ChatDOC/OCRFlux-bench-single huggingface dataset:
“Franchised Stores”	retail stores of home appliances and consumer electronic
products which are operated and managed by our
franchisees pursuant to the relevant franchise
arrangements
“Franchising Operations
Regulations”	商業特許經營管理條例 (Regulations for the Administration
*of Commercial Franchising Operations) promulgated on
6 February 2007 and becoming effective on 1 May 2007
“Global Offering”	the Hong Kong Public Offer and the International Placing
“Group” or “our Group” or“We”	our Company and its subsidiaries and, in respect of the
period before our Company became the holding company
of such subsidiaries, the entities which carried on the
business of the present Group at the relevant time
“Hengxin Air-Conditioner”	揚州恒信空調銷售有限公司 (Yangzhou Hengxin
Air-conditioner Sales Co., Ltd*.), a limited liability
company established in the PRC on 27 August 2004 and
a 99% legally owned subsidiary of our Company (which is
100% beneficially owned by our Company)
“HK$” or “HK dollars”	Hong Kong dollars, the lawful currency of Hong Kong
“HK eIPO White Form”	the application for the Hong Kong Offer Shares to be
issued in the applicant’s own name by submitting
applications online through the designated website of HK
eIPO White Form at www.hkeipo.hk
“HKFRSs”	Hong Kong Financial Reporting Standards
“HKSCC”	Hong Kong Securities Clearing Company Limited
“HKSCC Nominees”	HKSCC Nominees Limited
“H ong Kong” or“HK”	the Hong Kong Special Administrative Region of China
“Hong Kong Offer Shares”	the 31,980,000 New Shares being initially offered by our
Company for subscription at the Offer Price pursuant to
the Hong Kong Public Offer (subject to adjustment as
described in the section headed “Structure of the Global
Offering” in this prospectus)
“Hong Kong Public Offer”	the issue and offer of the Hong Kong Offer Shares to
members of the public in Hong Kong for subscription
(subject to adjustment as described in the section
headed “Structure of the Global Offering” in this
prospectus) for cash at the Offer Price and on the terms
and conditions described in this prospectus and the
related Application Forms
“Hong Kong Underwriters”	the underwriters of the Hong Kong Public Offer listed in
the section headed “Underwriting — Hong Kong
Underwriters” in this prospectus
“Hong Kong Underwriting
Agreement”	the conditional underwriting agreement dated 11 March
2010 relating to the Hong Kong Public Offer and entered
into between, among others, the Global Coordinator, the
Sponsor, the Hong Kong Underwriters, Mr. Cao and our
Company, as further described in the section headed
“Underwriting — Underwriting arrangements and
expenses — Hong Kong Public Offer”
“Huaian Huiyin”	淮安滙銀家電有限公司 (Huaian Huiyin Household
A*ppliances Co., Ltd.), a limited liability company
established in the PRC on 2 March 2009 and a
wholly-owned subsidiary of our Company
“Huide Electronics”	揚州滙德電器營銷有限公司 (Yangzhou Huide Electronics
Distributi*on Co., Ltd.), a limited liability company
established in the PRC on 23 October 2006 and a 99%
legally owned subsidiary of our Company (which is 100%
beneficially owned by our Company)
“Independent Third Parties”	persons or companies which are independent of and not
connected with any of our Directors, chief executive of
our Company, our Substantial Shareholders and the
directors and shareholders of any other member of our
Group and our respective associates, and “Independent
Third Party” means any of them
# Properties in Hong Kong

As at the Latest Practicable Date, we leased one property with a gross floor area of approximately 779 sq.ft. in Hong Kong as our principal place of business in Hong Kong.

Further details of our certain property interests are set out in the valuation report prepared by DTZ Cushman & Wakefield Limited, an independent valuer, in Appendix III to this prospectus. Except for the property interests in the valuation report, no single property interest that forms part of its non-property activities has a carrying amount of 15% or more of total assets.

