Hongji Group (Holdings) Co., Ltd. (Stock Code:2535.HK) on2024year3month8The company successfully listed on the main board of the Hong Kong capital market. It is a Hong Kong structural steel contractor, focusing on supplying, manufacturing, and installing structural steel for construction projects in Hong Kong. Frost & SullivanFrost & Sullivan,Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') provides exclusive industry advisory services for the listing of Hongji Group (Holdings) Co., Ltd. We hereby extend our warmest congratulations on its successful listing.
Hongji Group (Holdings) Co., Ltd. (hereinafter referred to as 'Hongji Group') was established on2024year3month8The company was successfully listed on the market, and the final offering price per share was0.25HK$, net proceeds from global offering approximately9,100HK$10,000,000.
During the Hong Kong listing process, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer communicate with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange.
Investment highlights
The company provides customized solutions related to steel structure projects for clients;
The company has a good track record in the Hong Kong steel structure engineering industry;
The company's management team is experienced and dedicated.
Overview of the Hong Kong Steel Structure Engineering Market
Steel structure engineering refers to the fabrication and shaping of steel structures, which are typically used as pillars in the initial construction stages of buildings and infrastructure projects. Suppliers supply, cut, bend, weld, and assemble steel frames, trusses, and other components according to the specifications specified in construction drawings and designs. Due to the strength, durability, convenience of supply, and prefabrication of steel, steel structure engineering also allows for design flexibility, shortening the time required for on-site assembly and potentially accelerating the entire construction process. The use of prefabricated steel structures reduces on-site construction time and provides an efficient, precise, and quality-controlled building method.
The upstream raw material and equipment suppliers provide steel plates, steel bars, beams, columns, etc., as well as machinery for cutting, bending, welding, etc., supplied by steel mills and their suppliers. The midstream general contractors mainly engage in prefabrication. Subsequently, the downstream industry erects and assembles prefabricated steel components at the construction site, connects them to the concrete foundation of the building, and adds concrete slabs, beams, and columns to support the weight of the building.
Source: Frost & Sullivan report
Due to the outbreak of the COVID-19 pandemic,2019Year-end2020The market scale of Hong Kong's steel structure engineering shrank in 2020, with ongoing construction projects progressing at a delayed pace and new construction projects being postponed. As the pandemic gradually came under control, the market scale of steel structure engineering2022In 2021, the market scale of steel structure projects rebounded from2018year94.11HK$10 to2022year99.136HK$10 billion, with a compound annual growth rate of1.3%It is expected that the market scale will grow from2023year104.092HK$10 billion growth to2027year125.801HK$10 billion, with an annual compound growth rate of4.8%.
Source: Frost & Sullivan report
Hong Kong Steel Structure Engineering Market
Key market drivers
· Development needs of the public and private sectors
According to the Hong Kong Government2023 - 24The total expenditure on public infrastructure in the annual financial budget is expected to be2023till2024Fiscal year is met890.27HK$10. According to Hong Kong2023till2024The annual budget proposal, which the Financial Secretary of Hong Kong expects2022 - 2023The budget deficit for the fiscal year is1,398HK$10 billion, which is the original estimate563More than twice HK$10 billion. The Secretary for Finance of Hong Kong expects that as at2024year3month31The budget deficit for the current fiscal year will be about544HK$10 billion has been further increased. Although the Hong Kong Government has allocated budgets for infrastructure development, it is expected that part of this may be financed through the issuance of government bonds and/or other sources of funds. Some large-scale public infrastructure projects include the large-scale new development areas in Kowloon North, Hung Hom Floodgate (Xiamen Village), and Yuen Long South, the infrastructure project of the Jiaoyizhou Artificial Island on Lantau Island, as well as the expansion projects of the Science Park and Cyberport. At the same time, development projects in the private sector are also expected to continue. One example is the commercial project jointly developed by CITIC Pacific Properties and Wanchao Group on Carleton Road in Causeway Bay, which is expected to be2026Completed in [year]. Considering that structural steel can meet specific load requirements due to its strength, durability, high strength-to-weight ratio, and design flexibility, it is increasingly used in construction projects. It is expected that the increasing demand for construction projects will bring growth opportunities to Hong Kong's steel structure engineering.
