Cheuk Power International files for GEM listing: Baihui Financial Holdings acts as sole sponsor, ranked third in Hong Kong demolition works by 2025 revenue

NewTimeSpace News: On 25 August 2026, Cheuk Power International Holding Limited filed its application with the GEM of the Stock Exchange of Hong Kong, with Baihui Financial Holdings acting as sole sponsor. The Company is principally engaged in demolition works in Hong Kong as a main contractor, and during the track record period has also undertaken various other construction works such as repair and maintenance works, rectification works, improvement works and site maintenance works; together with its predecessor, Wai Yip Engineering Company (established in 1989), the Group has accumulated over 35 years of operating history in the Hong Kong construction industry, with projects primarily undertaken by Wai Yip Engineering, the Group's principal operating subsidiary incorporated in Hong Kong.

According to the Frost & Sullivan report, by revenue, the Group ranked fifth and third in 2024 and 2025 respectively, with market share increasing from approximately 3.0% in 2024 to approximately 4.9% in 2025. Demolition works are the Group's principal source of revenue, accounting for approximately 93.2%, 93.6%, 96.6% and 86.3% of total revenue in fiscal 2025, fiscal 2026, the three months of 2025 and the three months of 2026 respectively. The Group's customers are mainly (i) project owners of private institutions, primarily private property developers, and (ii) recyclable materials buyers, primarily companies engaged in the trading of recyclable materials.

In terms of customer concentration, for fiscal 2025, fiscal 2026 and the three months of 2026, revenue attributable to the Group's five largest customers was approximately HKD 49.9 million, HKD 111.7 million and HKD 34.5 million respectively, accounting for approximately 64.6%, 81.7% and 79.9% of total revenue; revenue attributable to the largest customer was approximately HKD 15.6 million, HKD 83.0 million and HKD 21.7 million respectively, accounting for approximately 20.1%, 60.7% and 50.2% of total revenue.

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