# INTELLECTUAL PROPERTY

As at the Latest Practicable Date, we were the registered owner of 13 patents. These include patents in respect of, amongst others:

• the method for producing UV (ultraviolet) cold transfer laser printing paper by utilising gravure steel plate, which shortens the production process;

• a nano-level film material for producing laser paper, which simplifies the production process and saves equipment and manpower;

• medium-free metallised paper production device, which improves the production efficiency and product quality; and

• the device reducing and treating VOCs (volatile organic compounds) in metallised papers, which reduces the content of VOC in metallised papers.

In addition, we had three pending patent registrations as at the Latest Practicable Date.

During the Track Record Period, there had not been any pending or threatened claims made against us, nor had there been any claims made by us against third parties, with respect to the infringement of intellectual property rights owned by us or third parties. As at the Latest Practicable Date, we were not aware of any infringement by us of any intellectual property rights owned by any third parties or by any third party of any intellectual property rights owned by us.

For further details of our intellectual property rights, please refer to the paragraph headed “Statutory and General Information — B. Further Information about the Business of our Group — 2. Intellectual property rights” set out in Appendix V to this prospectus.

# RISK MANAGEMENT

We have devised a comprehensive risk management system to monitor the possible risks that we may encounter in our operations. Through our risk management system, we seek to minimise and
This glossary of technical terms contains terms used in this Prospectus in connection with us and our business. Some of these terms and their meanings may not correspond to standard industry meanings or usage of such terms.

“ASP”	average sellingp rice
“Beibu Gulf Reiigon andN eihbgorng
Cities (北部灣經濟區及周邊城市)”	the economic reilGlfgon cose to Beibu u, which includes
Guangxi Zhuang Autonomous Reigon and cites in the
nearbldiy reigons, incung, among others,N anning, Liuzhou
and Guigang
“Beijing-Tianjin-Hebei Reigon (京津
冀經濟區)”	the economic reiiiliigon covering muncpates of Beijing and
Tianjin, and Hebeip rovince
“building ownership certificate”	building ownership certificate (房屋所有權證), a certificate
issued by relevant authorities with respect to building
ownership rihgts
“Chendgu-ChoniR
gqng eigon (成渝經濟區)”	the economic reigon coverinhg Cendgu, Chonidhgqng an te
surrounding cities
“city clusters”	generally refers to a grouipng of cities that are relatively
close in distance, and can be connected throuh
gtransportation and communication means andp romoted
together for economic growth
“commercialp roperty(ies)”	forp urposes of this Prospectus,p roperty(ies) designated for
commercial use
“comlpetion certificate”	the construction work comlipeton inspection acceptance
certificate (房屋建築工程竣工驗收備案表), issuedb y local
urban constructionb ureaus or relevant authorities in China
in connection with the comletion ofp roperty develpopment
projects
“construction landp lanningp ermit”	the construction landp lanningp ermit (建設用地規劃許可
證), issuedb y local urban zoning andp lanninbg ureaus or
relevant authorities in China in connection with the
lanning of construction landp
“construction works commencement
permit”	the construction works commencementp ermit (建築工程施
工許可證), issuedb y local constructionb ureaus or relevant
authorities in China in connection with the commencement
of construction works
“construction worksp lanningp ermit”	the construction worksp lanningp ermit (建設工程規劃許可
證), issuedb y local urban zoning andp lanninbg ureaus or
relevant authorities in China in connection with the
lanning of construction workps
“GFA”	gross floor area
“land grant contract”	the state-owned land use rihgts grant contract (國有土地使
用權出讓合同), an agreement between a land user and the
relevant PRC governmental land administrative authorities
“land use rihgts certificate”	the state-owned land use rihfgts certiicate (國有土地使用權
證), a certificate (or certificates, as the case may be)
concerning one’s riht to use ap arcel of landg
“leasable GFA”	(i) in relation to comlpetedp roperthyp rojects, te total GFA
as shown in the relevant comlpetion documents, survey
documents and/or building ownership certificates for
leasingp urposes; or (ii) in relation top rojects for which we
have obtainedp re-salesp ermits, the GFA as shown in the
pre-sales permits, comletion dpocuments, survey
documents and/or building ownership certificates for
leasingp urposes
“Midstream Parts of the Yangtze
River Rei長中游經gon (江濟區)”	the economic reigon coverinfgp arts o Jiangxi province,
Hunanp rovince, Hubeip rovince, which includes the cities
of, among others, Changsha and Wuhan
“lpot ratio”	the ratio of the gross floor area (excluding floor areab elow
ground) of allb uildings to their site area
“pre-salesp ermit”	commodityp ropertyp re-salesp ermit (商品房預售許可證), a
permit issuedb y local housing andb uilding administrative
bureaus or relevant authorities in China in connection with
pre-sales ofp roperties under construction
“residentialp roperty(ies)”	forp urposes of this Prospectus,p roperty(ies) designated for
residential use
“sq.m.”	square meter(s)
“Western Taiwan Strait Economic
Rei海西經gon (濟區)”	the economic reihdgon tat is locate west of the Taiwan
Strait, which covers Fujian province and parts of the
surroundingp rovinces, including, among others, Xiamen,
Quanzhou, Zhangzhou and Fuzhou
“Yangtze River Delta Rei
gon (長三角經濟區)”	the economic reigon coverinhg Sanhiga, Anhui province,
Jiangsup rovince and Zhejiangp rovince
“%”	per cent
because the matrix, 1 \( \textstyle - \; { \frac { k } { 2 } } A - { \frac { h } { 2 } } ( 1 - u _ { E } ) \), on the left hand side is explicit, as is the right hand side. That is, this matrix and the right hand side contain only old data, namely only information from the previous step, u(t). Euler estimate \( u _ { E } \) is an explicit one step computation using u(t). Significant advantages are: the matrix on the left hand side is tridiagonal with constants on the sub/super-diagonals, and the diagonal terms are \( O ( 1 ) \) strong. The procedure (7) is only linearly stable but we will show empirically that it gives good results when compared to pdepe when this MatLab function is appropriate, that is, in both the one-dimensional and rotationally symmetric 2-D case. Not only is the method (7) step-wise stable but also stable for initial data which may not be smooth.

