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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 the largest producer of potted vegetable produce in Shandong province, with a market share of 14.8% in terms of sales revenue in Shandong province in 2022. With a sales revenue of RMB126.7 million, our Group accounted for approximately 3.1% of total sales revenue of potted vegetable producers and less than 0.01% of total sales revenue of vegetable producers in China in 2022. In 2022, Shandong province, the largest potted vegetable producing province in the PRC contributed approximately 20.3% and 19.0% in terms of the total sales volume and the total sales revenue of potted vegetable produce of the PRC, respectively. China’s vegetable produce market and potted vegetable produce market are both highly fragmented with around one million to two million vegetable producers and thousands of potted vegetable producers, respectively. Potted vegetable produce is a small segment of the vegetable market as a whole which is predominantly cultivated under traditional in-ground method. Total sales revenue of potted vegetable produce accounted for less than 0.1% of total sales revenue of vegetable produce in China in 2022. With the use of greenhouses, single-use substrates and not being affected by the negative effects of continuous cropping (e.g. the reduction of micronutrients and minerals, distortion of soil microenvironment and the accumulation of pathogenic substances in the soil), vegetable producers using the in-pot cultivation method will generally achieve high productivity. For further details, please refer to the paragraph headed ‘‘Industry Overview — Different kinds of vegetable produce in China and Shandong Province’’ and the section headed ‘‘Business’’ of this document. We sold our products primarily in Shandong province since 2012. In view of the growing business opportunities, we extended our geographical coverage to Xi’an, Shaanxi province and Dalian, Liaoning province in 2019. As at the Latest Practicable Date, we had three cultivation facilities in operation for cultivating our potted vegetable produce, namely, (i) Laixi Facility; (ii) Xi’an Facility; and (iii) Dalian Facility which, in aggregate, covers a land area of approximately 431,605 sq.m. and we had 140 greenhouses operating in our cultivation facilities with a total gross floor area of 155,401 sq.m. For ensuring the quality and to meet the relevant safety requirements, all of our potted vegetable produce are grown in greenhouses in our cultivation facilities. We had been accredited with Certificate of Pollution-free Agricultural Products* (無公害農產品證書) issued by Qingdao Agricultural Rural Bureau* (青島市農業農村局) in respect of the potted vegetable produce cultivated at our Laixi Facility. During the Track Record Period, our products were marketed under our brand ‘‘富景農業’’ which included 29 potted vegetable produce species. Among them, crown daisy, rapeseed, Frise e, Indian lettuce, pak choi, lettuce, Chinese celery and tatsoi were our principal products offered in the market during the Track Record Period. In line with the industry practice, we engage subcontractors to handle simple labour work under our management and supervision at our cultivation facilities and sell our potted vegetable produce primarily through a network of distributors in the PRC which then on-sell our products to over 1,000 end-user customers in Shandong, Liaoning and Shaanxi provinces in the PRC. Our Group is responsible for maintaining our cultivation facilities, performing quality control, monitoring vegetable’s growth progress, monitoring and/or adjusting environment parameters, and developing and formulating the organic substrates that best suit our potted vegetable produce. Our revenue grew by approximately 4% from FY2020 to FY2022 and underperformed the market as the revenue growth of potted vegetable produce in Shandong province was approximately 14% during the same period. Notwithstanding the increase in our revenue by approximately 28% between FY2020 and FY2021, our business was materially affected in FY2022 by the temporary suspension of business activities of our Laixi Facility as a result of the resurgence of COVID-19 cases in Shandong province between March 2022 to April 2022, leading to decline of revenue by approximately 18.2% between FY2021 and FY2022. The impact caused by COVID-19 in Qingdao area where our Laixi Facility situated, is more severe than other areas in Shandong province, such as Shouguang and Qingzhou where most of our peers are located, thus we underperformed the potted vegetable produce market in China and Shandong province in terms of the revenue growth. During the Track Record Period, our average selling price per pot of our potted vegetable produce remained unchanged at RMB15.1, as we decided to stabilise the selling price of our products during the Track Record Period after considering the uncertainties to the vegetable sales market and the business environment in the PRC brought by the COVID-19 epidemic from 2020 to 2022. Source: Fujing Holdings (02497) Prospectus (IPO Date : 2024/03/20)
Listing Market	MAIN
Industry	Agricultural Products
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Zhang Yonggang (54.73%) Geng Qi (14.98%)
Directors	Zhang Yonggang (Chairman and Chief Executive Officer and Executive Director) Pang Jinhong (Financial Controller) Cui Wei (Executive Director) Lyu Zhonghua (Executive Director) Chow Wai Mee May (Independent Non-Executive Director) Lam Chik Tong (Independent Non-Executive Director) Li Junliang (Independent Non-Executive Director)
Company Secretary	Au Yeung Ming Yin Gordon
Principal Bankers	Bank of China (Hong Kong) Limited
Solicitors	Hylands Law Firm Conyers Dill & Pearman Patrick Mak & Tse
Auditors	Crowe (HK) CPA Limited McMillan Woods (Hong Kong) CPA Limited
Registered Office	Unit 16, 28th Floor, One Midtown, 11 Hoi Shing Road, Tsuen Wan, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.fujingnongye.com
Email Address	[email protected]
Tel No	(86 400) 8112298
Fax No

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