SU Group Holdings

What SU Group Holdings does

SU Group Holdings Limited is a Hong Kong-headquartered, Nasdaq-listed (ticker: SUGP) integrated security-related engineering services company that designs, supplies, installs and maintains security systems, and dispatches security personnel for guarding, screening and vocational training. The company operates through two wholly-owned subsidiaries: Shine Union Limited, which provides security-related engineering services (threat detection, traffic and vehicle control, pedestrian access control, and extra-low voltage integrated systems), and Fortune Jet Management & Training Co. Limited, which provides security guarding, security screening, and vocational training including HKCAAVQ-approved tri-lingual QASRS security courses. It serves enterprise and government clients in Hong Kong across aviation (Hong Kong International Airport, Hong Kong Civil Aviation Department, one of Asia's largest airlines), higher education (Hong Kong Baptist University), healthcare (major hospital expansion), border infrastructure (Huanggang Port), freight (top 5 global freight company), commercial property, and entertainment venues.

The company's product portfolio combines proprietary AI-enabled offerings with exclusive distributions of international brands. Proprietary technology includes the 'Threat Stopper' AI-aided X-ray screener, the SETES 4S Smart Site Safety System (mandated for Hong Kong public works contracts from July 1, 2024), and AI-enabled Under Vehicle Surveillance Systems. Exclusive Hong Kong distributorship agreements with GEZE (Germany), MATZ-ERREKA (Spain), and Charter Global/U.K. extend the portfolio into smart building technology, premium automatic doors, and LPS 1175-certified high-security roller shutters, respectively. Strategic AI partnerships include Seetrue Screening Ltd. (Israel) for AI-powered X-ray screening and SquareDog Robotics (Hong Kong) for AI-enabled robotic security patrolling. The integrated cloud-based, AI-enhanced ELV operating system orchestrates CCTV, alarms, access control and automatic doors across deployments such as 2,000+ access-controlled doors at HKBU.

Revenue is generated primarily through project-based engineering services (security systems design, installation and maintenance), recurring managed services (security guarding and threat detection screening), vocational training fees (HKCAAVQ-accredited QASRS courses), and product distribution. Pricing is quote-based and contract-specific across engineering, guarding and installation engagements. Revenue grew from HK$163.7M in FY2023 to HK$182.2M in FY2024 (+11.3%) to HK$192.4M (US$24.7M) in FY2025 (+5.6%), though FY2025 saw a swing to net loss of HK$18.5M and gross margin compression to 16.0% from 26.1% in FY2024, driven by rising labor and subcontracting costs. The company completed its Nasdaq IPO in January 2024 (US$5.0M gross proceeds) and a subsequent US$6.0M public offering in May 2026 earmarked for strategic acquisitions.

Name

SU Group Holdings

Legal name

SU Group Holdings Limited

Website

https://sugroup.com.hk

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

251–500 employees

Short description

SU Group Holdings is a Hong Kong-based Nasdaq-listed (SUGP) integrated security-related engineering services company that designs, installs and maintains security systems and provides security guarding, screening and vocational training to enterprise and government clients primarily in Hong Kong.

Ownership category

akta.pro rank

Headquarters

HQ city

Kwun Tong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Security-related engineering services: Design, supply, installation and maintenance of security systems including threat detection systems, traffic and pedestrian control systems, and extra-low voltage (ELV) systems, plus equipment leasing of dedicated security-related systems. Revenue recognized based on project completion and maintenance contracts. Generated HK$107.0 million (US$13.8 million) in FY2024 and represented the higher-margin business segment.
2. Security guarding and screening services: Recurring revenue from dispatching trained security guards (patrols, entrance guarding, access control, alarm monitoring, fire/gas detection, first aid, evacuation, crowd coordination) and operating threat detection systems (X-ray screening of air cargo for explosives, incendiary devices, dangerous goods). Includes related vocational training courses through Fortune Jet subsidiary.
3. Distribution of partner products: Exclusive distribution of international brands' security and smart-building products in Hong Kong, including GEZE (Germany) automatic door systems/window technology/safety systems, MATZ-ERREKA (Spain) premium automatic doors and gates, and Charter Global/U.K. high-security integrated lintel roller shutters. Generates first-tier pricing, factory support, and potential secondary distribution channels.
4. AI-aided X-ray screener equipment sales: Sale of proprietary 'Threat Stopper' AI-aided X-ray screeners and ELV system equipment to enterprise customers including airlines, freight companies, and universities. One-time equipment sales of 11 units to one of Asia's largest airlines.
5. Vocational training services: Fee-based training courses via Fortune Jet subsidiary including HKCAAVQ-approved QASRS security training in English, Cantonese, and Mandarin required for obtaining Security Personnel Permits in Hong Kong. Scalable, class-utilization-driven revenue.

