According to a disclosure made to the Hong Kong Stock Exchange on August 25, Chiu Lik International Holdings Limited (referred to as "Chiu Lik International") has submitted a listing application to the GEM board of the HKEX, with Baihui Capital Limited acting as its sole sponsor.

Based on the prospectus, Chiu Lik International primarily operates in Hong Kong as a main contractor engaged in demolition works. During the track record period, the company also undertook various other types of construction works, such as repair and maintenance works, rectification works, improvement works, and site maintenance works. Chiu Lik International, together with its predecessor Wai Yip Engineering Company founded in 1989, has accumulated over 35 years of operating history in Hong Kong's construction industry. The company's projects are mainly undertaken by Wai Yip Engineering, which serves as its principal operating subsidiary established in Hong Kong.

According to a Frost & Sullivan report, measured by revenue, the group ranked fifth and third in 2024 and 2025 respectively, with market share increasing from approximately 3.0% in 2024 to approximately 4.9% in 2025. During the track record period, demolition works served as the group's primary source of revenue, accounting for approximately 93.2%, 93.6%, 96.6%, and 86.3% of total revenue for the fiscal year 2025, fiscal year 2026, the first three months of 2025, and the first three months of 2026, respectively.

When undertaking projects, Chiu Lik International generates revenue from two sources: (i) contract sum revenue, which refers to fees paid by clients for services provided by the group; and (ii) for certain demolition projects, proceeds from the disposal of recyclable materials removed from demolition sites to third-party recyclable material buyers.

In terms of clients, during the track record period, the group's clients mainly comprised (i) private institutional project owners, principally private property developers, and (ii) recyclable material buyers, principally companies engaged in the trading of recyclable materials.

Financial data reveals that for the fiscal year 2025, fiscal year 2026, and the first three months of 2026, the company achieved revenue of approximately HK$77.28 million, HK$137 million, and HK$43.19 million, respectively. During the same periods, the company recorded profit and total comprehensive income of approximately HK$8.649 million, HK$24.231 million, and HK$9.443 million, respectively. Gross profit for the fiscal year 2025, fiscal year 2026, and the first three months of 2026 stood at approximately HK$19.041 million, HK$39.401 million, and HK$14.831 million, respectively.

Industry data from the Hong Kong Census and Statistics Department indicates that the total value of construction works performed by main contractors increased from HK$233.7 billion in 2021 to HK$287.5 billion in 2025, representing a compound annual growth rate of 5.0% from 2021 to 2025. The industry faced challenges during 2020 and 2021 due to the aftermath of social unrest and the COVID-19 pandemic, which led to (i) suspension and slowdown of construction activities, and (ii) global supply chain disruptions affecting raw material supply, resulting in project delays and fewer new project commencements. Since 2022, the pace of recovery has accelerated, supported by rebounding activities in both the public and private sectors.

The Hong Kong government continues to drive future growth through large-scale infrastructure development, including the Northern Metropolis, the continued advancement of the Lantau Tomorrow Vision, as well as related transportation, housing, and public works programmes. Despite a recent slowdown in private sector activity and economic headwinds in 2025, these large-scale projects are expected to sustain and drive construction output over the medium to long term. The total value of construction works performed by main contractors is projected to increase from HK$300.4 billion in 2026 to HK$357.9 billion by 2030, representing a CAGR of 4.5%.

From 2026 to 2030, the total value of building demolition works performed by main contractors in Hong Kong is expected to maintain an upward trend, increasing from an estimated HK$2.835 billion in 2026 to HK$3.8284 billion in 2030, with a forecast CAGR of 7.8%. This sustained growth is anticipated to benefit from ongoing large-scale infrastructure and new development area projects (such as Hung Shui Kiu and other Northern Metropolis initiatives), continued urban renewal, and the growing emphasis on sustainable demolition practices, including waste recycling.

The board comprises six directors, including two executive directors, one non-executive director, and three independent non-executive directors. According to the confirmation of acting in concert, the controlling shareholder group will consist of Hang Tai (jointly owned by Mr. Lo Kam, Ms. Mak Wai Chun, Mr. Lo Siu Kai, and Mr. Lo Siu Tong), Sing Yip (wholly owned by Mr. Lo Cheuk Pui), Mr. Lo Cheuk Pui, Mr. Lo Kam, Ms. Mak Wai Chun, Mr. Lo Siu Kai, and Mr. Lo Siu Tong.

The intermediary team comprises sole sponsor Baihui Capital Limited; company legal advisers Haoqin Law Firm and Harney Westwood & Riegels; sole sponsor's legal adviser Guangdong Huashang (Hong Kong) Law Firm; joint auditors and reporting accountants Crowe (HK) CPA Limited and Moore Stephens CPA Limited; compliance adviser Baihui Capital Limited; and industry consultant Frost & Sullivan.