According to a disclosure by the Hong Kong Stock Exchange (HKEX) on July 24, Alliance International Holdings Limited (referred to as Alliance International) has submitted a listing application to the GEM board of HKEX, with Creative Capital Group acting as its sole sponsor. This marks the company's second submission, following a previous attempt on May 23.
Company Overview
Alliance International is a Hong Kong-based security services provider, primarily engaged in offering (i) security guarding services and (ii) electronic security solutions. Through its operational expertise, commitment to service quality, and reliable capacity to manage large-scale, operationally demanding security projects, the company has established a solid market position. During the track record period, Alliance International served a diverse client base in Hong Kong and built a strong reputation through major projects, particularly the Three-Runway System project. Managing security operations for this large-scale infrastructure project has strengthened the company's capabilities and helped secure other significant contracts, including an air cargo terminal project. Key clients include operators of Hong Kong International Airport, air cargo terminal operators, Jones Lang LaSalle, construction contractors, telecommunications service providers, and property management companies.
As the adoption of electronic technology solutions in the security market has significantly increased, the company has enhanced its capabilities in the electronic security solutions segment, specifically focusing on closed-circuit television (CCTV) related services, 4S, and robotic security solutions. This positions the company to better provide integrated security solutions for clients with specialized operational and technical needs. With a major CCTV contract secured from a well-known telecommunications service provider and its employees holding relevant security licenses, Alliance International is well-placed to capitalize on the growing demand in the electronic security solutions industry. Furthermore, in 2026, the company formed Alliance Huilun (an indirect non-wholly owned subsidiary) with Guangzhou Huilun to research, develop, and commercialize robotics and automation solutions, aiming to capture the anticipated significant market expansion in Hong Kong's security robotics sector.
Financial Data
Revenue for the 2024 fiscal year, 2025 fiscal year, and the three months of 2026 were approximately HKD 139 million, HKD 188 million, and HKD 31.918 million, respectively. Gross profit and gross margin for the same periods were approximately HKD 36.675 million (26.4% margin), HKD 48.172 million (25.7% margin), and HKD 8.014 million (25.1% margin). Profit and total comprehensive income for the year/period amounted to HKD 17.405 million, HKD 22.567 million, and HKD 4.254 million, respectively.
Industry Overview
Under regulations from the Security and Guarding Services Industry Authority, licensed security firms in Hong Kong are categorized into three types: Type I (providing security guarding services), covering access control, monitoring, patrol, crowd management, and order maintenance; Type II (providing armed transport services); and Type III (installing, maintaining, and/or repairing security devices and/or designing security systems), covering CCTV infrastructure, security robots, intrusion detection, access control systems, and intercom systems. Type I security guarding services remain the largest segment of the Hong Kong security services market, accounting for approximately 81.9% of market share in 2025. Type I and Type III services are projected to grow at compound annual growth rates (CAGRs) of approximately 5.5% and 6.2%, respectively, from 2026 to 2030. Electronic security systems are commonly used to enhance monitoring and detection capabilities to supplement physical guarding, while on-site personnel remain responsible for access control, incident handling, and real-time response.
The public-related project security services market primarily includes services for public infrastructure and facilities. Demand for public infrastructure projects mainly comes from operators of large transport and systems, such as MTR Corporation and the Airport Authority, while demand for public facilities comes from government departments, statutory bodies, and other public organizations, including the Hospital Authority, Housing Authority, and Housing Society. The market size grew from approximately HKD 3.1 billion in 2021 to HKD 4.0 billion in 2025, at a CAGR of about 6.6%, and is expected to reach approximately HKD 6.3 billion by 2030, with a CAGR of about 7.0% from 2026 to 2030. This growth is expected to be driven by ongoing security demand from existing public infrastructure and facilities, as well as the construction and operation of major development projects like the Kai Tak Development and the Northern Metropolis.
The private-related project security services market grew from approximately HKD 26.7 billion in 2021 to HKD 30.9 billion in 2025, at a CAGR of about 3.7%, and is expected to reach approximately HKD 40.4 billion by 2030, with a CAGR of about 5.4% from 2026 to 2030. This growth is expected to be driven by continued demand for security services from existing commercial and residential properties, as well as new commercial, residential, and mixed-use development projects. The public-related Type I security services market grew from HKD 2.5 billion in 2021 to HKD 3.1 billion in 2025, achieving a strong CAGR of 5.6% during this period. This performance reflects a robust recovery from earlier disruptions, primarily supported by steady demand for security personnel from existing government buildings and other state-owned enterprises. Looking ahead, market growth is expected to accelerate, with the market size projected to reach HKD 4.3 billion by 2030, at a CAGR of 6.8% from 2026 to 2030. The surge in demand for public-related security services is directly linked to the rapid expansion of public infrastructure. Government spending continues to increase, driven by government-led initiatives such as the Northern Metropolis, the ongoing development of new areas like Hung Shui Kiu/Ha Tsuen, Kwu Tung North/Fanling North, and the Tung Chung New Town Extension, along with the Ten-year Hospital Development Plan, large-scale public housing supply, and major railway network extensions. This highlights that substantial public investment will continue to drive demand for on-site security personnel over the long term.
Meanwhile, the private-related project security services market expanded from HKD 22.1 billion in 2021 to HKD 25.4 billion in 2025, recording a stable CAGR of 3.5%. Looking ahead, this segment is expected to experience stronger and accelerated growth, with a CAGR of 5.4% from 2026 to 2030, ultimately reaching HKD 33.3 billion. This optimistic outlook is based on continued new investment in private commercial and residential real estate development projects, which require large-scale and sustained deployment of security guards, complementing the rapid expansion of public sector infrastructure.
Board of Directors
The board comprises eight directors, including four executive directors, one non-executive director, and three independent non-executive directors. The board is responsible for and has general authority to manage and operate the group's business.
Shareholding Structure
Fong 1119 is wholly owned by Mr. Fong. Under the Securities and Futures Ordinance, Mr. Fong is deemed to have an interest in the same number of shares held by Fong 1119. Mr. Fong and Ms. Ip are spouses. Under the Securities and Futures Ordinance, Ms. Ip is deemed to have an interest in the same number of shares in which Mr. Fong has an interest. HFTT is wholly owned by Junxing, which is wholly owned by Ms. Lam. Under the Securities and Futures Ordinance, Junxing and Ms. Lam are deemed to have an interest in the same number of shares held by HFTT. Ms. Lam and Mr. Wong are spouses. Under the Securities and Futures Ordinance, Mr. Wong is deemed to have an interest in the same number of shares in which Ms. Lam has an interest.
Intermediary Team
Sole Sponsor: Creative Capital Group Limited
Company Legal Counsel: Concerning Hong Kong Law: Yung, Yu, Yuen & Co.; Concerning Cayman Islands Law: Harneys
Sole Sponsor Legal Counsel: Concerning Hong Kong Law: P. C. Woo & Co.
Auditors and Reporting Accountants: Deloitte Touche Tohmatsu
Compliance Advisor: Creative Capital Group Limited
Industry Consultant: Frost & Sullivan Limited