IPO News | EVER GLORY UNITED reports that the Hong Kong Stock Exchange ranks 2nd among all local Mechatronic Engineering Service Providers in Singapore

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on October 8, EVER GLORY UNITED HOLDINGS LIMITED (hereinafter: EVER GLORY UNITED) submitted a listing application to the main board of the Hong Kong Stock Exchange, and ICBC International is the sole sponsor.

Company profile

According to the prospectus, the company is a leading provider of integrated electromechanical engineering services in Singapore. The company provides comprehensive electromechanical engineering services for infrastructure and buildings, covering electrical engineering (ELECT), air conditioning and mechanical ventilation (ACMV), fire protection and fire (FP) and plumbing, sanitation and gas engineering (PSG) services, and production auxiliary components. According to Insight Consulting, in terms of revenue in 2025, the company ranked 2nd among all local Mechatronic Engineering Service Providers and 4th among all Mechatronics Service Providers in Singapore.

During the track record period, EVER GLORY UNITED rapidly expanded its operating scale and achieved considerable financial growth. The company was listed on the SGX Kelly board in 2023, then transferred to the SGX main board in 2025. On June 30, 2026, the company's total on-hand orders reached SGD 838.2 million, and further exceeded SGD 1 billion on the last practical date.

Furthermore, according to Insight Consulting data, the company has the highest number of registrations in the Construction Authority's L6 level Mechatronics Engineering Service Project category among the top five market participants in Singapore based on Mechatronics Engineering Service Revenue in 2025. This enables the company to bid and execute public and private projects that are not limited by contract value and meet strict eligibility requirements, thereby creating entry barriers for the company's competitors and strengthening its market position in the industry.

EVER GLORY UNITED provides mechatronic engineering services through its three wholly-owned subsidiaries (i.e. Sunbeam, Fire-Guard, and Guthrie Engineering), including (i) ELECT services; (ii) ACMV services; (iii) FP services; and (iv) PSG services, and the provision of auxiliary components.

During the track record period, the company has carried out two acquisitions, including the FG acquisition and the GE acquisition. On February 7, 2024, the company completed the acquisition of all shares in Fire-Guard from the FG seller at a total cost 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 PtLTD to acquire the entire share capital of Guthrie Engineering at a total cost of SGD 46,034,273. Guthrie Engineering has been a direct wholly-owned subsidiary of the company since July 1, 2025. The acquisition of Fire-Guard and Guthrie Engineering enabled the company to strengthen its electromechanical engineering service capabilities, expand the scope of services, and eventually acquire new customers, thus creating service synergy effects for the company's business operations.

Financial data

Revenue:

For the six months ended June 30 in 2023, 2024, 2025, 2025, and 2026, the company's revenue was approximately SGD 474.78 million, SGD 79.875 million, SGD 122 million, and SGD 103 million, respectively.

Profit for the year/period

For the six months ended June 30 in 2023, 2024, 2025, and 2026, profits for the year/period were SGD 6.831 million, SGD 8.955 million, SGD 2012.2 million, and SGD 126.68 million, respectively.

Mōri

For the six months ended June 30 in 2023, 2024, 2025, and 2026, 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 an urban economy with scarce land resources, local demand for housing renovation, infrastructure upgrades, and reconstruction of existing assets in Singapore continues, which is expected to provide a relatively stable foundation for future construction projects. At the same time, capital-intensive private projects, such as integrated resort expansion and high-end industrial plant construction, will bring about construction demand with higher contract amounts and longer construction cycles. Driven by these factors, the size of the Singapore construction industry is expected to grow from about SGD 41.8 billion in 2025 to about SGD 59.9 billion in 2030, with a CAGR of about 7.5%, higher than the CAGR of about 1.4% from 2015 to 2025.

The mechanical and electrical engineering industry in Singapore is closely related to the overall development of the construction industry. Market demand mainly comes from the installation and upgrading of electrical and mechanical engineering systems such as electrical and ACMV engineering in buildings and infrastructure projects. Based on the amount of approved progress payments, the market size of the mechanical and electrical engineering industry increased from about SGD 1.9 billion in 2020 to about SGD 4.3 billion in 2025, with a compound annual growth rate of about 17.8%, which is higher than the overall level of Singapore's construction industry during the same period. Looking forward to the future, the increase in building functional standards will continue to drive the growth of the electromechanical engineering industry. New construction and upgrade projects pay more attention to energy efficiency, system resilience and intelligent building management, and the share of mechanical and electrical engineering in the total cost of the project will increase further. Furthermore, the technical barriers for industrial and commercial facilities are high, and the investment in mechanical and electrical engineering systems is higher than that of ordinary construction projects, which is expected to push the demand for the mechanical and electrical industry gradually towards high-value projects. Driven by these factors, the market size of Singapore's mechanical and electrical engineering industry is expected to grow from about SGD 4.3 billion in 2025 to about SGD 7.3 billion in 2030, with a compound annual growth rate of about 10.9%.

Public projects refer to projects funded by government agencies or related entities, while private projects are funded by private developers, enterprises and individual customers. By customer type, public projects account for about 54.2% of the total mechanical and electrical engineering market in Singapore in 2025. Compared with private projects, public mechanical and electrical engineering projects usually have a higher individual contract value, but the number of projects is small, because these projects usually involve large-scale infrastructure, public housing, medical and transportation development projects led by the government, involving complex system requirements and strict technical specifications, and at the same time set higher qualification standards for contractors, thus creating a higher entry threshold for market participants. From 2020 to 2025, the compound annual growth rate of public projects reached 19.3%. Large-scale infrastructure projects such as rail transit lines and airports have driven a significant increase in demand for electrical, ACMV and various professional mechanical and electrical engineering systems. Looking ahead, driven by continued infrastructure investment and large-scale institutional projects, the compound annual growth rate of public projects is expected to be 11.1% from 2025 to 2030, continuing to maintain a dominant position in the market. Private projects account for 45.8% of the market, mainly residential, commercial and industrial development projects, mostly built by private developers; emerging demand in industrial sectors such as data centers and high-tech manufacturing facilities will continue to drive the steady growth of the industry.

Board Information

The Board currently consists of five directors, including a non-independent non-executive chairman, an executive director and CEO, and three independent non-executive directors.

Shareholding structure

At the last practical date, the controlling shareholders of the company included Mr. Sun Renwang (currently the non-independent non-executive chairman of the company), who held 169,000,000 shares, accounting for about 33.7% of the company's issued share capital, and Mr. Xu Ruibing (executive director and CEO of the company), who held 169,000,000 shares, accounting for about 33.7% of the company's issued share capital. Ms. Liu Yunxia is Mr. Sun's spouse. Ms. Shen Saiqiong is Mr. Xu's spouse.

Intermediary team

Sole sponsor: ICBC International Finance Limited

Company Legal Adviser: Chen Haoming Law Firm and Beijing Shihui (Hong Kong) Law Firm, Wong Partnership LLP

Sole sponsor legal adviser: He Wei Law Firm

Auditors and reporting accountants: Ernst & Young

Industry Advisor: Insight Enterprise Management Consulting (Shanghai) Co., Ltd.

Compliance Advisor: Kaisheng Capital Co., Ltd.