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Industry Overview

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Industry Overview THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW The information set out in this section has been derived from the Crowe Horwath Report. We believe that the sources of the information are appropriate sources for such information, and we have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information is materially false or misleading, and no material fact has been omitted. However, the information has not been independently verified by us, nor by the Sole Sponsor, the [REDACTED], the [REDACTED] or any of their affiliates or advisors, or any other party involved in the [REDACTED] other than Crowe Horwath with respect to the information contained in the Crowe Horwath Report. No representation is given as to the accuracy of the Crowe Horwath Report. In all cases, our investors should consider carefully how much weight or importance should be attached to or placed on such facts or statistics. After taking reasonable care, our Directors confirm that there has been no adverse change in the information since the date of the Crowe Horwath Report up to the date of this document. SOURCE OF INFORMATION We commissioned Crowe Horwath, an independent professional market research company, to assess the industry development trends, market demand and competitive landscape of heavy equipment industry in Hong Kong, at a fee of HK$320,000. Information disclosed in this section has been derived from the Crowe Horwath Report. Crowe Horwath’s research methodology includes both primary research and secondary research. During its research, Crowe Horwath obtained knowledge, statistics, information, and industry insights on the market trends within the heavy equipment service industry in Hong Kong. Crowe Horwath’s primary research involved client consultation, interviewing leading industry players and third-party industry organisations. Crowe Horwath’s secondary research involved the reviewing of company annual reports, financial statements, public circulars, paid database, independent research reports as well as its proprietary database. Projected data was prepared from historical data analyses, compared with industry growth drivers as well as key macroeconomic data, such as the budget for infrastructure projects in Hong Kong and the competitiveness within the heavy equipment service industry. The following parameters were considered when analysing the market size of heavy equipment industry and projection model of the Crowe Horwath Report: (i) the GDP growth rates in Hong Kong from 2011 to 2016; (ii) the number of on-going public infrastructure projects in Hong Kong as at 2016; (iii) the number of announced public infrastructure projects in Hong Kong from 2016 to 2020; and (iv) the budgets and progress of public infrastructure projects in Hong Kong as at 2016. For market ranking, the reported ranking of heavy equipment service providers has been determined via a fieldwork programme consisting of desk research and interviews. While financial data was available for some of the companies, the revenue numbers are not typically broken into the relevant categories covered. Crowe Horwath has determined the rankings based on estimates provided by various sources and concluded consensus on these estimates. 47 THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW The Crowe Horwath Report was prepared on the following assumptions: (i) the economy of Hong Kong is expected to maintain steady growth during the forecast period from 2016 to 2020; (ii) Hong Kong’s social, economic and political environment is expected to remain stable during the forecast period; and (iii) the planned infrastructure projects can be implemented as scheduled. MARKET OVERVIEW OF CONSTRUCTION INDUSTRY IN HONG KONG Heavy equipment is widely used in civil engineering, quarrying, construction, seawork, land reclamation, municipal waste treatment, metal recycling, tunnel and landscaping works. Therefore, to some extent, the heavy equipment service industry is influenced by the construction industry in Hong Kong. From 2011 to 2015, the construction industry in Hong Kong performed well, during which the gross value of construction work attained a CAGR of 4.2% recorded as HK$179 billion in 2015 and is expected to grow at a CAGR of 5% from 2016 to 2020. The graph below sets out the gross value of construction work in Hong Kong from 2011 to 2015, and the forecast period from 2016 to 2020. HK$ Billion CAGR 5.0% 250 220 231 CAGR 4.2% 200 209 190 200 175 174 177 179 152 150 100 50 0 2011 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F Gross Value of Construction Work Source: Hong Kong Construction Industry Council, Crowe Horwath Report Government spending on infrastructure is a major growth driver of the construction industry. The Hong Kong government announced the ten major infrastructure projects in the 2007-2008 Policy Address. The ten major infrastructure projects are being implemented and boosted the infrastructure investment significantly in the past few years. The Hong Kong government estimated the public expenditure on infrastructure will reach HK$85.8 billion in 2016-2017, as stated in the 2016-2017 Budget Speech. 48 THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW The following table sets out the major infrastructure projects in Hong Kong commenced in the last few years: Estimated Commencement Completion Project Cost Year Year Description (HK$ Billion) South Island Line East 17 2011 2016 Linking Admiralty to the Southern District on Hong Kong Island Hong Kong-Zhuhai-Macau 36 2009 2017 Series of bridges and tunnels crossing Bridge the Lingdingyang channel to connect Hong Kong, Macau and Zhuhai Tuen Mun Western Bypass 45 2011 2017 Linking Northwest New Territories, and Tuen Mun Chek Lap Deep Bay and Hong Kong Kok Link International Airport Guangzhou-Shenzhen-Hong 85 2010 2018 Connect Kowloon with the high-speed Kong Express Rail Link rail network of China (Hong Kong Section) Shatin to Central Link 80 2012 2018-2021 Connect New Territories and Hong Kong Island Hong Kong-Shenzhen Joint N/A 2011 2020 Consolidate the strategic position of Development of the Lok Hong Kong and Shenzhen and Ma Chau Loop develop the loop to meet the future needs Kai Tak Development 13 2009 2021 Develop a distinguished, vibrant, attractive and people-oriented community supporting residence, recreation and tourism New Development Areas N/A 2008 2024 Provide quality living space (first phase) Hong Kong-Shenzhen N/A 2008 2020-2030 Connect flights between Hong Kong Airport Cooperation and Shenzhen International Airport West Kowloon Cultural 29+ 2008 2020-2030 Form an international-grade arts and District (two phases) culture hub for education, cultural exchange and cooperation Source: Government of Hong Kong, 2007-2008 Policy Address In addition to the above, the Hong Kong government also initiated several other large-scale infrastructure projects, which are set out below: • Third Runway System of the Hong Kong International Airport; • The Hung Shui Kiu New Development Area; • North East New Territories New Development Areas; • The Tung Chung New Town Development Extension; 49 THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW • The North Commercial District at the Hong Kong International Airport; • The “3+1” Plan: Three Landfill Site Extension and one Incinerator Construction; • Island Eastern Corridor Link; • Tseung Kwan O-Lam Tin Tunnel and Route 6 Development; • Revitalising Historic Building; and • Operation Building Bright. MARKET OVERVIEW OF HEAVY EQUIPMENT SERVICE INDUSTRY IN HONG KONG It is expected that the heavy equipment industry in Hong Kong will have growth potential in the coming future, largely because of a good number of construction projects promised by the market. This, in turn, provides business opportunities to heavy equipment service providers. As foreign heavy equipment manufacturers generally do not set up local offices in Hong Kong, it is common for them to assign dealership or distributorship rights to local heavy equipment service providers. Normally, the foreign heavy equipment manufacturers consider the following aspects of local heavy equipment service providers before entering into dealership or distributorship arrangements: • good industry reputation and proven track records; • scale of operation and established market share; • established customer base; • competent management team; • competent technical support team and ability to provide value-added after sales service in a timely manner; and • consistent compliance with applicable laws and regulations. 50 THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW Classification of heavy equipment Heavy equipment is widely used in civil engineering, quarrying, construction, seawork, land reclamation, municipal waste treatment, metal recycling,
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