实质性的变化 和/或我们普通股价值的重大变化，包括 这类事件可能会导致此类证券的价值大幅缩水或变得一文不值。此外，还有很大的不确定性。 关于中国法律法规的解释和适用，包括但不限于相关的法律法规 在某些情况下，对我们的业务以及我们与客户之间的安排的执行和履行。法律法规 可能会受到未来变化的影响，其官方解释和执行可能涉及很大的不确定性。其有效性 对新颁布的法律或法规的解释，包括对现有法律和法规的修订，可能会推迟，我们的 如果我们依赖法律和法规，而这些法律和法规后来被采纳或解释为不同于 我们对这些法律法规的理解。我们无法预测对现有或新的中国法律或法规的解释会产生什么影响。 可能会影响我们的生意。

We may become subject to a variety of PRC laws and other obligations regarding M&A Rules, the Trial Measures and data security, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended in 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of domestic companies in mainland China and controlled by companies or individuals of mainland China to obtain the approval of the China Securities Regulatory Commission, or CSRC, prior to the listing and trading of such special purpose vehicle’s securities on an overseas stock exchange. In addition, on December 24, 2021, the CSRC released the Administrative Regulations of the State Council Concerning the Oversea Issuance of Security and Listing by Domestic Enterprise (Draft for Comments) (the “Draft Administrative Regulations”) and the Measures for the Overseas Issuance of Securities and Listing Record-Filings by Domestic Enterprises (Draft for Comments) (the “Draft Filing Measures”), collectively the “Draft Rules on Overseas Listing”, for public opinion.

Ming Shing Group Holdings Limited is a holding company incorporated in the Cayman Islands with operating entities based in Hong Kong, as of the date of this prospectus, we have no subsidiary, VIE structure or any direct operations in mainland China, nor do we intend to have any subsidiary or VIE structure or to acquire any equity interests in any domestic companies in mainland China, and we are not controlled by any companies or individuals of mainland China. Further, we are headquartered in Hong Kong, with our chief executive officer, chief financial officer and all members of the board of directors of Ming Shing Group Holdings Limited are based in Hong Kong are not mainland China citizens and all of our revenues and profits are generated by our subsidiaries in Hong Kong and we have not generated any revenues or profits in mainland China. Additionally, we do not intend to operate in mainland China in the foreseeable future. As such, we do not believe we would be subject to the M&A Rules, or would be required to file with the CSRC under the Trial Measures. Moreover, pursuant to the Basic Law of the Hong Kong Special Administrative Region, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy).Therefore, as confirmed by our PRC counsel, Chinese Commercial Law Firm, as of the date of this prospectus, the CSRC’s approval or review is not required for the listing and trading of our Ordinary Shares in the U.S. exchange as provided under the M&A Rules and the Trial Measures.

We are aware that, recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including a cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. For example, on July 6, 2021,the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over mainland China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

此外，在2021年12月28日，该措施 于2022年2月15日公布并生效，除其他事项外，还要求 关键资讯基础设施“，任何”数据处理器“控制的个人资讯不少于一个 寻求在外国证券交易所上市的100万用户也应接受网路安全审查，并进一步详细说明 关于在评估有关活动的国家安全风险时应考虑的因素。《办法》的公布 表明CAC对数据安全进行了更严格的监督，这可能会影响我们的业务和未来的产品。截至日期 在本次招股说明书中，我们的香港运营子公司没有任何内地中国个人作为客户。然而，我们的运营 子公司可能会收集和存储其客户的某些数据(包括某些个人资讯)，以用于“了解您的客户” 目的，未来可能包括大陆中国个人。截至本招股说明书发布之日，经我们的中国律师确认， 中国商事律师事务所，我们预计这些措施不会对我们的业务、运营或此次发行产生影响 或我们在香港经营的附属公司须符合CAC或任何其他须批准的政府机构的许可要求 我们的子公司的运营，因为我们不相信我们将被视为“关键资讯基础设施的运营商” 或控制不少于一百万用户的个人资讯的“数据处理器”，这些用户需要提交网路安全申请 目前只为香港本地市场服务，我们目前在内地没有业务中国；。(Ii)我们没有，也没有打算。 在内地没有任何子公司，也没有或打算与任何实体建立VIE结构中国，措施继续 不清楚它们是否适用于我们这样的公司；(Iii)截至本招股说明书日期，我们既没有收集也没有存储 任何内地中国个人或在内地中国的个人资料，我们也不委托或期望被任何人委托 个人或单位从事任何内地中国个人或内地中国境内的任何资料处理活动；。(Iv)自 于本招股说明书日期，吾等并未获任何中国政府当局通知任何有关吾等必须申请网路安全的要求。 (V)根据《香港特别行政区基本法》或《基本法》、《中华人民共和国法律法规》进行检讨； 不适用于香港，但《基本法》附件三所列者除外(仅限于与国家有关的法律 国防、外交和其他不在自治范围内的事项)。然而，仍然存在很大的不确定性。 解释和执行相关的中国网路安全法律法规。如果我们被认为是“操作者” 关键资讯基础设施“或”数据处理器“控制个人资讯不少于一个 百万用户，或与本办法相关的其他法规被视为适用于我们、我们子公司的业务 我们的运营和普通股在美国的上市可能受到CAC的网路安全审查，或者我们和我们的子公司 可能由CAC或任何其他需要批准我们子公司运营的政府机构的许可涵盖 在未来。 行政法规制定机构将对哪些现有或新的法律、法规或具体实施和解释作出回应 将被修改或颁布(如果有的话)。这种修改或新的法律和法规的潜在影响也仍然高度不确定 将对我们子公司的日常业务运营、其接受外资的能力和我们普通的上市公司产生影响 在美国或其他外国交易所上市的股票。如果发生上述任何一种或全部情况，可能会显著限制或完全阻碍

在……上面 2023年2月17日，证监会发布《境内公司境外发行上市试行管理办法》， 或试行办法，及五项配套指引，于2023年3月31日起施行。根据《试行办法》， 寻求在海外直接或间接发行或上市的境内公司，应履行备案程序。 并向中国证监会报告相关信息。但是，试行办法自新颁布以来，其解释、适用 而执法情况仍不明朗。本次发行需要按照试行办法向中国证监会备案的 如本公司日后进行招股、上市或任何其他集资活动，本公司能否完成备案程序尚不确定。 及时地，或者根本不是。任何未能完成此类备案的情况都可能使我们受到监管行动或来自 中国证监会或其他中国监管机构。这些监管机构可能会对我们在中国的业务处以罚款和处罚，限制我们的 在中国境外分红的能力，限制我们在中国的经营特权，推迟或者限制收益的汇回 从境外向中国提供证券或采取其他可能对我们的业务产生实质性不利影响的行为，金融 经营状况、经营结果和前景，以及我们普通股的交易价格。

在……上面 2023年2月24日，中国证监会、财政部、国家秘密保护和国家档案局 中国局联合发布《关于加强境外保密和档案管理的规定》 《境内企业发行上市证券或保密规定》，自3月3日起施行 2023年3月31日。保密规定要求，除其他事项外，(1)进行境外发行的境内公司，以及 直接和间接上市都要建立健全保密和档案管理制度，并采取必要的措施 履行保密和档案管理义务的措施；(2)国内公司计划直接或 或通过其境外上市实体，向包括证券公司在内的有关个人或实体公开披露或提供， 证券服务提供者和境外监管机构，任何包含国家秘密或政府工作秘密的文件和资料 代理机构，应当依法报经主管部门批准，并报保密行政主管部门备案 (三)境内公司拟直接或通过其境外上市机构公开披露 或者向证券公司、证券服务商、境外监管机构等有关个人和单位提供， 泄露其他有损国家安全或者公共利益的文件、资料的，应当严格履行 国家有关法规规定的有关程序；(四)境内公司履行有关程序后， 向证券公司、证券服务提供者和其他实体提供任何含有国家 国家机关秘密、工作秘密或者其他危害国家安全的文件、资料 或公共利益如果被泄露，信息的提供者和接受者应当签署保密协议； 境内公司、证券公司或者证券服务提供者发现泄露或者可能泄露国家秘密的， 泄露国家机关工作秘密或者其他危害国家安全的文件、资料 或者公共利益的，应当立即采取补救措施，并向有关国家机关和单位报告。

截至本招股说明书日期，我们获悉 由香港律师David Fong & Co.负责，我们无需获得香港当局的许可或批准即可提供 向外国投资者注册的证券。如果适用法律、法规或解释发生任何变化， 并且我们或我们的任何子公司未来需要获得此类许可或批准，我们将努力遵守 然后是适用的法律、法规或解释。

我们的中国法律顾问中国商业 律师事务所，基于他们对中国现行法律法规的理解，截至本招股说明书之日， 我们或我们的运营子公司，均受并购规则、试行办法、保密条款、办法的约束 或中国证监会或中国民航总局截至招股说明书发布之日已出台的规定或政策，目前也不包括 根据中国证监会、中国民航总局或任何其他需要批准我们在香港上市的中国政府机构的许可要求 美国证券交易所和发行证券。因此，基于前述，由于我们不受发布的法规或政策的约束 到目前为止，CAC认为我们目前不需要遵守CAC发布的此类法规和政策 截至本招股说明书发布之日。此外，截至招股说明书日期，我们和我们的运营子公司都没有申请 对于任何此类许可或批准，由于我们目前不受并购规则或由 CAC.尽管有上述意见，我们的中国法律顾问进一步建议我们，并购规则如何存在不确定性 试行办法和保密规定将由中国监管机构及其意见负责解释和实施 以上概述受任何新的法律、规则和条例或任何形式的详细实施和解释的约束 关于并购规则、试行办法和保密条款的规定。如果中国证监会或其他中国监管机构随后 如果确定我们的发行需要事先获得中国证监会的批准，我们可能面临中国证监会的监管行动或其他制裁，或者 其他中国监管机构。此外，如果适用的法律、法规或解释发生重大变化， 这要求我们在并购规则、试行办法等方面获得中国证监会或其他中国监管机构的批准 以及未来任何阶段的保密条款，包括但不限于本次发行完成后的保密条款，以及 如果在这种情况下，我们或我们的香港子公司(I)没有收到或维持批准，(Ii)无意中得出这样的结论 不需要许可或批准，(Iii)如果适用法律，需要在未来获得此类许可或批准， 法规或解释更改，或(Iv)被中国证监会或任何其他中国监管机构拒绝许可，我们将 不能将我们的普通股在美国交易所上市，或继续向投资者提供证券，这将对 投资者的利益，导致普通股的价值大幅下降或一文不值。

我们几乎所有的运营子公司 业务在香港进行。然而，由于现行中华人民共和国法律法规的长臂条款，中国 政府可以对此类业务的开展行使重大监督和自由裁量权，并可以在任何情况下影响此类业务 时间，这可能导致运营子公司的运营和/或我们普通股的价值发生重大变化。 中国政府还可能对我们将资金转出香港以分配盈利和支付股息的能力施加限制 或对我们在香港以外的业务进行再投资。政策、法规、规则和法律执行的变化 中国政府也可能很快发生，我们对中国法律和监管体系带来的风险的断言和信念不能 一定要确定。

最近，中国政府发起了一系列 监管行动和声明，以规范内地某些地区的商业经营中国，包括打击 证券市场违法违规行为，加强对内地中国境外上市公司的监管 利益主体结构，采取新措施扩大网络安全审查范围，扩大反垄断力度 执法部门。鉴于中国政府最近的声明表明有意对股票发行施加更多监督和控制 境外和/或外国投资于内地中国的发行人，任何此类行动都可能显著限制或完全限制 妨碍我们向投资者提供或继续提供证券的能力，并导致此类证券大幅下跌或一文不值。 此外，对海外进行的发售和/或影响我们在香港的子公司的外国投资的任何进一步控制 香港政府可能会导致我们的运营子公司的运营、财务业绩和/或 我们普通股的价值或削弱我们筹集资金的能力。

如果中国政府选择延长 对海外进行的发行和/或外国投资于中国大陆发行人对香港发行人的监督和控制 发行人，此类行动可能会严重限制或完全阻碍我们向投资者提供或继续提供普通股的能力 并导致我们普通股的价值大幅下降或一文不值。

中国最近的声明、法律和法规 政府，包括《网络安全审查办法》、《中华人民共和国个人信息保护法》和《试行办法》 已表示打算对海外和/或外国投资进行更多监督和控制 在中国大陆发行人中。我们可能需要获得中国监管机构的批准或审查才能推出该产品。 中国政府未来扩大外国证券发行所涉及的行业和公司类别的任何行动 接受中国证监会审查可能会严重限制或完全阻碍我们向投资者提供或继续提供证券的能力 并可能导致此类证券的价值大幅下降或一文不值。

与我们的商业和工业有关的风险

我们 业绩取决于市场状况和湿贸易行业的趋势以及是否出现任何放缓（就交易而言 由于香港房地产市场的量和价格），香港的湿贸易工程项目的供应量可能会大幅减少。

为 截至2024年、2023年和2022年3月31日的财年，我们的大部分收入来自香港的湿贸易工程。 湿工工程行业的未来发展和香港湿工工程项目的供应很大程度上取决于 有关香港房地产市场的持续发展。可用的湿贸易工程项目的性质、范围和时间安排 将取决于多种因素的相互作用，包括政府对香港房地产市场的政策 香港、土地供应和公共住房政策、房地产开发商的投资以及香港的概况和前景 香港的经济。这些因素可能会影响香港潮湿行业工程项目的供应。

如果 如果香港房地产市场（就交易量和价格而言）出现放缓，我们无法保证 香港的湿贸易工程项目供应量不会大幅减少，我们的业务和财务状况及前景 可能会受到不利和重大影响。

我们 收入主要来自非经常性项目，无法保证我们的客户会为我们提供 与新业务。

我们 收入通常来自非经常性项目，我们的客户没有义务授予项目 对我们在截至2024年3月31日、2023年和2022年3月31日的财年，我们主要通过招标获得新业务 由客户。无法保证我们将来能够获得新合同。因此，数量和规模 项目和我们能够从中获得的收入金额可能因时期而异，并且可能很困难 预测未来业务量。如果我们未能获得新合同或合同大幅下降 未来可供投标的招标或合同数量、我们的业务、财务状况和前景可能 受到重大不利影响。

我们 收入成本历来波动。如果我们的收入成本出现任何显着增加，我们的毛利率可能会 减少，我们的业务运营和财务状况可能会受到重大不利影响。

我们 收入通常来自项目，每个合同金额参考制定的投标价格确定 基于我们估计成本的一定加价。我们服务的定价根据具体情况确定，并取决于 各种因素，通常包括（i）服务范围;（ii）分包服务类型的价格趋势， 以及所需的材料和工具;（iii）项目的复杂性和地点;（iv）估计数量和类型 所需设备的数量;（v）客户要求的完成时间;以及（vi）人力和财政资源的可用性。 我们将不时审查成本预算。如果实际成本高于最初预算，可能会降低我们的利润率 并影响我们的财务表现。如果我们未能将成本控制在初始预算内，我们的业务运营和财务结果 可能会受到不利影响。

