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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 and statistics set forth in this section and elsewhere in this document have been derived from an industry report, commissioned by us and independently prepared by Ipsos in connection with the [REDACTED]. In addition, certain information is based on, or derived or extracted from, among other sources, publications of government authorities and internal organisations, market data providers, communications with various government agencies or other independent third-party sources unless otherwise indicated. We believe that the sources of such information and statistics are appropriate and have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information and statistics are false or misleading in any material respect or that any fact has been omitted that would render such information and statistics false or misleading. Our Directors confirm that, after taking reasonable care, they are not aware of any adverse change in market information since the date of this document which may qualify, contradict or adversely impact the quality of the information in this section. None of our Company, our Directors, and any of the Relevant Persons (other than Ipsos) have independently verified such information and statistics contained in the Ipsos Report and no representation has been given as to their accuracy. Accordingly, such information should not be unduly relied upon. SOURCE AND RELIABILITY OF INFORMATION We commissioned Ipsos, an independent market research consulting firm, to conduct an analysis on and to report on the industry development trends, market demand and competitive landscape of the façade works industry and building metal finishing works industry in Hong Kong for the period from 2014 to 2023, at a fee of HK$496,000 and our Directors consider that such fee reflects the market rates. Ipsos is an independent market research and consulting company which conducts research on market profiles, market size, share and segmentation analyses, distribution and value analyses, competitor tracking and corporate intelligence and has been engaged in a number of market assessment projects in connection with [REDACTED] transactions in Hong Kong. Founded in Paris, France in 1975 and publicly-listed on the NYSE Euronext Paris since 1999, Ipsos SA acquired Synovate Ltd. in October 2011. After the acquisition, Ipsos became one of the largest market research and consulting companies in the world, and employs over 16,500 personnel worldwide across 88 countries. The information contained in the Ipsos Report is derived by means of data and intelligence gathering through: (i) desktop research including Government statistics, journals and financial reports; and (ii) primary research including face-to-face and phone interviews with key stakeholders and industry experts in Hong Kong, such as the Government officials, developers, main contractors, subcontractors, architects, quantity surveyors, industry experts and associations in the construction industry in Hong Kong. Information gathered by Ipsos has been analysed, assessed and validated using Ipsos in-house analysis models and techniques. According to Ipsos, information gathered can be cross-referenced to ensure factors, forecasts and statistics in this document obtained from sources such as Government publication, market data providers and the Ipsos Report. Our Directors are of the view that the sources of information used in this section are reliable as the information and statistics set forth in this section have been extracted from the Ipsos Report. Our Directors confirm that, after taking reasonable care, there has been no adverse change, since the date of the Ipsos Report which may qualify, contradict or have a material impact on the information in this section. – 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 ASSUMPTION USED IN THE IPSOS REPORT The following assumptions are adopted in the preparation of the Ipsos Report: (1) The supply and demand of the façade works industry and building metal finishing works industry are assumed to remain stable during the forecast period from 2019 to 2023. (2) The external environment is assumed to have no shocks, such as financial crises or natural disasters, that will influence the demand and supply of the façade works and building metal finishing works in Hong Kong during the forecast period from 2019 to 2023. OVERVIEW OF THE CONSTRUCTION INDUSTRY IN HONG KONG Gross output value of construction industry Gross output value of construction works industry in Hong Kong from 2014 to 2023 250.0 215.5 222.5 230.1 200.8 204.1 210.5 196.6 CAGR 200.0 174.9 187.2 155.2 2014–2018 150.0 6.7% 100.0 CAGR HK$ Billion 50.0 2019F–2023F 3.0% 0.0 2014 2015 2016 2017 2018 2019F 2020F 2021F 2022F 2023F Sources: Census and Statistics Department, HKSAR; Ipsos research and analysis Note: The letter ‘‘F’’ denotes forecast figures The construction industry contributed to 4.4% to 5.1% of the GDP between 2014 and 2017 in Hong Kong. The total gross output value of the construction works industry in Hong Kong increased from approximately HK$155.2 billion in 2014 to approximately HK$200.8 billion in 2018 at a CAGR of approximately 6.7%. The growth was mainly supported by government projects such as the Ten Major Infrastructure Projects and the Public Housing Development Programme. In the forecast period from 2019 to 2023, the total gross output value of the construction works industry is expected to increase at a CAGR of approximately 3.0%, from HK$204.1 billion to HK$230.1 billion largely supported by government projects such as the expansion plan for Hong Kong railway system, the 10-year Hospital Development Plan,theThird Runway System Project at the Hong Kong International Airport and the North East New Territories New Development Areas etc. – 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 Value chain of the construction industry The graph below illustrates the value chain of the construction industry as well as the façade works industry and building metal finishing works industry in Hong Kong. Customers Consultants Property developer Engineer/Architect/ Construction End users Government including the Surveyor main contractor Airport Authority Hong Kong and the MTR Corporation Land owners Subcontractors Nominated Subcontractor Domestic Subcontractor Building materials suppliers Machineries and equipment suppliers Building Metal finishing works Façade works subcontractors for installation subcontractor for installation Remarks: • Metal & steel works • Curtain wall system Supply • Balustrade • Window wall system Engage • Cladding • Windows • Aluminium works Source: Ipsos research and analysis; Note: The above value chain was mainly derived from interviews with industry stakeholders conducted by Ipsos. In a typical new building project, façade works and building metal finishing works are considered to be part of the overall building construction works. To carry out a new building construction works, customers, namely property developers, the government or land owners will choose a main contractor to be responsible for project management and on-site construction. After a main contractor is selected, there will be further subcontracting to different contractors in accordance with their expertise including façade works and building metal finishing works. In this case, façade works contractors and building metal finishing works contractors are either engaged by the main contractor or its subcontractor as Domestic Subcontractor or nominated by the property developer as Nominated Subcontractor. In particular for façade works which involve design and installation of the external envelope of a building, it is not uncommon to plan such works at the early stage of the overall construction process. In respect of the terms of engagement between the customers and the subcontractors, it is a common practice in the construction industry to require subcontractors to purchase performance bond, especially when (i) the construction project is of large scale with sizeable contract sum and (ii) the business relationship between the customer and the subcontractor is relatively new. The amount of performance bond equals to approximately 10% of the total contract sum. Performance bond should be purchased prior to the commencement of onsite installation works, which is material to the construction project. For maintenance and repair works, although performance bond is seldom required, the process flow is similar to that of a new building project. It is not uncommon for property owners to nominate a façade works contractor to perform such works given the previous business relationship in which the façade works contractor has demonstrated the capabilities and experiences to delivery quality works in a timely fashion. – 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
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