基于 YUJ 在 UAE 已激活的在手订单（AED 51M，覆盖 3 个 Trojan 项目）及 Dubai + Abu Dhabi 双区持牌优势，向中国 A 股 / 港股建筑上市公司发出战略合作邀请——以资本、执行力与品牌，共同撬开 MENA 市场。A strategic invitation leveraging YUJ's active UAE backlog (AED 51M across 3 Trojan projects) and Dubai + Abu Dhabi trade licenses, seeking to partner with a CN-listed construction group for capital, execution power, and MENA market expansion.
Thank you for your interest in the Middle East façade market. We are pleased to formally submit this "UAE Market Strategic Partnership Invitation".
YUJ Glass & Aluminum Installation & Maintenance L.L.C is a local façade specialist holding dual Dubai + Abu Dhabi trade licenses, with an established working relationship with UAE's Top-1 main contractor, Trojan General Contracting LLC (annual revenue USD 25.4B). As of April 2026, YUJ holds AED 19.06M (USD 5.19M) in signed SCA plus awarded packages, and AED 32.39M (USD 8.82M) in accepted LOIs awaiting SCA conversion — a total of AED 51.46M (USD 14.02M) across three active Abu Dhabi projects.
YUJ operates on a "Main-contractor Wrapper / Back-to-Back" model: we tender and sign as the licensed local entity and pass the execution work in full to strategic partners, retaining only counter-indemnity and coordination functions. This structure keeps YUJ's capital and BG requirements minimal while delivering to partners compliant tender eligibility + local client relationships + payment channels — precisely the three missing tickets for a foreign (MENA) market entrant.
This letter contains five parts: YUJ's Signed Backlog → Why YUJ × Listed Co → Three Cooperation Models → Value to the Listed Company → Engagement Roadmap. Every contract data point is traceable to original Trojan documents, and we welcome your team for on-site verification in Dubai / Abu Dhabi at any time.
We look forward to building a long-term strategic partnership with you.
PART I ·
YUJ 在手合同背书 · Signed Backlog EvidenceSigned Backlog Evidence
在手合同背书 · 证明 YUJ 已是 UAE 活跃经营主体Signed Backlog Evidence · Proof that YUJ is an Active UAE Operating Entity
在讨论任何合作结构之前，先请贵方看 YUJ 当下手上真实已签署的 UAE 合同——这是最硬的 Going-Concern 证据，也是本合作邀请的出发点。Before discussing any cooperation structure, please review YUJ's currently signed UAE contracts on hand — this is the hardest Going-Concern evidence and the starting point of this invitation.
1. 合同 / LOI 清单（截至 2026-04-21）1. Contract / LOI Register (as of 2026-04-21)
LOI → SCA 转化率 100%（2/2）：FINS 项目金额对齐、耗时 90 天；NSM 耗时 55 天，金额谈判回调 -17.9%，说明 YUJ 在合同谈判中具备实际议价能力。100% LOI → SCA conversion (2/2): FINS value matched, closed in 90 days; NSM closed in 55 days with a negotiated -17.9% adjustment — evidence of YUJ's real negotiation leverage.
客户集中但优质：Trojan General Contracting LLC = UAE 本土 Top-1 主承包商（年营收 USD 25.4B），付款记录稳定，已接受 YUJ 作为长期分包商。Concentrated but premium client: Trojan General Contracting LLC = UAE's Top-1 main contractor (USD 25.4B annual revenue) with a stable payment record, having accepted YUJ as a long-term subcontractor.
编号体系可追溯：每份文件均具 TG项目码-类型-序号 三段式编号，配 CLID + TN（送件号），可向 Trojan 合同库逆向核验。Traceable numbering: every document follows the three-segment TG-ProjectCode-Type-No. scheme with CLID + TN (dispatch number) — fully reverse-verifiable against Trojan's contract archive.
项目组合稳健：Balghailylam 大型住宅 + Baniyas West 1500 Villas 两个 Abu Dhabi 标志性项目，业主背景清晰（均为 UAE 政府 / 准政府相关开发商）。Resilient portfolio mix: Balghailylam large-scale residential + Baniyas West 1500 Villas — two flagship Abu Dhabi developments with clearly identified UAE government / semi-government employers.
3. LOI 在 UAE 法下的约束力3. Binding Force of LOIs under UAE Law
一句话结论：在 UAE 法下，这 3 份 LOI 已构成"有效合同"（Substance over Form），可支撑银行保函开立、下游合同谈判、合作方尽调取证。Bottom line: under UAE law, these LOIs already constitute "valid contracts" on a Substance-over-Form basis — sufficient to support bank guarantee issuance, downstream contract negotiations, and partner due diligence.