的 已完成工作的实际总价值可能与我们与客户的合同中规定的原始估计合同金额不同。

我们的 在项目实施期间，客户可以通过以下方式要求增加、减少或更改超出合同范围的工程 向我们下变更订单。我们可以从项目中获得的总收入可能不同于 由于我们的客户下了变更订单，相关合同中规定的原始估计合同金额。因此，有 不能保证最终与客户商定的费用和收费金额足以收回所产生的成本 或为我们提供合理的利润率，或从我们的项目中获得的收入金额不会有实质性的差异 我们的财政状况可能会受到不利影响。 由于订单变更导致我们的收入减少，尽管公司会定期审查我们项目的状况。 因此，我们不能保证我们未来的收入和利润率将保持在与记录相当的水平 在截至2024年3月31日、2023年和2022年3月31日的财政年度内。

任何 重大不准确的成本估计或成本超支可能会对我们的财务业绩产生不利影响。

当 在确定投标价格时，我们的管理层将考虑到（i）范围来估计项目涉及的时间和成本 工程;（ii）分包服务类型以及所需材料的价格趋势;（iii）复杂性和地点 项目的;（iv）所需设备的估计数量和类型;（v）客户要求的完成时间;和（vi） 我们的劳动力和财政资源的可用性。

那里 并不保证我们项目执行期间发生的实际时间和成本不会超过我们的估计。 完成项目的实际时间和成本可能会受到许多因素的不利影响，包括不可预见的 现场条件、恶劣的天气条件、事故、我们分包商的不履行、成本意外大幅增加 同意由我们承担的材料数量、我们的客户要求的整改工程量意外增加以及其他 不可预见的问题和情况。对项目涉及的时间和成本的任何重大不准确估计都可能导致 工程完工延迟和/或成本超支，这反过来可能会对我们的财务状况、盈利能力产生重大不利影响 和流动性。我们通常承担项目延误和成本超支的风险，而且我们通常无法转嫁这些成本 致我们的客户。

如果 我们不遵守某些法律，可能会被暂停或禁止签约，这可能会产生重大不利影响 关于我们的生意。

各种 我们的运营所遵守的法规，例如《工厂及工业经营条例》（第32章）。香港法律第59条）、 建筑工地（安全）法规（第32章）香港法律第59 I条）、工厂及工业企业（安全主任及 安全监督员）法规（第12章香港法律第59 Z条）、《工厂及工业经营（安全管理）规则》 （大写。香港法律第59 AF章）和《职业安全及健康条例》（第59 AF章）。香港法律第509条），涉及 施工过程中的健康和安全以及各种其他法规规定了酌情暂停和/或禁止 在某些情况下。

的 任何暂停或禁止的范围和持续时间可能会根据特定案件的事实以及法定或监管而有所不同 禁止入境的理由。任何暂停或禁止签约将对我们的财务状况、结果产生重大不利影响 运营或流动性的。

不满意 我们分包商的表现或分包商的不可用可能会对我们的运营和盈利能力产生不利影响。

我们 注重项目管理和监督在项目实施中的作用，我们一般聘请分包商履行 工地的一部分在我们的监督下工作。为了控制和确保我们分包商的工程质量和进度， 我们根据分包商的服务质量、资质、技能和技术、现行市场价格、交货期来选择分包商。 时间，资源的可用性，以满足我们的要求和声誉。不能保证我们分包商的工作质量 总能满足我们的要求。我们可能会受到分包商不履行、不适当或质量不佳的工程的影响。 此类事件可能会影响我们的盈利能力、财务表现和声誉。此外，不能保证我们会 总是能够在需要时从合适的分包商那里获得服务，或者能够协商出可接受的费用和服务条款 与分包商合作。在这种情况下，我们的运营和财务状况可能会受到不利影响。

在 如果我们的分包商未能遵守客户提出的安全指南和其他要求，我们可能会承担责任 向我们的客户支付他们产生的费用和罚款。尽管我们有权获得分包商的补偿 对于分包协议下的此类处罚，我们可能无法向此类分包商索赔以维持 与我们的主要分包商建立稳定的关系。在这种情况下，我们可能会承担我们的额外费用和罚款 分包商未能遵守我们客户施加的安全程序和其他要求。

我们 依赖第三方供应材料来运营我们的业务。

我们 从我们的供应商购买材料以提供我们的服务。来自我们供应商的主要材料类型包括 波特兰水泥、水硬性石灰、混凝土块、集料和沙子。我们无法向您保证我们良好的工作关系 未来将继续与我们的供应商合作。此外，我们的行业历史上也曾出现过供应短缺的时期。

的 无法购买材料可能会严重影响我们的业务。如果我们的供应商遇到价格上涨或中断 业务，例如劳资纠纷、供应短缺或分销问题、我们的业务、财务状况、运营结果、 流动性和现金流可能会受到重大不利影响。

我们 可能无法在我们竞争激烈的行业中进行有利的竞争。

一些 我们的竞争对手可能具有一定的优势，包括但不限于具有悠久的经营历史、更好的融资能力 以及发达的技术专业知识。新参与者可能希望进入该行业，前提是他们拥有适当的技能， 当地经验、必要的设备、资本，并且获得相关监管机构授予必要的许可或批准。 竞争的任何显着加剧都可能导致营业利润率下降和市场份额损失，这可能会对我们的 盈利能力和经营业绩。

期间 截至2024年3月31日、2023年和2022年3月31日的财年，我们的五大客户占我们的很大一部分 总营收

一 我们收入的很大一部分来自有限数量的客户。我们本财年的五大客户结束 2024年、2023年和2022年3月31日分别占我们相应收入的91.7%、93.4%和92.8% 分别是时期。特别是，我们的一位顶级客户贡献了我们约62.2%、42.1%和23.6%的收入 截至2024年3月31日、2023年和2022年3月31日的财年总收入。我们的客户逐个项目参与其中 基础无法保证我们未来将继续从主要客户获得合同。是否存在显著 主要客户授予的项目数量减少，无法获得同等规模的合适项目 以及其他客户的替代品数量，我们的财务状况和经营业绩将受到重大不利影响。

环境， 健康和安全法律和法规以及此类法律和法规的任何变更或由此产生的责任可能会产生重大影响 对我们的财务状况、运营业绩和流动性产生不利影响。

我们 运营受到严格而复杂的法律和法规的约束，管理物质排入环境、健康 以及我们运营的安全方面或与环境保护相关的其他方面。这些法律和法规可能会施加许多 适用于我们运营的义务，包括：在开展受监管的活动之前获得许可证或其他批准; 对可以释放到环境中的物质的类型、数量和浓度的限制;限制或 禁止在荒野、湿地和其他保护区内的某些土地上进行活动;具体的适用 解决工人保护的健康和安全标准;并对我们造成的污染承担重大责任 运营

一 许多政府当局有权强制遵守这些法律和法规以及根据其颁发的许可证。 此类执法行动通常涉及困难且代价高昂的合规措施或纠正行动。未能遵守这些法律 和法规可能会导致对制裁的评估，包括行政、民事或刑事处罚、自然资源损害， 施加调查或补救义务，以及发布限制或禁止我们部分或全部业务的命令。 此外，我们可能会在获得或无法获得所需许可时遇到延误，这可能会延迟或中断我们的运营 并限制我们的增长和收入。

某些 环境法规定严格责任（即，无需证明「过错」）或承担共同责任 补救和恢复储存或释放危险物质、碳氢化合物或固体废物的场所所需的费用。 我们可能被要求对我们或第三方设施当前或以前拥有或运营的受污染的财产进行补救， 收到我们运营产生的废物，无论此类污染是否由他人行为或后果造成 我们自己的行动在采取这些行动时是否符合所有适用法律。此外，存在 我们拥有、租赁或运营的房产的污染可能会导致运营成本增加或限制我们的能力 按预期使用这些属性。

在 在某些情况下，如果我们不遵守环境规定，公民团体也有能力对我们提起法律诉讼 法律或挑战我们获得运营所需的环境许可证的能力。此外，对人身或人身损害的索赔 财产（包括自然资源）可能源于我们的运营对环境、健康和安全的影响。我们的保险 可能无法承保所有环境风险和成本，或者如果针对我们提出环境索赔，可能无法提供足够的承保范围。 此外，近年来，公众对保护环境的兴趣急剧增加。更加扩张和严格的趋势 适用于我们行业的环境立法和法规可能会继续下去，导致开展业务的成本增加， 从而影响盈利能力。

我们 可能无法有效实施我们的业务计划以实现未来的增长。

我们的 扩展计划是基于对香港和香港湿货行业市场前景的前瞻性评估。 不能保证这样的评估将被证明总是正确的，或者它将能够按计划发展我们的业务。扩展 计划可能会受到一些我们无法控制的因素的影响。这些因素包括但不限于经济状况的变化。 在香港，湿货行业的供求变化、工程服务及与湿货行业有关的政府法规 工业界。我们未来的增长有赖于我们有能力改善我们的行政、技术和运营基础设施。AS 随著业务的扩大，我们在管理业务时可能会遇到一系列困难，例如：(一)产生足够的 内部流动资金或为资本需求获得外部融资，以及(2)分配其资源和管理其关系 拥有越来越多的客户、供应商和其他业务伙伴。不能保证未来的增长会成为现实。 或者我们将能够有效地管理未来的增长，如果做不到这一点，将对我们的业务产生实质性的不利影响， 财务状况和经营业绩。

我们 持续的成功需要我们在竞争激烈的行业中雇用、培训和留住合格的人员和分包商。

的 我们业务的成功取决于我们吸引、培训和留住合格、可靠的人员的能力，包括但不限于 致我们的行政人员和主要管理人员，例如林启明先生。此外，我们业务的成功运营 取决于拥有必要和所需经验的项目管理人员、其他员工和合格分包商 和专业知识，以及谁将以合理且有竞争力的价格提供各自的服务。这些和其他经验丰富的竞争 人员紧张。因此，可能很难吸引和留住具有必要专业知识和能力的合格个人 我们客户要求的时间表。

在 此外，提供服务的成本，包括我们利用劳动力的程度，会影响我们的盈利能力。为 例如，合同授予时间的不确定性可能会给我们的员工规模与合同相匹配带来困难。如果是预期 合同授予被推迟或未收到，我们可能会因员工过剩或设施冗余而产生成本，这些设施可能会导致 对我们的业务、财务状况和运营运绩产生重大不利影响。

失败 可靠、及时地完成我们的项目可能会对我们的声誉、财务业绩产生重大影响，或者可能会受到 我们索赔。

的 与客户签订的合同通常包含违约金条款，根据该条款，我们有责任向我们的客户支付违约金 如果我们无法在合同规定的时间内交付或执行合同工程，则向客户提供赔偿。违约金 一般按每天固定金额确定。

延迟 由于各种不可预见的因素，例如人力短缺、分包商的延误、工业 事故和材料交付延误。如果我们在项目完成方面出现任何延误，我们可能有责任付款 合同项下的违约金。我们无法保证我们现有和未来的项目不会出现任何延误 与违约金相关的索赔，这反过来又将对我们的声誉、业务、财务状况产生不利影响 和运营结果。

我们 运营受到可能导致人身伤害或财产损失的特殊危险，使我们承担责任和可能的 保险可能不承保的损失。

操作 我们业务中固有的危险（其中一些可能超出了我们的控制范围）可能会导致人身伤害和生命损失、损害或 财产、厂房和设备的破坏以及环境的破坏。我们按金额和风险维持保险范围 我们认为符合行业实践，但该保险可能不足以或无法涵盖所有损失或责任 我们在运营中可能发生的情况。

我们 保险单有不同水平的免赔额。我们的免赔额以内的损失是根据我们的估计累积的 已发生索赔的最终责任以及已发生但未报告的索赔的估计。然而，须保险的责任 由于未知因素，包括伤害的严重程度、我们责任的确定比例等，很难估计 向其他各方提供未报告事件的数量以及我们安全计划的有效性。如果我们要体验保险 索赔或成本超出我们的估计，我们可能需要使用营运资金来满足这些索赔，而不是使用营运资金 维持或扩大我们的运营。

某些 本招股说明书中的数据和信息来自第三方来源，未经我们独立验证。

我们 已聘请Frost & Sullivan委托编写一份分析香港建筑业的行业报告。信息 与香港建筑业相关的数据来自Frost & Sullivan的行业报告。统计 Frost & Sullivan报告中包含的数据还包括基于许多假设的预测。建筑业 可能不会按照市场数据预测的速度增长，甚至根本不会增长。香港建筑业未能按预期增长 利率可能会对我们的业务和普通股的市场价格产生重大不利影响。此外，如果有任何一个或多个 市场数据的假设后来被发现不正确，实际结果可能与基于 这些假设。

我们 尚未独立验证Frost & Sullivan报告或任何第三方出版物中包含的数据和信息 以及Frost & Sullivan在编写报告时所依赖的报告。此类第三方出版物中包含的数据和信息 并且可能会使用第三方方法收集报告，该方法可能与我们使用的数据收集方法不同。此外， 这些行业出版物和报告通常表明其中包含的信息被认为是可靠的，但确实 不保证此类信息的准确性和完整性。

我们 未来可能需要筹集额外资本用于运营资本、资本支出和/或收购，但我们可能无法 以优惠条件或根本不这样做，这将损害我们运营运务或实现增长目标的能力。

我们 持续产生现金的能力对于为我们的持续运营提供资金、进行收购和偿还债务至关重要。 现有现金余额和运营现金流以及借贷能力不足以进行投资 或收购或提供所需的运营资金，我们可能需要其他来源的额外融资。我们获得这样的能力 未来的额外融资将部分取决于当前的资本市场状况以及我们的业务状况 经营结果。这些因素可能会影响我们以我们可以接受的条款安排额外融资的努力。

Furthermore, if global economic, political or other market conditions adversely affect the financial institutions that provide credit to us, it is possible that our ability to draw upon credit facilities may be impacted. If adequate funds are not available, or are not available on acceptable terms, we may not be able to make future investments, take advantage of acquisitions or other opportunities, or respond to competitive challenges, resulting in loss of market share, each of which could have a material adverse impact on our financial position, results of operations, cash flows and liquidity.

Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud which may affect the market for and price of our Ordinary Shares.

We are a private company with limited accounting personnel and other resources for addressing our internal control over financial reporting. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. However, in connection with the audits of our consolidated financial statements as of March 31, 2024, 2023, and 2022, we identified certain material weaknesses in our internal control over financial reporting. A “material weakness” is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

The material weaknesses identified related to (1) our lack of sufficient full-time personnel with appropriate levels of accounting knowledge and experience to monitor the daily recording of transactions, address complex U.S. GAAP accounting issues and to prepare and review financial statements and related disclosures under U.S. GAAP; and (2) our lack of a functional internal audit department or personnel that monitors the consistencies of the preventive internal control procedures as well as adequate policies and procedures in internal audit function to ensure that our policies and procedures have been carried out as planned.