Figure 1 shows the results for \( h \, = \, 1 / \) 5, \( k \) = 2.5 compared to pdepe. Notice that at \( t \) = 20 the agreement is remarkable; and that at \( t = h \), where the wave front profile is very steep, our Godunov splitting described in Section 3.2, specifically eq.(8), is very stable. The CFL number, \( k \) = 2.5, used to get Figure 1 is much larger than would be possible with an explicit method (LeVeque, 2007).

# 3.2 2-D case: Godunov–Strang–Yoshida splittings

It turns out that a generalization to the 2-D problem is a straightforward variant of Strang–Yoshida splittings (Strang, 1968; Yoshida, 1990), which are themselves variants of Godunov’s method (Godunov and Ryabenkii, 1987). The following is a fully implicit variant of our two-dimensional scheme, with two intermediate arrays, \( u ^ { \star } \) and \( u ^ { \star \star } \),

\[ u ^ { \star } = u ( t ) + { \frac { k } { 4 } } \left( A _ { x } u ^ { \star } + A _ { x } u ( t ) \right) \qquad \qquad \qquad \qquad ( 8 \mathrm { a } ) \]

\[ \begin{array} { l l } { { u ^ { \star \star } = u ^ { \star } + \displaystyle \frac { k } { 2 } \left( A _ { y } u ^ { \star \star } + A _ { y } u ^ { \star } \right) } } & { { \qquad \qquad ( \mathrm { 8 b } ) } } \\ { { \qquad \qquad + \displaystyle \frac { h } { 2 } \left( ( 1 - u ^ { \star \star } ) u ^ { \star \star } + ( 1 - u ^ { \star } ) u ^ { \star } \right) } } & { { } } \end{array} \]

\[ u ( t + h ) = u ^ { \star \star } + { \frac { k } { 4 } } \left( A _ { x } u ( t + h ) + A _ { x } u ^ { \star \star } \right) . \eqno ( 8 \mathrm { c } ) \]

