IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Usas Building |
|---|---|
| Stock Code | 02671 |
| Company Full Name | USAS Building System (Shanghai) Co., Ltd. |
| Industry | New Energy |
| Principal Activities | integrated prefabricated steel structure building (‘‘PS building’’) subcontracting service provider in the industrial sector of PS building market |
| Listing Date | 2025-12-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of No. 208, Jiangtian East Road Business in the PRC Songjiang District, Shanghai PRC Principal Place of Business in 46F, Hopewell Center Hong Kong 183 Queen’s Road Eas |
| Business Address (Hong Kong) | 香港灣仔皇后大道東183號合和中心46樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | usas.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor Services Limited |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 7.10 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 300 shares |
| Entry Threshold | HK$ 2,130 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-18 to 2025-12-23 |
| Global Offering Shares | 24,600,000 shares |
| HK Public Offer Shares (Initial) | 2,460,000 shares (10.0%) |
| Public Offer Lots (Initial) | 8,200lots (Pool A4,100lots，Pool B4,100lots) |
| International Placing Shares (Initial) | 22,140,000 shares (90.0%) |
| Offer Ratio | ~20.41% |
| Total Shares Post-IPO | 120,550,005 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | SHENWAN HONGYUAN CAPITAL (H.K.) LIMITED CE ABC209 |
| Cornerstone Share | 25.8% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 174,660,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 300 | HK$ 2,130 |
| 2 lots | 600 | HK$ 4,260 |
| 3 lots | 900 | HK$ 6,390 |
| 4 lots | 1,200 | HK$ 8,520 |
| 5 lots | 1,500 | HK$ 10,650 |
| 6 lots | 1,800 | HK$ 12,780 |
| 7 lots | 2,100 | HK$ 14,910 |
| 8 lots | 2,400 | HK$ 17,040 |
| 9 lots | 2,700 | HK$ 19,170 |
| 10 lots | 3,000 | HK$ 21,300 |
| 15 lots | 4,500 | HK$ 31,950 |
| 20 lots | 6,000 | HK$ 42,600 |
| 25 lots | 7,500 | HK$ 53,250 |
| 30 lots | 9,000 | HK$ 63,900 |
| 35 lots | 10,500 | HK$ 74,550 |
| 40 lots | 12,000 | HK$ 85,200 |
| 45 lots | 13,500 | HK$ 95,850 |
| 50 lots | 15,000 | HK$ 106,500 |
| 100 lots | 30,000 | HK$ 213,000 |
| 150 lots | 45,000 | HK$ 319,500 |
| 200 lots | 60,000 | HK$ 426,000 |
| 250 lots | 75,000 | HK$ 532,500 |
| 300 lots | 90,000 | HK$ 639,000 |
| 350 lots | 105,000 | HK$ 745,500 |
| 400 lots | 120,000 | HK$ 852,000 |
| 450 lots | 135,000 | HK$ 958,500 |
| 500 lots | 150,000 | HK$ 1,065,000 |
| 700 lots | 210,000 | HK$ 1,491,000 |
| 900 lots | 270,000 | HK$ 1,917,000 |
| 1,100 lots | 330,000 | HK$ 2,343,000 |
| 1,300 lots | 390,000 | HK$ 2,769,000 |
| 1,500 lots | 450,000 | HK$ 3,195,000 |
| 1,700 lots | 510,000 | HK$ 3,621,000 |
| 1,900 lots | 570,000 | HK$ 4,047,000 |
| 2,100 lots | 630,000 | HK$ 4,473,000 |
| 2,300 lots | 690,000 | HK$ 4,899,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,800 lots | 840,000 | HK$ 5,964,000 |
| 3,300 lots | 990,000 | HK$ 7,029,000 |
| 3,800 lots | 1,140,000 | HK$ 8,094,000 |
| 4,100 lots | 1,230,000 | HK$ 8,733,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 700.5M |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +1248% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 855,905,035 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 70.8 million |
| Period-End Cash Balance | RMB 110.9 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~17.9% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 7.64 |
|---|---|
| First Day Open | HK$ 8.21 |
| First Day Change | 7.61% |
| First Day Volume | 13859700.0 |