Our management has implemented and is currently taking the steps necessary to remediate the underlying causes of these material weaknesses, including (i) conducting regular and continuous U.S. GAAP training programs and webinars for our financial reporting and accounting personnel; (ii) established three committees under the board of directors: an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee (see “Management” for details); (iii) actively hiring more qualified staff to fill up the key roles in the operations; and (iv) setting up a financial and system control framework with formal documentation of polices and controls in place. However, we cannot assure you that these measures may fully address the material weakness in our internal control over financial reporting or that we may not identify additional material weaknesses or significant deficiencies in the future.

We are subject to the requirement that we maintain internal controls and that management perform periodic evaluation of the effectiveness of the internal controls. Effective internal control over financial reporting is important to prevent fraud. As a result, our business, our financial condition, results of operations and prospects, as well as the market for and trading price of our Ordinary Shares, may be materially and adversely affected if we do not have effective internal controls. Before the initial public offering, we were a private company with limited resources. As a result, we may not discover any problems in a timely manner and current and potential shareholders could lose confidence in our financial reporting, which would harm the business of the Operating Subsidiaries and the trading price of our Ordinary Shares. The absence of internal controls over financial reporting may inhibit investors from purchasing our Ordinary Shares and may make it more difficult for us to raise funds in a debt or equity financing.

额外 未来可能会发现重大弱点或重大缺陷。如果我们发现此类问题或无法生产 准确及时的财务报表，我们的普通股价格可能会下跌，我们可能无法维持与纳斯达克的合规性 上市规则。

我们 面临与我们的贸易应收帐款和合同资产的可收回性相关的信用风险。

一 合同资产代表我们向客户收取对价的权利，以换取我们已转让的湿贸易工程的提供 对客户来说这还不是无条件的。当我们根据相关合同提供湿贸易工程时，就会产生合同资产 但工程尚未得到建筑师、工料测量师或客户和/或我们任命的其他代表的认证 付款权仍然取决于时间流逝以外的因素。之前确认为合同资产的任何金额均为 当我们的付款权随著时间的推移而成为无条件时，重新分类为贸易应收帐款。

那里 不保证我们能够就根据付款条款完成的服务向所有或任何部分合同资产收取费用 并且无法保证我们的客户将及时并在 相应地充满。此外，无法保证我们的客户会按时全额结算我们的发票。的情况下 我们无法在付款期限内或根本无法收回大部分贸易应收帐款、现金流和财务 职位将受到不利影响。收取我们大部分贸易应收帐款和合同资产时有任何困难 可能会对我们的现金流和财务状况产生重大不利影响。

我们 是一家控股公司，其运营现金的主要来源是从我们的运营子公司收到的收入。

我们 取决于我们的运营子公司产生的收入来对股份进行分配和股息。的量 我们的运营子公司可能向我们支付的分配和股息（如果有的话）将取决于许多因素，包括 此类子公司的经营运绩和财务状况、适用法律规定的股息限制、其宪法 文件、管辖任何债务的文件以及可能超出我们控制范围的其他因素。如果我们的运营子公司这样做 如果无法产生足够的现金流，我们可能无法对股份进行分配和股息。

我们 大股东对我们的公司事务具有相当大的影响力。

先生。 我们已发行和已发行普通股的发行后基准，假设承销商不行使购买选择权 增加普通股及假设林先生根据回售招股章程立即出售全部500,000股普通股。 林志明先生将在需要股东批准的公司事务上拥有相当大的影响力，并将独立控制 公司的运作，包括但不限于选举董事和批准重大合并、收购或其他 企业合并交易记录。这种集中控制将限制你影响公司事务的能力，还可能会阻碍 其他人不得进行任何潜在的合并、接管或其他控制权变更交易，这可能会导致 我们普通股的持有者有机会以高于当前市场价格的溢价出售他们的股票。

我们 大股东可能与我们存在潜在利益冲突，这可能会对我们的业务产生重大不利影响， 财务状况。

因为 我们的大股东对我们的公司事务具有相当大的影响力，他的利益可能与 我们公司的整体利益。例如，股东可以任命没有必要经验的董事和管理层， 由于他们的隶属关系或忠诚度，因此无法正确管理我们的公司，此类行为可能会对我们的公司造成重大不利影响 影响我们的业务和财务状况。目前，我们没有任何安排来解决双方之间潜在的利益冲突 股东和我们的公司。如果我们无法解决我们与股东之间的任何利益冲突或纠纷，我们会 不得不依赖法律诉讼，这可能会扰乱我们的业务，并使我们对任何诉讼的结果面临重大不确定性 这样的法律诉讼。

如果 我们未能有效且具有成本效益地宣传和维护我们的品牌，我们的业务和运营成果可能会受到损害。

我们 相信有效地发展和保持我们品牌的知名度对于吸引新客户和留住现有客户至关重要。 我们品牌的成功推广和吸引客户的能力在很大程度上取决于我们营销工作的有效性， 我们用于推广服务的渠道的成功。我们未来的营销工作可能需要我们承担额外的费用。 这些努力可能不会在不久的将来或根本不会导致收入增加，即使确实如此，收入的任何增加都可能 不抵消产生的费用。如果我们未能成功推广和维护我们的品牌，同时产生巨额费用，我们的 运营运绩和财务状况将受到不利影响，这可能会损害我们发展业务的能力。

我们 可能会受到智慧财产权侵权索赔，辩护成本可能很高，并且可能会扰乱我们的业务和运营。

我们 无法确定我们的运营或我们业务的任何方面没有或不会侵犯或以其他方式侵犯商标， 第三方持有的专利、版权、专有技术或其他智慧财产权。未来我们可能会时不时 受到与他人智慧财产权相关的法律诉讼和索赔的影响。此外，可能还有第三方 我们的产品、服务或其他侵犯的商标、专利、版权、专有技术或其他智慧财产权 在我们不知情的情况下处理我们业务的各个方面。此类智慧财产权的持有者可能会寻求执行此类智慧财产权 在香港、美国或其他司法管辖区针对我们的权利。如果针对第三方侵权索赔 我们可能被迫将管理层的时间和其他资源从我们的业务和运营中转移出来，以抵御这些索赔， 无论他们的优点如何。

任何 COVID-19爆发的恶化可能会对我们的运营和财务状况产生不利影响。

的 香港首例COVID-19确诊病例于2020年1月首次报告。此后发生了多轮疫情 香港的COVID-19死亡率。政府已宣布采取各种措施，包括旅行限制和安全距离措施 以降低COVID-19本地传播的风险。无法保证香港爆发的COVID-19能够有效地 受到控制或政府不会采取更严格的措施，例如关闭实体工作场所、全面关闭 暂停所有商业、社交及其他活动，以及其他封锁政策，以控制COVID-19的传播。

之间 2022年1月和2022年4月，香港因SARS-CoV-2 Omicron爆发第五波COVID-19 变体。自2020年初以来，COVID-19大流行对香港建筑业产生了负面影响。例如， 出现COVID-19确诊病例的项目工地的建筑活动暂时暂停长达两周， 消毒自2022年初以来，由于供应链和 跨境运输中断。自2023年初至本招股说明书日期，在香港的业务活动 金刚已恢复正常。

虽然 截至本招股说明书日期，如果存在以下情况，我们的任何项目均未经历任何重大延误： 如果我们的任何建筑工地发生类似事件，可能会导致重大中断或延误。由此就可以 对我们按时完成项目的能力产生不利影响，从而损害我们的声誉、业务和财务状况 以及我们与客户的关系。此外，如果长期停牌，我们的毛利率可能会受到不利影响 由于COVID-19，我们可能不得不承担额外的成本：（i）加班并雇用额外的分包商 恢复工作，避免项目未能按原计划完成;及（ii）相关租金费用 由于我们不被允许进入现场将任何闲置设备调动到其他建筑工地，因此需要额外的设备。

的 香港进一步爆发COVID-19可能对香港经济产生重大不利影响，可能导致 房地产市场放缓以及香港现有的湿贸易工程项目的供应量减少。的任何恶化 COVID-19的爆发还可能导致劳动力短缺、工人薪津上涨和/或我们的业务中断 以暂时暂停或延迟的形式进行运营。我们无法向您保证我们不会遇到任何项目延误。我们可能 由于未来的疫情爆发，无法按照计划的规范、进度和预算完成项目 在COVID-19的任何亚变体浪潮中，这反过来可能会让我们面临客户潜在的违约金索赔， 这可能会对我们的声誉产生不利影响，并对我们的业务和财务状况以及我们的运营运绩产生不利影响。

我们 如果我们的任何员工或分包商的员工涉嫌承包或承包，运营也可能受到负面影响 已感染COVID-19，因为这可能需要我们和我们的分包商隔离部分或所有相关员工， 对我们的项目现场和设施进行消毒。如果这些不利影响成为现实并持续很长一段时间，他们可能会 对我们的业务运营和财务业绩产生重大不利影响。

在 此外，如果政府采取进一步措施来遏制COVID-19的传播，包括进口管制或封锁政策 在全市范围内，无法保证我们的供应商能够（a）在不 中断;和/或（b）毫不拖延地向我们提供服务、材料或分包服务，并且不保证 如果此类措施持续存在，我们将能够及时从替代供应商采购服务、材料或分包服务 持续了很长一段时间。

事件 例如流行病、自然灾害、恶劣天气条件、政治动荡和恐怖袭击可能会显著推迟，或 甚至阻止我们完成我们的项目。

Our operations are subject to uncertainties and contingencies beyond our control that could result in material disruptions in our operations and adversely affect our business. These include epidemics, natural disasters, fire, adverse weather conditions, political unrest, wars and terrorist attacks. Any such events could cause us to reduce or halt our operation, adversely affect our business operation, increase our costs and/or prevent us from completing our projects, any one of which could materially and adversely affect our business, financial condition and results of operations.

In such an event, our business operations may also be severely disrupted due to a negative impact on investor confidence and risk appetites, the fund-raising activities of issuers and proposed listing applicants, the macroeconomic conditions as well as the financial conditions in Hong Kong. Our business operations, financial condition as well as our fund-raising activities as contemplated by this prospectus may be materially and adversely affected as a result.

Failure to maintain safe construction sites and/or implement our safety management system may lead to the occurrence of personal injuries, property damages, fatal accidents or suspension or non-renewal of our registration under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council.

Due to the nature of works in construction sites, risks of accidents or injuries to workers are inherent. Notwithstanding our occupational health and safety measures that are required to be followed by our employees and employees of our subcontractors, accidents leading to personal injuries, property damages and/or fatal accidents remain an inherent risk at work sites. There is no assurance that there will not be any violation of our safety measures or other related rules and regulations by our employees or employees of our subcontractors. Any such violation may lead to higher probability of occurrences, and/or increased seriousness, of personal injuries, property damages and/or fatal accidents at work sites, which may materially and adversely affect our business operations as well as our financial position to the extent not covered by insurance policies. Also, failure to maintain safe construction sites and/or to implement safety management measures resulting in the occurrence of serious personal injuries or fatal accidents may lead to negative publicity and/or suspension or non-renewal of our registration under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council, which in turn adversely affect our reputation, financial position and results of operation.

In addition, any personal injuries and/or fatal accidents to our employees and employees of our subcontractors may lead to claims or other legal proceedings against us. Any such claims or legal proceedings could adversely and materially affect our financial position to the extent not covered by insurance policies. Also, notwithstanding the merits of any such claims or legal proceedings, we need to divert management resources and incur extra costs to handle these matters. Any such claims or legal proceedings could therefore have a material and adverse impact on our business operations.

虽然 由于建筑行业工程的性质，工人发生事故或受伤的风险是固有的，例如事故记录 可能会对我们的行业声誉产生不利影响，这反过来又可能会影响我们收到潜在新人招标的前景 客户或获得我们现有和潜在新客户的未来投标。此外，我们可能不得不承担 加强安全管理措施的额外费用，例如招聘额外的安全监督人员，这可能会 对我们的盈利能力产生不利影响。

那里 不保证我们能够根据建筑业的注册专门贸易承包商计划续签注册 行业委员会。

分包商 参与政府发起的公共部门项目的人员通常需要拥有已注册的注册 建造业议会专业贸易承包商计划。注册专业行业的注册续期 承包商计划每三年或五年需要一次，通常需要具备一定的技术和相关行业经验 要求.无法保证我们将来每次都能够续订此类注册。如果不续约 此类注册、我们的声誉、我们获得未来业务的能力以及我们的业务和财务状况和前景 可能会受到重大不利影响。

我们 可能是不时法律诉讼的一方，我们无法向您保证此类法律诉讼不会产生重大不利影响 对我们业务的影响。特别是，可能存在潜在的员工赔偿索赔和人身伤害索赔。

我们 可能参与客户、分包商、工人和其他各方的各种索赔和诉讼 时不时地关心我们的工作。这类索赔可能特别包括雇员的赔偿索赔和人身伤害。 就因雇员在受雇工作期间所发生的意外而蒙受人身伤害的申索 受伤的工人。我们不能保证我们不会卷入任何索赔或法律程序，也不能向您保证 任何此类索赔或法律程序都不会对我们的业务产生实质性的不利影响。如果有任何针对我们的索赔落在外面 保险范围和/或限额，我们的财务状况可能会受到不利影响。不管任何悬而未决的 和潜在的索赔，我们需要转移管理资源并产生额外成本来处理这些索赔，这可能会影响我们的公司 如果它们是由媒体发布的，那么它们的形象和声誉。如果上述索赔被成功地针对我们提出并且不在承保范围内 根据保险单，我们可能需要支付损害赔偿和法律费用，这反过来可能会对我们的经营业绩和 财务状况。

我们 保险范围可能不足以涵盖潜在的责任。

某些 本节其他地方披露的风险，例如与客户集中度有关的风险、我们获得新合同的能力、我们的 保留和吸引人员的能力、分包商的可用性和绩效、项目和成本管理、我们的能力 维护和更新我们的注册、信用风险和流动性风险通常不受保险承保，因为它们要么 不可保险或承保此类风险的成本不合理。保险单涵盖战争行为、恐怖主义行为、 或者自然灾害要么无法发生，要么成本高昂。

此外， 我们可能承担我们没有充分保险或根本没有保险的责任，或者无法保险的责任。 如果因事故、自然灾害或其他未承保或不充分的事件而产生任何重大责任 在我们的保险范围内，我们的业务可能会受到不利影响，可能导致资产损失、诉讼、员工赔偿 义务或其他形式的经济损失。

我们 无法保证我们当前的保险水平足以覆盖所有潜在的风险和损失。此外，我们不能 保证我们可以更新我们的保单，或者可以按照类似或其他可接受的条款更新我们的保单。如果我们遭受严重的意外 损失或损失远超过保单限额，可能会对我们的业务、财务状况、 运营结果和前景。

可能 难以招募足够的劳动力或劳动力成本大幅增加可能会阻碍我们未来的业务战略。

这个 香港湿货行业一直面临著劳动力短缺和劳动力老龄化的问题。劳动力的供给和成本 受市场劳动力供应和香港经济因素(包括通胀)的影响。 利率和生活水准。不能保证劳动力和劳动力成本的供应会稳定。此外，最低 《工资条例》(香港法例第608章)规定，雇员有权就任何工资期获支付工资 不少于最低工资，参考订明的最低每小时工资率(现时定为港币40元)计算 每小时(2023年5月1日起生效)。不能保证法定最低工资在未来不会增加。 如果我们或我们的分包商未能及时保留现有劳动力和/或招聘足够的劳动力来应对 我们现有或未来工作的需求和/或劳动力成本的大幅增加，我们可能无法完成 我们的工作按计划和/或在预算范围内完成，我们的运营和盈利能力可能会受到不利影响。

