Sunray Engineering Group Limited trading debut closed at HK$0.51 per share with an increase of around 112.5% as compared to the final offer price

HONG KONG, April 23, 2020 /PRNewswire/ -- Sunray Engineering Group Limited ("Sunray Engineering Group", together with its subsidiaries, the "Group"; stock code: 8616), a Hong Kong-based building protection solution provider, announces its successful listing on the GEM of The Stock Exchange of Hong Kong Limited ("SEHK") today. 

The closing price of Sunray Engineering Group's shares was HK$0.51 per share, which was approximately 112.5% higher than the final offer price of HK$0.24 per share. The highest share price of the day was HK$0.51 per share. On its first trading day, trading volume of the shares of Sunray Engineering Group reached approximately 219 million with a total turnover of approximately HK$85.6 million.

Ample Capital Limited is the Sole Sponsor. Alpha Financial Group Limited and Lego Securities Limited are the Joint Global Coordinators. Alpha Financial Group Limited, Lego Securities Limited and Enhanced Securities Limited are the Joint Bookrunners. Alpha Financial Group Limited, Lego Securities Limited, Enhanced Securities Limited, AFG Securities Limited, All EverGreen Securities Limited, Brilliant Norton Securities Company Limited, China-Hong Kong Link Securities Company Limited, CIS Securities Asset Management Limited, Grand Partners Securities Limited, Lee Go Securities Limited and Orient Securities Limited are the Joint Lead Managers.

Mr. Lam Ka Wing, Chairman, Chief Executive Officer and Executive Director of Sunray Engineering Group Limited, said, "The successful listing of the Company's share on the GEM of SEHK today strengthens our market leading position in the building protection work market. In the future, we are confident to expand the Group's business and to offer a more extensive brand portfolio of building protection products, and to capture greater market share in the industry."

About the Group

Sunray Engineering Group Limited is a Hong Kong-based building protection solution provider and its solutions integrate the provision of building protection works with a focus on waterproofing works and the supply of building protection products. According to the Frost & Sullivan Report, the Group ranked second in the building protection work market in Hong Kong with a market share of approximately 3.0% in terms of revenue in FY2019.

For FY2018 and FY2019, the Group's overall revenue increased by approximately 25.1% from approximately HK$153.2 million to HK$191.7 million. During the Track Record Period and up to 22 March 2020 (the Latest Practicable Date), the Group had undertaken 287 building protection works projects in Hong Kong, and the total original contract sum of these projects amounted to approximately HK$657.5 million.