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02110 裕勤控股
Yue Kan Holdings
Listing Date2020/12/07
Listing Price0.225
 
Quote
  • 0.150 +0.001 (+0.671%)    Sink Below Listing Price
  • 15-min delayed, last update: 02/12/2021 17:20
Subscription Result
  • Subscription Rate
    36.79x
  • Guarantee One Lot Size
    70 lot
  • One Lot Success Rate
    20%
COMPANY PROFILE

Yue Kan Holdingsis a Hong Kong-based marine construction works subcontractor specialising in reclamation works and supplemented by its vessel chartering services and other civil engineering works. It also acted as a subcontractor in marine construction projects and other civil engineering projects.

The marine construction works included, among others reclamation works; regulation and deposition of sand blanket works; submarine pipeline works; and sediment treatment works. It also provided vessel chartering services to customers for a specific period, and provided vessel crew for operation and management of the vessels if required by customers. In addition, it was also engaged in other civil engineering works including foundation works, site formation works and roads and drainage works.

As at 16 Nov 2020, the Group had 10 projects in progress, including five marine construction projects, four other civil engineering projects and one project involving both marine construction and other civil engineering works. It had three ongoing vessel chartering arrangements and the ongoing vessel chartering arrangements are expected to be completed in April 2021 and May 2022.

The outstanding aggregate contract value of the Group’s backlog including vessel chartering arrangements of approximately HK$18.1 million amounted to approximately HK$303.8 million, of which approximately HK$173.7 million and HK$130.1 million are expected to be recognised, subject to the progress of the respective projects, for the remaining period of the years ending 31 May 2021 and 2022, respectively.

The Group generally acts as a subcontractor to carry out marine construction or other civil engineering works in projects and customers are main contractors engaged by property developers or project employers in the public and private sectors.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureConstruction
Websitewww.yuekanholdings.com
Board Lot10,000
Registrar & Transfer OfficeTricor Investor Services
SHARE OFFER
No. of Offer Shares556m shares
No. of Placing Shares500m shares
No. of Public Offer Shares55.60m shares
Offer Price$0.225 - $0.27
Nominal ValueHK$ 0.01 each
Stock Code2110
Sole SponsorRed Sun Capital
Joint BookrunnersZhong Jia Securities, Sinomax Securities
Joint Lead ManagersAristo Securities, ChaoShang Securities, Get Nice Securities, Head & Shoulders Securities, Livermore Holdings, Red Eagle Securities
TIME TABLE
Application PeriodNov 23 (Mon) - Noon, Nov 27 (Fri)
Price Determination DateOn or Before 5pm, Nov 27 (Fri)
Result Announcement DateOn or Before Dec 4 (Fri)
Dispatch of Shares and Refund ChequesOn or Before Dec 4 (Fri)
Dealings in Shares commence onDec 7, 2020. (Mon)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveHeung Che Kan (Chairman), Lee Ming Chu Jade, Heung Yue Wing
Independent Non-ExecutiveChiu Tai Shing, Wan Wai Wing, Fung Hoi Fung
MAJOR SHAREHOLDERS
Director Heung Che Kan75%
INCOME STATEMENT (HK$'000)
(Year ended May 31)
202020192018
Revenue313,650297,302269,630
Gross Profit51,03452,83742,728
Pre-Taxed Profit34,87036,12339,325
Attributable Profit for the period28,11328,75232,988
OFFER STATISTICS (HK$)
Offer Price$0.225 - $0.27
Capitalization$500m - $600m
Unaudited pro forma adj NAV / share$0.09 - $0.10
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $0.2475, the net proceeds raised would be HK$94.3m, of which:
* $63.8m (67.6%) to expand fleet of vessels and site equipment;
* $13.4m (14.2%) to recruit 35 additional full time staff to operate the aforementioned additional vessels and site equipment;
* $4.2m (4.5%) to strengthen its manpower;
* $8.0m (8.5%) to acquire performance bonds and/or placing tender deposit for potential marine construction or other civil engineering works;
* the balance of $4.9m (5.2%) as additional working capital.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
00871CH DREDG ENVup0.1400.0129.375%
02110YUE KAN HLDGup0.1500.0010.671%
06816PROSPER CONSunchange0.5700.0000.000%
15-min delayed, last updated: 02/12/2021 17:20
Related Document
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
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