湿 贸易工作通常是劳动密集型的，我们无法确定在需要时是否有足够的工人来完成项目。甚至 尽管我们通常不雇用工人进行湿贸易工作，而是雇用直接雇用工人的分包商， 劳动力成本被计入分包商的价格中。劳动力成本的任何意外上涨都可能由我们承担并可能减少 我们的利润率。此外，如果报价必须提高才能充分考虑，潜在客户可能会犹豫是否与我们合作 未来劳动力成本的任何预期增长。

波动 价位可能会对我们的经营运绩和普通股价格产生重大不利影响。

我们 收入和费用将主要以港元计价。港元兑美金的价位 可能会波动并可能受到政治和经济状况变化等因素的影响。尽管之间的价位 港元自1983年以来一直与美金挂钩，我们无法向您保证港元将继续与美金挂钩 兑美金。

我们的 我们的业务在香港进行，我们的账簿和记录保存在香港。美元，即香港的货币，以及 我们向美国证券交易委员会提交并提供给股东的财务报表以美元表示。的变化 香港之间的汇率。美元和美元会影响我们的资产价值和我们的运营结果 以美元计价。任何显著的波动 港元与美元之间的汇率变动，可能会对我们的收入和财政状况产生重大不利影响。 例如，我们被要求将我们从此次发行中获得的美元兑换成港元，用于我们的 操作上，港元兑美元汇率的波动会对 我们从转换中获得的金额。我们没有使用任何远期合约、期货、掉期或货币借款来对冲我们的风险敞口。 外汇风险。

我们 企业容易受到政府政策和宏观经济状况的影响。

这个 香港建筑业的市场增长与政府政策和宏观经济环境密切相关。尤其是， 在经济低迷时期，由于财政预算有限，房地产开发商和租户在投资资本方面更为保守。 资源，翻新他们的生活空间，选择高端产品，如从海外进口的家具和大理石。论 另一方面，政府的政策，例如市区重建及发展计划和卖地计划，可能会影响土地的供应。 地产发展商在香港进行建筑工程，以及随后对湿行业的需求可能恶化。事实上，根据 在地政总署，卖地面积已由2016/17年度的约32.38万平方米下降至约 2023/24年3.48万平方米。因此，过度依赖政府政策和周期性的问题 建造工程的减少可能会对香港湿货行业工程市场的发展造成不利影响。

我们面临总体经济风险 经济低迷和市场状况恶化，例如中美贸易冲突。

由于我们的业务和运营总部位于香港 在香港，我们的业务增长主要取决于香港和中国的经济和市场状况。市场情况 直接受到全球和当地政治和经济环境的影响，例如 中美贸易冲突。香港整体经济环境突然下滑或政治环境发生变化， 超出我们控制范围的中国可能会对整个金融市场情绪产生不利影响。市场和经济严重波动 情绪还可能导致房地产和建筑行业长期表现低迷。因此，我们的收入 和盈利能力可能会波动，我们无法向您保证我们将能够及时保持我们的历史财务业绩 经济状况困难或不稳定。

在香港开展业务的相关风险

洪 Kong的法律体系正在不断发展，并且存在固有的不确定性，这可能会限制您可以获得的法律保护。

为 截至2024年、2023年和2022年3月31日的财年，我们的收入来自香港的湿贸易工程。香港 法律体系包含不确定性，这可能会限制您和我们可用的法律保护。

作为 香港主权移交给中华人民共和国的条件之一，中华人民共和国必须接受一些条件，例如香港 香港回归前的基本法。《基本法》确保香港将保留自己的合法货币（港元） 制度、议会制度以及人民的权利和自由从1997年开始五十年。该协议为香港提供了 高度自治地运作的自由。香港特别行政区负责自己的国内事务 事务包括但不限于司法部门和最后法院、移民和海关、公共财政、货币和 引渡。香港继续使用英国普通法制度。

一些人 国际观察员和人权组织对相对享有的政治自由的未来表示怀疑 在香港和中华人民共和国的承诺下，允许香港高度自治。2020年7月14日，美国签署了一项 终止香港在一九九七年后享有的特殊地位的行政命令。由于目前享有的自主权可能会受到损害，它可能会 可能会影响香港的普通法法律制度，进而可能会在执法方面带来不确定性，例如 我们的合同权利。事实上，如果中华人民共和国违背其允许香港自治的协定，这可能会 可能会影响香港的普通法法律制度，并可能在执法方面带来不明朗因素，例如 我们的合同权利。这反过来又可能对我们的业务和运营产生实质性的不利影响。此外，知识分子 香港的产权和保密保护措施可能不如美国或其他国家那么有效。因此， 我们无法预测香港法律制度未来发展的影响，包括颁布新法律、改变 现行法律或对其的解释或执行，或国家法律对地方性法规的抢占。这些不确定性 可能会限制我们可获得的法律保护，包括我们执行与客户协定的能力。

的 制定《中华人民共和国香港特别行政区维护国家安全法》（「香港国家 《证券法》）可能会影响我们在香港的运营子公司。

在……上面 2020年6月30日，中华人民共和国全国人民代表大会常务委员会通过了香港国家安全法。这部法律 界定香港《国家安全法》维护国家安全的职责和政府机构，以及四大类 罪行-分裂国家、颠覆、恐怖活动和与外国或外部分子勾结以危害 国家安全--以及他们相应的惩罚。2020年7月14日，前美国总统总裁唐纳德·特朗普签署了香港 香港自治法，或称HKAA，成为法律，授权美国政府对个人和实体实施阻止制裁 他们被认定对侵蚀香港的自治权起到了重大作用。2020年8月7日，美国政府 对包括香港特别行政区前行政长官林郑月娥在内的11名个人实施香港机场管理局授权的制裁。2020年10月14日， 美国国务院向国会相关委员会提交了根据HKAA要求的报告，确定了有重大贡献的人 “中国政府未能履行”联合声明“或”基本法“所规定的义务。”香港机场管理局 进一步授权对知情的外国金融机构实施二级制裁，包括实施封锁制裁 与根据这一授权受到制裁的外国人员进行重大交易。实施制裁可能会直接影响到 外国金融机构以及与目标外国金融机构进行交易的任何第三方或客户。 很难预测《香港国家安全法》和香港机管局对香港和位于香港的公司的全面影响。 孔令辉。如我们在香港的营运附属公司被裁定违反香港国家安全法或香港机管局 如果受到主管当局的影响，我们的业务运营、财务状况和运营结果可能会受到实质性的不利影响。

纳斯达克 可能会对我们的继续上市应用额外且更严格的标准。

纳斯达克 上市规则第5101条赋予纳斯达克广泛的酌情决定权，决定证券在纳斯达克和 纳斯达克可能会利用这一酌情权拒绝首次上市，对首次或继续上市适用额外或更严格的标准 根据存在或发生的任何事件、条件或情况，对特定证券进行停牌或退市 这使得这些证券在纳斯达克上首次或继续上市是不可取的或没有根据的，即使纳斯达克认为 这些证券符合纳斯达克首次或继续上市的所有列举标准。此外，纳斯达克还利用其自由裁量权 拒绝首次或继续列名，或在情况下适用额外和更严格的标准，包括但不限于(I) 如果公司聘请了一名未接受PCAOB检查的审计师，或一名PCAOB不能检查的审计师，或 没有证明足够的资源、地域范围或经验来充分执行公司审计的审计师； (Ii)如果公司计划进行小规模公开募股，将导致内部人士持有公司上市公司的大部分股份 证券。纳斯达克担心，发行规模不足以确定该公司的初始估值，因此 将不会有足够的流动资金支持公司的公开市场；以及(Iii)公司没有证明有足够的流动性 与美国资本市场的联系，包括没有美国股东、业务或董事会或管理层成员。 对于上述任何担忧，我们可能会受到纳斯达克更多和更严格的标准的约束，才能继续 上市，这可能会导致我们的普通股上市申请被推迟甚至被拒绝。

如果 我们未能满足适用的上市要求，纳斯达克可能会将我们的普通股票退市res 在这种情况下，我们普通股的流动性和市场价格可能会下降。

我们 无法向您保证我们将能够满足持续的 未来纳斯达克的上市标准。如果我们未能遵守适用的上市标准并且纳斯达克将我们的普通股退市 股份，我们和我们的股东可能面临重大重大不利后果，包括：

The recent joint statement by the SEC and PCAOB, proposed rule changes submitted by Nasdaq, and the HFCAA all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. These developments could add uncertainties to our Offering.

On April 21, 2020, SEC Chairman Jay Clayton and PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated with investing in companies based in or have substantial operations in emerging markets including China. The joint statement emphasized the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in emerging markets.

On May 18, 2020, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in “Restrictive Market”, (ii) adopt a new requirement relating to the qualification of management or board of director for Restrictive Market companies, and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company’s auditors.

On May 20, 2020, the U.S. Senate passed the HFCAA requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company’s auditors for three consecutive years, the issuer’s securities are prohibited to trade on a national exchange. On December 2, 2020, the U.S. House of Representatives approved the HFCAA. On December 18, 2020, the HFCAA was signed into law. Additionally, in July 2020, the U.S. President’s Working Group on Financial Markets issued recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or other federal agencies and department with respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors in the United States. In response, on November 23, 2020, the SEC issued guidance highlighting certain risks, and their implications to U.S. investors, associated with investments in China-based issuers and summarizing enhanced disclosures the SEC recommends China-based issuers make regarding such risks.

On December 2, 2021, the SEC adopted final amendments to its rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA, which took effect on January 10, 2022. We will be required to comply with these rules if the SEC identifies us as having a “non-inspection” year, as defined in the rules, under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCAA, including the listing and trading prohibition requirements described above. Under the HFCAA, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor is not inspected by the PCAOB for three consecutive years, and this ultimately could result in our shares being delisted. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer’s securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years, shortening the timeline for the application of the HPCAA’s delisting and trading prohibition from three years to two, and thus, would reduce the time before securities may be prohibited from trading or delisted. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On December 16, 2021, the PCAOB issued a determination report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (1) mainland China of the People’s Republic of China; and (2) Hong Kong, a Special Administrative Region of the PRC, because of positions taken by PRC authorities in those jurisdictions, which determinations were vacated on December 15, 2022. Our current auditor, ZH CPA, LLC, is not headquartered in mainland China or Hong Kong and was not identified by the PCAOB in its report on December 16, 2021 as a firm subject to the PCAOB’s determinations, which determinations were vacated on December 15, 2022.

On August 26, 2022, the PCAOB signed a Statement of Protocol, or SOP, Agreement with the CSRC and China’s Ministry of Finance. The SOP, together with two protocol agreements governing inspections and investigation, establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor’s, control. The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed. If the PCAOB in the future again determines that it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the companies audited by those auditors would be subject to a trading prohibition on U.S. markets pursuant to the HFCAA.

If the PCAOB in the future again determines that it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the lack of access to the PCAOB inspection in China would prevent the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, investors could be deprived of the benefits of such PCAOB inspections, if the PCAOB in the future again determines that it is unable to inspect and investigate completely auditors in mainland China and Hong Kong. The inability of the PCAOB to conduct inspections of auditors in China would make it more difficult to evaluate the effectiveness of these accounting firms’ audit procedures or quality control procedures, which could cause existing and potential investors in our stock to lose confidence in our audit procedures and reported financial information and the quality of our financial statements. Although our auditor was not identified by the PCAOB in its report as a firm subject to the PCAOB’s determinations, which determinations were vacated on December 15, 2022, should the PCAOB be unable to fully conduct inspection of our auditor’s work papers in China, this could adversely affect us and our securities for the reasons noted above.

Our auditor, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor’s compliance with the applicable professional standards. Our auditor is headquartered in Denver, Colorado, and has been inspected by the PCAOB on a regular basis with the last inspection in 2023. However, the recent developments would add uncertainties to our Offering and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor’s audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements.

Risks Related to Our Initial Public Offering and Ownership of Our Ordinary Shares

We will incur additional costs as a result of becoming a public company, which could negatively impact our net income and liquidity.

Upon completion of this Offering, we will become a public company in the United States. As a public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. In addition, Sarbanes-Oxley and rules and regulations implemented by the Securities and Exchange Commission and the Nasdaq require significantly heightened corporate governance practices for public companies. As a result, we expect these rules and regulations to increase our legal, accounting and financial compliance costs and make many corporate activities more time-consuming and costly.

We do not expect to incur materially greater costs as a result of becoming a public company than those incurred by similarly sized U.S. public companies. If we fail to comply with these rules and regulations, we could become the subject of a governmental enforcement action, investors may lose confidence in us and the market price of our Ordinary Shares could decline.

As a public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002 and rules subsequently implemented by the Securities and Exchange Commission and the Nasdaq impose various requirements on the corporate governance practices of public companies. As a company with less than US$1.07 billion in net revenue for our last fiscal year, we qualify as an “emerging growth company” pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other generally applicable requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company’s internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costly. After we are no longer an “emerging growth company,” we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules and regulations of the Securities and Exchange Commission. We also expect that operating as a public company will make it more difficult and expensive for us to obtain director and officer liability insurance. We may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

In the past, shareholders of a public company often brought securities class action suits against the company following periods of instability in the market price of that company’s securities. If we were involved in a class action suit, it could divert a significant amount of our management’s attention and other resources from our business and operations, which could harm our results of operations and require us to incur significant expenses to defend the suit. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

Our management team has limited experience managing a public company.

Most members of our management team have limited experience managing a publicly traded company, interacting with public company investors, and complying with the increasingly complex laws pertaining to public companies. We are subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These obligations and constituents require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition, and operating results.

The obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies.

Upon completion of this Offering, we will be a publicly listed company in the United States. As a publicly listed company, we will be required to file periodic reports with the Securities and Exchange Commission upon the occurrence of matters that are material to our company and shareholders. In some cases, we will need to disclose material agreements or results of financial operations that we would not be required to disclose if we were a private company. Our competitors may have access to this information, which would otherwise be confidential. This may give them advantages in competing with our Company. Similarly, as a U.S.-listed public company, we will be governed by U.S. laws that our competitors, mostly private companies, are not required to follow. To the extent compliance with U.S. laws increases our expenses or decreases our competitiveness against such companies, our public listing could affect our results of operations.

We are a “foreign private issuer,” and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects.

We are a foreign private issuer and, as a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we will not be required to issue quarterly reports or proxy statements. In addition, we will not be required to disclose detailed individual executive compensation information. Furthermore, our directors and executive officers will not be required to report equity holdings under Section 16 of the Exchange Act and will not be subject to the insider short swing profit disclosure and recovery regime.

As a foreign private issuer, we will also be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information about an issuer before other investors. However, we will still be subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the disclosure obligations imposed on us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same information about us and at the same time as the information provided by U.S. domestic reporting companies.