· Benefits of prefabricated steel structure projects
In prefabricated steel structure projects, prefabricated steel components are manufactured using precision tools in a controlled factory environment and then transported to the construction site for assembly. Off-site prefabrication of steel components in a controlled factory can significantly reduce construction time at the site. If prefabricated components can be demolished and assembled on-site, labor costs associated with on-site assembly can be eliminated. Moreover, since the work involves the use of precision machinery and welding equipment in a controlled environment, prefabrication in factories can strengthen quality monitoring and minimize defects. Overall, prefabrication processes can simplify construction projects, accelerate project progress, reduce labor costs, improve quality and safety, and produce higher-quality finished products.
· The government and academia support the development of the industry
The construction industry in Hong Kong faces severe challenges, such as a shortage of labor and an aging workforce. To address these issues, the Hong Kong government has increased its efforts to provide financial support to improve industry standards. In the 'Hong Kong2022till2023In the Annual Financial Budget, the Government proposes to allocate funds to the Construction Industry Council10HK$10 billion will be allocated to support manpower training, including increasing training opportunities and allowances for industries facing labor shortages, in order to attract new entrants into the construction industry and those who wish to switch careers.
As an important branch of Hong Kong's construction industry, the steel structure engineering sector is expected to benefit significantly from the government's efforts (especially those of the Construction Industry Council). The council will use its budget to expand steel manufacturing and installation training programs, which will help cultivate more skilled steel workers to meet the growing demand for steel structures in construction and infrastructure projects. Steelworkers' allowances will also be increased, making the steel structure engineering sector more attractive and rewarding. Through broader training and higher wages, the steel structure engineering sector can overcome its long-standing labor challenges.
In addition, universities and research institutions related to steel structure engineering are playing an increasingly important role in supporting the long-term strength and competitiveness of the steel structure engineering industry. For example, the establishment of a branch center of the National Steel Structure Engineering Technology Research Center at the Hong Kong Polytechnic University marks an increasing support from the academic and educational community in Hong Kong for the steel structure engineering industry. As the steel structure engineering industry continues to develop into more complex fields such as high-rise towers and large-span structures, it requires skilled professionals with specialized steel technology and design expertise. Establishing relevant platforms will meet industry needs. Moreover, a larger-scale, well-trained, and proactive workforce will enhance the industry's capabilities, productivity, and competitiveness, and ultimately drive steel manufacturing and construction activities that are crucial to Hong Kong's development goals.
· Adopting steel structure engineering can protect the environment
According to the data from the China Steel Structure Association, steel structures are more energy-efficient than concrete structures.3%Carbon dioxide emissions during the production process are reduced10%In addition, steel structures are more environmentally friendly than concrete structures during construction and can save energy13%Reduce carbon dioxide emissions15%Once the steel structure reaches its service life, the steel material can be demolished, collected, and remelted to produce new products. Recycling steel only requires a fraction of the energy used to produce new steel from raw materials. Therefore, steel recycling has significant environmental benefits such as reducing waste landfilling, lowering emissions from mining and manufacturing operations, and protecting natural resources required for new steel production.
In contrast, concrete from demolished structures is usually eventually transported to landfills as waste because it cannot be recycled like steel. Raw materials used in concrete production (such as sand, gravel, and limestone) also require heavy mining operations, which can damage the environment. Although new concrete is made using recycled materials, the current recycling rate is still lower compared to steel. Driven by the increasing awareness among property developers and construction contractors for eco-friendly and sustainable property development, steel structure projects have become increasingly popular in Hong Kong.Trade MapData shows that the import volume (tons) of structures or components made of iron or steel used in Hong Kong2018year25.6Ten thousand tons increased2022year34.6110,000 tons, compound annual growth rate7.8%This indicates a surge in Hong Kong's demand for steel structure engineering.
- The positive impact of steel structure engineering on the total construction area
Steel structures provide an opportunity to increase usable floor area because the characteristics of materials allow for more plane layouts and usable space. Steel columns have smaller diameters, larger spacing between columns, thinner slabs, and simpler foundations, which can minimize the space required for structural and load-bearing elements. Compared to concrete, steel can achieve the same load-bearing capacity with less volume through more slender and open structural designs. Through optimization, the benefits of this steel increase usable area and more space. For multi-story buildings, increasing floor area means increasing revenue or occupancy potential. The space-saving characteristics of steel become a notable advantage and drive the development of the Hong Kong steel structure engineering market.