In (8), the operators \( A _ { x } \) and \( A _ { y } \) are the same as (3) for directions x and y, respectively. For simulations on a lattice, \( u _ { i j } ( t ) = u ( t , x _ { 0 } + ( i - 1 ) \Delta x , y _ { 0 } + \)
\( ( j - 1 ) \Delta y ) \), where 1 \( < i < N _ { x } \), 1 \( \leq j \leq N _ { y } \) and \( \Delta x = \Delta y , \), the following gives the action of the \( A _ { x } , A _ { y } \) operators:

\[ \begin{array} { r l r } { A _ { x } u _ { i , j } } & { = } & { u _ { i - 1 , j } - 2 u _ { i , j } + u _ { i + 1 , j } , } \\ { A _ { y } u _ { i , j } } & { = } & { u _ { i , j - 1 } - 2 u _ { i , j } + u _ { i , j + 1 } . } \end{array} \]

The compression scheme and code outline given in Appendix A show that only a maximum of one row or column (i.e.,\( \operatorname* { m a x } ( N _ { x } , N _ { y } ) ) \) of storage is needed for \( u ^ { \star } \) and \( u ^ { \star \star } \).

Again because the fully implicit quadratic vector equation in (8b) is awk-ward to solve, we use an Euler estimate in one of the terms. Here is one integration time step of (8) in discrete semi-implicit form:

\[ \left( 1 - { \frac { k } { 4 } } A _ { x } \right) u ^ { \star } = \left( 1 + { \frac { k } { 4 } } A _ { x } \right) u ( t ) \eqno ( 9 \mathrm { a } ) \]

\[ u _ { E } = u ^ { \star } + k A _ { y } u ^ { \star } + h ( 1 - u ^ { \star } ) u ^ { \star } \qquad \mathrm { ( 9 b ) } \]

\[ \left( 1 - { \frac { k } { 2 } } A _ { y } - { \frac { h } { 2 } } ( 1 - u _ { E } ) \right) u ^ { \star \star } = \left( 1 + { \frac { k } { 2 } } A _ { y } + { \frac { h } { 2 } } ( 1 - u ^ { \star } ) \right) u ^ { \star } \qquad ( 9 \mathrm { c } ) \]

\[ \left( 1 - { \frac { k } { 4 } } A _ { x } \right) u ( t + h ) = \left( 1 + { \frac { k } { 4 } } A _ { x } \right) u ^ { \star \star } . \eqno ( 9 \mathrm { d } ) \]

Equations (9a), (9c), and (9d) are solved in sequence as multiple inde-pendent tridiagonal systems for \( u ^ { \star } , u ^ { \star \star } \) and the final step \( u ( t + h ) \).

# 3.3 Symmetries in 2-D case

Our Godunov scheme (9) is not rotationally symmetric, and thus one way to estimate the error is to assess a solution using (9) for a symmetric problem. Again, we can use pdepe but now with the cylindrically symmetric parame-ter choice m=1 (see Section 12.5 in (Higham and Higham, 2005)). Figure 2 shows that any asymmetries are not apparent without more careful exami-nation. Even the wave front portrait of the 2-D case in the left-hand panel of Figure 3 and the error estimate in the right-hand panel of the same Figure are not sufficiently quantitative. In particular, there should be no distinction between x and y directions in (8), while a 2-D plot of the error distribution shows a small asymmetry (compare the right-hand plot in Figure 4 to the left).
reducing volatility or lowering the utility’s supply risk. A regulated utility company can obtain the recovery through its rates charged to customers for the entire incurred cost, including the return of and a return on the investment in reserves, as well as all operating costs.

