Zhong Ying International Group Limited Overview
Zhong Ying International is a micro-cap, GEM-listed Hong Kong civil engineering subcontractor in the middle of a control change and business pivot. Its legacy franchise, built since about 2010 under founders Ha Chak Hung and Ip Chu Shing, is the repair and maintenance of road and highway structures in Kowloon and the New Territories, performed as a subcontractor to main contractors holding Highways Department term contracts, supplemented since 2013 by drainage and civil construction. Between September 2024 and October 2025, control passed to Mr. Chu Jinzhe, an agriculture and traditional-Chinese-medicine (TCM) executive who is also a director of a Sinopharm-group subsidiary. Under him, the company recapitalised through a 2026 rights issue, renamed itself, entered Mainland construction contracts for wellness, deer-breeding and herb-cultivation facilities, and launched a "Smart Farm" trading segment holding Hong Kong wholesale licences for proprietary Chinese medicines and Chinese medicinal materials. Revenue reached HK$65.1M in FY2026, but the group remains loss-making, highly concentrated, and receivables-heavy.
Company's own description (paraphrased from AR26)
The company describes itself as an established subcontractor providing civil engineering works, specialising principally in the repair and maintenance of road and highway structures in Hong Kong, concentrated in Kowloon and the New Territories. Since 2013, it has extended into civil engineering construction works, including drainage systems. During FY2026, the company says it kept its focus on Hong Kong repair-and-maintenance and civil construction, while a dedicated team sought new business in Mainland China and identified construction opportunities in the TCM and healthcare industries. In March 2026, it formally added a third business line, "Smart Farm", comprising trading of finished Chinese medicinal materials (deer antler, ginseng) and trading of modular plant cultivation chambers, supported by Hong Kong Department of Health wholesale licences granted in late March 2026 to its subsidiary International Ginseng & Deer Research Institute Limited (國際蔘茸研究院有限公司) (AR26 Chairman's Statement and MD&A).
Notably, note 1 of the FY2026 financial statements describes the group's principal activity as "provision of contracting and trading for modular plant cultivation chamber business", which differs from the segment presentation in which modular-chamber trading contributed only about HK$1.6M of HK$65.1M revenue (RA26 note 1 and MD&A). This inconsistency is flagged as a disclosure-quality issue.
Independent characterisation
In substance, Zhong Ying is today three small businesses housed in a listed shell-scale vehicle:
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A Hong Kong public-works subcontractor with a narrow customer base: in FY2025 one customer (Customer B, a main contractor for repair and maintenance work) accounted for HK$35.12M of HK$35.16M revenue (≈99.9%); in FY2026 two customers accounted for ≈87.5% (Customer A HK$40.6M; Customer B HK$16.35M) (RA26 note 5).
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A Mainland China project contractor with three contracts signed on 24 April 2025 with counterparties in the TCM/health/wellness space, aggregate contract value RMB96.05M, of which only about HK$5.1M was recognised in FY2026 (RA26 MD&A; segment geography note).
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A nascent commodity trading operation (deer antler and modular plant cultivation chambers) generating HK$3.08M in FY2026 with a 22.3% segment gross margin (RA26 note 5).
Business model and revenue model
| Dimension | Description | Source |
|---|---|---|
| Revenue model mix (FY2026) | Service/contracting revenue recognised over time: HK$62.04M (95.3%); product trading recognised at a point in time: HK$3.08M (4.7%). No subscription or licensing revenue | RA26 note 5 |
| Value-chain position | Tier-2 subcontractor to main contractors on Hong Kong government (Highways Department) term contracts; direct contractor to private developers/operators on Mainland projects; wholesale trader in TCM materials | AR26; RA26 |
| Customer types | Hong Kong main contractors of government projects; Mainland private enterprises (wellness resort developer, sika-deer breeder, herb-cultivation forest owner); trade buyers of antler and cultivation chambers (identities not disclosed) | AR26; RA26 |
| End-markets | Hong Kong road/highway infrastructure maintenance; Hong Kong civil works (drainage etc.); Mainland wellness tourism real estate; Mainland animal husbandry (sika deer, used for antler); Mainland herb cultivation; TCM materials trade | AR26 |
| Cost structure | Cost of revenue is staff costs, subcontracting fees and materials; FY2026 cost of revenue HK$54.79M (84.1% of revenue). Material costs were only HK$0.34M, indicating a heavily subcontracted delivery model | RA26 note 10 |
| Working-capital profile | Long collection cycle: payment certificates issued one to ten months after completion certificates; nominal credit term 30 days; retention receivables released 1–2 years after completion | RA26 notes 14–15 |
Strategy
Stated corporate strategy (AR26 themes)
Management frames the forward strategy as a dual-driver strategy of "Smart Agriculture Engineering" and "High Value-added Chinese Herbal Medicine Trading", linked to national industrial upgrading and policy support (AR26 Outlook). The two pillars, paraphrased:
Agricultural technology × agricultural engineering: use the group's engineering project experience to win construction work arising from modernisation of agriculture, and introduce artificial intelligence and "embodied intelligence" to develop engineering robots and smart engineering solutions, digitalising traditional agriculture.
TCM materials trading: leverage the newly granted Hong Kong wholesale licences to trade precious TCM materials (deer antler, ginseng), and use Hong Kong as a bridgehead to sell Hong Kong proprietary Chinese medicines and TCM materials into Mainland China by building upstream/downstream and cross-border supply chains.
Management also states it will continue to pursue repair, maintenance and civil engineering projects in Hong Kong and the PRC, with a dedicated team seeking construction projects in the TCM and healthcare industries.
