This summary aims to give you an overview of the information contained in this prospectus. Since this is a summary, it does not contain all the information that may be important to you and is qualified in its entirety by, and should be read in conjunction with, the full text of this prospectus. You should read the whole document including the appendices hereto, which constitute an integral part of this prospectus, before you decide to invest in our Offer Shares. There are risks associated with any investment. Some of the particular risks in investing in our Offer Shares are set out in the section headed “Risk factors” in this prospectus. You should read that section carefully before you decide to invest in our Offer Shares.

# OVERVIEW

We are an established operator of elderly residential care homes in Hong Kong providing comprehensive residential care home services to our elderly residents through our network of “Shui On瑞安” and “Shui Hing 瑞興” branded elderly residential care homes across four districts in Hong Kong. Our revenue is primarily derived from:

(i) rendering of elderly home care services: including the provision of accommodation with dietician-managed meal plans, 24-hour nursing and caretaking assistance and professional services such as regular medical consultation, physiotherapy, occupational therapy, psychological and social care services; and

(ii) sales of elderly related goods and provision of healthcare services: elderly related goods include adult nappies, nutritional milk, other medical consumable products and daily supplies;whereas healthcare services include customisable add-on healthcare services such as medical and physiotherapy services that may be provided by external providers on an as-needed basis to suit their needs.

During the Track Record Period and up to the Latest Practicable Date, we expanded our network of elderly residential care homes from four to five elderly residential care homes located in Kwun Tong, Shatin, Eastern and Kwai Tsing districts and were strategically situated in the vicinity of public housing estates and residential areas with a high density of potential customers nearby as well as shopping malls and public transport and other public facilities.

During the Track Record Period, our Group primarily generated revenue from three types of customers: (i) the Social Welfare Department (the “SWD”) that leased a fixed number of residential care places at elderly residential care homes that participate in the Enhanced Bought Place Scheme (the “EBPS”) under the EBPS Agreements, where the EBPS is a publicly funded welfare programme of the SWD that offers leased residential care places at a subsidised rate to eligible elderly citizens in Hong Kong; (ii) the individual customers that include both EBPS-subsidised and non-subsidised customers;and (iii) non-governmental organisations which leased a few residential care places at our elderly residential care homes. As at the Latest Practicable Date, we had a total of 573 elderly residents, of which 1.4% were between 50 and 59 years old, 4.7% were between 60 and 69 years old, 16.9% were between 70 and 79 years old, 48.0% were between 80 and 89 years old, 26.2% were between 90 and 99 years old and 2.8% were 100 years old or above.

As at the Latest Practicable Date, the SWD leased a total of 193 residential care places from our two EBPS participating elderly residential care homes which are classified as class EA1, the highest classification rated by the SWD under the EBPS.

The following table sets forth our revenue from (i) rendering of elderly home care services; and (ii) sales of elderly related goods and provision of healthcare services for the periods indicated:

<table><tr><td rowspan="3"></td><td colspan="4">For the year ended 31 December</td></tr><tr><td colspan="2">2015</td><td colspan="2">2016</td></tr><tr><td>HK$(’000)</td><td>%</td><td> HK$(’000)</td><td>%</td></tr><tr><td>(N)Renderioeng of elderly htome care services  .....</td><td>33,582</td><td>84.1</td><td>48,874</td><td>82.9</td></tr><tr><td>Sales of elderly related goods and provision of
\( ( N o t e ) \))healthcare services .................</td><td>6,355</td><td>15.9</td><td>10,101</td><td>17.1</td></tr><tr><td>Total ................................</td><td>39,937</td><td>100.0</td><td>58,975</td><td>100.0</td></tr></table>

