02671 美聯股份
USAS BUILDING
USAS BUILDING
| Register Close | 2025/12/23 IPO Closing in 5 Days |
| Listing Date | 2025/12/30 |
|
|
|
|
|
|
|
|
|
|
IPO Detail
COMPANY PROFILE
USAS Building System (Shanghai) Co. is an integrated prefabricated steel structure building subcontracting service provider in the industrial sector of PS building market. The Group offer integrated services for construction projects across industries, covering project design and optimization, procurement, manufacturing and installation.
--
The Group is primarily engaged in the construction of PS buildings in the PRC, and to a lesser extent, overseas. According to the Report, the Group ranked third in China’s industrial sector of the PS building market in terms of revenue in 2024, representing a 3.5% market share.
--
The Group’s business is organized into three business categories: PS building subcontracting services, general contracting services, and industrial environmental equipment. Its production capabilities are currently supported by its advanced production facilities located in Shanghai, Suzhou, Jiangsu Province and Jiangmen, Guangdong Province.
--
As of December 9, 2025, the Group had 119 projects on hand, with an aggregate unrecognized revenue of approximately RMB789.2 million. The Group’s customers are mainly in the automotive and auto parts industry, and also includes the machinery, food and beverage and other sectors.
BASIC INFORMATION
| Market | Hong Kong (Main Board) |
| Business Nature | Construction |
| Major Business Area | China |
| Board Lot | 300 |
GLOBAL OFFERING
| No. of Offer Shares | 24.60M H shares |
| No. of International Offer Shares | 22.14M H shares |
| No. of HK Offer Shares | 2.46M H shares |
| Offer Price | $7.10 - $9.16 |
| Stock Code | 2671 |
| Sponsor(s) | Shenwan Hongyuan Capital (H.K.) Limited, Shenwan Hongyuan Securities (H.K.) Limited |
| Underwriter(s) | Shenwan Hongyuan Securities (H.K.) Limited, ABCI Securities Company Limited, BOCI Asia Limited, Patrons Securities Limited, SPDB International Capital Limited, TradeGo Markets Limited |
TIME TABLE
| Application Period | Dec 18 (Thu) - noon, Dec 23 (Tue) |
| Price Determination Date | Dec 24 (Wed) |
| Result Announcement Date | On or before Dec 29 (Mon) |
| Result Announcement Date | On or before Dec 29 (Mon) |
| Result Announcement Date | On or before Dec 30 (Tue) |
| Dealings in Shares commence on | Dec 30, 2025. (Tue) |
Reallocation of Shares Offered
Sales Statistics (HKD)
| Offer Price | $7.10 - $9.16 |
| Capitalization | 855.90M - 1.10B |
| NAV / share ($) | $5.73 - $6.13 (Unaudited pro forma adj NAV / share) |
Use Of Proceeds
| Assuming the offer price being at HKD 8.13, the net proceeds raised would be HKD 164.20M, of which |
| 37.7% : Constructing production facilities and acquiring equipment to enhance production capacity and operational efficiency |
| 26.7% : Finance upfront costs associated with new projects |
| 12.3% : Strengthen sales and marketing development |
| 9.3% : Reserved for selective acquisitions and investments aimed at strengthening supply chain and enhancing technical capabilities |
| 9% : Enhancing research and development capabilities |
| 5% : Working capital |
Related Document
| Prospectus |  Chinese Version | English Version |
| Remark： | The above information is referenced from the prospectus. |
| All data is calculated from the non- exercise rights(if applicable). |
Name︰
--
--
--
Subscription --
Result Announcement --
Listing --Offer Price︰--
| Currency | : |
| Listing Price | : |
| Board Lot | : |
| Admission Fee* |
: |
| Subscribing Lot | : |
| Subscribing Fee | : |
| Subscribing Amount | : |
*Admission fees include brokerage of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.005% and FRC transaction levy of 0.00015% (i.e. 1.0077% in total).