The information we are required to file with or furnish to the SEC will be less extensive and less timely as compared to that required to be filed with the SEC by U.S. domestic issuers.

As a Cayman Islands company listed on the Nasdaq Capital Market, we are subject to the Nasdaq Capital Market corporate governance listing standards. However, Nasdaq Capital Market rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq Capital Market corporate governance listing standards. We do not currently plan to rely on home country practice with respect to any corporate governance matters. However, if we choose to do follow home country practice in the future, our shareholders may be afforded less protection than they otherwise would under the Nasdaq Capital Market corporate governance listing standards applicable to U.S. domestic issuers.

We are an “emerging growth company,” and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our Ordinary Shares less attractive to investors.

We are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act, or the JOBS Act. We have elected to avail ourselves of the extended transition period for implementing new or revised financial accounting standards. For as long as we continue to be an emerging growth company, we may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We could be an emerging growth company for up to five years, although we could lose that status sooner (1) if our revenue exceed $1.235 billion, (2) if we issue more than $1 billion in non-convertible debt in a three-year period, or (3) if the market value of our shares held by non-affiliates exceeds $700 million as of any March 31 before that time, in which case we would no longer be an emerging growth company as of the following March 31. We cannot predict if investors will find our Ordinary Shares less attractive because we may rely on these exemptions. If some investors find our shares less attractive as a result, there may be a less active trading market for our shares and our stock price may be more volatile.

Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to take advantage of certain of the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect to take advantage of other reduced reporting requirements in future filings. As a result, the information that we provide to our stockholders may be different than you might receive from other public reporting companies in which you hold equity interests and our financial statements may not be comparable to companies that comply with public company effective dates. We may take advantage of these provisions for up to five years or such earlier time that we are no longer an emerging growth company.

We are a “controlled company” defined under the Nasdaq Stock Market Rules. Although we do not intend to rely on the “controlled company” exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future and you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

We expect that our Chairman and Chief Executive Officer, Mr. Chi Ming Lam will own a majority of our Ordinary Shares following the Offering and we will be a controlled company under the applicable Nasdaq listing rules. For so long as we are a controlled company under the applicable Nasdaq listing rules, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including:

As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

Although we do not intend to rely on the “controlled company” exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future. If we elected to rely on the “controlled company” exemption, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors upon closing of the Offering. Our status as a controlled company could cause our Ordinary Shares to look less attractive to certain investors or otherwise harm our trading price. As a result, the investors will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Please refer to the paragraph titled “Risk Factors – Our significant shareholder has considerable influence over our corporate matters.”

Ordinary Shares eligible for future sale may adversely affect the market price of our Ordinary Shares, as the future sale of a substantial amount of outstanding Ordinary Shares in the public marketplace could reduce the price of our Ordinary Shares.

The market price of our Ordinary Shares could decline as a result of sales of substantial amounts of our Ordinary Shares in the public market, or the perception that these sales could occur. In addition, these factors could make it more difficult for us to raise funds through future offerings of our Ordinary Shares. An aggregate of 11,250,000 Ordinary Shares are outstanding before the consummation of this Offering and 12,750,000 Ordinary Shares will be outstanding immediately after this Offering, assuming no exercise of the underwriters’ over-allotment option to purchase additional Ordinary Shares. All of the Ordinary Shares sold in the Offering will be freely transferable without restriction or further registration under the Securities Act. The remaining Ordinary Shares will be “restricted securities” as defined in Rule 144. These shares may be sold in the future without registration under the Securities Act to the extent permitted by Rule 144 or other exemptions under the Securities Act.

Future sales, or the perception of future sales, by us or our shareholder in the public market following this Offering could cause the market price for our Ordinary Shares to decline.

The sale of substantial amounts of Ordinary Shares in the public market, or the perception that such sales could occur could harm the prevailing market price of our Ordinary Shares. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate. Upon completion of this Offering we will have a total of 12,750,000 Ordinary Shares outstanding, assuming no exercise of the underwriters’ over-allotment option to purchase additional Ordinary Shares. Of the outstanding Ordinary Shares, the 1,500,000 Ordinary Shares sold or issued in this Offering will be freely tradable without restriction or further registration under the Securities Act of 1933, as amended, or Securities Act, except that any Ordinary Shares held by our affiliates, as that term is defined under Rule 144 of the Securities Act, may be sold only in compliance with the limitations described in “Ordinary Shares Eligible for Future Sale.” All remaining Ordinary Shares, which are currently held by our shareholder, may be sold in the public market in the future subject to the lock-up agreements and the restrictions contained in Rule 144 under the Securities Act. If our shareholder sells a substantial amount of Ordinary Shares, the prevailing market price for our Ordinary Shares could be adversely affected. Our executive officers, directors and shareholder will sign lock-up agreements with the underwriters that will, subject to certain customary exceptions, restrict the sale of our Ordinary Shares and certain other securities held by them for a period of no less than six months following the date of this prospectus. The underwriters may, in their sole discretion and at any time without notice, release all or any portion of the Ordinary Shares subject to any such lock-up agreements. As restrictions on resale end, the market price of our Ordinary Shares could drop significantly if the holders of our restricted shares sell them or are perceived by the market as intending to sell them. These factors could also make it more difficult for us to raise additional funds through future offerings of our Ordinary Shares or other securities.

The requirements of being a public company may strain our resources and divert management’s attention.

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, the listing requirements of the securities exchange on which we list, and other applicable securities rules and regulations. Despite recent reforms made possible by the JOBS Act, compliance with these rules and regulations will nonetheless increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources, particularly after we are no longer an “emerging growth company.” The Exchange Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and operating results.

As a result of disclosure of information in this prospectus and in filings required of a public company, our business and financial condition will become more visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties. If such claims are successful, our business and operating results could be harmed, and even if the claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management and adversely affect our business, brand and reputation and results of operations.

We also expect that being a public company and these new rules and regulations will make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors could also make it more difficult for us to attract and retain qualified members of our board of directors, particularly to serve on our audit committee and compensation committee, and qualified executive officers.

The market price of our Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price.

The initial public offering price for our Ordinary Shares will be determined through negotiations between the Underwriter and us and may vary from the market price of our Ordinary Shares following our initial public offering. If you purchase our Ordinary Shares in our initial public offering, you may not be able to resell those Ordinary Shares at or above the initial public offering price. We cannot assure you that our Ordinary Shares’ initial public offering price, or the market price following our initial public offering, will equal or exceed prices in privately negotiated transactions of our Ordinary Shares that have occurred from time to time prior to our initial public offering. The market price of our Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:

We may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares.

Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial public offerings, especially among those with relatively smaller public floats. As a relatively small-capitalization company with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. In particular, our Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares.

In addition, if the trading volumes of our Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Ordinary Shares. This low volume of trades could also cause the price of our Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares. A decline in the market price of our Ordinary Shares also could adversely affect our ability to issue additional Ordinary Shares or other securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Ordinary Shares will develop or be sustained. If an active market does not develop, holders of our Ordinary Shares may be unable to readily sell the Ordinary Shares they hold or may not be able to sell their Ordinary Shares at all.

Future issuances or sales, or perceived issuances or sales, of substantial amounts of Ordinary Shares in the public market could materially and adversely affect the prevailing market price of the Ordinary Shares and our ability to raise capital in the future.

The market price of our Ordinary Shares could decline as a result of future sales of substantial amounts of shares or other securities relating to the shares in the public market, including by the Company’s significant shareholder, or the issuance of new shares by the Company, or the perception that such sales or issuances may occur. Future sales, or perceived sales, of substantial amounts of the shares could also materially and adversely affect our ability to raise capital in the future at a time and at a price favorable to us, and our shareholders will experience dilution in their holdings upon our issuance or sale of additional securities in the future. In addition, these factors could make it more difficult for us to raise funds through future offerings of our Ordinary Shares. A few shareholders hold a significant portion of our Ordinary Shares and these are “restricted securities” as defined in Rule 144. These Ordinary Shares may be sold in the future without registration under the Securities Act to the extent permitted by Rule 144 or other exemptions under the Securities Act.

We have broad discretion in the use of the net proceeds from our initial public offering and may not use them effectively.

To the extent (i) we raise more money than required for the purposes explained in the section titled “Use of Proceeds” or (ii) we determine that the proposed uses set forth in that section are no longer in the best interests of our Company, we cannot specify with any certainty the particular uses of such net proceeds that we will receive from our initial public offering. Our management will have broad discretion in the application of such net proceeds, including working capital, possible acquisitions, and other general corporate purposes, and we may spend or invest these proceeds in a way with which our shareholders disagree. The failure by our management to apply these funds effectively could harm our business and financial condition. Pending their use, we may invest the net proceeds from our initial public offering in a manner that does not produce income or that loses value.

Future financing may cause a dilution in your shareholding or place restrictions on our operations.

We may need to raise additional funds in the future to finance further expansion of our capacity and business relating to our existing operations, acquisitions or strategic partnerships. If additional funds are raised through the issuance of new equity or equity-linked securities of the Company other than on a pro rata basis to existing shareholders, the percentage ownership of such shareholders in the Company may be reduced, and such new securities may confer rights and privileges that take priority over those conferred by the shares. Alternatively, if we meet such funding requirements by way of additional debt financing, we may have restrictions placed on us through such debt financing arrangements which may:

We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.

As discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an issuer’s most recently completed second fiscal quarter. We would lose our foreign private issuer status if, for example, more than 50% of our Ordinary Shares are directly or indirectly held by residents of the U.S. and we fail to meet additional requirements necessary to maintain our foreign private issuer status. If we lose our foreign private issuer status on this date, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the Nasdaq listing rules. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer, and accounting, reporting and other expenses in order to maintain a listing on a U.S. securities exchange.

You will experience immediate and substantial dilution.

The initial public offering price of our Ordinary Shares is substantially higher than the pro forma net tangible book value per share of our Ordinary Shares. Assuming the completion of the Offering, if you purchase Ordinary Shares in this Offering, you will incur immediate dilution of approximately $4.97 in the pro forma net tangible book value per share from the price per share that you pay for the shares. Accordingly, if you purchase shares in this Offering, you will incur immediate and substantial dilution of your investment. Please refer to the section titled “Dilution.”

You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in the Cayman Islands or Hong Kong based on U.S. or other foreign laws against us, our management or the experts named in the prospectus.

Although we are a company incorporated in the Cayman Islands, we conduct substantially all of our operations in Hong Kong and substantially all of our assets are located in Hong Kong. In addition, a majority of our directors and executive officers reside within Hong Kong, and most of the assets of these persons are located within Hong Kong. As a result, it may be difficult for you to effect service of process within the United States upon us or these individuals, or to bring an action against us or against these individuals in the United States in the event that you believe your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and of the Hong Kong may render you unable to enforce a judgment against our assets or the assets of our directors and officers.

Hong Kong is a Special Administrative Region of the PRC. A foreign judgment can be registered and enforced in Hong Kong either under the Foreign Judgments (Reciprocal Enforcement) Ordinance (Cap. 319) (the “Ordinance”) or at common law. Registration of a foreign judgment under the Ordinance can be made by an ex parte application with the local court but this avenue is limited to judgments entered in designated jurisdictions, which currently include: Australia, Austria, Belgium, Bermuda, Brunei, France, Germany, India, Israel, Italy, Malaysia, The Netherlands, New Zealand, and Singapore and Sri Lanka. An action to enforce a foreign judgment at common law is a comparatively cumbersome process. It is in essence an independent suit in Hong Kong and the judgment creditor must follow normally applicable service procedures. Judgments entered in the United States and the United Kingdom can be enforced in Hong Kong only at common law. To be eligible for common-law recognition, the judgment must (1) be for a definite sum of money; (2) be final and conclusive; and (3) have been entered by a court with competent jurisdiction over the defendant. With respect to finality, a Hong Kong court will generally refrain from enforcing a judgment during the pendency of an appeal. This raises the possibility of undue delay and asset dissipation. With respect to the requirement of competent jurisdiction of the foreign judgment seeking to be enforced in Hong Kong, it is governed by private international law as interpreted in Hong Kong, not the law of the foreign forum. Jurisdiction can generally be asserted on the basis of the defendant’s physical presence in the foreign forum, appearance in the underlying legal proceeding or prior contractual consent to jurisdiction. Under the common law and the Ordinance, only limited defenses on the grounds such as fraud, due process and Hong Kong public policy can be raised against a duly registered foreign judgment. There is no mechanism for reconsideration of the merits of the underlying foreign litigation.

You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.

We are an exempted company incorporated under the laws of the Cayman Islands and conduct substantially all of our operations in Hong Kong through our wholly-owned Hong Kong Operating Subsidiaries. Most of our directors and substantially all of our executive officers reside outside the United States and a substantial portion of their assets are located outside of the United States. As a result, it may be difficult for our shareholders to effect service on these persons or bring an action against us or against these individuals in the Cayman Islands or in Hong Kong in the event that they believe that their rights have been infringed under the securities laws of the United States or otherwise. Even if shareholders are successful in bringing an action of this kind, the laws of the Cayman Islands and Hong Kong may render them unable to enforce a judgment against our assets or the assets of our directors and officers.

Our corporate affairs are governed by our Amended Memorandum and Articles, the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take legal action against our directors, actions by our minority shareholders and the fiduciary duties of our directors under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in some jurisdictions in the United States. In particular, the Cayman Islands has a less developed body of securities laws as compared to the United States, and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of association and any special resolutions passed by such companies, and the register of mortgage and charges of such companies) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under the Amended Memorandum and Articles to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions the Companies Act and the laws applicable to companies incorporated in the United States and their shareholders, please refer to the section titled “Description of Ordinary Shares – Material Differences in Cayman Islands Law and our Memorandum and Articles of Association and Delaware Law”.

It may be difficult to enforce a judgment of U.S. courts for civil liabilities under U.S. federal securities laws against us, our directors or officers in the Cayman Islands and Hong Kong.

We have been advised by our Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would:

There is no statutory enforcement in the Cayman Islands of judgments obtained in the U.S., however, the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment without any re-examination or re-litigation of matters adjudicated upon, provided such judgment:

Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

David Fong & Co., our counsel to Hong Kong law, have advised us that there is uncertainty as to whether the courts of the Hong Kong would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Our Hong Kong counsel also advised us that in Hong Kong, foreign judgments can be enforced under statute under the Foreign Judgments (Reciprocal Enforcement) Ordinance or under common law. The Foreign Judgments (Reciprocal Enforcement) Ordinance is a registration scheme for the recognition and enforcement of foreign judgments based on reciprocity but the United States is not a designated country under the Foreign Judgments (Reciprocal Enforcement) Ordinance. As a result, a judgment rendered by a court in the United States, including as a result of administrative actions brought by regulatory authorities, such as the SEC, and other actions, will not be enforced by the Hong Kong courts under the statutory regime. In addition, the Supreme People’s Court of the PRC and the Government of Hong Kong have entered into the “Arrangement on Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters by the Courts of the Mainland and of the Hong Kong Special Administrative Region pursuant to Choice of Court Agreements between Parties Concerned,” or the Arrangement. The Mainland Judgements (Reciprocal Enforcement) Ordinance gave effect to the Arrangement and is a registration scheme for recognition and enforcement of PRC judgements based on reciprocity. Other than the Arrangement, Hong Kong has not entered into any multilateral convention or bilateral treaty regarding the recognition and enforcement of foreign judgments. Accordingly, any judgments rendered by a court in the United States will need to be enforced under common law. In order to enforce a foreign judgment under common law in Hong Kong, the judgment must meet certain criteria before it can be enforced, such as the judgment being final and conclusive.

