EVER GLORY UNITED HOLDINGS LIMITED has submitted a listing application to the main board of the Hong Kong Stock Exchange on October 8, with ICBC International acting as the sole sponsor, according to the exchange's disclosure.
The company is a leading integrated mechanical and electrical (M&E) engineering service provider in Singapore, offering comprehensive services for infrastructure and buildings. These include electrical engineering (ELECT), air conditioning and mechanical ventilation (ACMV), fire protection (FP), and plumbing, sanitation, and gas engineering (PSG), as well as the production of auxiliary components.
Based on 2025 revenue data from CIC Consulting, EVER GLORY UNITED ranks second among all local M&E service providers in Singapore and fourth among all M&E service providers in the country.
During the track record period, the company experienced rapid operational expansion and achieved significant financial growth. It was listed on the Singapore Exchange (SGX) Catalist board in 2023 and subsequently transferred to the SGX Mainboard in 2025. As of June 30, 2026, the company's total order book reached S$838.2 million, and it further surpassed S$1 billion as of the last practicable date.
According to CIC Consulting, among the top five market participants in Singapore by 2025 M&E engineering service revenue, EVER GLORY UNITED holds the highest number of BCA L6-grade M&E engineering service registrations. This allows the company to bid for and execute public and private projects without contract value limits, meeting stringent qualification requirements, creating entry barriers for competitors, and solidifying its market position.
EVER GLORY UNITED delivers M&E services through its three wholly-owned subsidiaries: Sunbeam, Fire-Guard, and Guthrie Engineering. These services cover ELECT, ACMV, FP, and PSG, alongside auxiliary components. During the track record period, the company completed two acquisitions, including the Fire-Guard and Guthrie Engineering purchases.
On February 7, 2024, the company completed the acquisition of all equity in Fire-Guard from FG sellers for a total consideration of S$4.2 million, making Fire-Guard a direct wholly-owned subsidiary. On April 8, 2025, the company entered into a share purchase agreement with Guthrie GTS Pte Ltd to acquire all shares of Guthrie Engineering for S$46,034,273, with Guthrie Engineering becoming a direct wholly-owned subsidiary effective July 1, 2025.
These acquisitions strengthened the company's M&E engineering capabilities, expanded its service scope, and secured new clients, creating service synergies for its business operations.
Financial data shows revenue of approximately S$47.478 million, S$79.875 million, S$122 million, and S$103 million for the fiscal years ending June 30, 2023, 2024, 2025, and the six months ended June 30, 2026, respectively. Profit for the same periods was S$6.831 million, S$8.955 million, S$20.122 million, and S$12.668 million, while gross profit was S$10.954 million, S$12.544 million, S$23.346 million, and S$21.458 million, respectively.
As a city-state with limited land resources, Singapore's ongoing demand for housing renovation, infrastructure upgrades, and existing asset redevelopment is expected to provide a stable foundation for future construction. Simultaneously, capital-intensive private projects, such as integrated resort expansions and high-end industrial plant construction, will generate higher-value, longer-term construction demands. Driven by these factors, the Singapore construction market is projected to grow from approximately S$41.8 billion in 2025 to about S$59.9 billion by 2030, at a compound annual growth rate (CAGR) of 7.5%, compared to a 1.4% CAGR between 2015 and 2025.
The M&E engineering sector in Singapore is closely tied to overall construction growth, with market demand primarily arising from the installation and upgrade of M&E systems like electrical and ACMV works in buildings and infrastructure projects. Based on certified progress payments, the M&E market size expanded from about S$1.9 billion in 2020 to S$4.3 billion in 2025, a CAGR of 17.8%, outpacing the overall construction industry's growth. Looking ahead, rising building performance standards will further drive M&E sector growth, with increasing emphasis on energy efficiency, system resilience, and smart building management, boosting the proportion of M&E work in total project costs. Additionally, higher technical thresholds in industrial and commercial facilities, requiring greater M&E system investment than standard construction, are expected to shift demand toward high-value projects. The M&E market is forecast to grow from S$4.3 billion in 2025 to S$7.3 billion by 2030, at a CAGR of 10.9%.
Public projects, funded by government agencies, accounted for 54.2% of the M&E market in 2025. These projects typically involve higher individual contract values but fewer projects, focusing on large-scale infrastructure, public housing, healthcare, and transportation developments, which require complex systems, strict technical specifications, and higher contractor qualifications, creating significant entry barriers. Between 2020 and 2025, public projects grew at a CAGR of 19.3%, driven by major infrastructure projects like rail transit lines and airports, boosting demand for electrical, ACMV, and specialized M&E systems. Continued infrastructure investment and large institutional projects are expected to sustain a CAGR of 11.1% for public projects from 2025 to 2030, maintaining market dominance.
Private projects, accounting for 45.8% of the market, mainly involve residential, commercial, and industrial developments built by private developers. Emerging demand in sectors like data centers and high-tech manufacturing facilities will continue to drive steady growth.
The board currently comprises five directors: one non-independent non-executive chairman, one executive director and CEO, and three independent non-executive directors. As of the last practicable date, controlling shareholders include Mr. Sun Renwang (non-independent non-executive chairman), holding 169,000,000 shares (33.7% of issued capital), and Mr. Xu Ruibing (executive director and CEO), also holding 169,000,000 shares (33.7%). Ms. Liu Yunxia is Mr. Sun's spouse, and Ms. Shen Saiqiong is Mr. Xu's spouse.
The intermediaries include ICBC International as sole sponsor, company legal counsel from CHEN & CO. LAW FIRM in association with Beijing Shihui (Hong Kong) Law Firm and Wong Partnership LLP, sponsor's legal counsel from Haldanes, auditor and reporting accountant from Ernst & Young, industry advisor from CIC Consulting, and compliance advisor from Armour Capital Management Limited.
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