Pricing tiers

Go-to-market motion4 records

Core offering

SU Group Holdings is an integrated Hong Kong security-related services company that designs, supplies, installs, and maintains security systems; provides on-site security guarding and screening services; and delivers government-mandated vocational training for the security industry. Operations are conducted through its principal subsidiaries Shine Union and Fortune Jet, covering the full security project lifecycle from system design through long-term maintenance and manned guarding.

Product overview

SU Group Holdings operates a platform-plus-modules architecture as an integrated security-related engineering services company in Hong Kong, delivering turnkey services (design, supply, installation, maintenance) through its two subsidiaries: Shine Union Limited (which provides the engineering and product portfolio — Threat Detection Systems, Traffic & Vehicle Control Systems, Pedestrian Access Control Systems, and ELV System) and Fortune Jet Management & Training Co. Limited (which provides personnel services — Security Guarding, Security Screening, and Vocational Training). The platform also integrates specialized AI-enabled offerings including the proprietary Threat Stopper AI-aided X-ray screeners, Smart Site Safety Systems (4S / SETES 4S) with AI and IoT, AI-enabled Under Vehicle Surveillance System (UVSS), and a Virtual Call Center (VCC) for service operations.

Differentiator

Problem solved

Functional benefit

Brands

• SUNGATE: Brand under which the company enhances product offerings within its security-related engineering services business, per IPO prospectus use of proceeds disclosure.
• Shine Union
• Fortune Jet

Products and services

• Security Engineering Services (Threat Detection, Traffic & Vehicle Control, Pedestrian Access Control, ELV Systems)
• Security Guarding Services
• Security Screening Services
• Vocational Security Training (QASRS Tri-lingual)
• Threat Stopper AI-Aided X-Ray Screeners
• SETES 4S Smart Site Safety System
• AI-Enabled Under Vehicle Surveillance System (UVSS)
• Seetrue AI-Powered X-Ray Screening Solutions
• High-Security Integrated Lintel Roller Shutters
• GEZE Smart Building Technology Portfolio
• MATZ-ERREKA Automatic Doors and Gates Portfolio
• UrbanChain AIoT Integrated Car Parking

Quantifiable outcome

• Reduces clearance time from 30 minutes to ~5 minutes for 200,000-300,000 daily passenger trips at Huanggang Port via AI-enabled UVSS.
• +6 more outcomes

Named customers11 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability14 records

Feature9 records

Partnerships

Eight partnerships are on record, tiered flagship distribution partnership - positions su group to compete with top-tier players, ongoing investor relations service provider, core technology partnership expanding ai screening offering, service provider - escrow agent, premium certified product partnership for class a commercial segment, strategic co-development mou with funding optionality, major exclusive distribution partnership and core technology partnership for ai robotics in security.