We employ a mail forwarding service, which may delay or disrupt our ability to receive mail in a timely manner.

Mail addressed to the Company and received at its registered office will be forwarded unopened to the forwarding address supplied by Company to be dealt with. None of the Company, its directors, officers, advisors or service providers (including the organization which provides registered office services in the Cayman Islands) will bear any responsibility for any delay howsoever caused in mail reaching the forwarding address. If such mail is delayed, it may impair your ability to communicate with us.

We could become a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year, which could subject United States investors in our shares to significant adverse United States income tax consequences.

We will be a “passive foreign investment company,” or “PFIC,” if, in any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of “passive” income or (b) 50% or more of the average quarterly value of our assets (as determined on the basis of fair market value) during such year produce or are held for the production of passive income (the “asset test”). In determining whether we are a PFIC, we are permitted to take into account the assets and income of our Operating Subsidiaries because we own 100% of their stock. However, even if we take into account the assets and income of our Operating Subsidiaries, we may still be considered a PFIC in 2023 and possibly later years, depending on a number of factors, including the composition of our income and assets, how quickly we use our liquid assets, including the cash raised pursuant to this offering (if we determine not to, or are unable to, deploy significant amounts of cash for active purposes our risk of being a PFIC will substantially increase), the market price of our Ordinary Shares, and fluctuations in that price. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for 2023 or any future taxable year. Please refer to the paragraph titled “Taxation – United States Federal Income Taxation”.

If we are a PFIC in any taxable year, a U.S. holder may incur significantly increased United States income tax on gain recognized on the sale or other disposition of the Ordinary Shares and on the receipt of distributions on the Ordinary Shares to the extent such gain or distribution is treated as an “excess distribution” under the United States federal income tax rules. A U.S. holder may also be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. holder holds our Ordinary Shares, we generally will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which such U.S. holder holds our Ordinary Shares. Please refer to the paragraph titled “Taxation – United States Federal Income Taxation”.

We do not expect to pay dividends in the foreseeable future after this Offering. You must rely on price appreciation of the Ordinary Shares for return on your investment.

We currently intend to retain most, if not all, of our available funds and any future earnings after this offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Please refer to the section titled “Dividend Policy.” Therefore, you should not rely on an investment in the Ordinary Shares as a source for any future dividend income.

Our board of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business. Even if we decide to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in the Ordinary Shares will likely depend entirely upon any future price appreciation of the Ordinary Shares. There is no guarantee that the Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased the Ordinary Shares. You may not realize a return on your investment in the Ordinary Shares and you may even lose your entire investment in the Ordinary Shares.

New climate-related disclosure obligations in proposed SEC rule amendments could have uncertain impacts on our business, impose additional reporting obligations on us, and increase our costs.

In March 2022, the SEC proposed rule amendments that would implement a framework for the reporting of climate-related risks and create a wide range of new climate-related disclosure obligations for all registrants, including us. The proposed rules would require us to include certain climate-related information in registration statements and annual reports, including (i) climate-related risks and their actual or likely material impacts on our business, strategy, and outlook; (ii) our governance of climate-related risks and relevant risk management processes; (iii) information on our greenhouse gas emissions; (iv) certain climate-related financial statement metrics and related disclosures in a note to our audited financial statements; and (v) information about our climate-related targets, goals, and transition plans.

The proposed rules remain open to public comment and may be subject to challenges and litigation. Thus, the ultimate scope and impact of the proposed rules on our business remain uncertain. To the extent new rules, if finalized, impose additional reporting obligations on us, we could face substantial increased costs. Separately, the SEC has also announced that it is scrutinizing climate-change related disclosures in public filings, increasing the potential for enforcement if the SEC were to allege that our existing climate disclosures are misleading or deficient.

We are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.

We are subject to rules and regulations by various governing bodies, including, for example, the Securities and Exchange Commission, which are charged with the protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving regulatory measures under applicable law, including the laws of the Cayman Islands. Our efforts to comply with new and changing laws and regulations have resulted in and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities.

Moreover, because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations and any subsequent changes, we may be subject to penalty and our business may be harmed.

The sale or availability for sale of substantial amounts of our Ordinary Shares, including the Ordinary Shares that are being registered concurrently for resale by the Selling Shareholder, could adversely affect their market price.

Sales of substantial amounts of our Ordinary Shares in the public market after the completion of this offering and from the sale of shares held by the Selling Shareholder, or the perception that these sales could occur, could adversely affect the market price of our shares and could materially impair our ability to raise capital through equity offerings in the future. As of the date of this prospectus, we have 11,250,000 Ordinary Shares issued and outstanding. The Ordinary Shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, and Ordinary Shares held by our existing shareholders may also be sold in the public market in the future subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and applicable lock-up agreements. There will be 12,750,000 Ordinary Shares issued and outstanding immediately after this offering, assuming no exercise of the underwriters’ over-allotment option to purchase additional Ordinary Shares. See “Underwriting” and “Shares Eligible for Future Sale” for a more detailed description of the restrictions on selling our securities after this offering.

There may be substantial sales of our Ordinary Shares by the Selling Shareholder after the effective date of this registration statement of which this prospectus forms a part, which could have a material adverse effect on the price of our Ordinary Shares after this offering.

The registration statement of which this prospectus forms a part also registers on behalf of the Selling Shareholder an aggregate of 500,000 Ordinary Shares previously issued by us. There are currently no agreements or understandings in place with the Selling Shareholder to restrict the sale of the Ordinary Shares to be offered by the Selling Shareholder after the effective date of the registration statement of which this prospectus forms a part. Sales of a substantial number of our 11,250,000 currently issued and outstanding Ordinary Shares by the Selling Shareholder at such time could cause the market price of our Ordinary Shares to decrease (possibly below the initial public offering price of the Ordinary Shares in this offering) and could impair our ability to raise capital in the future by selling additional Company securities.

INDUSTRY DATA AND FORECAST

All the information and data presented in this section has been derived from Frost & Sullivan Limited (“Frost & Sullivan”)’s industry report commissioned by us entitled “The Interconnect Product Market Independent Market Research” (the “Frost & Sullivan Report”) unless otherwise noted. Frost & Sullivan has advised us that the statistical and graphical information contained herein is drawn from its database and other sources. The following discussion contains projections for future growth, which may not occur at the rates that are projected or at all.

OVERVIEW OF HONG KONG WET TRADES WORKS MARKET

Definition and Classification

Wet trades works is defined as a subset of fitting-out works. In Hong Kong, wet trades work generally involves the use of dry construction materials mixed with water. Common scope of wet trades works includes plastering, brickwork, wall and floor tiling, painting and decoration, floor screeding and marble works. Wet trades contractors may also provide wet trades related ancillary services such as cleaning, smoothing platform, applying sealant, and washed granolithic screed, on-site logistics services, etc. The demand for wet trades works is associated with construction, renovation, maintenance, addition, and alteration of buildings in mainly residential (e.g., private residential buildings and public housing) and commercial segments (e.g., hotel, office buildings, retail stores and shopping malls), as well as industrial buildings, government buildings, community facilities transportation and public infrastructure and so on.

Wet trades works are carried out in a wide variety of buildings and facilities in Hong Kong, which includes residential buildings, commercial buildings, industrial buildings, government buildings and community facilities. Below sets out the common scope of wet trades works:

Value Chain

Typically, main contractors are responsible for supervising the overall progress and quality of the construction project, monitoring the daily operation of the construction site, and coordinating subcontractors to carry out construction works. Main contractors would subcontract some of the construction works to subcontractors because (i) labor intensive works such as wet trades works are subcontracted to subcontractors for the supply of sufficient direct labor as main contractors generally only hire a small number of direct labor on a permanent basis to control cost; and (ii) subcontractors often possess the necessary experience and expertise in performing specific areas of tasks and it is generally more cost effective to subcontract different parts of construction works to different subcontractors which are specialized in the field of expertise.

Wet trades subcontractors generally work with main contractors and are mainly responsible for managing wet trades workers, coordinating subcontractors, and supervising the progress and quality of wet trades works. It is common in the wet trades works industry that the works are subcontracted to different subcontractors. These subcontractors include direct labor and are commonly engaged on a project-by-project basis, given the fact that hiring a pool of workers for different trades of works under permanent agreement can be costly. There may be occasions where the main contractors supply certain tooling and miscellaneous services to their wet trade’s subcontractors for the use under the same projects and subsequently deduct such amounts in the relevant payment certificates issued to the wet trade’s subcontractors.

Source: The Frost & Sullivan Report

Market Size of Wet Trades Works in Hong Kong

Driven by the rising housing supply and continuous expansion of the commercial segment, including offices and hotels, and the residential segment, the gross value of wet trades works in Hong Kong increased from approximately HK$9,574.9 million (approximately US$1,227.6 million) in 2016 to approximately HK$11,335.2 million (approximately US$1,453.2 million) in 2021, representing a CAGR of 3.4%. The drop of gross value of wet trades works in 2020 was mainly due to the outbreak of COVID-19 which led to economic downturn and further disrupted the construction industry in Hong Kong.

As set out in the 2021 Policy Address by the Chief Executive of Hong Kong, the Government targets to increase the overall supply of transitional housing in the coming few years, and the launch of the Northern Metropolis Development Strategy contributes to the growth of the new towns, new development areas and development nodes. Together with other supportive government policies and expedited urban renewal, the gross value of wet trades works is expected to increase from HK$12,103.1 million (approximately US$,1551.7 million) in 2022 to approximately HK$15,609.3 million (approximately US$2,001.2 million) in 2026.

Note: The gross value of wet trades works refers to the revenue of the wet trades works industry in nominal term performed by main contractors and subcontractors in construction sites, and is indicative for the revenue of wet trades works contractors involved.

Source: The Frost & Sullivan Report

Market Size of Wet Trades Works in Hong Kong (Breakdown by Sector)

The private sector contributes to most of the total gross value of wet trades works in Hong Kong. During 2016 to 2021, primarily owing to the rising housing supply and the establishment of various sizeable real estate properties in Kowloon City and Sai Kung, the gross value of wet trade works in the private sector increased from approximately HK$5,992.6 million (approximately US$768.3 million) in 2016 to approximately HK$6,982.5 million (approximately US$895.2 million) in 2021, representing a CAGR of approximately 3.1%, On the other hand, the urban development in Tuen Mun and Kwun Tong has also created the demand for wet trade works. During the same period, the actual public housing units recorded the growth. Accordingly, the gross value of wet trade works in public sector increased from approximately HK$3,582.3 million (approximately US$459.3 million) in 2016 to approximately HK$4,352.7 million (approximately US$558.0 million) in 2021, at a CAGR of approximately 4.0%.

The rising housing supply would serve as the driver to the wet trade works market in Hong Kong. As set out in the release of the “Hong Kong 2030: Planning Vision and Strategy”, the construction of North East New Territories New Development Areas (NDAs) in Kwu Tung North, Fanling North and Ping Che which is expected to accommodate more than 50,000 household residential units in both public and private sectors. Growing along with several private residential properties expected to complete in Ho Man Tin and Cheung Sha Wan, such as the development at Ho Man Tin MTR Station and Hing Wah Street West, in the coming years, the gross value of wet trades works in the private sector is anticipated to grow from 2022 to 2026 at a CAGR of approximately 7.0%, reaching approximately HK$9,865.1 million (approximately US$1,264.8 million) in 2026. Driven by the Long Term Housing Strategy (LTHS) issued in 2020 with total public housing units target for the ten-year period from 2021–22 to 2030–31 of approximately 301,000 units and the continuous investment by the Government in infrastructure with an estimated annual expenditure of over HK$100 billion (approximately US$12.8 billion) on average in the next few years, as proposed by the Chief Executive in the 2020 Policy Address, the gross value of wet trades works in the public sector is expected to grow from approximately HK$4,575.0 million (approximately US$586.5 million) in 2022 to approximately HK$5,744.2 million (approximately US$736.5 million) in 2026, representing a CAGR of approximately 5.9%.

Source: The Frost & Sullivan Report

Market Drivers and Opportunities

连续式 香港的房屋供应：湿货交易市场的发展与建筑物的建设和 基础设施。尤其是住宅楼宇部分的湿式贸易工程总值，占总值逾六成。 2021年湿贸易价值工作。香港行政长官在《2021年施政报告》中提出，政府的目标是 在未来数年增加5 000个过渡时预售屋屋单位，使过渡时预售屋屋的整体供应量增至2万个；及 将相关基金计划的资助额提高至116港元亿(约14.9美元亿)。另一方面， 2021年，政府发布了《北方大都市发展战略》，涵盖两个地区行政区域，包括 元朗区和北区，包括成熟的新市镇、新发展区和发展节点，总用地 面积约300平方公里，将发展为住宅单位高度集中、劳动人口集中的地区 和企业。此外，香港政府出台了不同的政策来推动住房供应，即 2020年施政报告提出“分享试验计划”，旨在释放私营农业的发展潜力 公私营合作发展公营及私营房屋的地段；部署“土地专责小组” 其中包括约210个潜在用地及3,235公顷土地作房屋用途，可提供超过 在未来十年内，香港共有330,000个公共及私人住宅单位，包括 东大屿山都会区、郊野公园外围、填海土地及多个棕地。在私营部门方面，2022-23年度财政预算案 预计从2022年到2026年的未来五年，预计平均年产量约为19,000辆，远远超过 高于2016年至2021年过去五年约1.7万辆的平均产量。反过来，对建筑工程的需求 湿法贸易工作将继续推进。

城市 更新专案：香港政府自2012年起推行强制性验楼计划，楼龄高的业主 30年或以上并附有法定通知送达的，均须进行规定的检查。根据《城市更新》 当局，到2046年将有326,000个楼龄在70岁或以上的私人住宅单位，迫切需要加快更新 旧区，特别是位于市区核心密集地带，例如深水？和九龙城。如上所述 在《市区重建局(市建局)2019-20年年报》中，香港有超过1万幢楼龄达50年或以上的楼宇， 预计到2046年，这一数位将达到2.8万。此外，为保障公众安全，行政长官宣布 在《2017年施政报告》中预留港币30元亿(约3.8亿美元亿)，并与市区重建 授权实施建筑光明行动，协助他们按照《建筑光明行动》的要求行事。湿贸易 工程作为必不可少的建设过程，不断的城市更新专案有望带动各自的需求。