Pursuant to the law, on May 6, 2015, Washington Gas entered into a 20-year agreement with Energy Corporation of America (ECA) to acquire natural gas reserves through non-operating working interests in 25 producing wells located in Pennsylvania’s Appalachian Basin for \$126 million.

The purchase of the reserves is conditional upon approval by the SCC of VA. Washington Gas filed an application and supporting testimony with the SCC of VA on May 12, 2015, for approval of the gas reserves purchase agreement with ECA as part of a Natural Gas Supply Investment Plan. On November 6, 2015, the SCC of VA issued an order denying the application. Washington Gas is considering its options.

# Other Matters

# Labor Contracts

Washington Gas has four labor contracts with bargaining units represented by three labor unions. On April 30, 2015, Washington Gas entered into a five-year labor contract with the Teamsters Local Union No. 96 (Local 96), a union affiliated with the International Brotherhood of Teamsters. The contract covers approximately 520 employees and is effective from June 1, 2015 through May 31, 2020. Local 96 also represents union-eligible employees in the Shenandoah Gas division of Washington Gas and has a five-year labor contract with Washington Gas that became effective on August 1, 2015 and expires on July 31, 2020. This contract covers approximately 23 employees. On April 1, 2013, Washington Gas entered into a three-year labor contract with The Office and Professional Employees International Union Local No. 2 (A.F.L.-C.I.O.). The contract covers approximately 117 employees and is effective beginning April 1, 2013 through March 31, 2016. Additionally, on August 1, 2014, Washington Gas entered into a new three-year labor contract with the International Brotherhood of Electrical Workers Local 1900 that covers approximately 21 employees and will expire on July 31, 2017. Washington Gas is subject to the terms of its labor contracts with respect to operating practices and compensation matters dealing with employees represented by the various bargaining units described above.

# Use of Business Process Outsourcing

Washington Gas outsources certain of its business processes related to human resources, information technology, consumer services, construction, integrated supplier and finance operations. While Washington Gas expects to continue agreements for the benefit of customers and shareholders, the continued management of service levels provided is critical to the success of these outsourcing arrangements.

