Monitor for announcement of tender awards from Nan Fung Property Management. If both projects are won, the combined contract value would significantly exceed FY2026 reported revenue. However, the company's cash burn and dilutive financing overhang (per the 20-F) remain the dominant risk factors.
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Executive Summary
Green Circle Decarbonize Technology's subsidiary submitted two tender proposals for HVAC retrofit projects in Hong Kong with combined contract value of HKD$67M (~US$8.6M). The tenders are competitive and not yet awarded — no revenue recognition or contract win is confirmed.
Key Facts
- Subsidiary Boca International submitted two tender proposals to Nan Fung Property Management
- MOS Centre chiller replacement project valued at HKD$7,000,000
- Nan Fung Centre HVAC retrofit & O&M contract valued at HKD$60,000,000
- Combined tender value HKD$67,000,000 (approximately US$8.6M)
- Tenders are competitive — no award has been announced
- MOS Centre project targeted for completion within 180 days if awarded
- Filing is a routine 6-K furnishing a press release — no financial data or guidance provided
Financial Impact
Combined tender value HKD$67M (~US$8.6M) — if both awarded, would represent ~2.7x FY2026 revenue of HK$25.1M per the prior 20-F
Risk Factors
- Tenders are competitive — no guarantee of award
- Company has material weakness in internal controls and heavy cash burn per prior 20-F
- Massive dilutive equity facility (up to US$100M) disclosed in prior filing creates overhang
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-045021 |
| Exhibit: ex99-1.htm | 0001493152-26-045021 |
| Document: 0001493152-26-045021-index-headers.html | 0001493152-26-045021 |
| Document: 0001493152-26-045021-index.html | 0001493152-26-045021 |
| Document: 0001493152-26-045021.txt | 0001493152-26-045021 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | SC 13G | $0.1411 | awaiting T+1 | — | $0.1550 (+9.85%) |
Oct 26, 2026 today | 6-K | $0.1453 | awaiting T+1 | — | $0.1550 (+6.68%) |
Oct 21, 2026 6d ago | 6-K | $0.1785 $0.1840 | ▲ +3.08% | ▲ +4.26% | $0.1550 (−13.17%) |
Oct 15, 2026 11d ago | 6-K | $0.3300 $0.2700 | ▲ +18.18% | ▲ +17.08% | $0.1550 (+53.03%) |
Oct 15, 2026 11d ago | 6-K | $0.3300 $0.2700 | ▼ −18.18% | ▼ −17.08% | $0.1550 (−53.03%) |
Oct 14, 2026 12d ago | F-1 | $0.3300 $0.2700 | ▲ +18.18% | ▲ +17.08% | $0.1550 (+53.03%) |
Oct 6, 2026 21d ago | 6-K | $0.2350 $0.1212 | ▼ −48.44% | ▼ −48.20% | $0.1550 (−34.04%) |
Oct 6, 2026 21d ago | EFFECT | $0.2350 $0.1212 | ▲ +48.44% | ▲ +48.20% | $0.1550 (+34.04%) |
Sep 30, 2026 27d ago | 6-K | $3.10 $2.68 | ▼ −13.54% | ▼ −13.72% | $0.1550 (−95.00%) |
Sep 30, 2026 27d ago | Press Release | $0.5170 $0.4465 | ▼ −13.64% | ▼ −13.81% | $0.1550 (−70.02%) |
US Market Status
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