USAS Building System Launches IPO Patrons Acts as Joint Bookrunner and Joint Lead Manager

USAS Building System (Shanghai) Co., Ltd. (hereinafter referred to as "USAS Building System"; Stock Code: 2671.HK) officially launched its public offering for the period from December 18 to December 23, 2025. Patrons is acting as a Joint Bookrunner and Joint Lead Manager for this IPO.

According to Patrons, the IPO plans to issue 24.6 million H Shares, with an offer price ranging from HK$7.10 to HK$9.16 per share. The estimated net proceeds are approximately HK$225 million. The Company is expected to be officially listed on the Main Board of the Hong Kong Stock Exchange on December 30, 2025.

As disclosed in the prospectus, USAS Building System is an integrated prefabricated steel structure building subcontracting service provider deeply rooted in the industrial sector. The Company is dedicated to providing comprehensive services for construction projects across various industries, covering key stages such as project design optimization, procurement, manufacturing, and installation.

USAS Building System operates through three core business segments:

1. Prefabricated Steel Structure Building Subcontracting Services: Integrating design, manufacturing, on-site installation, and warranty services to provide tailored comprehensive solutions for various industrial projects.

2. Professional General Contracting: Providing supervision and management services covering the full lifecycle of projects.

3. Industrial Environmental Equipment: Catering to the growing demand for professional environmental protection products in industrial manufacturing environments.

According to data analysis by Patrons, China's prefabricated construction industry has maintained a growth trend in recent years. The market size grew from RMB 448.5 billion in 2020 to RMB 589.3 billion in 2024, representing a Compound Annual Growth Rate (CAGR) of 7.1%. With the continuous introduction of supportive policies by national and local governments, the market is expected to expand further, growing from RMB 509.9 billion in 2025 to RMB 707.0 billion in 2029, with a CAGR of 4.6%.

Patrons believes that USAS Building System possesses significant competitiveness in the industry due to its technological advantages. Prefabricated steel structure buildings are renowned for their high strength and light weight, making them the ideal solution for large-span space construction.² Furthermore, due to their short construction period, convenient installation, high durability, and 100% recyclability—which aligns with green building standards—their application penetration rate is continuously rising in industrial, commercial, and public facility sectors.

Throughout USAS Building System’s IPO process, the Patrons team has been deeply involved as a Joint Bookrunner and Joint Lead Manager. Leveraging its mature experience in capital market services and an international resource network, Patrons provided critical support for the smooth advancement of the project.

If there is any inconsistency or ambiguity between these two versions, the Chinese version shall prevail.