HEBEI LIANJI QICHENG files for listing on HKEX GEM: Nanqiang Capital acts as sole sponsor

NewTimeSpace News: On 10 September 2026, Hebei Lianji Qicheng Industrial Park Operation Management Co., Ltd. filed for listing on the GEM of The Stock Exchange of Hong Kong Limited, with Nanqiang Capital Limited acting as sole sponsor.

According to the draft prospectus, the company is a comprehensive property management service provider focused on industrial parks, having operated in Zhejiang Province since its establishment in 2019, with particular depth in the Jinhua-Yiwu region comprising Yiwu City, in Jinhua, and its surrounding areas. The company differentiates itself through its specialisation in industrial park management, offering basic property management services covering the safety, functionality and appearance of public areas of managed properties, including repair and maintenance, security and safety management, and cleaning and gardening services across the full life cycle from move-in to move-out. For basic services, the company mainly adopts a gross billing model, charging a fixed all-inclusive fee annually to property developers, owners and/or tenants by area, typically quoted on a per square metre per month basis in RMB, with the fee recognised in full as revenue while bearing the costs of providing the services.

The prospectus shows that the company also provides value-added services comprising operational support services, park ancillary services and energy-related services, for which it either shares revenue or profits with partner service providers or charges users on a per unit basis for services it provides itself. As at 30 June 2026, the company's property portfolio comprised 22 managed projects, including 21 industrial parks, with total GFA under management of approximately 3.7 million square metres; by geography, 17 managed projects are located in the Jinhua-Yiwu region, four in other parts of Zhejiang Province and one in Hebei Province. In the first half of 2026, the company managed 10 projects from independent third parties, accounting for approximately 52.3% of total GFA under management.

The announcement noted that, according to Frost & Sullivan, the company's parent group is one of the established industrial park developers in Jinhua, with its holding company Zhejiang Panglong founded in 2016 by Ms. Liu, the group's founder, executive director and chairman of the board; the parent group principally engages in industrial park investment, development and construction in Zhejiang Province and has developed more than ten industrial parks since 2020, all of which are managed by the company.

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