Trends and Opportunities in the Hong Kong Steel Structure Engineering Market
- Advocate the classification and recycling of construction waste
The classification and recycling of construction waste have become an important trend in the Hong Kong steel structure engineering industry. Waste metals generated from steel manufacturing and installation, discarded bolts, and other waste materials can be recycled. Recycling steel minimizes the amount of waste sent to landfills for construction projects. Extensive recycling will generate more scrap steel and increase the scale of the recycling business. This move can improve the efficiency of steel structure engineering companies by providing a stable supply of recyclable materials. It enhances the sustainable development of the steel structure engineering industry and becomes an important consideration for environmentally conscious clients, thus becoming a popular trend.
- Architectural design is becoming increasingly mature
Hong Kong's architectural design is becoming increasingly mature, which has greatly promoted cooperation, technological innovation, prestige, and sustainable architecture in the steel structure industry. In particular, today's complex architectural designs often include curved forms, angular shapes, and intricate details, and steel structures are an ideal choice for achieving such geometric shapes due to their ability to be rolled, cut, and welded into any form. Steel suppliers with advanced manufacturing capabilities have a competitive advantage in providing customized and unique components. Close collaboration among architects, engineers, and steel structure contractors has been continuously strengthened, working together, contributing ideas, addressing construction issues, and achieving a common understanding of design concepts. Investing in steel companies with advanced capabilities, flexible design solutions, and partnerships with visionary architects will be at the forefront of progress.
- The use of steel structures in urban redevelopment projects
Hong Kong is one of the most densely populated cities, with limited construction space and time. Steel structures offer significant advantages for urban redevelopment projects. Steel buildings are lighter in material, occupy less space on the ground, and save costs, allowing for the construction of taller buildings on limited land areas. The light weight of steel also allows for increased height on existing foundations, maximizing the use of floor space. With the ongoing urban redevelopment in Hong Kong, steel structure projects are unlocking potential for high-rise development and shorter construction periods when foundations cannot be expanded or project schedules cannot be extended.
Challenges and Threats to the Hong Kong Steel Structure Engineering Market
- Labor shortage
Due to the aging population in Hong Kong and stricter requirements for workers' skills and qualifications, the steel structure engineering industry is severely lacking in experienced and skilled labor. According to data from the Construction Industry Council, as of2023In [year], the shortage of skilled construction workers in Hong Kong will reach5,000till10,000people. arrive2022At the end of the year, among structural steel welders,50Workers aged 15 and above accounted for60.6%Lack of sufficient suitable laborers can lead to project delays in completion, potential quality issues, and repair work, resulting in cost overruns and decreased profitability. Some companies may be unable to undertake new projects or expand their business due to a lack of manpower, which can also lead to the loss of potential business opportunities and slower growth. Overall, labor shortages will further increase operating costs for industry participants and may lead to operational pressure.
- Material costs have risen
In the past five years, the prices of major raw materials used in steel structure projects have risen significantly. For example, the price index of steel plates has varied as follows:2018year117.7Rise to2022year196.3The increase in material costs will lead to an increase in steel structure project expenditures, which may further have a negative impact on their profit margins.
- Project requirements are increasing
In Hong Kong, the steel structure engineering industry is facing an increasing trend in project requirements for sustainability and compliance. Hong Kong construction projects are paying more attention to sustainable development, which may increase the complexity of design and construction processes. For example, integrating energy-saving features or green spaces into architectural design may require additional planning and expertise. Hong Kong has also established strict building codes and regulations to ensure the safety and quality of construction projects. Compliance with such regulations may increase the complexity of design and construction processes in the steel structure engineering industry, especially for large and complex projects.