Strategic initiatives register (last 24 months)
| Initiative | Date | Description | Status / metrics | Source |
|---|---|---|---|---|
| Mainland construction expansion | 24 Apr 2025 | Three service agreements totalling RMB96.05M in wellness, deer breeding and herb cultivation | HK$5.1M recognised FY2026; Huanren not started | AR26 |
| Recapitalisation | May 2025–Jan 2026 | Share consolidation, capital reduction/subdivision, 5-for-2 rights issue at HK$0.67 | Net ≈HK$25.0M raised; HK$12.18M unutilised at 31 Mar 2026 | AR26 |
| Rebranding | Aug 2025–Jan 2026 | Name change to Zhong Ying International; new website zyinternational.com | Completed | AR26; RA26 |
| Constitutional update | Aug–Sep 2025 | New M&A aligned with GEM core shareholder protection standards | Adopted 30 Sep 2025 | AR26 |
| Smart Farm segment | Mar 2026 | Antler and modular plant cultivation chamber trading | HK$3.08M revenue FY2026 | RA26 |
| TCM wholesale licensing | Late Mar 2026 | DoH wholesale licences for proprietary Chinese medicines and Chinese medicinal materials | Granted | AR26; ANN 30 Apr 2026 |
| Receivables recovery | 21 May 2026 | Voluntary announcement on progress of trade receivable recovery | — | ETN announcement list |
| AI / robotics in agri-engineering | Stated in AR26 Outlook | Engineering robots and smart engineering solutions | No budget, partner or timeline disclosed | AR26 |
Use of rights issue proceeds
| Use | Planned | Used to 31 Mar 2026 | Unutilised 31 Mar 2026 | Expected full use |
|---|---|---|---|---|
| Expansion into agriculture-related construction projects | 7.50 | 1.67 | 5.83 | Sep–Oct 2026 |
| Expansion into health-related construction projects | 7.50 | 3.28 | 4.22 | Sep–Oct 2026 |
| General working capital | 10.00 | 7.88 | 2.12 | Sep–Oct 2026 |
| Total | 25.00 | 12.82 | 12.18 | — |
Source: AR26.
ESG commitments, cost programmes, medium-term targets
No quantified ESG targets, cost-reduction programmes, or medium-term financial targets/guidance are disclosed (not publicly disclosed). The only forward-looking quantitative signals are project programmes (15, 9 and 12 months) and the expected timing of proceeds utilisation.
Products & Services
Repair and maintenance works (Hong Kong)
| Offering | Description / capabilities | Target customer | Launch / latest | Pricing model | Flagship / named contracts |
|---|---|---|---|---|---|
| Road and highway structure repair and maintenance | Repair and maintenance of structures on roads and highways, focused on Kowloon and the New Territories; delivered under Highways Department term contracts; supervised by a senior site agent responsible for implementation and coordination of HyD term contracts | Main contractors holding HyD term maintenance contracts | Since c. 2010; ongoing | Works-order / measured works under term contract rates; subject to variation orders (AR26 risk IV) | Contract names not disclosed; main customer (Customer B) generated HK$16.35M FY2026 and HK$35.12M FY2025 |
Civil engineering construction works
| Offering / project | Description / specifications | Customer | Timing | Contract value | FY2026 revenue recognised |
|---|---|---|---|---|---|
| Hong Kong construction project | Civil construction project in Hong Kong (nature not further specified) | Customer A (identity not disclosed) | Awarded FY2026; completed late Feb 2026 | HK$40.6M | HK$40.6M |
| Drainage and civil works (legacy) | Construction of drainage systems in Hong Kong | Main contractors | Since 2013 | — | Nil in FY2025; small amounts FY2022–FY2024 (ZB) |
| Project Hangzhou Qiandaohu | Wellness resort hotel, Jiangjia Town, Chun'an County, Hangzhou, Zhejiang; land ≈3,333.33 m², GFA ≈6,119.99 m²; one basement plus four storeys; 15-month programme (1 month preparation, 8 months core structure, 4 months finishing/utilities/landscaping, 2 months furnishing) | Hangzhou Qiandaohu (counterparty) | Agreement 24 Apr 2025; works began 2H 2025 | RMB60.0M | HK$3.7M |
| Project Tonghua Shanbao | Expansion and modernisation of sika-deer breeding facility, Fancheng Village, Kuaidamao Town, Tonghua County, Jilin; site ≈32,600 m²; new deer sheds, infrastructure upgrades, modern breeding and feeding systems; 9-month phased programme | Tonghua Shanbao (counterparty) | Agreement 24 Apr 2025; commenced 2H 2025 | RMB22.3M | HK$1.4M |
| Project Huanren Hehegu | Cultivation base on ≈108.7 mu private forest, Group 15, Huashudianzi Village, Wulidianzi Town; access roads, utilities, cultivation facilities, storage and processing areas; ≈12-month programme | Huanren Hehegu (counterparty) | Agreement 24 Apr 2025; AR26 states both that it "commenced in 2H 2025" and that it is "expected to commence in August 2026" (internal inconsistency) | RMB13.75M | Nil |
Smart Farm
| Offering | Description | Target customer | Launch | FY2026 revenue | Notes |
|---|---|---|---|---|---|
| Deer antler trading | Wholesale trading of finished deer antler (鹿茸) | Trade buyers (not disclosed) | FY2026 (Mar 2026 segment formalised) | HK$1.4M | Supported by HK wholesale licences held by International Ginseng & Deer Research Institute Limited |
| Ginseng and other TCM materials (planned) | Trading of ginseng and other precious Chinese medicinal materials; cross-border distribution of Hong Kong proprietary Chinese medicines into Mainland China | Mainland and HK distributors | Planned | Nil | Strategic intent per AR26 Outlook |
| Modular plant cultivation chambers (植物方艙) | Trading of modular, enclosed plant-cultivation units | Agricultural operators (not disclosed) | FY2026 | HK$1.6M | Specifications and supplier not disclosed |
| Licences | Wholesaler licence for proprietary Chinese medicines; wholesale dealer licence for Chinese herbal medicines, issued by HK Department of Health, late Mar 2026 | — | Mar 2026 | — | AR26; voluntary announcement 30 Apr 2026 |
No product pricing, unit volumes, or named brands are disclosed for any segment (not publicly disclosed).
Financial Narrative
Income statement: notes and sources
Sources: FY2025–FY2026 from RA26 (audited); FY2022–FY2024 from TR (aggregator, period labels corrected; FY2024 revenue and net loss cross-checked to AR24). EBITDA is the aggregator's computation and differs from a filing-based computation (see 6.2). FY2022–FY2024 EPS are aggregator values restated for the 2025 consolidation and are not directly comparable to company-restated FY2025–FY2026 values. No dividends were declared in FY2025 or FY2026 (RA26 note 11); no dividend declarations were identified for FY2022–FY2024.
Filing-based operating build: notes and sources
Source: RA26 income statement and notes 7–10. FY2026 D&A = PPE depreciation HK$0.213M + right-of-use depreciation HK$0.674M.
