About LING YUI Company

We are a Hong Kong subcontractor engaged in the provision of foundation works (including excavation and side support works, pile cap work and piling construction), site preparation work and other ancillary services (such as road and drainage works for private sector foundation projects). During the track record period, we provided foundation works through Mingli Foundation Engineering (mainly acting as the main subcontractor in our projects). The Group's clients mainly included general contractors for private foundation projects in Hong Kong. According to the Ipsos report, the main subcontractor of the project refers to the subcontractor that has received most of the bids from each general contractor. The subcontractor is generally responsible for supporting and assisting the general contractor in managing the project, including the overall planning and project management of the project plan and supervising the site works carried out by its own direct laborers and lower-level subcontractors. As a subcontractor, we also undertake specific parts of the foundation work assigned by the general contractor. In the record period, we had 32 completed projects with confirmed revenue of approximately HK$245.1 million. As of the last practical date, we had a total of 10 projects under construction, and the total amount of contracts awarded was approximately HK$411.9 million. The project at hand is expected to be completed between June 2017 and June 2018. For more details about our projects, please refer to the “Projects” section of this section. The Group generated revenue of approximately HK$74.3 million, HK$120.5 million and HK$219.3 million for the years ended March 31, 2017, respectively. This increase is mainly due to an increase in large-scale foundation engineering projects undertaken during the track record period. Our net profit for the same period was approximately HK$18.2 million, HK$18.5 million and HK$31 million respectively. We have our own machinery and construction equipment that can carry out all kinds of foundation works. Our own machinery and construction equipment includes excavators, hydraulic crushers, air compressors and generators. We believe that the Group's investment in machinery and construction equipment puts us in a position to handle foundation works of various scales and can meet the expected growing needs of the Hong Kong foundation and site preparation industry in the foreseeable future. For the year ended March 31, 2015, 2016 and 2017, we purchased machinery and construction equipment of approximately HK$10.8 million, HK$3.3 million and HK$12.4 million respectively. For additional information on the Group's machinery and construction equipment, please refer to the section “Machinery and Construction Equipment” in this section.