- Hong Kong government fiscal deficit
In the face of challenges such as fiscal deficits and declining reserves, the government's ability to allocate funds for infrastructure development may be limited.2023till2024The annual budget proposal, which the Financial Secretary of Hong Kong expects2022 - 2023The budget deficit for the fiscal year is1,398HK$10 billion, which is the original estimate563More than twice HK$10 billion. The Secretary for Finance of Hong Kong expects that as at2024year3month31The budget deficit for the current fiscal year will be about544HK$ further increased. According to the Basic Law107The Hong Kong government's budget preparation should follow the principle of living within its means, striving for a balance between revenue and expenditure, avoiding deficits, and being commensurate with the growth rate of gross domestic product. Since the government may need to prioritize expenditures on education and healthcare and reduce overall spending, infrastructure projects may face budget cuts or delays. This could affect the construction, maintenance, and expansion of infrastructure such as roads, bridges, ports, and public transportation systems. Although the Hong Kong government has allocated budgets for infrastructure development, it is expected that some of this funding may be financed through the issuance of government bonds and/or other sources of funds.2023 - 24The annual financial budget proposal is planned at2024Issued for the fiscal year of not less than500HK$10 billion in silver bonds and150HK$10 billion in green retail bonds, as well as a certain proportion reserved for preferential investment of provident fund funds in future government green bonds and infrastructure bonds, will be allocated. In the future, the government's green bond program will further expand to cover sustainable development financing projects and establish an infrastructure bond program to better manage the cash flow needs of major infrastructure projects. Public infrastructure projects such as road, bridge, and transportation system construction play an important role in urban development and act as catalysts for private construction because they enhance a region's connectivity, accessibility, and overall attractiveness. Delays in infrastructure projects may lead to reduced demand for private building projects such as residential buildings, commercial complexes, and offices.
- The property market is sluggish
The Hong Kong property market continues to be sluggish, with economic growth slowing down and interest rates soaring leading to a decline in real estate demand. According to data from the Rating and Valuation Department of Property,2023The price index of private residential units in Hong Kong in 20192022Year-on-year decline8.7%relatively2021Year-on-year decline14.0%The overall demand in the property market is still declining.2023In the first ten months of the year, Hong Kong property transactions fell year-on-year5.8%till37,519A unit, with sales down year-on-year for the same period4.3%till3,453HK$10 billion. During periods of sluggish property markets, the demand for new construction projects in residential and commercial sectors usually decreases, leading to a slowdown in private construction projects as developers may postpone or cancel planned projects due to falling market demand.
Analysis of the cost structure of the Hong Kong steel structure engineering market
Structural steel welders are one of the general types of workers in the steel structure engineering industry. The labor types in the steel structure engineering industry also include structural steel frame workers, general laborers, and manual laborers. The average daily salary for these workers is2018year1380.2The Hong Kong dollar decreased to2022year1317.2Hong Kong dollar, with a compound annual growth rate of-1.2%With the subsidence of the COVID-19 pandemic and the gradual resumption of construction projects, in2023The average wage of workers in the first half of the year showed an upward trend. With the active development of the steel structure engineering industry in Hong Kong, the demand for steel structure engineering workers will continue to increase. It is expected that by2023Year-end2027In [year], the average daily wage of steel structure engineering workers will be approximately1.5%The compound annual growth rate increased, and in2027Annual achievement1,531.6Hong Kong dollar.
Note: The above data refer to the average wages of general workers, laborers, structural steel welders, and structural steel frame workers engaged in public sector construction projects.
Source: Frost & Sullivan report
According to the data of the Census and Statistics Department of the Hong Kong Government, the steel plate price index is2018year117.7Rise to2022year196.3The compound annual growth rate is about13.6%Specifically, the Hong Kong Steel Plate Price Index is composed of2020year123.1Rising sharply to2021year184.3The compound annual growth rate is about49.7%This is mainly due to the decline in domestic steel production, the cancellation of export tax rebates for steel exports, and the increase in export tariffs on major steel components. It is expected that from2023Year-end2027In 2024, the Hong Kong steel plate price index will be about2.8%The compound annual growth rate expansion was mainly due to resumption of work, as well as the continuous development of infrastructure in Hong Kong and the growing demand for China's automotive manufacturing industry.
Source: Frost & Sullivan report
Competitive landscape of the Hong Kong steel structure engineering market
Overall, the market for Hong Kong steel structure engineering is highly competitive. Service providers focus on projects in the private and public sectors, such as bridges, sports venues, commercial buildings, other social facilities and residential buildings. According to the Development Bureau's data, as at2024year2In the register of approved public works contractors held by the Development Bureau, there are a total of50home. It is estimated that there are more than500Home. As construction projects become increasingly complex, steel structure contractors are expanding their service scope to meet the ever-rising expectations of clients.
