USAS BUILDING (02671) has launched its initial public offering (IPO) from December 18 to December 23, 2025. The company plans to issue 22.5 million shares globally, with 10% allocated to Hong Kong and 90% to international investors. An additional 15% over-allotment option is included. The price range is set at HK$7.10 to HK$9.16 per share, with each board lot consisting of 300 shares. Trading is expected to commence on the Hong Kong Stock Exchange on December 30, 2025.

The company is a comprehensive prefabricated steel structure building subcontractor serving the industrial sector. It provides integrated services for construction projects across various industries, covering design, optimization, procurement, manufacturing, and installation. Primarily operating in China (with some overseas projects), the company has built a strong reputation in China's prefabricated steel structure market for industrial applications. According to Frost & Sullivan, it ranked third in China's industrial prefabricated steel structure market by 2024 revenue, holding a 3.5% market share, while the top two players held 35.8% and 6.5%, respectively.

Assuming an issue price of HK$8.13 per share and no exercise of the over-allotment option, the company estimates net proceeds of approximately HK$164 million. If the over-allotment option is fully exercised at the same price, an additional HK$28.8 million in net proceeds would be raised. The company plans to allocate the net proceeds as follows: 37.7% for capital investments (including production facility construction and equipment procurement to enhance capacity and efficiency), 26.7% for prepayments related to new projects, 12.3% for sales and marketing development, 9.3% for strategic acquisitions and investments to strengthen supply chains and technological capabilities, 9.0% for R&D to improve products and technology, and 5.0% for working capital and general corporate purposes.