• GEZE (Germany)flagship distribution partnership - positions su group to compete with top-tier playersChannel Partner/ Reseller/ Distributor · 16 June 2026New distributorship agreement with GEZE, a German-headquartered multinational manufacturer of door, window, and safety technology for smart buildings. Adds GEZE's extensive portfolio (automatic door systems, window technology, safety systems, smoke and heat extraction, access control, building automation) to SU Group's integrated security-related engineering platform. Enables SU Group to pursue larger, more technically demanding projects across commercial properties, public facilities, infrastructure, and residential developments. Stock surged 135.15% to $2.08 on the announcement.
• Global IR Partners (David Pasquale)ongoing investor relations service providerGTM or Marketing Partner · 28 May 2026Global IR Partners (David Pasquale, +1-914-337-8801, [email protected] / [email protected]) serves as SU Group's investor relations and financial communications partner, handling press release distribution, conference call logistics, and Nasdaq Closing Bell Ceremony coordination.
• Seetrue Screening Ltd. (Israel)core technology partnership expanding ai screening offeringTechnology or Integration · 18 May 2026Partnership with Israel-based Seetrue Screening Ltd. to offer AI-powered X-ray screening solutions for detecting dangerous goods and prohibited items. Initially covers Hong Kong and Macau territories, integrating Seetrue's AI engine with SU Group's existing X-ray screening systems to enhance threat detection speed and accuracy. Expected to materially expand SU Group's addressable market.
• Continental Stock Transfer & Trust Companyservice provider - escrow agentOthers · 13 May 2026Continental Stock Transfer & Trust Company served as escrow agent in connection with SU Group's May 2026 $6 million public offering, alongside registration rights and escrow agreements with WallachBeth Capital as sole placement agent.
• Charter Global / U.K.premium certified product partnership for class a commercial segmentOEM/ Whitelabel/ Licensing Partner · 10 January 2025Supplier relationship for high-security integrated lintel roller shutters meticulously manufactured by Charter Global/U.K. and certified to LPS 1175 Issue 7 SR2 by the Loss Prevention Certification Board (LPCB). SU Group installed these shutters at a premier Class A office building in Hong Kong with completion scheduled end of Q2 2025, opening a new springboard for sales growth in prime commercial, residential and industrial facilities.
• UrbanChain Groupstrategic co-development mou with funding optionalityStrategic or Co-development Partner · 9 September 2024Joint development memorandum of understanding to collaborate on integrated AIoT car parking, security and access control solutions in Hong Kong, Macao and other Southeast Asian markets, with EV charging to trigger demand for automatic car park and fee collection systems. UrbanChain provides vehicle recognition, reservation, app-based payment, dynamic pricing and receipt recognition technology; SU Group contributes security, access control, traffic management expertise and engineering support. Includes project/profit-sharing monetization and SU Group option to participate in UrbanChain's growth via equity, debt or convertible instruments.
• MATZ-ERREKA (Spain)major exclusive distribution partnershipChannel Partner/ Reseller/ Distributor · 6 June 2024Exclusive distribution agreement making SU Group the sole distributor of MATZ-ERREKA's premium automatic doors and gates in Hong Kong. MATZ-ERREKA is a world-leading specialist in automatic doors and automation systems headquartered in Spain with strong footholds in South America, Europe, Mexico, India and Thailand. Provides first-tier pricing and direct factory support, with expected new revenue stream and growth accelerator.
• SquareDog Robotics, Ltd. (Hong Kong)core technology partnership for ai robotics in securityStrategic or Co-development Partner · 6 May 2024Partnership to mutually develop a fully AI-enabled robotic security patrolling solution able to fully or partly replace manual patrolling at offices, buildings, construction sites and other places. Combines SquareDog's patented robotic automation technology with SU Group's security expertise to optimize patrol efficiency, enhance safety, improve cost efficiency and address labor shortages.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Securitas AB: Global leader in security services including guarding, mobile, monitoring, and electronic security. Comparable to SU Group as a broad incumbent in integrated security services, though at vastly larger scale and global footprint.
• Allied Universal: Largest security guarding and integrated security services company in North America, formed via G4S acquisition. Direct comparable in security guarding, screening, and integrated security solutions, with broader geographic reach and service portfolio.
• Honeywell Building Technologies: Global building technologies provider including security, access control, video surveillance, and integrated building management. Comparable to SU Group's ELV system and integrated AI-enhanced building security offerings at a much broader scale.
• Prosegur: Spanish-headquartered global security services and cash logistics company offering guarding, technology, and cybersecurity services. Comparable to SU Group's integrated security model and to MATZ-ERREKA's Spanish origin, with significant Asia-Pacific presence.

Direct peers

• Stanley Security: Global provider of integrated security solutions including access control, video surveillance, intrusion detection, and security system integration. Closely aligned with SU Group's ELV systems integration and threat detection product lines.
• Rapiscan Systems (OSI Systems): Global provider of security inspection solutions including X-ray screening, metal detection, and cargo/people screening systems. Direct comparable to SU Group's Threat Stopper AI-aided X-ray screener and air cargo screening business.

Regional players

• CSS Group (Hong Kong): Hong Kong-headquartered security and facility services company offering guarding, technology integration, and event security. Most direct regional peer to SU Group's security guarding and integrated security offerings in the Hong Kong market.

Emerging players

• Guardforce AI: Hong Kong-headquartered security services company applying AI/robotics to guarding, cash-in-transit, and facility services. Comparable as a regional emerging player combining traditional security services with AI/automation, similar to SU Group's SquareDog robotics initiative.
• Hikvision: World-leading supplier of video surveillance, AI-enabled cameras, and security IoT products. Comparable as a technology provider of AI-driven security imaging that SU Group's Threat Stopper X-ray and AI-Enabled UVSS solutions compete with or integrate alongside.
• Nuctech: China-headquartered provider of security inspection products and solutions for airports, customs, and border security including AI-enabled X-ray and CT screening. Comparable to SU Group's threat detection systems and Huanggang Port AI-Enabled UVSS deployment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutu.be/Ux2mysQZ6Pw
• LinkedInlinkedin.com/company/su-group-holdings-limited-sugp

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SU Group Holdings