Margins and growth
Calculated from 6.1. FY2022 growth uses FY2021 revenue of HK$42.16M (TR). Revenue CAGR FY2022–FY2026 (4 years): ≈11.3%; FY2019–FY2026 (7 years) ≈−7.0% based on aggregator FY2019 revenue of HK$108.3M.
Commentary — income statement. The five-year record shows a business in structural decline through FY2024 (revenue down 60% from FY2022 to FY2024, gross margin negative in FY2023) followed by a two-year rebound driven by discrete contract wins rather than a rebuilt recurring base. FY2025's improvement came from a recovery in maintenance volumes and a 27.4% gross margin, but was offset by HK$7.2M of credit-loss provisions. FY2026 nearly doubled revenue but gross margin compressed to 15.9% because the low-margin Hong Kong construction job dominated the mix; administrative costs rose 63% to HK$13.9M on the Mainland build-out and enlarged board, absorbing the entire gross profit. Cumulative net losses across FY2022–FY2026 total ≈HK$76.1M, more than 2.6 times current book equity. The first-half/second-half pattern is volatile (see 6.4).
Half-year pattern: notes and sources
Sources: H1 FY2025 net profit from IR24; H2 FY2025 and H2 FY2026 revenue/net from TR "quarterly" (semi-annual) data; H1 FY2026 values derived as FY2026 audited total minus H2 (and cross-checked to SWS trailing-twelve-month data to 30 Sep 2025: revenue HK$24.9M, loss HK$12.8M). Derived figures are flagged as derived, not directly filed.
Balance sheet: notes and sources
Sources: Total assets/liabilities/equity from TR (period labels corrected; FY2025 and FY2026 reconcile exactly to RA26); cash from ETN cash flow statement (FY2025–FY2026 reconcile to RA26). No goodwill or intangibles appear on the FY2025–FY2026 balance sheets (RA26); none identified for earlier years.
Detailed balance sheet, latest two years: notes and sources
Source: RA26 statement of financial position and notes 13–17.
Debt, net debt and gearing
Source: RA26; calculations. Amounts due to shareholders are interest-bearing at least in part: finance costs include HK$0.82M interest on a loan from a shareholder in FY2026 (HK$0.96M in FY2025) (RA26 note 8).
Commentary — balance sheet. Equity eroded from HK$51.4M (FY2022) to HK$7.3M (FY2025) before the January 2026 rights issue restored it to HK$28.5M. The FY2026 balance sheet ballooned to HK$108.9M because the HK$40.6M project left large back-to-back positions: trade receivables of HK$66.4M net against trade payables of HK$50.9M, with HK$32.8M of receivables and HK$38.1M of payables in the 61–90 day bucket at year end. This suggests the group's ability to pay its subcontractors is tied to collection from Customer A. Gross trade receivables were HK$87.6M with HK$21.2M of cumulative impairment; HK$57.8M was past due, of which HK$22.7M was more than 90 days overdue but not treated as in default because management rebutted the default presumption based on relationship history (RA26 note 15). That judgement is the single most important balance-sheet risk.
Cash flow
Source: ETN (FY2026 closing cash HK$17.404M reconciles to RA26). Capex disclosed in RA26: PPE additions HK$0.44M (FY2026) and HK$0.17M (FY2025); right-of-use additions HK$1.58M and HK$0.14M. No buybacks were made in FY2026 (AR26). Dividends nil per RA26 for FY2025–FY2026.
Commentary — cash flow. The group has not generated positive operating cash flow in any of the five years; cumulative operating outflow is ≈HK$41.6M. Survival has depended on equity: the 2021 placing (up to 57.1M shares at HK$0.535, gross up to ≈HK$30.5M), the January 2024 placing (≈HK$2.1–2.3M), the December 2024 placing (net ≈HK$3.1M) and the January 2026 rights issue (gross ≈HK$27.5M), plus shareholder loans. Total gross equity raised since late 2021 is therefore roughly HK$63M against a current market capitalisation of ≈HK$78M.
Ratios
Calculated from RA26 (FY2024 equity and assets from TR for averaging). Negative net debt/EBITDA and interest cover are shown for completeness but are not meaningful because EBITDA and EBIT are negative. ROIC uses a simplified invested-capital base (equity plus interest-bearing debt incl. shareholder amounts). The FY2026 cash conversion cycle looks benign only because payables to subcontractors were stretched in parallel with receivables.
