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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	REFIRE 02570.HK	Electrical Components & Equipment	145-165	20	3,333	2024/12/03	2024/12/05	2024/12/06
	Dmall 02586.HK	Application Software	30.21	100	N/A	2024/12/03	2024/12/05	2024/12/06

Summary

We are a gold mine hazardous waste treatment company based in Shandong province, the PRC, focusing on (i) gold mine hazardous waste treatment; and (ii) recycling and extracting therefrom resources with economic value for sale. According to the F&S Report, we are second and third largest gold mine hazardous waste treatment company in Shandong province and in the PRC, respectively, with a market share of approximately 15% and 10% in terms of revenue in 2020, respectively. We are also ranked first in gold mine hazardous waste treatment volume in Shandong province and the PRC, with actual treatment volume of approximately 1.08 million tonnes, accounting for approximately 26% and 18% of the total actual treatment volume in Shandong province and the PRC, respectively, in 2020. Due to rich gold resources and the mature gold mining industry chain, the gold mine production in Shandong province ranked first in the PRC in 2020 according to the F&S Report. Further, our operation is situated in Laizhou city, which is a county-level city within Yantai prefecture-level city in Shandong province, where Laizhou city and Yantai city had proven gold reserves of approximately 2.7 thousand and 3.9 thousand tonnes. Yantai city accounted for approximately 93% of proven gold reserves of Shandong province in 2020, ranking first among prefecture-level cities in the proven gold reserves in the PRC. Such strategic location also led us to rank first and second in terms of treatment volume and revenue in Yantai city, respectively, in 2020, according to the F&S Report. We have two production facilities strategically located in Laizhou city, Shandong province, where the gold reserves ranked first among the county-level cities in the PRC. The total site area of our production facilities is approximately 228,683 sq.m. and they process the gold mine hazardous wastes collected from our upstream customers and recycle them into recycled products for sale to our downstream customers. As at the Latest Practicable Date, we are the only company in Laizhou city, Shandong province that has obtained the Hazardous Waste Business Licence issued by Yantai Municipal Ecology and Environment Bureau (煙臺市生態環境局), and our business operation was not restricted from serving upstream customers in cities outside Laizhou city but within Shandong province. During the Track Record Period, our upstream customers for gold mine hazardous waste treatment services mainly comprised of gold smelting companies under gold mining companies with mine operations in Shandong province and in particular, in Yantai city, whilst our downstream customers for the sale of recycled products mainly comprised of chemical manufacturing companies and trading companies of chemicals in the PRC. We have developed and maintained strong and stable relationships with industry-renowned customers, such as Shandong Gold Smelting Co., Ltd (山東黃金冶煉有限公司) (a subsidiary of Shandong Gold Mining Co., Ltd. (山東黃金礦業股份有限公司), whose shares are listed on the Main Board (stock code: 1787) and Shanghai Stock Exchange (stock code: 600547)) (‘‘Shandong Gold Smelting’’), Zhongkuang Gold Industry Company Limited (中礦金業股份有限公司) (‘‘Zhongkuang Gold’’), in the PRC. During the Track Record Period, revenue from our gold mine hazardous waste treatment services and sale of recycled products has been our major revenue sources, which collectively accounted for approximately 96.5%, 88.3%, 92.8% and 92.9%, respectively, of our total revenue. Since November 2018, our Group also derived revenue from the hazardous waste storage rental services. For the years ended 31 December 2018, 2019 and 2020 and the four months ended 30 April 2021, our total revenue amounted to approximately RMB102.3 million, RMB133.7 million, RMB205.4 million and RMB67.9 million, respectively. Our Group’s net profit increased from approximately RMB30.7 million for the year ended 31 December 2018 to approximately RMB48.5 million for the year ended 31 December 2019, and further increased to approximately RMB72.9 million for the year ended 31 December 2020. Our Group’s net profit increased from approximately RMB16.7 million for the four months ended 30 April 2020 to approximately RMB17.1 million for the same period in 2021. According to the F&S Report, gold production from gold mines in Shandong province and China declined from 62.2 tonnes and 379.4 tonnes in 2015 to 57.6 tonnes and 303.7 tonnes in 2020, representing a CAGR of –1.5% and –4.5%, respectively, which was mainly due to the stricter safety and environmental policies in the PRC and the COVID-19 impact. Gold production from gold mines is expected to increase gradually and reach 62.1 tonnes in Shandong province and 339.0 tonnes in China in 2025, representing a CAGR of 1.5% and 2.4% from 2020 to 2025, respectively, which is mainly driven by the increasing gold demand, rising gold price, technology advances and completion of safety and environmental protection rectification. Yantai city of Shandong province is the prefecture-level city with the largest gold production volume in the PRC, with approximately 50 tonnes of gold production volume in 2020, accounting for approximately 17% and 83% of total gold production volume in the PRC and Shandong province, respectively. Accordingly, the gold mine hazardous waste treatment market in the PRC, particularly in Shandong province and Yantai city, is expected to grow due to increasing output rate of gold mine hazardous waste, increasing utilisation value through technology improvement, more utilise channels and stricter requirements and enforcement of environmental policies. For details, see ‘‘Industry Overview — Drivers of Gold Mine Hazardous Waste Market in China’’. We believe that by leveraging on the industry expertise and technical know-how that we possess, together with the growth of the gold mining industry and support of favourable government policies, we are well-positioned to capture more business opportunities from gold mining companies, chemical manufacturing companies and trading companies of chemicals in the PRC. As such, we plan to expand our production capacity, enhance our production capabilities on diversifying products offerings and strengthen research and development ability to capitalise on the growing demand of gold mine hazardous waste treatment services and recycled products. Source: HC Env Tech (02265) Prospectus (IPO Date : 2021/10/29)
Listing Market	MAIN
Industry	Environmental & Facilities Services
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Liu Zeming (59.55%)
Directors	Liu Zeming (Chairman and Executive Director) Zhan Yirong (Chief Executive Officer and Executive Director) Sheng Haiyan (Chief Technology Officer and Executive Director) Lau Chung Wai (Independent Non-Executive Director) Liu Ye (Independent Non-Executive Director) Zhang Shijun (Independent Non-Executive Director)
Company Secretary	Wong Yun Fai
Principal Bankers	Rural Commercial Bank China Construction Bank Bank of China (Hong Kong) Limited
Solicitors	Fangda Partners
Auditors	PricewaterhouseCoopers
Registered Office	Rooms 1806, 18th Floor, Office Tower, Convention Plaza, 1 Harbour Road, Wan Chai, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.sdhcgroup.cn
Email Address	[email protected]
Tel No	(86 535) 2176-699
Fax No

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