USAS Building System Officially Lists Patrons Acts as Joint Bookrunner and Joint Lead Manager
On the morning of December 30, USAS Building System (Shanghai) Co., Ltd. (hereinafter referred to as "USAS Building System"; Stock Code: 2671.HK) officially listed on the Main Board of the Hong Kong Stock Exchange. The final offer price was determined at HK$7.10 per share. Patrons acted as the Joint Bookrunner and Joint Lead Manager for this offering. The public offering tranche of this IPO was oversubscribed by over 145 times.
Prior to the listing, USAS Building System launched its public offering from December 18 to December 23, 2025, issuing 24.6 million H Shares. The offer price ranged from HK$7.10 to HK$9.16 per share, with estimated net proceeds of approximately HK$225 million.
According to the prospectus, the Company intends to allocate the net proceeds in the following proportions:
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Approximately 37.7% will be used to construct new production facilities and purchase advanced equipment, aiming to add an annual capacity of 50,000 tons of prefabricated steel structure components and 2,000 tons of industrial environmental protection equipment to match market growth demand;
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Approximately 26.7% will be reserved to fund upfront costs for newly undertaken projects;
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Approximately 12.3% will be used to strengthen sales and marketing development, with plans to establish localized teams in key Southeast Asian markets such as Thailand and Malaysia to deepen customer service and engagement;
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Approximately 9.3% will be used for selective acquisitions and investments aimed at strengthening the supply chain and enhancing technical capabilities;
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Approximately 9% will be used to enhance R&D capabilities, focusing on product and technology improvements;
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Approximately 9% will be used for working capital and general corporate purposes.
Patrons points out that prefabricated steel structure building subcontracting services serve as the cornerstone of USAS Building System's performance, contributing the majority of revenue while maintaining stable gross profit margins. For the six months ended June 30, 2025, this core business recorded revenue of RMB 1.247 billion. Leveraging deep industry experience, the brand has established a stellar reputation and widespread recognition in China's industrial prefabricated steel structure market.
Looking ahead, the market for prefabricated steel structure buildings in the industrial sector possesses significant growth potential. According to Patrons, the market size is expected to expand steadily from RMB 509.9 billion in 2025 to RMB 707.0 billion in 2029, representing a Compound Annual Growth Rate (CAGR) of approximately 4.6%. This provides broad space for the future development of USAS Building System.
Throughout USAS Building System's journey toward the Hong Kong IPO market, Patrons has been deeply involved as a Joint Bookrunner and Joint Lead Manager. Relying on superior market insights and resource integration capabilities, Patrons tailored a full-cycle listing service solution for the enterprise, effectively ensuring the smooth issuance of this IPO project.
If there is any inconsistency or ambiguity between these two versions, the Chinese version shall prevail.