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View Subscription PlansFinancial Detail
Segment Overview
| Segment | What it contains | Products / services | Revenue recognition |
|---|---|---|---|
Civil engineering construction works | Construction projects in Hong Kong (one HK$40.6M project, completed Feb 2026) and Mainland China (Hangzhou Qiandaohu wellness resort hotel; Tonghua Shanbao sika-deer breeding facility; Huanren Hehegu cultivation base) | Building/structural works, site preparation, drainage, utility connections, fit-out of agricultural and hospitality facilities | Over time |
Repair and maintenance works | Hong Kong road and highway structure repair and maintenance as subcontractor under Highways Department term contracts | Structural repair, maintenance of roads/highways and associated structures | Over time |
Smart Farm | Trading of deer antler (and planned ginseng and other TCM materials); trading of modular plant cultivation chambers | Wholesale TCM materials; modular plant cultivation chambers | Point in time |
Civil engineering construction works | 40.60 | 5.09 | 45.69 |
Repair and maintenance works | 16.35 | 0.00 | 16.35 |
Smart Farm | 0.00 | 3.08 | 3.08 |
Total | 56.95 | 8.17 | 65.11 |
Revenue by Segment
| Segment | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Repair and maintenance works revenue (HKD Mn) | 41.14 | 28.51 | 16.77 | 35.16 | 16.35 |
Civil engineering construction works revenue (HKD Mn) | 1.32 | 0.92 | 0.20 | 0.00 | 45.69 |
Smart Farm revenue (HKD Mn) | 0.00 | 0.00 | 0.00 | 0.00 | 3.08 |
Total revenue (HKD Mn) | 42.47 | 29.43 | 16.97 | 35.16 | 65.11 |
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View Subscription PlansRevenue by Segment (%) and Segment Margins & Growth (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Repair and maintenance share of revenue (%) | 96.9 | 96.9 | 98.8 | 100.0 | 25.1 |
Civil construction share of revenue (%) | 3.1 | 3.1 | 1.2 | 0.0 | 70.2 |
Smart Farm share of revenue (%) | 0.0 | 0.0 | 0.0 | 0.0 | 4.7 |
Repair and maintenance revenue YoY growth (%) | 0.0 | -30.7 | -41.2 | 109.7 | -53.5 |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | FY2025 | FY2026 |
|---|---|---|
Repair and maintenance segment result (HKD Mn) | 9.62 | 5.06 |
Civil construction segment result (HKD Mn) | 0.00 | 4.58 |
Smart Farm segment result (HKD Mn) | 0.00 | 0.69 |
Repair and maintenance segment margin (%) | 27.4 | 31.0 |
Civil construction segment margin (%) | 0.0 | 10.0 |
Smart Farm segment margin (%) | 0.0 | 22.3 |
Repair and maintenance ECL impairment (charge negative, HKD Mn) | -7.20 | 1.13 |
Civil construction ECL impairment (HKD Mn) | 0.00 | -2.36 |
Smart Farm ECL impairment (HKD Mn) | 0.00 | -0.22 |
Income Statement
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (HKD Mn) | 42.47 | 29.43 | 16.97 | 35.16 | 65.11 |
Gross profit (HKD Mn) | 3.76 | -4.97 | 1.14 | 9.62 | 10.32 |
Pre-tax income (HKD Mn) | -20.55 | -27.44 | -15.14 | -7.25 | -5.82 |
Net income attributable (HKD Mn) | -20.40 | -27.26 | -15.14 | -7.25 | -6.05 |
EBITDA per aggregator definition (HKD Mn) | -15.88 | -24.76 | -13.05 | -5.34 | -4.47 |
Depreciation and amortisation (HKD Mn) | 2.46 | 1.69 | 1.09 | 0.65 | 0.89 |
Basic and diluted EPS (HKD per share; restated for 2025 consolidation) | -2.30 | -2.40 | -1.30 | -0.4989 | -0.2458 |
Dividends per share (HKD) | 0 | 0 | 0 | 0 | 0 |
Income Statement (FY2025–FY2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
Gross profit (HKD Mn) | 9.62 | 10.32 |
Other income and gains (HKD Mn) | 0.13 | 0.17 |
Administrative expenses (HKD Mn) | -8.54 | -13.94 |
ECL impairment net (HKD Mn) | -7.20 | -1.44 |
Operating loss / EBIT (HKD Mn) | -5.99 | -4.89 |
Finance costs (HKD Mn) | -1.26 | -0.93 |
Income tax (HKD Mn) | 0.00 | -0.23 |
Filing-based EBITDA (EBIT + D&A) (HKD Mn) | -5.34 | -4.01 |
Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue growth YoY (%) | 0.7 | -30.7 | -42.3 | 107.2 | 85.2 |
Gross margin (%) | 8.9 | -16.9 | 6.7 | 27.4 | 15.9 |
Pre-tax margin (%) | -48.4 | -93.2 | -89.2 | -20.6 | -8.9 |
Net margin (%) | -48.0 | -92.6 | -89.2 | -20.6 | -9.3 |
EBITDA margin, aggregator (%) | -37.4 | -84.1 | -76.9 | -15.2 | -6.9 |
Income Statement (Half-Yearly)
| Metric | H1 FY2025 | H2 FY2025 | H1 FY2026 | H2 FY2026 |
|---|---|---|---|---|
Revenue (HKD Mn) | 19.11 | 16.05 | 8.81 | 56.30 |
Net income (HKD Mn) | 3.60 | -10.83 | -1.95 | -4.10 |
Balance Sheet
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (HKD Mn) | 73.13 | 43.68 | 27.68 | 27.54 | 108.86 |
Total liabilities (HKD Mn) | 21.74 | 19.56 | 16.42 | 20.24 | 80.33 |
Total equity (HKD Mn) | 51.38 | 24.12 | 11.27 | 7.30 | 28.54 |
Cash and equivalents (HKD Mn) | 14.25 | 5.55 | 0.85 | 0.46 | 17.40 |
Goodwill and intangibles (HKD Mn) | 0 | 0 | 0 | 0 | 0 |
Balance Sheet (FY2025–FY2026)
| Line item | FY2025 | FY2026 |
|---|---|---|
Property, plant and equipment (HKD Mn) | 0.26 | 0.49 |
Right-of-use assets (HKD Mn) | 0.14 | 1.05 |
Inventories (HKD Mn) | 0.00 | 0.79 |
Contract assets, net (HKD Mn) | 6.32 | 9.44 |
Trade receivables, net (HKD Mn) | 20.26 | 66.43 |
Other receivables, deposits and prepayments, net (HKD Mn) | 0.09 | 13.26 |
Bank balances and cash (HKD Mn) | 0.46 | 17.40 |
Trade payables (HKD Mn) | 3.14 | 50.90 |
Accrued expenses, payroll and other payables (HKD Mn) | 5.50 | 9.89 |
Amounts due to shareholders (HKD Mn) | 10.00 | 16.54 |
Other loan (HKD Mn) | 1.46 | 1.71 |
Lease liabilities, current (HKD Mn) | 0.08 | 0.87 |
Lease liabilities, non-current (HKD Mn) | 0.06 | 0.19 |
Net current assets / working capital (HKD Mn) | 6.97 | 27.20 |
Share capital (HKD Mn) | 16.44 | 0.58 |
Reserves (HKD Mn) | -9.14 | 27.96 |
Key Financials and Margin Analysis (%)