As the market develops into a mature stage, major market participants are seeking expansion opportunities through vertical integration and diversification of product portfolios. Some steel structure engineering contractors have purchased production or processing facilities, integrating all key links in the value chain from material and parts procurement, manufacturing, processing to steel structure product supply and installation, to take advantage of operational flexibility. With their vertically integrated business model, leading market participants usually own their own processing or manufacturing facilities, enabling them to more effectively control production costs and product quality and respond more quickly to market demand. With their own processing facilities, they can ensure a consistent product supply for customers and enjoy greater flexibility in adjusting supply and installation schedules to meet urgent timeframes for supplementary orders and unforeseen needs.
Specifically, this advantage provides market participants with an unparalleled ability to drive both revenue growth and market share expansion. In Hong Kong,500Among the home steel structure project contractors, only about2%The contractor has the capability to manufacture steel structures internally. The Group is one of the few steel structure engineering contractors in Hong Kong that possess their own processing or manufacturing facilities.
As of2022year12month31In the current year, by revenue, the top five practitioners in the Hong Kong steel structure engineering market contributed to the entire market17.0%as of2022year12month31During the current year, the Group recorded revenue from steel structure projects of approximately336.4One million Hong Kong dollars, accounting for approximately3.4%.
Competitive factors in the Hong Kong steel structure engineering market
· Provides comprehensive internal capabilities for products
The market competition for steel structure engineering products is fierce and fragmented. To distinguish themselves from other market participants, steel structure engineering suppliers offering comprehensive engineering contracting services are usually favored by downstream customers (including real estate developers and government agencies). In particular, steel structure engineering contractors with internal processing and manufacturing capabilities, as well as their own facilities for processing or manufacturing, can typically more effectively control production costs and product quality, respond more quickly to market demand, ensure continuous product supply to customers, and enjoy greater flexibility to adjust supply and installation schedules to meet unforeseen demand surges and urgent times, thereby helping them improve profitability and negotiation power, and increase their market share.
- Build a good relationship with stakeholders
Established contractors with a stable relationship with clients have an advantage, as they understand the client's requirements better. Most importantly, due to their rich construction experience, they are more capable of providing customized services for clients (including general contractors and real estate developers), saving time and costs in negotiations and coordination, and ensuring that steel structures accurately meet design and construction requirements. In addition, maintaining a long-term relationship with recognized raw material suppliers helps steel structure engineering suppliers maintain competitive prices and stable supply of high-quality materials. For steel structure engineering suppliers, maintaining a good relationship with government agencies is also crucial, as it helps them better understand government policies and regulations, ensure that their products and services meet relevant standards and requirements, and gain the trust and support of the government. Overall, maintaining a good relationship with stakeholders brings more opportunities for continuous cooperation and referrals.
- Recognition and Qualifications
Qualification is one of the key factors in industry competition. The Development Bureau has specifically published and regularly updated a register of approved public works material suppliers and specialized contractors, including the types of projects for public works tenders and contract values, for public consultation and potential customers. Steel structure engineering suppliers recognized and qualified by the authorities can bid for public sector projects without value limits, providing these suppliers with more business opportunities and a greater chance of gaining the favor of construction contractors. In addition, they have obtained certifications in quality system management, occupational health, and environmental management.ISO 9001,ISO 45001andISO 14001Steel structure project contractors who have gained widespread recognition will be more competitive in the market.
Access barriers to the Hong Kong steel structure engineering market
- Tested and proven track record
Generally speaking, steel structure projects include various infrastructure and facilities such as bridges and public spaces. Contractors must complete high-quality projects within the specified time and budget. Steel structure projects with design defects may lead to damage to existing facilities or public utilities, such as structural fractures that prolong construction periods, increase property losses, and pose safety hazards. In addition, steel structure project clients (such as the Hong Kong government, large real estate developers) will evaluate contractors from different aspects (such as project quality, timeliness of delivery, and compliance with safety and environmental requirements) as one of the criteria for evaluating bids. New entrants who have not established a good reputation and provided experience in steel structure projects by collaborating with industry stakeholders in the past will hinder their establishment of market position.