Washington Gas has divided its BPO governance between functional areas within the organization, each containing a comprehensive set of processes to monitor and control the cost effectiveness and quality of services provided through the BPO.
“Ready Siystem Enigneerng”	Ready Siystem Enigneernig Lmited (全達系統工程有限公
司), a company incorporated in Hong Kong with limited
liability on 23 July 1991, which was beneficially owned
as to 5% by Mr. MK Wan and 95% by an Independent
Third Party as at the Latest Practicable Date
“Ready System (Macau)”	Ready Siystem Enigneernig Lmited (全達系統工程有限公
司) (formerly known as Readiy EnigneernMg (acau)
Limited (全達工程(澳門)有限公司)), a company
incorporated in Macau with limited liability on 15 May
2006 and an indirect wholly-owned subsidiary of our
Company
“REM Group (Holdings)”	REM Group (Holdings) Limited (全達電器集團(控股)有限
公司), an exempted company incorporated in the Cayman
Islands with limited liability on 15 March 2017, the shares
of which are listed on the Stock Exchange (stock code:
1750), REM Group (Holdings) and its subsidiaries
principally engaged in manufacturing and sulppy of
low-voltage electrical power distribution and control
devices
“Reorganisation”	the reorganisation we have undergone in preparation for
the Listing of Shares on the Stock Exchange which are
more particularlhy described in the paragrap headed
“History, Reorganisation and Group Structure –
Reorganisation” in the prospectus
“Repurchase Mandate”	the general unconditional mandate to repurchase Shares
iven to our Directors by our Shareholdgers, particulars of
which are set forth in the paragrah hpeaded “Statutory and
General Information – A. Further information about our
Company – 3. Written resolutions of the sole Shareholder
passed on 22 Januar 2020” in Ayppendix V to the
prospectus
“Restricted Business”	the business currently and from time to time engaged by
our Group (including but not limited to E&M enigneering
works in Hong Kong, Macau and the PRC)
“RMB” or “Renminbi”	renminbi, the lawful currency of the PRC
“SEM Development”	SEM Development Limited, a company incorporated in
the BVI with limited liability on 2 October 2015 and an
indirect wholly-owned subsidiary of our Company
“SEM Enterprises”	SEM Enterprises Limited, a company incorporated in the
BVI with limited liability on 2 October 2015, a
Controlling Shareholder, and is directly owned as to
74.08% by Mr. MK Wan, 23.04% by Mr. CW Wun and
2.88% by Mr. Yu.
“SEM Investments”	SEM Investments Limited, a company incorporated in the
BVI with limited liability on 2 October 2015 and a direct
wholly-owned subsidiary of our Company
“SEM Resources”	SEM Resources Limited, a company incorporated in Hong
Kong with limited liability on 5 November 2015 and an
indirect wholly-owned subsidiary of our Company
“SFC”	the Securities and Futures Commission of Hong Kong
“SFO”	the Securities and Futures Ordinance (Chapter 571 of the
Laws of Hong Kong), as amended, sulppemented or
otherwise modified from time to time
“Share(s)”	ordinary share(s) in the share caiptal of our Company with
a nominal value of HK$0.01 each
“Share Offer”	the Public Offer and the Placing
“Share Option Scheme”	the share option scheme our Company conditionally
adopted on 22 January 2020, the principal terms of which
are summarised in the paragrah hpeaded “Statutory and
General Information – D. Share Option Scheme” in
Appendix V to the prospectus
“Shareholder(s)”	holder(s) of Shares
“Shun Tat M&E Equipment”	Shun Tat M&E Equipment Limited (順達機電設備有限公
司), a company incorporated in Hong Kong with limited
liability on 17 May 2012 and owned as to 40% by Ready
Enineering and 60% by an Independgent Third Party
“Sponsor”	Amlpe CailLilpta mited, a icensed coriporaton rei
gsteredunder the SFO to carry on type 4 (advising on securities),
type 6 (advising on corporate finance) and type 9 (asset
management) regulated activities as defined under the
SFO
“Stabilising Manager(s)”	the Joint Global Coordinators
# FINANCIAL INFORMATION

We expect to finance our working capital requirements and the planned capital expenditures for the 12 months following the date of this prospectus with the following sources of funding:

(i) net cash inflows to be generated from our operating activities;

(ii) the cash and cash equivalents available, which were S\$4.2 million as at 30 April 2017; and

(iii) net proceeds to be received by our Group from the Share Offer.

Based on the above, our Directors believe that we will have sufficient funds for our present working capital requirements for at least the next 12 months from the date of this prospectus.

For more information on our expected capital expenditure requirements, please refer to the paragraph headed ‘‘Capital expenditures’’ in this section.

# Cash flows of our Group

The following table sets forth the selected cash flow data from our combined statements of cash flows for the Track Record Period:

For the year ended
31 December	For the four months ended
30 April
2015	2016	2016	2017
S$’000	S$’000	S$’000	S$’000
(Unaudited)
Net cash generated from/(used in)
operating activities	2,907	7,891	1,512	(2,664)
Net cash (used in)/generated from
investing activities	(286)	(96)	48	(32)
Net cash used in financing activities	(1,329)	(5,032)	(2,942)	(106)
Net increase/(decrease) in cash and
cash equivalents	1,292	2,763	(1,382)	(2,802)
Cash and cash equivalents at the
beignninhg of te year	2,960	4,252	4,252	7,015
Cash and cash equivalents at the end of
the year	4,252	7,015	2,870	4,213

# Net cash generated from operating activities

Our cash inflow from operating activities is principally derived from providing reinforced concrete works. Our working capital requirements typically arise from purchases of materials and settlements of our staff costs and subcontracting fees. During the Track Record Period, our net cash flows from