| Metric | FY2025 | FY2026 |
|---|---|---|
Short-term debt incl. shareholder amounts and current leases (HKD Mn) | 11.54 | 19.12 |
Long-term debt (non-current leases) (HKD Mn) | 0.06 | 0.19 |
Total debt incl. shareholder amounts (HKD Mn) | 11.59 | 19.30 |
Net debt incl. shareholder amounts (HKD Mn) | 11.13 | 1.90 |
Net debt excl. shareholder amounts (HKD Mn) | 1.13 | -14.64 |
Company-defined gearing (other loan + leases / equity, %) | 21.8 | 9.8 |
Cash Flow
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow (HKD Mn) | -11.46 | -2.50 | -7.59 | -4.83 | -15.17 |
Investing cash flow (HKD Mn) | -5.13 | -2.73 | 0.05 | -0.16 | -0.35 |
Financing cash flow (HKD Mn) | 27.63 | -3.46 | 2.84 | 4.61 | 32.52 |
Net change in cash (HKD Mn) | 11.05 | -8.69 | -4.70 | -0.39 | 17.00 |
Free cash flow proxy, OCF plus investing CF (HKD Mn) | -16.59 | -5.23 | -7.54 | -5.00 | -15.52 |
Dividends paid (HKD Mn) | 0 | 0 | 0 | 0 | 0 |
Share buybacks (HKD Mn) | 0 | 0 | 0 | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2025 | FY2026 |
|---|---|---|
ROE on average equity (%) | -78.1 | -33.7 |
ROA on average assets (%) | -26.3 | -8.9 |
ROIC (EBIT after tax / average equity plus debt, %) | -28.0 | -17.0 |
Current ratio (x) | 1.35 | 1.34 |
Debt to equity incl. shareholder amounts (x) | 1.59 | 0.68 |
Net debt to EBITDA (x) | -2.08 | -0.47 |
Interest coverage, EBIT / finance costs (x) | -4.75 | -5.27 |
Asset turnover, revenue / average assets (x) | 1.27 | 0.95 |
Days sales outstanding, trade receivables net (days) | 210 | 372 |
Days inventory (days) | 0 | 5 |
Days payables outstanding (days) | 45 | 339 |
Cash conversion cycle (days) | 165 | 38 |
Revenue by Region
| Region | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Hong Kong revenue (HKD Mn) | 42.47 | 29.43 | 16.97 | 35.16 | 56.95 |
Mainland China revenue (HKD Mn) | 0.00 | 0.00 | 0.00 | 0.00 | 8.17 |
Total revenue (HKD Mn) | 42.47 | 29.43 | 16.97 | 35.16 | 65.11 |
Region Margins & Growth (%) and Revenue by Region (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Hong Kong revenue YoY growth (%) | 0.7 | -30.7 | -42.3 | 107.2 | 62.0 |
Mainland China share of revenue (%) | 0.0 | 0.0 | 0.0 | 0.0 | 12.5 |
Share Price History
| Date | Price (HKD) | Context | Source |
|---|---|---|---|
15 Oct 2018 | 0.40 (IPO, pre-reorganisations) | Listing | AR26 |
13 Jan 2026 | 0.67 (rights issue subscription / placing price) | Recapitalisation | AR26 |
9 Feb 2026 | 1.32 (intraday) | −6.4% intraday | MKT |
10 Mar – 20 Apr 2026 | 0.90 (insider transaction prices) | Block trades | DI |
28 Sep 2026 | 1.60 (close) | — | MKT |
8 Oct 2026 | 1.41 (close) | −3.75%; HK$68.6k turnover | MKT |
16 Oct 2026 | 1.355 (last) | Latest | ETN |
Valuation Multiples
| Multiple | Zhong Ying |
|---|---|
Market capitalisation | ≈HK$78.0M |
Enterprise value (incl. shareholder loans) | ≈HK$79.9M |
P/E | Not meaningful (loss) |
EV/EBITDA | Not meaningful (negative EBITDA) |
EV/Sales | ≈1.23x |
P/S | ≈1.20x |
P/B | ≈2.73x (NAV HK$28.54M) |
Capital Markets
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Dividend per share (HKD) | 0 | 0 | 0 | 0 | 0 |
Shares repurchased (M) | 0 | 0 | 0 | 0 | 0 |
Share Count (M)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Weighted average shares, restated for 2025 consolidation (M) | 8.71 | 11.42 | 11.85 | 14.54 | 24.60 |
Analyst Conclusions
Management guidance
Management provides no numerical guidance. Qualitatively, it expects to continue Hong Kong and PRC maintenance and civil works, pursue TCM/healthcare construction projects, and execute the dual-driver smart-agriculture-engineering and TCM-trading strategy (AR26 Outlook). The June 2026 profit warning only pre-signalled a narrower FY2026 loss. Consensus growth expectations: none (no analyst coverage).
Bull case (grounded in data)
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Backlog conversion: RMB82.3M remains on the Hangzhou and Tonghua contracts after ≈HK$5.1M of FY2026 recognition, plus RMB13.75M on Huanren; full execution over FY2027–FY2028 could sustain revenue near or above FY2026 levels even without another Hong Kong mega-job (AR26).
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Repaired balance sheet and a funded controller: HK$17.4M cash, HK$27.2M net current assets, HK$12.2M unutilised rights proceeds, and a controlling shareholder who bought stock at HK$0.90 and lends to the company (RA26; AR26; DI).
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Optionality from the Sinopharm-adjacent ecosystem: the chairman's executive role at a Sinopharm-group subsidiary, combined with newly granted DoH licences, could channel TCM trading volumes or construction work toward the company (AR26).
Bear case (grounded in data)
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Earnings quality and receivables: DSO of ≈372 days, HK$22.7M of >90-day overdue receivables carried without default classification, and HK$21.2M of cumulative trade-receivable impairment; a repeat of FY2025's HK$7.2M ECL charge would double the loss (RA26).
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No recurring profit engine: maintenance revenue fell 53.5% to HK$16.3M, the HK$40.6M project is finished, administrative costs (HK$13.9M) exceed group gross profit (HK$10.3M), and operating cash flow has been negative five years running (RA26; ETN).
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Governance and dilution: complete board turnover, directors with limited listed-company or construction experience, counterparties in the controller's own industries, recurring filing inconsistencies, and four equity raises since 2021 point to further dilution risk at a ≈2.7x P/B valuation (AR26; RA26; ETN).
Catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Expected timing | What to watch |
|---|---|---|
| Interim results, six months to 30 Sep 2026 | By mid-Nov 2026 (GEM deadline) | Revenue run-rate post HK project; PRC recognition; ECL; admin costs |
| Receivable collections | Ongoing | Reduction of HK$66.4M net trade receivables; matching payables settlement |
| Huanren Hehegu commencement and Hangzhou/Tonghua progress | 2H 2026 | Percentage-of-completion vs. 15/9/12-month programmes |
| Rights proceeds utilisation | Sep–Oct 2026 | Any reallocation announcement |
| New HK contract awards / HyD term-contract renewals | Ongoing | Replacement of HK$40.6M one-off revenue |
| Smart Farm scale-up | FY2027 | Antler/ginseng volumes, cross-border sales, margins |
| AGM outcomes (18 Sep 2026) | Published Sep 2026 | Votes on re-elections and mandates; dissent levels |
| Equity issuance under general mandate | Any time | Dilution and pricing |
| Controller's further share purchases or asset injections | Any time | Signals of commitment or reverse-takeover risk under GEM rules |
| Annual results FY2027 | Jun 2027 | Path to break-even |
Analyst verdict
Zhong Ying International is best understood not as an infrastructure company but as a recapitalised GEM micro-cap in transition between owners and business models. The legacy Hong Kong road-maintenance subcontracting franchise retains genuine gross-level profitability—31% segment margins in FY2026—but it is small, shrinking, and dependent on a single main-contractor relationship. The FY2026 headline revenue of HK$65.1M flatters the underlying run-rate because 62% came from one completed Hong Kong project; the first half of FY2026, before that project ramped, produced only about HK$8.8M of revenue.
The new controller has delivered tangible change: a successful, if lukewarmly subscribed, rights issue; a rebuilt board with separated chair and CEO roles; three Mainland contracts worth RMB96M; and Hong Kong TCM wholesale licences. These provide optionality, particularly if the chairman's Sinopharm-group and health-fund affiliations translate into transactions. Yet the evidence of execution is thin—Mainland recognition of roughly HK$5.1M against contracted values, a cultivation project whose start date is described inconsistently, and a Smart Farm segment generating about HK$3M.
The decisive variables over the next twelve months are cash conversion and credit quality. With trade receivables of HK$66.4M against annual revenue of HK$65.1M, and with management relying on a rebutted default presumption for HK$22.7M of long-overdue balances, a single adverse collection outcome could wipe out the equity raised in January 2026. Administrative costs have stepped up to a level the current gross profit cannot cover.
At roughly HK$78M market value and 2.7 times book, the shares price in a successful pivot that has not yet been demonstrated. For institutional purposes, the stock is uninvestable on liquidity grounds alone (daily turnover often below HK$100k). The appropriate stance is monitoring rather than positioning: an upgrade in view would require two consecutive halves of positive operating cash flow, material collection of aged receivables, and audited evidence of Mainland project progress.
Appendix A — Data Quality and Discrepancy Log
| Item | Discrepancy | Treatment |
|---|---|---|
| Employees FY2026 | 37 (AR26 MD&A) vs 39 (RA26 MD&A); FY2025 30 vs 29 | Both reported |
| Huanren Hehegu status | "Commenced in 2H 2025" vs "expected to commence in August 2026" (AR26) | Flagged; treated as not started (nil revenue) |
| Principal activity | Note 1 describes "contracting and trading for modular plant cultivation chamber business"; segment data shows chamber trading only HK$1.6M | Flagged |
| Finance cost narrative | MD&A in RA26 describes a decrease as an "increase" in one sentence | Figures used (HK$0.93M vs HK$1.26M) |
| Other borrowings narrative | AR26 cites "HK$1.7M during year ended 31 Mar 2025 (31 Mar 2025: HK$1.5M)" | Balance sheet figures used (HK$1.71M FY2026; HK$1.46M FY2025) |
| Senior site agent age | 65 in table vs 64 in biography (AR26) | Both noted |
| Aggregator period labels | TipRanks labels FY2026 as "Mar 25"/"Dec 2025" etc. | Corrected by reconciliation to RA26 |
| Controlling party | Ultimate controlling party per RA26 holds 15.69% per DI data | Flagged; basis of control not disclosed |
| ISIN | — | User-supplied ISIN shown with caveat |
| Equity bridge FY2025→FY2026 | Opening HK$7.30M + net rights ≈HK$25.0M − total comprehensive loss HK$6.11M ≈ HK$26.2M vs reported HK$28.54M; difference ≈HK$2.3M not explained in material reviewed | Flagged for follow-up in statement of changes in equity |
Appendix B — Source URLs
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AR26: https://www.hkexnews.hk/listedco/listconews/gem/2026/0723/2026072300336.pdf
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RA26: https://static.cninfo.com.cn/finalpage/2026-06-26/1225393763.PDF
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AR24: https://www1.hkexnews.hk/listedco/listconews/gem/2024/0628/2024062803957.pdf
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IR24: https://www1.hkexnews.hk/listedco/listconews/gem/2024/1129/2024112901914.pdf
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IR23: https://www1.hkexnews.hk/listedco/listconews/gem/2023/1110/2023111001167.pdf
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Profit warning 18 Jun 2026: https://pdf.dfcfw.com/pdf/H2_AN202606181823669655_1.pdf
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Co-chairman announcement 20 Jun 2025: https://www.hkexnews.hk/listedco/listconews/gem/2025/0620/2025062001933_c.pdf
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Name change proposal 15 Aug 2025: https://www1.hkexnews.hk/listedco/listconews/gem/2025/0815/2025081502359_c.pdf
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Board list 25 Jul 2025: https://www.hkexnews.hk/listedco/listconews/gem/2025/0725/2025072501228_c.pdf
