FDB Holdings Limited, listed in Hong Kong under code 1826, told the exchange on the evening of October 14 that Dalan Stroy Service LLP, an indirect wholly owned subsidiary incorporated in Kazakhstan, had signed an engineering, procurement and construction agreement as main contractor with HuaLin Energy Ltd. on October 13. The contract covers a 4.5MW natural gas power generation facility in Atyrau. The company says HuaLin's ultimate beneficial owners are independent third parties. Chinese financial sites Gelonghui and Zhitong Finance reported the deal the same day, but both worked from the filing, so the figures below are attributed to the company.
The project is estimated at about $11.8 million in total. Roughly $6.0 million is Dalan's fixed, tax-inclusive EPC contract price. The rest relates to imported equipment and materials supplied by the employer; Dalan will arrange payment, logistics, customs clearance, receipt, installation and system integration on the employer's behalf and be reimbursed on an actual-expense basis. In other words, Dalan's own contract revenue is essentially the $6 million.
Dalan must post a performance bond equal to 30% of the fixed price plus the provisional amount for equipment and materials, initially about $3.55 million. The work will be funded from net proceeds of the company's rights issue. Its July 7 prospectus said the group had set up its first construction-related office in Kazakhstan and would put the money mainly into overseas expansion, including the Kazakhstan project.
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The filing leaves several things out: who stands behind HuaLin Energy, the construction schedule, grid connection terms and the permitting status. The company says it is exploring further EPC opportunities in Kazakhstan as well as digital-computing assets, but names no specific projects.
Editor's view: 4.5MW is small-scale distributed gas generation, but a structure in which the contractor handles imported equipment and is reimbursed afterwards puts customs and logistics on its plate, which leaves room for local service providers. Start of works and connection timing should become clearer in later filings.
Sources:
HKEXnews, FDB Holdings announcement, https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1014/2026101401209.pdf
Gelonghui (Chinese), https://www.gelonghui.com/news/5324748
Zhitong Finance (Chinese), https://www.zhitongcaijing.com/content/detail/1507333.html
Key facts
- Dalan, an indirect wholly owned subsidiary of Fengzhan Holdings, signed an EPC agreement with HuaLin Energy for a gas-fired power generation facility in Atyrau, Kazakhstan.
- The Atyrau gas-fired power generation facility will have a capacity of 4.5 MW and a total project cost of approximately US$11.8 million, while Dalan’s fixed, tax-inclusive contract price is approximately US$6 million.
- The imported equipment and materials for the Atyrau project will be supplied by the owner. Dalan will arrange payment, logistics, customs clearance, receipt, installation, and system integration, and will seek reimbursement based on actual expenditures.
- Dalan’s performance bond has an initial amount of approximately US$3.55 million, equal to 30% of the aggregate of the fixed contract price and the provisional sum for equipment and materials.
- The Atyrau gas-fired power generation EPC project is Fengzhan Holdings’ first EPC project in Kazakhstan and is funded from the net proceeds of this year’s rights issue.
- HuaLin Energy’s ultimate beneficial owner is an independent third party. The project schedule, grid connection arrangements, and permitting progress have not been disclosed.
FAQ
Who signed the agreement for the Atyrau project?
Dalan Stroy Service LLP, an indirect wholly owned subsidiary of Fengzhan Holdings, entered into an EPC agreement with HuaLin Energy Ltd. as general contractor.
What are the capacity and contract price of the Atyrau project?
The project is a 4.5 MW gas-fired power generation facility with an estimated total cost of approximately US$11.8 million, of which Dalan’s fixed, tax-inclusive EPC contract price is approximately US$6 million.
Does the approximately US$6 million cover the entire project cost?
No. The remainder corresponds to imported equipment and materials supplied by the owner itself. Dalan arranges payment, logistics, customs clearance, receipt, installation, and system integration, and reimburses the owner based on actual expenditures.
Have the owner’s background and the project schedule been disclosed?
The announcement states that HuaLin Energy’s ultimate beneficial owner is an independent third party, but it does not disclose the owner’s shareholder background, the project schedule, grid connection arrangements, or permitting progress.
What performance security is required under the contract?
The contract requires Dalan to provide a performance bond equal to 30% of the aggregate of the fixed contract price and the provisional sum for equipment and materials, with an initial amount of approximately US$3.55 million.