Euro Tech Holdings is a small Hong Kong-based company operating in water quality and water treatment markets across Hong Kong and mainland China. The business has two main activities: distribution and engineering. The distribution business, run through its wholly-owned subsidiary Far East, resells laboratory instruments, analytical equipment, and process automation products from foreign manufacturers — including brands like Thermo, Hach, and Hioki — to government agencies, utilities, universities, and industrial customers. Scientific instruments account for roughly 59% of revenue and power solutions and process automation products account for roughly 39%, with technical support making up the balance. Euro Tech's 58%-owned subsidiary, Pact-Yixing, handles engineering and manufacturing: it designs and builds industrial water and wastewater treatment systems for multinational manufacturers in mainland China, and manufactures a proprietary ballast water treatment system (BWTS) for the maritime industry. Euro Tech also holds a ~19% equity stake in Zhejiang Tianlan Environmental Protection Technology, a Chinese air pollution control company. The distribution business operates on a buy-and-resell model with modest gross margins, while the engineering business generates project-based revenue. Euro Tech's customer base is concentrated, with roughly 300 active customers and the top three accounting for about 35% of revenue. The company is trying to shift toward a technology and engineering model, with its BWTS business as the primary growth vehicle, targeting global maritime markets, port solutions, and Southeast Asian industrial wastewater treatment through a newly incorporated Singapore entity.