Prefabricated steel structure construction service provider USAS BUILDING (02671) concluded its IPO subscription period from December 18 to 23 noon. The company recorded HK$2.75 billion in margin financing from brokers, oversubscribing its public offering of HK$22.53 million by 121 times.

USAS BUILDING plans to issue 24.6 million H shares, with 10% allocated for public subscription in Hong Kong. The offer price is set between HK$7.1 and HK$9.16 per share, aiming to raise up to HK$230 million. Each lot consists of 300 shares, with an entry cost of HK$2,775.7 per lot. The company is expected to list on December 30, with Shenwan Hongyuan Securities (HK) as the sole sponsor.

Four cornerstone investors—Colorful Cloud, Tiny Jade, Wu Xinghua, and Logic Selective—have committed to subscribing for HK$51.5 million worth of shares.

According to its prospectus, USAS BUILDING is an integrated prefabricated steel structure subcontractor serving the industrial sector. The company provides end-to-end services, including design optimization, procurement, manufacturing, and installation for construction projects across industries. It primarily operates in China, with a secondary presence overseas.

Frost & Sullivan data ranks USAS BUILDING third in China’s industrial prefabricated steel structure market by 2024 revenue, holding a 3.5% share. The top two players account for 35.8% and 6.5%, respectively. As of December 9, 2025, the company had 119 active projects.