更高级别 行业标准和客户要求：由于人民生活水准的提高和可支配收入水准的提高 香港市民、下游地产商倾向于期望缺陷最少的建筑物和设施具有更高的耐久性， 未来的维护成本和麻烦，预计将在材料质量、工作过程和工艺方面设定更高的标准 湿交易的效果很好。由于房地产开发商希望提高各自物业的标准，以增强竞争力， 因此，为了满足室内设计和检查的要求，对优质湿行业工程的需求增加了。与更高的 对住宅及商业楼宇室内环境的需求，包括 设计，以及使用固定装置、家具和其他配件，作品的质量正成为竞争的关键焦点 湿贸易工程行业。因此，地产商更青睐信誉良好、工程质素优良的湿式行业承建商。 和主要承包商。

加快速度 商业区发展：根据香港差饷物业估价署的数据， 在2016至2021年期间，商业单位的数量从1,520个增加到2,1个，写字楼和商业单位的总考虑 单位由245港元亿(约31.6美元亿)增至420港元亿(约53.8美元亿)。 随著交通便利，以及九龙东和港岛东等地区的基础设施发展和支持， 在这些地区，经常需要进行湿法作业。关于香港政府的政策，将推出8幅土地，并 在2020至2022年间根据卖地计划发展商业楼宇。几家酒店和购物中心正在筹划 根据市场动态进行升级。不断扩展的商业活动，开发新的商业区，住宅和 娱乐设施将支持湿货交易市场的增长。此外，政府对基础设施的持续投资 预计未来几年平均每年支出超过1,000港元亿(约合128美元亿)， 行政长官在2020年《施政报告》中提出，会增加湿工场的需求

市场 趋势与展望

更宽 机器和设备的应用：根据“指定技能指定工人”条文的规定 《建造业工人注册条例》，只适用于指定行业组别的注册技术工人或半技术工人 允许在建筑工地上独立进行相关行业部门的建筑工程，旨在改善 建筑工程和工人的质量。预计使用喷灰机和地板等机械设备 找平机取代人工将成为未来的市场趋势之一。取代人工操作越来越普遍 使用石膏喷雾机进行湿法行业工程，以提高工人的生产力 并进一步提升工艺质量。石膏喷涂机的使用使工人能够完成更大范围的 抹灰工作与在相同持续时间内依赖传统手工工作相比。

Increasing training and revitalized manpower in the industry: To alleviate manpower shortage in construction industry, with the support of Development Bureau, the Construction Industry Council (“CIC”) launches the “Advanced Construction Manpower Training Scheme - Pilot Scheme (Structured On-the-job) to train up semi-skilled workers to become skilled workers. The CIC has also launched the Construction Industry Council Relief Fund – Multi-skills Training Scheme for Registered Workers to assist the underemployed or temporarily unemployed registered construction workers in acquiring new skills to enhance their competitiveness to prepare for further development in the industry. Labor in the wet trade works industry is expected to garner related skills continuously with increased productivity and efficiency.

Technology-driven operational model: Outlined in the Policy Address in 2021, the implementation of Construction 2.0, which include the wider use of I&T and Modular Integrated Construction, shall enhance the overall operational performance of various sector in the construction industry. In the wet trade industry, converting project specifications into visual graphics can facilitate design project better and conduce to better communication between stakeholders. Building Information Modelling works as a cutting-edge 3D modelling and visualization tool to efficiently handle design, tender, construction, and maintenance process, which is able highly reduce the risk for improper design due to onsite limitation. In the long run, the wet trades work industry is expected to grow towards the assimilation of technology throughout the design and build process The adoption of various technology tools is expected to streamline procedures, elevate operating efficiency, and propel sustainable business model for service providers.

Market Constraints and Challenges

Cyclical nature of construction industry: As a part of the construction industry, wet trades works market follows the cyclicality of the construction industry, which is generally considered to be highly related to macroeconomic conditions, government policies and business cycle. For example, in the event of an economic downturn, the tightened financial budgets and higher costs of financing may make project owners be more conservative in initiating new projects or investing more resources. Similarly, if there are signs of slowing down in land supply or development programs of the HK Government, the growth of wet trades works market in Hong Kong may be hindered.

Shortage of Labor and Increasing Labor Cost: According to the Construction Industry Council, labor engaged in the wet trade works industry in Hong Kong, including plasterer, bricklayer and concreter have all categorized into the list of shortage trades. Due to the aging population and higher requirements on skills and qualifications of workers, the wet trades market in Hong Kong has been facing serious problems of shortage of experienced and skilled labor. Therefore, in order to attract qualified workers, market participants may need to adopt measures including competitive remuneration packages, growth opportunities and flexible schedule. The increasing competition for talents will result in higher labor cost and pose a challenge to the growth of wet trades market.

Higher material cost: The price of raw material in the wet trade works industry has risen continuously. For example, prices of sand, Portland cement and concrete blocks have increased from 2016 to 2021, registering CAGRs of approximately 17.6%, 3.1% and 4.1%, respectively. Amongst all raw materials used in wet trades works, the average price of sand has increased the most, primarily due to the limited supply of river sand in the PRC. The inflation in material cost will result in higher expenditure of wet trades market participants, which may further negatively impact of profit margin.

Labor Cost Analysis

Generally, wet trades works required plasterer, marble worker, bricklayer, and concreter. According to Frost & Sullivan, the average daily wages of major wet trades workers, have increased from approximately HK$1,440.1 (approximately US$184.6) per day in 2016 to approximately HK$1,445.7 (approximately US$185.3) per day in 2021, representing a CAGR of 0.1%. The decrease of wage of wet trade works workers in 2018 was mainly due to increase of labor supply. For instance, as compared to 2017, the number of bricklayer and concreter increased by approximately 11.5% and 8.0% in 2018, respectively. In 2019, there was slight decrease in gross value of construction works in the private sector due to uncertainties including the developments of the US-China trade relations and the social movement in Hong Kong against the Anti-Extradition Law Amendment Bill in 2019, which in turn led to the decrease in demand, and thus, the average daily wages of wet trade workers in Hong Kong. The average daily wages of wet trade workers increased from HK$1,415.4 (approximately US$181.5) in 2019 to HK$1,464.1 (approximately US$187.7) in 2020. Due to the outbreak of COVID-19 in 2020, some ongoing construction projects have been postponed, which led to temporary decrease in the demand for construction workers and the slowdown in growth of average daily wages of wet trade workers in 2021. The rise in the average daily wages of wet trades workers was principally due to the imbalance between the demand and supply of experienced construction workers available in the market and the labor shortage is very likely to continue in the future years, which the average daily wages of wet trades workers will grow at a CAGR of 2.2% during 2022 to 2026.

注： 湿工平均日薪津是根据抹灰工、大理石工、泥瓦工、 而且更具体。

资料来源： Frost&Sullivan报告

原 材料成本分析

波特兰 水泥、水硬性石灰、混凝土砌块、集料、沙、油漆和釉面瓷砖是 湿交易很管用。湿货行业使用的所有建筑材料的平均价格在#年呈上升趋势。 过去的几年里。在所有湿行业工程材料中，砂子的平均价格有显著的增长，年复合增长率上升。 增长17.6%，由2016年的每公吨约137.7港元(约17.7美元)增至约310.0港元(约 在2021年，由于中国河沙供应有限，每公吨约39.7美元。原材料成本上涨的主要原因是 由于香港持续进行建造工程，支持了对这些建造工程的需求 材料，以及某些材料的有限供应，如河沙。在接下来的几年里，主要建筑的平均价格 湿法工程中的材料可能会攀升，因为由于持续的 建筑专案在香港开工。

注： 油漆的平均价格包括乳胶漆和丙烯酸漆，而釉面的平均价格 陶瓷墙砖包括白色瓷砖和彩色瓷砖。

资料来源： Frost&Sullivan报告

竞争 概述

的 就市场参与者数量而言，香港的湿贸易工作市场被认为是分散的。根据施工 行业议会，有500多个承包商在「精加工湿贸易」行业专业下注册 2021年底。

该集团是一家成熟的湿贸易工厂 2021年市场份额约为0.4%的分包商。

条目 壁垒

资本 要求： 资本要求成为湿贸易工程市场新进入者的障碍。在湿贸易工厂 行业，招聘工人、原材料采购以及向工人支付薪津都需要足够的资本储备。 此外，如果客户要求，发行保证债券可能需要大量资金。市场 与没有足够资本的承包商相比，拥有足够资本的参与者更有可能承担大规模的项目 资源没有工厂的承包商可能会在竞争中失败并随后退出市场。

证明 业绩记录和声誉： NPS记录是湿贸易工程行业的关键竞争因素之一。可信 工作质量的跟踪记录、高效的劳动分工、预算控制内的及时交付是 公司进行湿贸易工作。香港的房地产开发商和主要承包商更喜欢与湿货承包商合作 他们有良好的记录。没有良好声誉的新进入者建立在过去与行业利益相关者的合作之上， 提供服务的经验会损害公司在市场上的整体竞争力。

技术 专业知识： 技术知识是湿贸易工程新进入者的关键障碍之一。现有市场参与者普遍 对抹灰工程、瓷砖铺设工程、砌砖、墙地瓷砖、绘画和装饰有深入的了解， 地面平整和大理石工程，以提供优质的服务。具有技术知识。现有球员的表现 并且他们的作品质量能够保证达到质量标准。相比之下，新的市场进入者没有技术知识， 经验丰富的管理团队可能竞争力较弱。

因素 竞争

分包商的 注册计划: 该集团是注册专业贸易承包商旗下的注册精整湿贸易分包商 建造业议会的计划（前称分包商注册计划）。注册专业贸易 承包商计划由建造业议会推出，旨在建立一批有能力且负责任的分包商， 具有建筑和工程工程方面的专业技能和较强的职业道德。主要客户组织和承包商贸易 协会已承诺支持该计划。主要承包商须聘请该计划下的注册分包商 对于公共部门项目，信贷将在招标过程中授予注册分包商。注册使 分包商进一步提高对行业业绩记录、财务稳定性和专业知识的认可度，从而扩大 商业网络。

建立 业务关系： 在湿贸易行业，与客户建立长期的关系意味著更好地了解客户的需求 要求并能够更好地提供客户服务，并节省协调的时间和成本。通过利用良好的工作 建立在与行业利益相关者合作基础上的关系，可以在日常运营中大大节省时间和成本。此外， 与材料供应商的良好关系将有助于湿贸易服务提供商保持有竞争力的定价和稳定的供应。 因此，它将进一步提高湿行业工程承包商的执行能力。

Wide Variety of Expertise: During wet trade works, variety of expertise are involved such as plastering, floor screeding and bricklaying. Given the high standard of specialized wet trades works, contractors with proven industry know-how have the competitive advantage in the wet trade works industry in Hong Kong. Moreover, extensive capacity is one of the most important criteria for selecting contractors during tendering process, which in turn increases the possibility of bidding large scale projects.

USE OF PROCEEDS

We will not receive any of the proceeds from the sale of the Ordinary Shares by the Selling Shareholder.

售股股东 将支付他因行纪、会计、税务或法律服务而产生的任何承保折扣、佣金和费用，或 他们在处置普通股时发生的任何其他费用。我们将承担所有其他成本、费用和开支 实施本招股说明书涵盖的普通股的登记，包括但不限于所有登记和备案 我们的律师和公证的费用和费用。

分红 政策

为 截至2024年、2023年及2022年3月31日止年度，MS（HK）Engineering Limited宣布股息13，347，553港元（约 分别向当时的唯一股东林志明先生支付20，000，000港元（约2，564，103美金）和10，000，000港元（约1，282，051美金）。 该等款项用于抵消应收林启明先生的余额。我们目前打算保留大部分（如果不是全部）可用资金 以及本次发行后的任何未来收益，以资助我们业务的发展和增长。因此，我们不期望支付 可预见的未来的任何现金股息。

我们的 董事会完全有权决定是否派发股息，但须受开曼群岛的某些限制。 岛法，即我们公司只能从利润或股票溢价中支付股息，并且在任何情况下都不能这样做 如果这将导致我们公司在正常业务过程中无法偿还到期的债务，则可以支付股息。 此外，我们的股东可以通过普通决议宣布股息，但股息不得超过我们的 董事会。即使我们的董事会决定分红，未来分红的时间，金额和形式， 将取决于我们未来的经营业绩和现金流、我们的资本需求和盈余、 我们从子公司收到的分配(如果有)、我们的财务状况、合同限制和其他被认为是 与我们的董事会有关。请参阅本招股说明书的“税务”一节，以了解有关 宣布的任何现金股利的潜在税收后果。

如果 我们决定在未来对我们的任何普通股支付股息，作为控股公司，我们将取决于收到的资金 来自我们的英属维京群岛子公司MS（HK）Construction Engineering Limited以及我们的香港运营子公司。那里 香港和英属维京群岛不对股息收入征税。

管理层的 财务状况和运营结果的讨论和分析

这个 以下对我们的财务状况和经营结果的讨论和分析应与我们的财务 报表及其相关附注和其他财务资讯，包括在本招股说明书的其他部分。这场讨论 包含前瞻性陈述。这些前瞻性陈述受各种因素、风险和不确定性的影响，这些因素、风险和不确定性可能 导致实际结果与这些前瞻性陈述中反映的结果大不相同。此外，由于这些因素， 风险和不确定性，前瞻性事件可能不会发生。相关因素、风险和不确定因素包括但不限于 至“业务”、“风险因素”一节及本招股说明书其他部分所讨论的事项。读者 告诫不要过度依赖前瞻性陈述，这些前瞻性陈述反映了管理层截至 此注册声明的日期。我们没有义务公开更新或修改任何前瞻性陈述，无论是作为 新资讯、未来事件或其他方面的结果。请参阅“关于前瞻性陈述的告诫”。

概述

我们 是一家豁免有限责任公司，于2022年8月2日根据开曼群岛法律注册成立，作为控股公司 我们的业务主要通过我们间接全资拥有的香港运营子公司MS（HK）Engineering运营 有限公司和MS Engineering Co.，有限公司（「运营子公司」）。明盛集团控股有限公司（「公司」） 不是一家香港运营公司，而是一家开曼群岛控股公司，由我们的运营子公司在 香港我们主要从事湿行业工程，如抹灰工程、瓷砖铺设工程、砌砖工程、地板熨平工程， 和大理石作品。在较小的程度上，我们还为客户提供小规模的装修服务，例如装修工程。

MS (HK)工程有限公司和MS工程有限公司，有限公司分别成立于2012年和2019年。在我们的运营历史中 大约十年来，我们一直专注于以分包商的身份提供湿贸易工程服务，并积累了我们的专业知识 以及湿贸易工作的记录。我们专注于项目管理和监督在执行项目中的作用， 我们已聘请分包商在我们的监督下进行大部分现场工程。通常，我们的主要职责 在项目中包括（i）安排现场准备和初步工作;（ii）聘请和监督我们的分包商;（iii）监控 实施现场工程;（iv）进行现场安全监督和质量控制;及（v）制定详细的工作时间表 以及工作分配计划。

我们， 通过我们的运营子公司，主要从事香港的私营部门项目。到目前为止，我们的私营部门项目 主要涉及私人住宅发展和商业发展。我们私营部门项目的项目所有者 通常是房地产开发商，而我们的客户通常是主要承包商和从事的湿贸易工程分包商 在这样的项目下。到目前为止，我们还在较小程度上参与了香港的公共部门项目。我们的公共部门 项目主要涉及公共住宅开发以及基础设施和公共设施开发。客户 我们的公共部门项目通常由政府部门和法定机构聘请的主要承包商。