| First Day Turnover | 123739000.0 |
| Use of Proceeds | 1、約37.7%（61.9百萬港元）將用于資本投資，包括興建生產設施及購置設備，以提升生產能力及運營效率；
2、約26.7%（43.8百萬港元）將分配用于撥付與新項目有關的預付費用；
3、約12.3%（20.2百萬港元）將用于加強銷售和市場營銷發展；
4、約9.3%（15.3百萬港元）將預留作選擇性收購及投資，旨在加強供應鏈及提升技術能力；
5、約9.0%（14.8百萬港元）將分配用于增強研發能力，注重產品和技術提升；
6、約5.0%（8.2百萬港元）將分配用于營運資金及一般企業用途，以支援日常運營及維持財務靈活性。 |
Underwriting Syndicate
Sole Sponsor (1)
SHENWAN HONGYUAN CAPITAL (H.K.) LIMITED CE ABC209(sole)
Sponsor cum Overall Coordinator (1)
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927(sole)
Overall Coordinators (1)
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927(sole)
Joint Global Coordinators (1)
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927(sole)
Joint Bookrunners (6)
Joint Lead Managers (6)
Stabilizing Manager (1)
SHENWAN HONGYUAN CAPITAL (H.K.) LIMITED CE ABC209
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
姚黎李律师行 国枫律师事务所 Blumenthal Richter Sumet & Schuler Ltd. Woon Wee Yuen & Partners 霍金路伟律师行 |
| Legal Advisor to Sponsors/Underwriters |
君合律师事务所 君合律师事务所 |
| Auditor and Reporting Accountant | 香港立信德豪会计师事务所有限公司 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks | 中国银行（香港）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 彩云 | 15,000,000 HKD | 1,845,000 | 7.50% | 1.50% | 6 months | 2026-06-30 |
| 2 | Tiny Jade | 10,000,000 HKD | 1,230,000 | 5.00% | 1.00% | 6 months | 2026-06-30 |
| 3 | 吴兴华先生 | 4,500,000 HKD | 553,500 | 2.30% | 0.50% | 6 months | 2026-06-30 |
| 4 | Logic Selective | 22,000,000 HKD | 2,706,000 | 11.00% | 2.20% | 6 months | 2026-06-30 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Zhang Chunhua | Mr. Zhang Chunhua |
| Company Secretary | Ms. Chen Yumin | Ms. Chen Yumin |
| Executive Director | 陈博彦 | Brian B Y Chen |
| Non-Executive Director | 马江 | Charles Chiang Mah |
| Independent Non-Executive Director | 何志聪 | He Zhicong |
| Executive Director | 陈嘉琪 | Angela Chen Mah |
| Non-Executive Director | Wajdi Maalouf | |
| Independent Non-Executive Director | 刘绪明 | Liu Xuming |
| Independent Non-Executive Director | 庄瀚宏 | Chong Hon Wang |
| Independent Non-Executive Director | 张春华 | Zhang Chunhua |
| Independent Non-Executive Director | 卞敏芳 | Bian Minfang |
| Independent Non-Executive Director | 徐炜 | Xu Wei |
Major Shareholders
| Major Shareholders & Holdings | 博盛國際 holds 56.38%, 旭日國際 holds 12.65%, 上海昕聯展 holds 1.78%, 上海向聯 holds 1.71%, 上海匠聯 holds 1.66%, 優領科技 holds 1.49%, 深圳前海 holds 1.00%, 上海途隨 holds 0.83%, 海南宇衡 holds 0.83%, 上海五柳 holds 0.50%, 鼎元合創 holds 0.40%, 上海窪港 holds 0.33%, 上海倚觀 holds 0.03%, and other H-share public shareholders hold 20.41%. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO was heavily oversubscribed at 146.25x, with only 3,022 applications accepted out of 53,657, resulting in a low 5.63% hit rate that reflects strong market demand. All shares were priced at HKD 7.1, and the absence of a price range suggests pricing was fixed or demand was sufficient at that level. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Tier-level allocation data is not provided, so no anomalies across application sizes can be identified. High oversubscription typically compresses hit rates for smaller applicants, but without granular data, tier-specific inefficiencies remain unknown. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic details are missing, with total holders reported as zero and no Mainland or Hong Kong participation percentages provided. This likely indicates incomplete or unavailable data rather than a zero-holder outcome, making regional or gender analysis impossible. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