Note: The revenue generated by Wan Tsui was not included as part of our Group’s revenue generated during the Track Record Period as Wan Tsui was considered as our associate prior to the disposal of our entire interest in Wan Tsui on 28 June 2016. For details of its accounting treatment, please see the paragraphs headed “Financial information — Share of profits and losses/gain on disposal of associates” in this prospectus and note 15 to the Accountants’ Report as set out in Appendix I to this prospectus. The completion of the acquisition of approximately 66.7% interest in Shui On (Kwai Shing E.) and the entire interest in Shui On (Sun Tin Wai) by our Group took place by the end of August 2016 and September 2016, respectively. As such, our revenue generated from the rendering of elderly home care services for the year ended 31 December 2016 took into account our revenue generated from each of Shui On (Kwai Shing E.) and Shui On (Sun Tin Wai) elderly residential care homes during the period between the dates when they became our subsidiaries and 31 December 2016.

The table below sets forth details of the average monthly occupancy rate of each of our elderly residential care homes during the Track Record Period:

<table><tr><td rowspan="3">Elderly residential care home</td><td colspan="2">Overall average</td><td colspan="2">Average for non-EBPS
residential care lpaces
(individual customers
and non-governmental
organisations)</td><td colspan="2">Average for residential
care lpaces under
the EBPS</td></tr><tr><td colspan="2">For the year ended
31 December</td><td colspan="2">For the year ended
31 December</td><td colspan="2">For the year ended
31 December</td></tr><tr><td>2015</td><td>2016</td><td>2015</td><td>2016</td><td>2015</td><td>2016</td></tr><tr><td></td><td>%</td><td>%</td><td>%</td><td>%</td><td>%</td><td>%</td></tr><tr><td>Shui On (Shun On) .............</td><td>95.8</td><td>94.9</td><td>94.9</td><td>91.5</td><td>98.3</td><td>98.3</td></tr><tr><td>(N3)Shuit Hi oe  ng...............</td><td>96.7</td><td>96.7</td><td>96.7</td><td>96.7</td><td> –</td><td> –</td></tr><tr><td>(N3)Shui Otn (Hin Whoe  ga)........</td><td>98.6</td><td>98.6</td><td>98.6</td><td>98.6</td><td> –</td><td> –</td></tr><tr><td>(N2dShuit3) O n(S   e  n unTinWos ai)a. .</td><td> N/A</td><td>98.9</td><td> N/A</td><td>98.9</td><td> N/A</td><td> –</td></tr><tr><td>(NShuioe2 Ot)n (Kwai Shing E.)   . . . .</td><td> N/A</td><td>93.2</td><td> N/A</td><td>84.9</td><td> N/A</td><td>98.5</td></tr></table>

Notes:

1. The monthly occupancy rate is calculated by dividing the number of elderly residents as at the month end of each elderly residential care home by the number of residential care places available at that elderly residential care home. The average monthly occupancy rate is the average of all the monthly occupancy rates over the financial year.

2. The relevant periods for calculating the average monthly occupancy rates of Shui On (Kwai Shing E.) and Shui On (Sun Tin Wai) only cover the periods since the dates when they became our subsidiaries and up to 31 December 2016. The completion of the acquisition of approximately 66.7% interest in Shui On (Kwai Shing E.) and the entire interest in Shui On (Sun Tin Wai) by our Group took place by the end of August 2016 and September 2017, respectively.

3. The Shui Hing, Shui On (Hing Wah) and Shui On (Sun Tin Wai) elderly residential care homes do not participate in the EBPS. As such, the average monthly occupancy rate for residential care places under the EBPS is not applicable to them.

# OUR ELDERLY RESIDENTIAL CARE HOMES

Through our principal Hong Kong subsidiaries including Shui On (Shun On), Shui Hing, Shui On (Hing Wah), Shui On (Sun Tin Wai) and Shui On (Kwai Shing E.), we owned and operated four “Shui On瑞安” and one “Shui Hing 瑞興” branded elderly residential care homes across the Kwun Tong, Shatin, Eastern and Kwai Tsing districts in Hong Kong with a total of 589 residential care places as at the Latest Practicable Date.

Our elderly residential care homes are strategically situated in the vicinity of public housing estates and residential areas with a high density of potential customers nearby as well as shopping malls and