- Initial capital requirement
Due to the large capital requirements for worker recruitment and training, raw material and equipment procurement, as well as the establishment of on-site warehouses and manufacturing factories, capital demand constitutes a barrier for new entrants into the steel structure engineering industry. Steel structure engineering contractors typically experience net cash outflows at the beginning of projects due to upfront costs. These upfront costs generally include payments made to suppliers for materials, subcontracting fees for construction site works and structural steel manufacturing, manufacturing overhead, and machinery service charges. In addition, issuing performance guarantees for large construction projects at the request of new clients may require significant funds, typically equivalent to a percentage of the contract amount.10%Failure to pay production or construction costs in a timely manner and/or issue performance guarantees may delay project construction time and/or affect the credibility of steel structure contractors. In addition, since payments are usually settled based on the completion of construction projects, it is more common for contractors to advance funds on their own behalf. Furthermore, sufficient capital reserves can demonstrate the ability to cope with risks such as material shortages and equipment failures, which is beneficial for contractors bidding on large construction projects.
- Technical knowledge
Technical knowledge is one of the key barriers for new entrants into the steel structure engineering industry market. Existing market participants usually have a deep understanding of the design, manufacturing, and installation of steel components and modular units to provide high-quality services. Specifically, steel structures are commonly used in high-rise buildings, large-span structures, complex architectural shapes, which require heavy loads or crane lifting capabilities, as well as high-temperature durability. Therefore, contractors need to consider the performance of steel materials when selecting steel structures, such as frames, grids, and cables, depending on the application. Only professionals with sufficient construction experience and mechanical knowledge can comprehensively consider system characteristics, load distribution, and performance for layout design. With these technical skills, project quality can be ensured and meet customers' diverse needs.
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Frost & Sullivan has extensive research experience in the construction industry and has assisted well-known enterprises in successfully listing on the capital market. Successful listings include: CSSC Construction (2503.HK), Shanxi Province Installation (2520.HK), Yijun Group2442.HK), Zhongtian Hunan Group2433.HK),GC Construction Group（1489.HK), Fengcheng Holdings2295.HK), Yinghui Holdings2195.HK), Zhi Xin Group2187.HK), Guanglian Engineering1413.HK), Dehe Group0368.HK),Raffles Interior（1376.HK), Xinwei Engineering8676.HK), Yinglan Group1162.HK), Jianzhong Construction0589.HK), Shengxing Holdings1472.HK), Wenyegroup1802.HK), Deyi Holdings9900.HK), Telink Construction6193.HK), Fengcheng Holdings8216.HK),WMCH Global（8208.HK), Huaji Global2296.HK), Wanya Holdings8173.HK), China Tianbao1427.HK),Beng Soon（1987.HK), Yuanda Housing (2163.HK), Anle Engineering1977.HK), Kun Group924.HK), Pujing International2060.HK), Lejias Holdings1867.HK), Weihong Group Holdings8522.HK), Pipeline Engineering1865.HK),Hon Corp（8259.HK), Hengyi Holdings1894.HK), Bao Yan Holdings8601.HK), Aobang Architecture1615.HK), People and Technology8140.HK), Wanshun Group1746.HK), Leung Chi Tin2262.HK), Tangji8305.HK), Rongfeng Group Asia8526.HK), Deyi Holdings8522.HK), Aoneng Construction1183.HK), Yingde Holdings8535.HK), Hengyu Group2448.HK),WTGroup8422.HK), Jianpeng Holdings1722.HK), Hebei Construction1727.HK), Shouyi Holdings2227.HK), Yinglan Group8470.HK), Yikangtai8445.HK), Wantong Garden8199.HK), Haobo International8431.HK), and advanced development1667.HK), and development （8423.HK),ECI Technology（8013.HK), Shanle International1660.HK), Li's Enterprise Holdings2266.HK), Aishuo Holdings8341.HK), Aidewei Construction6189.HK), Kwong Man Keat8023.HK), Fengsheng Electromechanical0331.HK), Koenovode1206.HK), Red Star · Meikailong1528.HK).
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