New Stock News | EVER GLORY UNITED has submitted an application to the Hong Kong Stock Exchange, ranking second among all local electromechanical engineering service providers in Singapore.

According to the Hong Kong Stock Exchanges disclosure on October 8, EVER GLORY UNITED HOLDINGS LIMITED (hereinafter referred to as EVER GLORY UNITED) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with ICBC International as the sole sponsor. Company Overview According to the prospectus, the company is a leading integrated electromechanical engineering service provider in Singapore. It offers comprehensive electromechanical engineering services for infrastructure and buildings, covering electrical engineering (ELECT), air conditioning and mechanical ventilation (ACMV), fire protection and firefighting (FP), plumbing, sanitary, and gas engineering (PSG) services, as well as manufacturing auxiliary components. According to data from Frost & Sullivan, the company ranks second among all local electromechanical engineering service providers in Singapore by revenue for 2025 and fourth among all electromechanical engineering service providers. During the track record period, the operational scale of EVER GLORY UNITED rapidly expanded, achieving significant financial growth. The company was listed on the Catalist board of the Singapore Exchange in 2023 and then transferred to the main board of the Singapore Exchange in 2025. As of June 30, 2026, the companys total order book reached SGD 838.2 million, further exceeding SGD 1 billion by the last practical date. Moreover, according to Frost & Sullivan, based on the revenue of electromechanical engineering services in 2025, the company holds the highest number of registered L6 category electromechanical engineering projects among the top five market participants in Singapore. This enables the company to bid for and execute public and private projects without restrictions on contract value and to meet stringent qualification requirements, thus creating entry barriers for competitors and solidifying its market position in the industry. EVER GLORY UNITED provides electromechanical engineering services through its three wholly-owned subsidiaries (i.e., Sunbeam, Fire-Guard, and Guthrie Engineering), offering (i) ELECT services; (ii) ACMV services; (iii) FP services; and (iv) PSG services, along with auxiliary components. During the track record period, the company completed two acquisition transactions, including the acquisition of FG and GE. On February 7, 2024, the company finalized the acquisition of Fire-Guard from FG sellers for a total consideration of SGD 4,200,000. Fire-Guard became a direct wholly-owned subsidiary of the company. On April 8, 2025, the company entered into a share purchase agreement with Guthrie GTS Pte Ltd to acquire all equity of Guthrie Engineering for a total consideration of SGD 46,034,273. Guthrie Engineering became a direct wholly-owned subsidiary of the company starting July 1, 2025. The acquisitions of Fire-Guard and Guthrie Engineering enhanced the companys electromechanical engineering capabilities, expanded its service range, and ultimately acquired new clients, creating service synergies for the companys business operations. Financial Information Revenue: For the financial years 2023, 2024, 2025, and the six months ended June 30, 2026, the companys revenue was approximately SGD 47.478 million, SGD 79.875 million, SGD 122 million, and SGD 103 million, respectively. Profit for the Year/Period For the financial years 2023, 2024, 2025, and the six months ended June 30, 2026, the profit for the year/period was SGD 6.831 million, SGD 8.955 million, SGD 20.122 million, and SGD 12.668 million, respectively. Gross Profit For the financial years 2023, 2024, 2025, and the six months ended June 30, 2026, the gross profit was approximately SGD 10.954 million, SGD 12.544 million, SGD 23.346 million, and SGD 21.458 million, respectively. Industry Overview As a city economy with limited land resources, the local demand for housing renovation, infrastructure upgrades, and reconstruction of existing assets in Singapore remains persistent, which is expected to provide a relatively stable foundation for future construction projects. Meanwhile, capital-intensive private projects represented by integrated resort expansions and high-end industrial facility constructions will generate construction demands with higher contract values and longer construction cycles. Driven by these factors, the market size of Singapore's construction industry is projected to increase from approximately SGD 41.8 billion in 2025 to approximately SGD 59.9 billion in 2030, with a compound annual growth rate (CAGR) of about 7.5%, exceeding the CAGR of approximately 1.4% for the construction industry in Singapore from 2015 to 2025. The electromechanical engineering industry in Singapore is closely linked to the overall development of the construction industry. Market demand mainly arises from the installation and upgrade works of electromechanical systems such as electrical, ACMV engineering systems in building and infrastructure projects. Based on certified progress billings, the market size of the electromechanical engineering industry grew from approximately SGD 1.9 billion in 2020 to about SGD 4.3 billion in 2025, demonstrating a CAGR of approximately 17.8%, outpacing the overall growth of the Singapore construction industry during the same period. Looking ahead, the continuous enhancement of construction function standards will further drive growth in the electromechanical engineering industry. New builds and upgrade projects increasingly emphasize energy efficiency, system resilience, and smart building management, leading to an increase in the proportion of electromechanical engineering to total project costs. Additionally, the technical barriers in industrial and commercial facilities mean that investments in electromechanical systems tend to be higher than in conventional construction projects, which is expected to gradually shift electromechanical industry demand towards high-value projects. Driven by these factors, the market size of the electromechanical engineering industry in Singapore is expected to grow from approximately SGD 4.3 billion in 2025 to around SGD 7.3 billion in 2030, with a CAGR of about 10.9%. Public projects refer to those funded by government agencies or relevant entities, while private projects are constructed by private developers, enterprises, and individual clients. By client type, public projects are expected to account for approximately 54.2% of the total electromechanical engineering market in Singapore by 2025. Compared to private projects, public electromechanical engineering projects generally have higher contract values but fewer numbers, as these projects typically involve large infrastructure, public housing, healthcare, and transportation development led by the government, and come with complex system requirements and strict technical specifications, imposing higher qualification standards on contractors and creating higher entry barriers for market participants. From 2020 to 2025, the CAGR for public projects reached 19.3%, with large infrastructure projects such as rail public transport lines and airports significantly driving up the demand for electrical, ACMV, and various specialized electromechanical engineering systems. Looking ahead, driven by continued infrastructure investment and large institutional projects, the CAGR for public projects is expected to remain at 11.1% from 2025 to 2030, maintaining its dominant market position. Private projects account for 45.8% of the market, mainly consisting of residential, commercial, and industrial development projects, mostly constructed by private developers; emerging demands in industrial sectors such as data centers and high-tech manufacturing facilities will continue to drive steady growth in the industry. Board of Directors Information The board currently comprises five directors, including a non-independent non-executive chairman, an executive director and CEO, and three independent non-executive directors. Shareholding Structure As of the last practical date, the company's controlling shareholders include Mr. Sun Renwang (currently the non-independent non-executive chairman of the company), who holds 169,000,000 shares, representing approximately 33.7% of the issued share capital of the company, and Mr. Xu Ruibing (executive director and CEO of the company), who holds 169,000,000 shares, representing approximately 33.7% of the issued share capital of the company. Ms. Liu Yunxia is Mr. Sun's spouse. Ms. Shen Saiqiong is Mr. Xus spouse. Intermediary Team Sole Sponsor: ICBC International Holdings Limited Company Legal Advisors: Chen Haoming Law Firm in association with Beijing Shihui (Hong Kong) Law Firm and Wong Partnership LLP Sole Sponsor Legal Advisors: He Wei Law Firm Auditor and Reporting Accountant: Ernst & Young Industry Consultant: Frost & Sullivan Business Consulting (Shanghai) Co., Ltd. Compliance Advisor: KES Capital Limited