Dajin Heavy Industry Co.,Ltd. (Stock Code: 01081), a major player in the wind power tower and foundation sector, is scheduled to commence trading on the Hong Kong Stock Exchange tomorrow.

The company's global offering involved approximately 86.97 million shares priced at HK$66.40 each, raising a total of roughly HK$5.78 billion.

Originally listed on the Shenzhen Stock Exchange in 2010, the firm holds the distinction of being the first wind power tower foundation manufacturer to list on China's A-share market. Its A-share closed today at 67.58 yuan, giving it a market capitalization of around 43.1 billion yuan.

This Hong Kong listing establishes a dual primary listing structure for the company. However, its pre-market, or "grey market," performance has been weak, with shares falling approximately 5%, indicating an implied market cap near HK$45.7 billion.

Key Investors and Financial Performance

The cornerstone investor tranche for the offering, totaling $358 million, included a consortium of prominent institutions such as Global Industry Company (GIC), entities affiliated with Hillhouse Capital (HHLR and HIM), CPE Investment, UBS Asset Management Singapore, Taikang Life Insurance, Eastspring Investments, Pinpoint Asset Management, ICBC Wealth Management, Millennium Management, China Post & Capital Wealth Management, and Wells Fargo.

According to its prospectus, the company reported revenue of 4.325 billion yuan, 3.78 billion yuan, and 6.173 billion yuan for the years 2023, 2024, and 2025, respectively. Gross profit for those periods was 1 billion yuan, 1.127 billion yuan, and 1.919 billion yuan, with corresponding gross margins of 23.1%, 29.8%, and 31.1%.

Profit for the periods stood at 425 million yuan, 474 million yuan, and 1.1 billion yuan, translating to profit margins of 9.8%, 12.5%, and 17.9%. EBITDA was 565 million yuan, 618 million yuan, and 1.385 billion yuan, representing EBITDA margins of 13.1%, 16.4%, and 22.4%.

For the first quarter of 2026, revenue surged 67% year-over-year to 1.9 billion yuan, while net profit jumped 88% to 435 million yuan. Adjusted net profit rose nearly 74% to 427 million yuan.

Ownership Structure

As of March 31, 2026, the major shareholders included Fuxin Jinyin Energy Consulting Co., Ltd. with a 38.93% stake, Hong Kong Securities Clearing Company Ltd. (HKSCC Nominees) with 5.87%, and Jin Xin with 1.21%. Other institutional holders comprised various Taikang Life Insurance products, national social security funds, and mutual funds from China Construction Bank and Industrial and Commercial Bank of China.

Beijing Jinyin Energy Consulting Co., Ltd. is the controlling shareholder, with Jin Xin, the ultimate controller, holding an aggregate controlling interest of 40.14% in the company.