Ming Shing Group Holdings PMA

Ming Shing Group Holdings Limited is a holding company incorporated in the Cayman Islands that conducts its business through two Hong Kong-based operating subsidiaries engaged in wet trades works services. The company's primary activities involve providing plastering works, tile laying works, brick laying works, floor screeding works, and marble works as a subcontractor in construction projects across Hong Kong. It operates mainly in the private sector, serving residential and commercial developments, while also undertaking public sector projects involving infrastructure and public facilities. The company has built its expertise over approximately ten years of operation, focusing on delivering quality work on schedule to maintain customer trust and competitiveness in tendering for projects.

Ming Shing Group Holdings Limited generates revenue exclusively from wet trades works services provided through its operating subsidiaries, MS (HK) Engineering Limited and MS Engineering Co., Limited. Revenue is derived from project-based contracts where the company acts as a subcontractor to main contractors in Hong Kong. The company's revenue comes from both private sector projects, including private residential and commercial developments, and public sector projects such as government-funded housing and infrastructure. For the fiscal years ended March 31, 2025, 2024, and 2023, total revenue from wet trades works services was US$33,851,041, US$27,572,692, and US$21,868,220, respectively. The company does not manufacture products or offer services outside of its core wet trades works subcontracting business.

The company operates through the following segments:

• MS (HK) Engineering Limited. This subsidiary is engaged in the provision of wet trades works services including plastering, tile laying, brick laying, floor screeding, and marble works. It serves as a subcontractor in both private and public sector projects in Hong Kong. The company is a registered specialist trade contractor in the plastering trade (Group 2) under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council.

• MS Engineering Co., Limited. This subsidiary specializes in wet trades works services such as plastering works, tile laying works, and marble works. It operates primarily as a subcontractor in private residential developments in Hong Kong. The company focuses on private sector projects and is not required to be registered under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council.

Ming Shing Group Holdings Limited holds a competitive position in the Hong Kong wet trades works industry due to its established track record, long-standing customer relationships, and experienced management team. The company differentiates itself through its proven ability to deliver quality work on time, which has enabled it to build trust with customers and gain a competitive edge in tendering for projects. It benefits from over ten years of operational experience and maintains stringent quality control and environmental management systems. The company faces competition from other subcontractors in the wet trades works sector but believes its expertise, reputation, and ability to manage complex projects strengthen its market position.

The company's customer base consists mainly of construction contractors in Hong Kong, including main contractors engaged in private residential and commercial developments as well as those working on public sector projects funded by government departments and statutory bodies. The company does not enter into long-term contracts with any single customer and undertakes work on a project-by-project basis. In the fiscal year ended March 31, 2025, the company had 12 customers contributing to revenue, with its five largest customers accounting for approximately 74.9% of total revenue. Specific customer names are not disclosed in the filing.