Hong Kong subcontractor Ming Cheng Group withdraws its planned $10 million US IPO
Hong Kong subcontractor Ming Shing Group Holdings withdrew its plan to raise $10 million in its initial public offering (IPO) on the US stock market on Tuesday. The company, established in 2012, mainly focuses on wet works engineering business with sales of approximately $24 million. The company planned to issue about 1.5 million shares at a price of $5.5 to $7.5, originally scheduled to be listed on Nasdaq with the stock code "MSW"
According to the Zhitong Finance and Economics APP, Hong Kong subcontractor Ming Shing Group Holdings, which focuses on wet construction projects (i.e. construction operations that involve mixing dry building materials with liquids), withdrew its initial public offering (IPO) plan on Tuesday. It is understood that the company from Hong Kong, China, initially applied for an IPO on the US stock market in mid-2023, with the last submission made in May 2024. The company planned to issue approximately 1.5 million shares at a price range of $5.5 to $7.5 per share, aiming to raise around $10 million.
Records show that this Hong Kong-based company was established in 2012, with sales of approximately $24 million for the 12 months ending September 30, 2023. The company originally planned to list on the Nasdaq stock market in the US, with the stock code "MSW" proposed at that time. R.F. Lafferty & Co. and Revere Securities were designated as the joint bookrunners for this IPO transaction.
Ming Shing Group from Hong Kong, China, primarily engages in various wet plastering projects, such as plastering, tiling, bricklaying, floor leveling, marble works, and some small-scale renovation businesses. According to the prospectus, the raw materials used in Ming Shing Group's project works mainly include cement, lime, concrete, aggregates, sand, and more.
So far, Ming Shing Group's clients are mainly private enterprises, including private residences and commercial buildings. The owners of the company's private projects are generally property developers, while the clients are usually general contractors and wet construction subcontractors in the projects. The company's involvement in public projects is relatively small, mainly related to public housing development, infrastructure, and public facilities development. The clients for this segment of business are mainly general contractors hired by government departments and statutory bodies