UAE 合同五要件UAE Contract 5 Elements
法条Statute
本案 LOIOur LOIs
要约 (Ijab) · Trojan 主动出具Offer (Ijab) · issued by Trojan
Civil Code Art. 132
✓
承诺 (Qabul) · YUJ 签字盖章Acceptance (Qabul) · signed & stamped by YUJ
Civil Code Art. 135
✓
标的明确（工作范围）Defined subject (scope of work)
Civil Code Art. 141
✓
对价明确（合同金额）Defined consideration (contract value)
Civil Code Art. 141
✓
双方合意Mutual consent
Civil Code Art. 131
✓
参考判例：Dubai Court of Cassation 422/2014 · Abu Dhabi Court of Cassation 589/2018 · DIFC CFI-018/2019。英美法框架（RTS v Müller [2010] UKSC 14）下亦属 "If Contract / ITP" 型 LOI，对已履行部分 binding。Key precedents: Dubai Court of Cassation 422/2014 · Abu Dhabi Court of Cassation 589/2018 · DIFC CFI-018/2019. Under English common law (RTS v Müller [2010] UKSC 14), these also qualify as "If Contract / ITP"-type LOIs — binding to the extent of performance rendered.
对上市合作方的启示：YUJ 不是"画饼"项目方——当下已签 + 已确认 USD 5.19M 合同 + 持 USD 8.82M LOI（合计 USD 14.02M），UAE 本地运营合规、牌照齐全、Trojan 关系已验证。贵方以此为起点进入 MENA，零 Greenfield 成本，可跳过建牌照、建关系、建信用三年磨合期。Implication for the listed partner: YUJ is not a "paper project" — USD 5.19M signed + awarded contracts plus USD 8.82M LOIs (USD 14.02M total) are on the table today, with full UAE operating compliance, licenses, and a verified Trojan relationship. Entering MENA from this base means zero greenfield cost — skipping the 3-year gestation of licenses, relationships, and credit-building.
PART II ·
合作逻辑 · Why YUJ × Listed CompanyWhy YUJ × Listed Company
02双方资源互补 · Complementary CapabilitiesComplementary CapabilitiesYUJ brings the door, you bring the force
中东建筑市场对境外进入者设有三道门槛：本地持牌 / 银行保函可开 / 主承包信任关系。YUJ 已全部跨过；上市公司资源则能反向补齐 YUJ 的资本、执行和品牌短板。MENA construction markets impose three gates on foreign entrants: local licensing / bankable guarantees / main-contractor trust. YUJ has cleared all three; the listed company, in return, fills YUJ's gaps in capital, execution scale, and brand.
YUJ 侧资源 · What YUJ BringsWhat YUJ Brings
持牌LicensesDubai Trade License + Abu Dhabi License（双区合规）(dual-emirate compliance)主承包关系Main ContractorTrojan General Contracting · UAE Top-1 · USD 25.4B annual revenue ·
3 个活跃项目3 active projects在手订单BacklogUSD 14.02M · SCA + Awarded + LOI业主通道Employer AccessAbu Dhabi 住宅 / 政府开发商供应链接入Access to Abu Dhabi residential & government-backed developer supply chains合同管控Contract DisciplineLOI / SCA 标准化流程 · 编号可溯源Standardised LOI / SCA workflow · fully traceable numbering管理团队Management Team中东 + 华人双文化背景，熟悉中 / 阿 / 英三方沟通Middle-East + Chinese bicultural team, fluent in Chinese / Arabic / English triangulation保函执行Bank GuaranteesUAE 本地银行开函通路已打通（ADCB · UNB · ENBD 额度）Active BG channels at ADCB · UNB · ENBD (Abu Dhabi + Dubai lead banks)法律口径Legal FrameworkUAE Civil Code 合同体系 · 本地律师资源UAE Civil Code contract framework · local counsel on retainer
上市公司侧资源 · What Listed Co BringsWhat the Listed Co Brings
合作逻辑一句话One-line partnership logic —
YUJ 已扛着 UAE 合规 / 关系 / 订单三把钥匙站在门口，上市公司带着资本 / 执行 / 品牌进入，即刻开始合并收入、开始品牌叙事。这是典型的"钥匙 + 引擎"互补结构。YUJ already holds the three UAE keys — compliance, relationships, and backlog — at the door; the listed company brings capital, execution, and brand, and consolidation of revenue begins on day one. This is the archetypal "key + engine" complementary structure.
PART III ·
三种合作模式 · Three Cooperation ModelsThree Cooperation Models
03合作结构 · Cooperation OptionsCooperation OptionsFrom light-touch to full JV
根据贵方对"UAE 业务深度介入"的偏好，我们设计三档合作模式；三档可组合或按时间轴逐步升级。Depending on how deeply the listed company wishes to engage in UAE operations, three tiers are proposed. They are combinable and can be adopted sequentially over time.