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Board list 3 Nov 2025: https://www.hkexnews.hk/listedco/listconews/gem/2025/1103/2025110302946_c.pdf
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Interim results notice 21 Nov 2025: https://www1.hkexnews.hk/listedco/listconews/gem/2025/1121/2025112101070_c.pdf
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2021 consolidation and placing: https://www.hkexnews.hk/listedco/listconews/gem/2021/1124/2021112401367_c.pdf ; https://www1.hkexnews.hk/listedco/listconews/gem/2021/1224/2021122401068.pdf
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2025 rights issue announcement: https://www1.hkexnews.hk/listedco/listconews/gem/2025/0523/2025052301623.pdf
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etnet cash flow: https://www.etnet.com.hk/mobile/tc/stocks/quote_ci_cashflow.php?code=8516
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etnet announcements: https://www.etnet.com.hk/www/tc/stocks/realtime/quote_announcement.php?code=8516
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etnet company brief: https://www.etnet.com.hk/www/eng/stocks/realtime/quote_ci_brief.php?code=8516
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TipRanks income statement: https://www.tipranks.com/stocks/hk:8516/financials/income-statement
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TipRanks balance sheet: https://www.tipranks.com/stocks/hk:8516/financials/balance-sheet
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Zonebourse: https://ch.zonebourse.com/cours/action/GRAND-TALENTS-GROUP-HOLDI-103501549/societe/
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Simply Wall St: https://simplywall.st/stock/sehk/8516
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Lixinger disclosure of interests: https://www.lixinger.com/equity/company/detail/hk/08516/8516/shareholders/hk-shareholders-equity-change
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Securities Star / Sohu price report 8 Oct 2026: https://www.sohu.com/a/1085207453_122123195
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HK Budget 2026-27: https://www.budget.gov.hk/2026/eng/pf.html ; https://www.info.gov.hk/gia/general/202602/25/P2026022500188.htm
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LegCo Research Brief: https://www.info.gov.hk/gia/general/202604/02/P2026040200337p.htm
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HyD LegCo reply: https://www.hyd.gov.hk/en/information_corner/replies_to_legco/latest/doc/0909.pdf
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Title | Age | Appointed | Prior roles / background | Education | Source |
|---|---|---|---|---|---|---|
Mr. Chu Jinzhe (楚金哲) | Chairman, executive director, compliance officer, authorised representative; Nomination Committee chair; Remuneration Committee member | 36 | ED 25 Sep 2024; co-chairman 20 Jun 2025; chairman 1 Oct 2025 | 10+ years management in TCM plant cultivation, animal husbandry, food processing; deputy secretary-general, Xingchen Health Fund Management Committee under China Ageing Development Foundation; director and EVP of Huanuo Agriculture (Shenzhen) Co., Ltd., an indirect subsidiary of China National Pharmaceutical Group (Sinopharm) | Jiangsu Institute of Food and Pharmaceutical Sciences (2012); Master in Business and Innovation, Universitat Politècnica de València (2025) | AR26 |
Ms. Jiao Yue (焦悅) | Executive director | 33 | 25 Jul 2025 | Petition officer, Shenyang Huanggu District Housing Maintenance Center (since Feb 2023); HR director, Liaoning Shanzhiyuan Agricultural Products (2021–22); recruitment manager, Liaoning Zhonggu Rice Industry (2019–21); executive, Shenyang Shenghexiang Import and Export (2015–19) | Liaoning He's Medical College (2015) | AR26 |
Mr. Yuan Bin (袁斌) | Executive director | 40 | 1 Nov 2025 | 10+ years in travel agencies, tourism real estate and senior-living property construction, decoration and operation; annual director's fee HK$180,000 | Associate degree, administrative management, Shanghai Open University | AR26; ANN 3 Nov 2025 |
Mr. Chen Jianjun (陳建軍) | Non-executive director | 47 | 25 Jul 2025 | 20+ years in management advisory; founder of Ningbo Haishu Xinchengfang Water and Electrical Appliance Trading (2014), Pinghu Zhongcheng Health Management Consulting (2015), Jiaxing Leyouyou Travel Agency (2017) | — | AR26 |
Mr. Hua Yansong (花艷松) | Non-executive director; general manager of a wholly owned subsidiary | 36 | 25 Jul 2025 | Investment director, Shanghai Zhongying Economic Development (Group) Co., Ltd. (Nov 2023–Jul 2025); online operations director, Shanghai Yingxi E-commerce (2023); sales manager, Shanghai Liangjian Enterprise Management Consulting (2011–22) | Jiangsu Food and Drug Vocational Technical College (2012) | AR26 |
Mr. Li Lizeng (李立增) | Independent non-executive director; member of Audit, Nomination and Remuneration Committees | 53 | 5 Sep 2025 | 20+ years financial accounting; financial and tax consulting at Shanghai Yingying Enterprise Management Consulting since 2013; financial manager roles 2008–13; earlier auditor at large audit firms | PRC CPA; BA international trade, Ocean University of China (1996) | AR26 |
Ms. Liu Yuchao (劉玉超) | Independent non-executive director; Remuneration Committee chair; Audit and Nomination Committee member | 30 | 29 Oct 2024 | Deputy financial controller, Beijing Jifu Innovation Investment (2021–24); costing/GL accountant, Shanghai Transformation Network Technology Development (2019–21) | Changchun Guanghua College (2019) | AR26 |
Mr. So Ting Kong (蘇定江) | Independent non-executive director; Audit Committee chair; Remuneration and Nomination Committee member | 39 | 25 Jul 2025 | Independent adviser to SFC-licensed corporations since Oct 2022; accounting manager, Silverbricks Securities (2020–22); financial controller, Gransing Securities (2015–20); auditor roles 2008–15; INED of Kafelaku Coffee Holding (1869.HK) 2023–24 and of Zhong Jia Guo Xin Holdings (899.HK) from 23 Jan 2026 | ICAEW (2021), HKICPA (2015), HKIAAT (2010) | AR26 |
“—” = not publicly disclosed.
