Sunray Engineering Group Shares Surge in Hong Kong Debut
Shares of Sunray Engineering Group Limited jumped more than 110% to close at HK$0.51 per share in Hong Kong on Thursday, after pricing its shares at HK$0.24 apiece.
On its first trading day, the Hong Kong-based building protection solution provider's trading volume reached approximately 219 million with a total turnover of approximately HK$85.6 million.
"The successful listing of the company's share on the GEM of SEHK today strengthens our market leading position in the building protection work market, said Lam Ka Wing, chairman and CEO of Sunray Engineering Group. "In the future, we are confident to expand the group's business and to offer a more extensive brand portfolio of building protection products, and to capture greater market share in the industry."
Alpha Financial Group Limited, Lego Securities Limited and Enhanced Securities Limited are the joint bookrunners for this deal.
The company said its solutions integrate the provision of building protection works with a focus on waterproofing works and the supply of building protection products. According to the Frost & Sullivan Report, the group ranked second in the building protection work market in Hong Kong with a market share of approximately 3.0% in terms of revenue in 2019.
Sunray Engineering's revenue increased 25.1% from approximately HK$153.2 million in 2018 to HK$191.7 million in 2019. Up to 22 March, the company had undertaken 287 building protection works projects in Hong Kong, and the total original contract sum of these projects amounted to approximately HK$657.5 million.
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