USAS Building System (Shanghai) Co., Ltd. (USAS BUILDING SYSTEM (SHANGHAI) CO., LTD., 2671.HK) has launched its Hong Kong IPO, with the offering period from December 18 to December 23. The company plans to offer 24,600,000 H-shares globally, with an over-allotment option of 15%. The offer price per share will range from HK$7.10 to HK$9.16, with a minimum board lot of 300 shares and an entry fee of approximately HK$2,775.71. The company is expected to list on the Main Board of the Hong Kong Stock Exchange on December 30. Shenwan Hongyuan Financing (Hong Kong) is the sole sponsor.

USAS Building: The Third-Largest Provider in China’s Industrial Prefabricated Steel Structure Sector

Offering Breakdown: Approximately 10% (2,460,000 shares) will be available for Hong Kong public offering, while around 90% (22,140,000 shares) will be allocated for international offering.

Offer Price: HK$7.10 to HK$9.16; each board lot consists of 300 shares; entry fee of approximately HK$2,775.71.

Offering Period: December 18-23 (with the pricing expected on December 24).

Listing Date: December 30.

IPO Sponsor: Shenwan Hongyuan Financing (Hong Kong).

Company Overview

USAS Building System is a comprehensive subcontracting service provider in China’s industrial prefabricated steel structure market. The company’s services include project design optimization, procurement, manufacturing, and installation. According to a Frost & Sullivan report, USAS Building System is ranked third in the industrial sector of China’s prefabricated steel structure building market by revenue in 2024, with a market share of approximately 3.5%. The company serves multiple industries, including automotive, machinery, and catering, offering professional general contracting and industrial environmental protection equipment services. USAS Building System is committed to strengthening its market position with a technology-driven approach and green building philosophy.

Financial Information

According to the prospectus, USAS Building System's revenue for the years 2022-2024 was approximately RMB 1.903 billion, RMB 1.453 billion, and RMB 1.523 billion, respectively. The net profit during the same period was about RMB 88 million, RMB 62 million, and RMB 71 million. In the first half of 2025, the company reported a revenue of approximately RMB 1.424 billion and net profit of about RMB 63 million. Assuming the median offer price of HK$8.13 per share and no exercise of the over-allotment option, the company expects to raise approximately HK$164 million in net proceeds. The funds will be used for capital investment to expand production capacity (approximately 37.7%), prepayments for new projects (approximately 26.7%), strengthening sales and marketing (approximately 12.3%), selective acquisitions and investments (approximately 9.3%), enhancing R&D capabilities (approximately 9.0%), and working capital (approximately 5.0%).

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* 0 % interest applies to margin subscription amounts of HK$20 million or below.

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This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for USAS BUILDING via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select USAS BUILDING , tap "Public Offer," enter your subscription quantity, and submit your order.

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