Executive Leadership Team
| Name | Title | Age | Since | Background | Source |
|---|---|---|---|---|---|
Ms. Shao Jingying (邵晶瑩) | Chief Executive Officer | 33 | 13 Sep 2025 | 10 years in corporate/financial management, strategy and HR planning; CEO of two PRC companies for a combined four years | AR26 |
Mr. Chan Kwong Ming (陳光明) | Senior Site Agent (oversees HyD term contracts) | 64–65 (filing inconsistent) | Nov 2020 | Site representative, Hong Kong Polly (2017–18); senior site agent, China Road & Bridge Engineering (HK) (2007–17) and China Harbour Construction (2006–07); BSc Civil Engineering, National Taiwan University (1986) | AR26 |
Ms. Wong Chi Ling (黃子玲) | Joint Company Secretary | Not disclosed (aggregator: 55) | 30 Apr 2021 | Head of finance and operations at an insurance underwriting agency; HKICPA associate | AR26; ZB |
Ms. Chan Shuk Man Lora (陳淑雯) | Joint Company Secretary, authorised representative | Not disclosed (aggregator: 57) | 15 Aug 2025 | 25+ years finance/tax/secretarial; 14 years at an international accounting firm (senior director); former company secretary of two HK-listed companies | AR26 |
Directors' Remuneration
| Component | FY2025 (HKD Mn) | FY2026 (HKD Mn) |
|---|---|---|
Directors' fees | 0.75 | 1.33 |
Directors' salaries and allowances | 1.44 | 1.12 |
Directors' retirement contributions | 0.05 | 0.02 |
Total directors' remuneration | 2.24 | 2.47 |
Total group staff costs (incl. directors) | 8.93 | 10.12 |
Directors' Remuneration by Attribute
| Attribute | Status |
|---|---|
Board size | 8 (3 executive, 2 non-executive, 3 independent non-executive) |
Independence | 37.5% INEDs, meeting GEM Rule 5.05A minimum of one-third; at least one INED with accounting expertise (Mr. So; Mr. Li is a PRC CPA) |
Chair/CEO separation | Separated: Mr. Chu (Chairman) and Ms. Shao (CEO) |
Audit Committee | Mr. So (chair), Mr. Li, Ms. Liu — all INEDs |
Remuneration Committee | Ms. Liu (chair), Mr. Li, Mr. So, Mr. Chu |
Nomination Committee | Mr. Chu (chair), Mr. Li, Ms. Liu, Mr. So |
Gender diversity | 2 of 8 directors female (25%) |
Board meetings FY2026 | Up to 16 board meetings attended by the chairman; two EGMs (23 Jul 2025, 19 Dec 2025) and one AGM |
Director tenure | All current directors joined in or after Sep 2024; six of eight joined in FY2026 |
CG Code compliance | Board states full compliance with all principles and applicable code provisions for FY2026 |
Directors' training | ≈165 hours aggregate CPD; six first-time directors required to complete 24 hours within 18 months |
Board & Management Changes
| Date | Change | Context | Source |
|---|---|---|---|
25 Sep 2024 | Mr. Chu Jinzhe appointed executive director | Precursor to change in control | AR26 |
29 Oct 2024 | Ms. Liu Yuchao appointed INED | Board refresh | AR26 |
20 Jun 2025 | Mr. Ha Chak Hung redesignated co-chairman; Mr. Chu appointed co-chairman | Transition of leadership | ANN 20 Jun 2025 |
25 Jul 2025 | Ms. Jiao Yue (ED), Mr. Chen Jianjun and Mr. Hua Yansong (NEDs), Mr. So Ting Kong (INED) appointed | Coincides with share consolidation | AR26 |
15 Aug 2025 | Ms. Chan Shuk Man Lora appointed joint company secretary and authorised representative; Ms. Wong ceased as authorised representative | Governance reorganisation | AR26 |
5 Sep 2025 | Mr. Li Lizeng appointed INED | Replacing departing INEDs | AR26 |
6 Sep 2025 | Ms. Tang Shui Man resigned as INED and Audit Committee chair | — | AR26 |
8 Sep 2025 | Dr. Fok Wai Sun resigned as INED | — | AR26 |
13 Sep 2025 | Mr. Ip Chu Shing (co-founder) resigned as ED and CEO (personal commitments; remains director of subsidiaries); Ms. Shao Jingying appointed CEO | Founder exit | AR26; ANN Sep 2025 |
1 Oct 2025 | Mr. Ha Chak Hung (co-founder) resigned as ED, co-chairman, compliance officer; Mr. Chu sole chairman | Founder exit | AR26 |
1 Nov 2025 | Mr. Yuan Bin appointed ED | Healthcare/elderly-property construction strategy | ANN 3 Nov 2025 |
Major Shareholders
| Holder | Shares | % of issued | Date / basis | Source |
|---|---|---|---|---|
Mr. Chu Jinzhe (incl. Zhongying Venture Capital Holdings Group Limited: 7,110,700–7,110,800 shares, 12.36%) | ≈9,029,100 | 15.69% | After purchase on 25 Mar 2026 at HK$0.90 | DI |
Mr. Chen Jiaduo | 8,870,773 then sold down | 15.41% (20 Jan 2026); sold 1.76M shares on 10 Mar 2026 leaving 12.36%; residual position appears to have been acquired by Mr. Chu on 25 Mar 2026 (inference) | DI; ETN | — |
Mr. Du Hai Long | 6,000,000 | 10.43% | — | ETN |
Ms. Zhou Yan Ling | 4,000,000 | 6.95% | — | ETN |
Mr. Lin Huarong | Sold 4,524,300 shares at HK$0.90 on 20 Apr 2026 | — | DI | — |
Sinopharm Global Investment Group Limited; International Medicinal Materials Investment Group Co., Ltd | — | — | DI | — |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Listing | Positioning vs. Zhong Ying |
|---|---|---|---|
HK civil engineering / road works | Build King Holdings | SEHK 240 | Large HK/PRC civil contractor, main-contractor tier |
HK civil engineering | Asia Allied Infrastructure (Chun Wo) | SEHK 711 | Main contractor; HyD and other public works |
HK civil engineering / foundations | Chinney Kin Wing | SEHK 1556 | Foundation and civil subcontractor |
HK civil engineering | Kwong Luen Engineering | SEHK 1413 | HK civil works/roads subcontractor of comparable small scale |
HK waterworks / civil | KNT Holdings | SEHK 1025 | Waterworks and civil engineering subcontractor |
HK foundations | Sam Woo Construction | SEHK 3822 | Foundation works subcontractor |
HK road maintenance main contractors (customers and competitors) | China Road & Bridge Engineering (HK); China Harbour Construction | Unlisted HK subsidiaries of SOEs | HyD term-contract holders; can self-perform |
TCM materials trading | China Traditional Chinese Medicine Holdings (Sinopharm-controlled) | SEHK 570 | Integrated TCM granules/materials leader |
TCM materials / retail | Beijing Tong Ren Tang Chinese Medicine | SEHK 3613 | HK/overseas TCM brand and distribution |
TCM materials trading | Numerous private HK Sheung Wan/Ko Shing Street dried-goods and ginseng/antler wholesalers | Unlisted | Fragmented, relationship-driven wholesale market |
Smart agriculture / cultivation chambers | Mainland smart-agriculture equipment makers and container-farm suppliers | Various | Manufacturer tier with scale and IP; Zhong Ying is a reseller |
Competitor Detail
| Metric | Zhong Ying FY2026 |
|---|---|
Revenue | HK$65.1M |
Revenue growth | +85.2% |
Gross margin | 15.9% |
Net margin | −9.3% |