结构Structure:
YUJ 作为合规持牌方签 Trojan SCA，100% 转包给上市公司 UAE 分 / 子公司执行YUJ signs the Trojan SCA as the licensed entity and subcontracts 100% of scope to the listed company's UAE branch / subsidiary
收益分配Profit Share:
按股权比例分配 JV 净利润JV net profit distributed pro-rata to shareholding
治理Governance:
董事会 3+2 · CEO 由 YUJ 侧（MR. CHAI）任命并保留独立经营权 · CFO 由上市公司提名Board of 3+2 · CEO appointed by YUJ side (MR. CHAI) with independent operating authority · CFO nominated by the listed company
适合Best for:
上市公司已明确 MENA 长期战略，追求合并报表叙事Listed companies with a committed MENA long-term strategy pursuing a consolidation narrative
建议路径Recommended path:
Model A 试水（2 周）→ 季度运转顺畅后升级 Model B（6 周）→ 2–3 年成熟后考虑 Model C。三档之间不排他，可并行。Start with Model A (2 weeks) → upgrade to Model B (6 weeks) once quarterly operations prove smooth → consider Model C after 2–3 years of maturity. The three tiers are not mutually exclusive and may run in parallel.
PART IV ·
对上市公司的价值 · Value to Listed CoValue to the Listed Company
04财务与战略双重贡献 · Financial & Strategic ValueFinancial & Strategic ValueWhat it means on the listed company balance sheet
从合并报表、市值叙事、MENA 入口三个视角，量化本合作对上市公司的直接贡献。Quantifying the direct contribution to the listed company from three angles: consolidated P&L, market-cap narrative, and MENA market access.
$
首年合并收入Year-1 Consolidated Revenue
USD 10–13M
按 Model B（40% 股权）即可合并 3 个现有项目对应收入Under Model B (40% stake), the 3 existing projects can be consolidated into listed-co revenue
%
毛利贡献Gross Profit Contribution
USD 1.2–2.0M
按 UAE 幕墙 GM 12–15% 估算 · 可直接进上市公司利润表Based on UAE façade GM of 12–15% · flows directly into listed-co's P&L
✦
三年 Pipeline3-Year Pipeline
USD 80–120M
Trojan 已明示持续合作意愿 · 平均每季度新增 LOITrojan has confirmed a sustained partnership intent · new LOIs on a quarterly cadence
◎
市值叙事增量Market-Cap Narrative Uplift
+15–25%
"成功进入 MENA 市场"是建筑 A 股 / 港股重要的估值催化剂"Successful MENA entry" is a key valuation catalyst for A-share / HKEX construction names
"海外收入占比"对估值有乘数效应"Overseas revenue share" carries a valuation multiplier effect
PART V ·
推进路径 · Engagement RoadmapEngagement Roadmap
05四步推进 · Four-Step RoadmapFour-Step RoadmapFrom NDA to partnership closing
为便于双方快速进入实质沟通，建议按以下四步推进。To move both sides into substantive dialogue quickly, the following four steps are proposed.
1
签署 NDASign NDA
签署保密协议后开放：Trojan 合同 / LOI 原件 · YUJ 营业执照 / 股权结构 · 银行 BG 额度证明 · MR. CHAI 团队履历 · Abu Dhabi 项目现场视频。On NDA execution, unlock: original Trojan contracts / LOIs · YUJ trade licenses & cap-table · bank BG facility confirmations · MR. CHAI team CVs · Abu Dhabi site walkthrough videos.
T+0 / 本周This Week
2
现场尽调 DDOn-Site Due Diligence
贵方团队到访 Dubai + Abu Dhabi：核验 Trojan 合同原件 · 面谈 Trojan 合同组 · 项目现场踏勘 · 审阅银行保函记录 · 约见 UAE 律师。Your team visits Dubai + Abu Dhabi: inspect Trojan originals · meet Trojan's contracts team · walk project sites · review bank BG records · meet UAE counsel.
T+2–3 周weeks
3
模式选定 + Term SheetModel Selection + Term Sheet
基于 DD 结果选定 Model A/B/C；若选 B/C，签署 Term Sheet 锁定估值 / 股权比例 / 治理结构 / 退出条款。Select Model A/B/C based on DD findings; for B/C, execute a Term Sheet locking in valuation, shareholding, governance, and exit provisions.
T+5 周weeks
4
Closing
签署 SPA / SHA 或分包总协议 · 首笔注资 / 首个项目启动 · UAE 监管报备（DED / FTA）· 联合对 Trojan 发函告知合作关系。Execute SPA / SHA or master subcontract · first capital injection / first project kick-off · UAE regulatory filings (DED / FTA) · joint notice to Trojan formalising the partnership.