IPO News | Allianz International Second Listing Hong Kong Stock Exchange GEM as Hong Kong Security Service Provider

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on July 24, Allianz International Holdings Limited (Allianz International) submitted a listing application to GEM on the Hong Kong Stock Exchange, and Chuangsheng Finance is its sole sponsor. This is the second time the company has submitted a listing application to the Hong Kong Stock Exchange.

Company profile

Allianz International is a security service provider in Hong Kong, mainly engaged in providing (i) security guard services; and (ii) electronic security solution services. The company has established a solid market position with operational expertise, commitment to service quality, and reliable ability to undertake and manage large-scale and operationally demanding security projects.

During its track record, Allianz International served a diverse customer base in Hong Kong and built a good reputation through major projects (particularly the three-runway system project). The company's experience in managing security operations for this large-scale infrastructure project strengthened the company's capabilities and helped obtain other important contracts, including air cargo terminal projects. The company's main customers include Hong Kong International Airport operators, air cargo terminal operators, JLL, construction contractors, telecommunications service providers and property management companies.

Due to the significant increase in the adoption of electronic technology solutions in the security market, the company has strengthened its capabilities in the electronic security solutions service segment, particularly for CCTV related services, 4S and robot security solutions, to further enhance its ability to provide comprehensive security solutions to customers with specialized operational and technical requirements. With the company already obtained a major CCTV contract from a well-known telecommunications service provider and the company's employees holding relevant security licenses, the company has the advantage of grasping the growing demand in the electronic security solutions industry.

Additionally, Allianz International and Guangzhou Huilun established Allianz Huilun (an indirect non-wholly-owned subsidiary) in 2026 to research, develop and commercialize robotics and automation solutions to seize the significant market expansion expected to occur in the Hong Kong security robotics division.

Financial data

revenue

In fiscal year 2024, fiscal year 2025, and 2026, the company achieved revenue of approximately RMB 139 million (HK$, same below), RMB 188 million, and RMB 31.918 million, respectively.

Gross profit and gross profit margin

In fiscal year 2024, fiscal year 2025, and 2026, the company recorded gross profit of about 366.75 million yuan, 48.172 million yuan, and 8.014 million yuan, respectively, with corresponding gross margins of 26.4%, 25.7%, and 25.1%.

Total profit and comprehensive revenue for the year/period

In the three months of fiscal year 2024, fiscal year 2025, and 2026, the company recorded annual/period profit and total overall revenue of RMB 17.455 million, RMB 22.567 million, and RMB 4.254 million respectively.

Industry Overview

According to the regulations of the Security and Guarding Industry Authority, licensed security companies that perform different types of security work can be divided into three categories, namely the first category (providing security guard services), covering access control and verification, surveillance and static guarding, perimeter patrolling, crowd management and order maintenance; category II (providing armed transportation services); and type III license (installing, maintaining and/or repairing security devices and/or (for any premises or place) designing security systems including security devices), covering surveillance infrastructure (CCTV), security robots, intrusion detection, and access control systems Intercom and communication system.

Class I security services remain the largest segment in the Hong Kong security services market, accounting for about 81.9% of the market share in 2025. Class I and Class III services are expected to grow at CAGR of approximately 5.5% and 6.2% respectively from 2026 to 2030. Electronic security systems are commonly used to enhance surveillance and detection capabilities to assist physical guards, while on-site personnel are still responsible for access control, incident handling, and real-time response.

The security services market for public-related projects mainly includes security services for public infrastructure and public facilities. Demand for public infrastructure projects mainly comes from large-scale transport and infrastructure system operators, such as MTR companies and airport authorities, while demand for public facilities comes from government departments, statutory bodies and other public organizations, including hospital authorities, housing authorities and housing associations. The market size increased from about HK$3.1 billion in 2021 to HK$4 billion in 2025, with a compound annual growth rate of about 6.6%, and is expected to reach approximately HK$6.3 billion in 2030, with a compound annual growth rate of about 7.0% from 2026 to 2030. The growth is expected to be driven by continued security requirements for existing public infrastructure and facilities, as well as the construction and operation of major developments such as the Kai Tak Development Plan and the Northern Metropolitan Area.

The private-related project security services market will increase from approximately HK$26.7 billion in 2021 to HK$30.9 billion in 2025, with a CAGR of about 3.7%, and is expected to reach approximately HK$40.4 billion in 2030, with a CAGR of approximately 5.4% from 2026 to 2030. The growth is expected to be driven by continued demand for security services in existing commercial and residential properties, as well as new commercial, residential and mixed-use development projects.

The market size of Class I security services for public-related projects grew from HK$2.5 billion in 2021 to HK$3.1 billion in 2025, achieving a strong CAGR of 5.6% during this period. This performance reflects the strong recovery of the industry from earlier disruptions, mainly due to the continued and stable demand for security personnel in existing government buildings and other state-owned enterprises. Looking ahead, market growth is expected to accelerate. The market size is expected to reach HK$4.3 billion by 2030, with a compound annual growth rate of 6.8% between 2026 and 2030. The surge in demand for public-related security services is directly linked to the rapid expansion of public infrastructure. Continued implementation of new development areas such as the Northern Metropolitan Area, government spending continues to increase in new development areas such as Hung Shui Kiu/Ha Tsuen, Kwu Tung North/Fanling North, and Tung Chung New Town Expansion Plans; in line with the 10-year hospital development plan, large-scale public housing supply, and major railway network extension projects. This highlights that huge public investment will continue to drive demand for on-site security personnel over the long term.

Meanwhile, the security services market for private-related projects expanded from HK$22.1 billion in 2021 to HK$25.4 billion in 2025, recording a steady CAGR of 3.5%. Looking ahead, the segment is expected to experience stronger and accelerated growth, with a compound annual growth rate of 5.4% between 2026 and 2030, with a final target of HK$33.3 billion. This optimistic outlook is based on continued new investment in private commercial and residential real estate development projects, which require large-scale and continuous deployment of security to match the rapid expansion of public sector infrastructure.

Board Information

The board of directors consists of eight directors, including four executive directors, one non-executive director and three independent non-executive directors. The Board of Directors is responsible for and has general powers to manage and operate the Group's business.

Shareholding structure

Fong 1119 is wholly owned by Mr. Fang. According to the Securities and Futures Ordinance, Mr. Fang is deemed to have an interest in the same number of shares held by Fong 1119.

Mr. Fang and Ms. Ye are spouses. According to the Securities and Futures Ordinance, Ms. Yip is deemed to have an interest in the same number of shares as Mr. Fang.

HFTT is wholly-owned by Chun Hing and Chun Hing is wholly owned by Ms Lin. According to the Securities and Futures Ordinance, Chun Hing and Ms Lam are deemed to have interests in the same number of shares held by HFTT.

Ms Lam and Mr Wong are spouses. According to the Securities and Futures Ordinance, Mr. Wong is deemed to have an interest in the same number of shares as Ms Lam has interests.

Intermediary team

Sole sponsor: Chuangsheng Finance Co., Ltd.

Company Legal Adviser: Related to Hong Kong Law: Yau Huan Law Firm; Related Cayman Islands Law: Hengli Law Firm

Sole Sponsor Legal Adviser: Related to Hong Kong Law: Wu Baiquan Law Firm

Auditor and reporting accountant: Deloitte Guan Huang Chen Fang

Compliance Advisor: Chuangsheng Finance Co., Ltd.

Industry Advisor: Frost & Sullivan Ltd