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Hong Kong building-construction and repair/maintenance subcontractor, formerly known as Gain Plus Holdings.
Hong Kong building-construction and repair/maintenance subcontractor, formerly known as Gain Plus Holdings.
Works as a subcontractor, so it is paid by the main contractor through staged progress payments, with part of each payment held back until work is completed and any defects period ends. Repair and maintenance work on existing buildings tends to be shorter and more repeatable than new construction contracts.
In one line: A small Hong Kong general contractor.
Moat: none. Small, project-based subcontractor in a fragmented, price-competitive local construction market.
Headquarters: Wan Chai, Hong Kong · Founded: 2004 · Employees: 132
Size Hong Kong Zcloud Technology Construction (9900.HK) is a Hong Kong Industrials company (Engineering & Construction) with a market value of $2.03B, the 415th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$5.34 on 6 Nov 2026.
Performance Over six months the shares gained 16.4%, against -16.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 33.2% over the last twelve months (peer median +6.0%); the operating margin is 0.5% (peer median 9.1%).
Valuation It trades at 18.4× enterprise value to sales against a peer median of 2.2× (2nd most expensive of 21).
Capital Return on invested capital runs 5.3 points below its cost of capital (9.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$851M | HK$851M | HK$1.28B | HK$1.15B | HK$1.21B |
| Revenue growth | — | -33% | +11% | -5% | — |
| Gross profit | HK$24.9M | HK$24.9M | HK$62.7M | HK$60.1M | HK$84.7M |
| EBITDA | HK$5.91M | HK$5.91M | HK$29.8M | HK$27.4M | HK$66.9M |
| Net income | HK$6.97M | HK$6.97M | HK$31.1M | HK$27.7M | HK$56.8M |
| Free cash flow | HK$49.1M | HK$49.1M | HK$24.2M | -HK$16.7M | HK$132M |
| Capital expenditure | HK$828,000 | HK$828,000 | HK$0 | HK$2.80M | HK$1.44M |
| Total debt | n/a | HK$931,000 | HK$1.68M | HK$284,000 | HK$0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9900.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.6% | -5.7% | 11th highest of 21 |
| 6-month return | +16.4% | -16.5% | 2nd highest of 21 |
| Distance from 52-week high | -30.8% | -34.9% | 10th highest of 21 |
| Revenue growth (TTM) | -33.2% | +6.0% | lowest of 21 |
| Operating margin | 0.5% | 9.1% | 3rd lowest of 21 |
| EV / Sales | 18.4× | 2.2× | 2nd most expensive of 21 |
| ROIC minus cost of capital | -5.3 pp | +0.6 pp | 3rd lowest of 19 |
| Net debt / EBITDA | -35.5× | -1.0× | least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hong Kong Zcloud Technology Construction 9900.HK | Hong Kong | $2.03B | +16% | -33% | 0% | 18.4× | n/a | n/a |
| Per Aarsleff Holding A/S PAAL-B.CO | Denmark | $2.02B | -6% | +14% | 5% | 0.6× | -7.6% | +11.2% |
| DAI-DAN 1980.T | Japan | $2.05B | -15% | -7% | 14% | 1.0× | -4.4% | +10.2% |
| Chongqing Sanfeng Environment 601827.SS | China | $2.00B | -3% | +5% | 27% | 2.9× | -11.4% | +2.4% |
| CSSC Science & Technology 600072.SS | China | $1.99B | -35% | +8% | -37% | 2.9× | n/a | n/a |
| Kepco E&c 052690.KS | South Korea | $2.07B | -61% | +8% | 10% | 5.1× | n/a | n/a |
| Sanki Engineering 1961.T | Japan | $1.98B | -12% | +2% | 12% | 1.0× | -6.5% | +6.0% |
| Monadelphous MND.AX | Australia | $1.98B | -4% | +29% | 5% | 0.9× | 5.3% | +9.7% |
| NRW NWH.AX | Australia | $1.95B | -17% | +31% | 6% | 0.7× | 8.5% | +14.1% |
| HAZAMA ANDO 1719.T | Japan | $1.94B | -11% | +4% | 8% | 0.6× | -11.7% | +4.5% |
| Yankey Engineering 6691.TW | Taiwan | $2.16B | -16% | +63% | 16% | 2.1× | 2.8% | +33.1% |
| IRB Infrastructure Developers IRB.NS | India | $2.18B | -21% | -14% | 27% | 3.2× | 9.2% | +4.2% |
| Jinko Power Technology 601778.SS | China | $1.86B | -49% | -25% | 16% | 9.1× | n/a | n/a |
| Beijing Enterprises Water 0371.HK | Hong Kong | $1.86B | -48% | -5% | 24% | 5.2× | 4.2% | -1.2% |
| Nbcc (india) NBCC.NS | India | $2.23B | -19% | +4% | 6% | 1.6× | 40.1% | +12.9% |
| Grenergy Renovables GRE.MC | Spain | $2.24B | -40% | +8% | 23% | 3.9× | n/a | n/a |
| Penta-Ocean Construction 1893.T | Japan | $2.25B | -29% | +7% | 7% | 0.7× | n/a | n/a |
| Mega Union Technology 6944.TW | Taiwan | $1.82B | -17% | +60% | 21% | 2.6× | -4.0% | +30.2% |
| China Next-Gen Commerce and Supply Chain 3928.HK | Hong Kong | $1.81B | +47% | -26% | -17% | 50.8× | n/a | n/a |
| Badger Infrastructure Solutions BDGI.TO | Canada | $1.80B | -10% | +16% | 8% | 2.4× | 21.0% | +15.8% |
| Guangdong Construction Engineering 002060.SZ | China | $1.79B | -15% | -11% | 3% | 0.6× | n/a | n/a |