An application for a main board listing has been submitted to the Hong Kong Stock Exchange by Tongao Inspection Group Co., Ltd. (Tongao Inspection), with Dongxing Securities (Hong Kong) acting as the sole sponsor.
Company Overview
According to its prospectus, Tongao Inspection is a leading global provider of Testing, Inspection, and Certification (TIC) services. Data from Frost & Sullivan indicates that based on revenue, Tongao Inspection ranked second among specialized inspection institutions and fifth overall in China's oil and gas industry TIC integrated solutions market in 2025. The company is one of the very few Chinese members of The International Council for TIC.
The firm's core strengths lie in its robust qualification and certification system, along with proprietary inspection technologies that are not inherently industry-specific and can be widely applied across multiple sectors. To date, the company has primarily applied these capabilities within the oil and gas industry, while actively expanding into new energy and broadening its service coverage to other industries. Frost & Sullivan notes that Tongao Inspection is one of the few Chinese TIC companies with significant overseas operations and the capability to provide full-chain services for oil and gas development engineering assets.
Tongao Inspection is also a key service provider for leading Chinese state-owned oil and gas companies and internationally renowned energy firms. Its core services include oil and gas development engineering solutions and infrastructure solutions, currently mainly supplied to the oil and gas sector, with a strategic expansion into new energy and other industries.
The company is committed to providing professional, integrated inspection services, including casing and tubing inspection, gas leakage detection, non-destructive testing, pipeline inspection, and metrology testing. It also offers high-value-added intelligent solutions to meet growing client demand for real-time monitoring.
Since its establishment, Tongao Inspection has built an extensive domestic and international service network. It serves China's major oil and gas fields through regional centers. Internationally, the company has established a core operational base in Iraq and expanded its business to major oil and gas-producing regions along the Belt and Road, including the Middle East, Africa, and Central Asia. According to Frost & Sullivan, Tongao Inspection is the only Chinese TIC company recognized by the Iraqi Ministry of Oil as a qualified second-party inspection service provider.
Financial Performance
For the years 2023, 2024, and 2025, the company reported revenues of approximately RMB 474 million, RMB 447 million, and RMB 497 million, respectively.
Gross profit for the same periods was approximately RMB 198 million, RMB 183 million, and RMB 186 million.
Annual profits for 2023, 2024, and 2025 were approximately RMB 123 million, RMB 103 million, and RMB 100 million, respectively.
Industry Outlook
The market is expected to expand steadily, driven by a surge in demand for end-to-end supply chain assessments, stringent ESG regulatory requirements, and the accelerated adoption of digital quality management. According to Frost & Sullivan, the global TIC integrated solutions market reached RMB 3,668.9 billion in 2025, up from RMB 2,543.3 billion in 2021, representing a compound annual growth rate (CAGR) of 9.6% from 2021 to 2025. It is projected to further increase to RMB 5,483.0 billion by 2030, with a CAGR of 8.3% from 2026 to 2030.
The Chinese market is also poised for steady growth, benefiting from the ongoing transformation of manufacturing towards advanced production, increasingly strict quality control standards, and surging demand for cross-border compliance as Chinese companies accelerate their global expansion. Frost & Sullivan data shows the Chinese TIC integrated solutions market reached RMB 728.1 billion in 2025, growing from RMB 441.3 billion in 2021 with a CAGR of 13.3% from 2021 to 2025. It is forecast to reach RMB 1,265.0 billion by 2030, with a CAGR of 11.6% from 2026 to 2030.
Board Composition
The board of Tongao Inspection consists of seven directors: two executive directors, two non-executive directors, and three independent non-executive directors.
Ownership Structure
As of the latest practicable date, the company is 95%-owned by Oilfield Services and approximately 5%-owned by Anton New Energy, which is wholly owned by Oilfield Services. Oilfield Services is a wholly-owned subsidiary of the Anton Group. Consequently, the controlling shareholders include the Anton Group, Oilfield Services, and Anton New Energy.
Tongao Inspection has entered into several fully exempted, partially exempted, and non-exempted continuing connected transactions with the Anton Oilfield Group, including a Lease Procurement Framework Agreement, a Lease Services Framework Agreement, and an Inspection Services Framework Agreement. Regarding these transactions, the directors believe the company operates its business independently from its controlling shareholders.
Deal Team
Sole Sponsor: Dongxing Securities (Hong Kong) Limited
Company Legal Advisors: Zhong Lun Law Firm LLP, Tian Yuan Law Firm, Unicase Law Firm, Vincent Law, Summerfield Law
Sole Sponsor's Legal Advisors: CHOW, CHUN HIN & CO (in association with Commerce & Finance Law Offices), Haiwen & Partners
Auditor and Reporting Accountant: Deloitte Touche Tohmatsu
Industry Consultant: Frost & Sullivan (Shanghai) Co., Ltd.
Compliance Advisor: Dongxing Securities (Hong Kong) Limited