作为 截至本招股说明书日期，MS（HK）Engineering Limited为指定行业类别的注册专业贸易承包商 （第二组）建造业议会注册专门贸易承包商计划。MS Engineering Co.，有限 主要专业提供抹灰工程、瓷砖铺设工程、大理石工程等湿行业工程服务， 私人住宅开发项目的分包商。自MS Engineering Co.以来，Limited专注于私营部门项目，MS Engineering 公司，有限公司无需也没有在建筑业的注册专业贸易承包商计划下注册 行业委员会。

为 截至2024年、2023年和2022年3月31日止年度，总收入为27，572，692美金、21，868，220美金和14，383，980美金， 分别截至2024年3月31日止年度，我们的毛利润和净利润分别为5，093，079美金和2，326，597美金， 相比之下，截至3月份止年度，我们的毛利润和净利润分别为3，494，548美金和2，787，236美金 截至2022年3月31日止年度，我们的毛利润和净利润分别为2，628，869美金和1，803，509美金。

A reorganization of the Company (the “Reorganization”) was completed on December 5, 2022. On August 2, 2022, the Company was incorporated in the Cayman Islands and issued 1 ordinary share at par value of US$1 to Ogier Global Subscriber (Cayman) Limited. On August 17 2022, Ogier Global Subscriber (Cayman) Limited transferred 1 ordinary share to Mr. Chi Ming Lam and on the same day, the Company issued 49,999 ordinary shares at par value of US$1 to Mr. Chi Ming Lam. On August 17, 2022, MS (HK) Construction Engineering Limited (“MSC”) was incorporated in the British Virgin Islands as a wholly owned subsidiary of the Company. On November 25, 2022, MSC entered into share exchange agreements with the Company and Mr. Chi Ming Lam. Pursuant to the share exchange agreements, the Company issued 11,249 ordinary shares at par value of US$1 to Mr. Chi Ming Lam in exchange of 100% ownership of MS (HK) Engineering Limited and MS Engineering Co., Limited via MSC. Upon completion of the above share exchange, MS (HK) Engineering Limited and MS Engineering Co., Limited became direct wholly-owned subsidiaries of MSC. On November 25, 2022, Mr. Chi Ming Lam proposed to surrender 49,999 shares to the Company for cancellation, and the Company approved the surrender and cancellation of such shares on the same day. On December 5, 2022, Mr. Chi Ming Lam, the then sole shareholder of our Company resolved and approved a subdivision of each of the issued and unissued shares with a par value of USD1 each into 2,000 shares with a par value of USD0.0005 each as part of the Company’s reorganization (the “Share Subdivision”). Subsequent to the Share Subdivision, the authorized share capital of the Company shall become USD50,000 divided into 100,000,000 ordinary shares with a par value of USD0.0005 each, of which 22,500,000 Ordinary Shares were held by Mr. Chi Ming Lam. Mr. Chi Ming Lam proposed to surrender 6,450,000 shares to the Company for cancellation, and the Company approved the surrender and cancellation of such shares on December 5, 2022. Mr. Chi Ming Lam proposed to surrender 2,925,000 shares to the Company for cancellation, and the Company approved the surrender and cancellation of such shares on June 2, 2023. Mr. Chi Ming Lam proposed to surrender 375,000 shares to the Company for cancellation, and the Company approved the surrender and cancellation of such shares on June 12, 2023. Mr. Chi Ming Lam proposed to surrender 1,500,000 shares to the Company for cancellation, and the Company approved the surrender and cancellation of such shares on June 15, 2023. Subsequently, Mr. Chi Ming Lam holds 11,250,000 Ordinary Shares of the Company with a par value of USD0.0005.

During the years presented in these financial statements, the control of the entities has never changed (always under the control of Chi Ming Lam). Accordingly, the combination has been treated as a corporate restructuring (reorganization) of entities under common control and thus the current capital structure has been retroactively presented in prior periods as if such structure existed at that time and in accordance with ASC 805-50-45-5, the entities under common control are presented on a combined basis for all periods to which such entities were under common control. Since all of the subsidiaries were under common control for years ended March 31, 2022 and 2021, except for MS Engineering Co., Limited which was under common control starting from October 20, 2021. The results of the subsidiaries are included in the financial statements for both periods and MS Engineering Co., Limited starting from October 20, 2021.

Our principal growth strategies are to further strengthen our market position, increase our market share, and capture the growth in the Hong Kong wet trades works industry. We intend to achieve our business objectives by expanding our scale of operation through our intended effort in actively seeking opportunities in undertaking additional wet trades works projects, from both our existing and potential new customers, on top of our present scale of operation and our current projects on hand. To achieve these goals, we plan to implement the following strategies:

Enhance competitiveness and expanding our market share

We believe that we should focus on deploying our resources towards competing for additional and more sizeable wet trades works projects in Hong Kong. However, the number of projects that can be executed by us concurrently at any given time is constrained by our then available resources, including availability of our manpower and working capital. We plan to enhance our competitiveness by strengthening our manpower and working capital in order to capture the potential opportunities in the growing wet trades works market.

Acquiring additional equipment

We generally deploy equipment owned by us for use by our subcontractors in our projects. We believe that it is crucial for us to enhance our set of equipment in order to best equip our employees and our subcontractors enabling them to carry out their work. We believe that a larger set of equipment will allow us to (i) improve our overall work efficiency and technical capability; and (ii) enhance our flexibility to deploy our resources more efficiently.

Enhancing our brand

We secured our new business through direct invitations for tenders by customers. We believe that we can broaden our customer base and attract more invitations from potential customers by increasing our marketing efforts to promote our brand and market presence in the wet trades works industry in Hong Kong.

Our planned marketing efforts include (i) setting up dedicated web pages for advertising our services; (ii) placing advertisements in industry publications; (iii) sponsoring business events and charity functions organized by property developers and construction contractors; (iv) sending promotional booklets and other promotional materials for advertising our services; and (v) approaching potential customers more actively to secure new business opportunities for our wet trades works services.

Key Factors that Affect Operating Results

We believe the following key factors may affect our financial condition and results of operations:

Non-recurrent nature of our projects

Our revenue is typically derived from projects which are non-recurrent in nature and our customers are under no obligation to award projects to us. For the fiscal years ended March 31, 2024, 2023 and 2022, we secured new businesses mainly through invitation for tender by customers. There is no assurance that we will be able to secure new contracts in the future. Accordingly, the number and scale of projects and the amount of revenue we are able to derive therefrom may vary significantly from period to period, and it may be difficult to forecast the volume of future business. In the event that we fail to secure new contracts or there is a significant decrease in the number of tender invitations or contracts available for bidding in the future, our business, financial position and prospects could be materially and adversely affected.

Performance and availability of our subcontractors

We focus on the role of project management and supervision in carrying out our projects and we generally engage subcontractors to perform part of the site works under our supervision. In order to control and ensure the quality and progress of the works of our subcontractors, we select subcontractors based on their quality of services, qualifications, skills and technique, prevailing market price, delivery time, availability of resources in accommodating our requests, and reputation. There is no assurance that the work quality of our subcontractors can always meet our requirements. We may be affected by the non-performance, inappropriate, or poor quality of works rendered by our subcontractors. Such events could impact upon our profitability, financial performance, and reputation. In addition, there is no assurance that we will always be able to secure services from suitable subcontractors when required, or be able to negotiate favorable fees and terms of service with subcontractors. In such events, our operation and financial position may be adversely affected.

In the event that our subcontractors fail to follow the safety guidelines and other requirements imposed by our customers, we may be liable to pay to our customers the expenses and penalties incurred by them. Although we are entitled to be compensated by our subcontractors in relation to such penalties under the subcontracting agreement, we may not be able to claim from such subcontractors in order to maintain a stable relationship with our major subcontractors. In such event, we may be subject to additional costs and penalties incurred by our subcontractors in relation to their failure to comply with the safety procedures and other requirements imposed by our customers.

Estimation of project costs

When determining our tender price, our management would estimate the time and costs involved in a project taking into account (i) the scope of works; (ii) the price trend for the types of subcontracting services as well as materials required; (iii) the complexity and the location of the project; (iv) the estimated number and types of equipment required; (v) the completion time requested by customers; and (vi) the availability of our labor and financial resources.

There is no assurance that the actual amount of time and costs incurred during the performance of our projects would not exceed our estimation. The actual amount of time and costs incurred in completing a project may be adversely affected by many factors, including unforeseen site conditions, adverse weather conditions, accidents, non-performance by our subcontractors, unexpected significant increase in costs of materials agreed to be borne by us, unexpected increase in the amount of rectification works requested by our customers and other unforeseen problems and circumstances. Any material inaccurate estimation in the time and costs involved in a project may give rise to delays in completion of works and/or cost overruns, which in turn may materially and adversely affect our financial condition, profitability, and liquidity. We typically bear the risk of delays and cost overruns in our projects and we are generally unable to pass these costs to our customers.

We are exposed to risks of general economic downturn and deteriorating market conditions, such as Sino-U.S. trade conflicts

As our business and operations are based in Hong Kong, our business growth is primarily dependent upon the economy and market condition in Hong Kong and the PRC. The market conditions are directly affected by, among other things, the global and local political and economic environments, such as uncertainties about the Sino-U.S. trade conflicts. Any sudden downturn in the general economic environment or change to political environment in Hong Kong and the PRC beyond our control may adversely affect the financial market sentiment in general. Severe fluctuations in market and economic sentiments may also lead to a prolonged period of slowdowns in the real estate and construction industries. As such, our revenue and profitability may fluctuate and we cannot assure you that we will be able to maintain our historical financial performance in times of difficult or unstable economic conditions.

Basis of Presentation

Our consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the regulations of SEC. They include the financial statements of our Company and our subsidiaries. All transactions and balances among these entities have been eliminated upon consolidation.

Please also refer to the crucial accounting policies, judgments and estimates adopted by our Company discussed in Note 2 to the consolidated financial statements.

Critical Accounting Policies and Estimates

The discussion of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. We evaluate our estimates and assumptions on an ongoing basis using the vest information available. Actual results may differ from these estimates under different assumptions or conditions, and the impact of such differences may be material to our consolidated financial statements.

Critical accounting policies are those policies that, in management’s view, are the most important in the portrayal of our financial condition and results of operations. The notes to the consolidated financial statements also include disclosure of significant accounting policies. The methods, estimates and judgments that we use in applying our accounting policies have a significant impact on the results that we report in our consolidated financial statements. These critical accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates regarding matters that are inherently uncertain. Those critical accounting policies and estimates that require the most significant judgment are discussed further below.

Revenue Recognition

The Company recognizes contract revenue over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer in accordance with ASC Topic 606, Revenue from Contracts with Customers. The Company adopted output method using construction works delivered as this method best represents the measure of progress against the performance obligations incorporated within the contractual agreements.

However, the nature of the Company’s contracts gives rise to several types of variable consideration from the changes in job performance, job conditions and estimated profitability, including those changes arising from unpriced change orders and claims, liquidated damages and penalties and final contract settlements.

Change orders may include changes in specifications or designs, manner of performance, facilities, equipment, materials, sites and period of completion of the work. Either we or our customers may initiate change orders. We consider unapproved change orders to be contract variations for which we have initiated a change of scope which we believe we are contractually entitled to a certain price, but where a price change associated with such change of scope has not yet been agreed upon with our customer. The Company recognizes revenue for variable consideration when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The Company estimates the amount of revenue to be recognized on variable consideration using the expected value (i.e., the sum of a probability-weighted amount) or the most likely amount method, whichever is expected to better predict the amount. Change orders that are unapproved as to both price and scope are evaluated as claims. We consider claims to be amounts in excess of agreed contract prices that we seek to collect from our customers or others for customer-caused delays, errors in specifications and designs, contract terminations, change orders that are either in dispute or are unapproved as to both scope and price, or other causes of unanticipated additional contract costs. The Company mainly considers the change orders as the contract modification. And the Company accounted for the contract modification as if it were a part of the existing contract as the remaining services are not distinct and, therefore, form part of a single performance obligation that is partially satisfied at the date of the contract modification.

Upon completion and final acceptance of the services that we were contracted to perform, we receive our final payment upon completion of the necessary contract closing documents. The accuracy of our revenue recognition in a given period depends on the accuracy of our estimates of the revenues and costs to finish uncompleted contracts. The management reviews and revises the estimates of both contract revenue and costs for the construction services as the contract progresses, because of the nature of the activity undertaken in construction contracts, the date at which the contract activity is entered into and the date when the activity is completed usually fall into different accounting period and actual cost or revenue may be higher or lower than estimated at the end of the reporting period, which could affect the revenue and profit recognized in future years as an adjustment to the amounts recorded to date. The Group reviews and revises the estimates of contract revenue, contract costs and change orders prepared for each construction contract as the contract progresses regularly.

Provision of expected credit loss allowance for accounts receivable and contract assets

The allowance for credit losses consists of the allowance for credit losses and the allowance for losses on unfunded commitments. The Company adopted ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments,” using the modified retrospective approach for accounts receivable and contract assets. The approach requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures). It removes the incurred loss approach’s threshold that delayed the recognition of a credit loss until it was ‘‘probable” that a loss event was ‘‘incurred.’’ The estimate of expected credit losses under the approach is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses, then considers whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period from which historical experience was used. Finally, the Group considers forecasts about future economic conditions that are reasonable and supportable.

The Group considers the accounting policy relating to the allowance for credit losses to be a critical accounting estimate given the uncertainty in evaluating the level of the allowance required to cover the Group’s estimate of all expected credit losses over the expected contractual life of our accounts receivable and contract assets. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the then-existing accounts receivable and contract assets, in light of the factors then prevailing, may result in significant changes in the allowance for credit losses in those future periods. The impact of utilizing the approach to calculate the reserve for credit losses will be significantly influenced by the composition, characteristics and quality of our accounts receivable and contract assets, as well as the prevailing economic conditions and forecasts utilized. Material changes to these and other relevant factors may result in greater volatility to the reserve for credit losses, and therefore, greater volatility to our reported earnings.

The Group adopted the probability of default and loss given default methods for estimating expected credit losses because it can reflect the Group’s expectation of the recoverability of accounts receivable and contract assets at each of the reporting period. The management makes reference to (i) the research by Moody’s and data of Bloomberg for average cumulative default probability rate of the debtors, and (ii) 2024 Annual default study, Moody’s for the weighted average default rates. In addition, the rates have been adjusted for forward-looking factors by taking into account any observable change in future economic conditions, events and environment. The management assumes historical loss pattern does not vary significantly across the customer groups and there is no expectation of such changes over the expected collection period of the receivables outstanding at the period end.

Summary of Results of Operations

Comparison of Years Ended March 31, 2024 and 2023

The following table sets forth key components of our results of operations for the years ended March 31, 2024 and 2023. The historical results presented below are not necessarily indicative of the results that may be expected for any future period.