Hong Kong construction subcontractor Ming Cheng Group (MSW.US) has withdrawn its planned $10 million US stock IPO.

Hong Kong construction subcontractor Ming Shing Group Holdings, specializing in wet engineering (building operations that involve mixing dry building materials with liquids), withdrew its initial public offering (IPO) plan on Tuesday. The company, based in Hong Kong, had initially applied to go public on the U.S. stock market in mid-2023, with the last application submitted in May 2024. At that time, the company planned to issue around 1.5 million shares at a price range of $5.5 to $7.5 per share, aiming to raise approximately $10 million. Founded in 2012, the Hong Kong-based company reported sales of around $24 million for the 12 months ending on September 30, 2023. The company had originally planned to list on the Nasdaq stock market in the U.S., with the stock code set as "MSW." R.F. Lafferty & Co. and Revere Securities were appointed as the joint bookrunners for this IPO deal. Ming Shing Group from Hong Kong mainly engages in various wet plastering works, such as plastering, tiling, bricklaying, floor leveling, marble works, and some small-scale renovation projects. According to the prospectus, the company's projects use materials like cement, lime, concrete, aggregates, and sand. So far, the company's clients have been predominantly private enterprises, including private residential and commercial buildings. The owners of the company's private projects are usually property developers, with the company's clients being general contractors and wet engineering subcontractors in the projects. The company's involvement in public projects is relatively small, mainly focusing on public housing developments, infrastructure, and public facilities development, with clients in this sector being government agencies and contractors hired by statutory bodies.