USAS Building System (Shanghai) Co., Ltd. (Ticker: 2671 HK) is a Chinese integrated prefabricated steel structure building (PS building) subcontracting service provider specializing in the industrial sector. The company plans to list on the HKEX on December 30, 2025, offering 24.6 million shares at an expected price range of HKD 7.10 to HKD 9.16. This offering aims to raise approximately HKD 225.34 million (equivalent to roughly USD 28.96 million). USAS Building is a leading player in its field, reportedly ranking third in China’s industrial PS building market by revenue in 2024 with a 3.5% market share.

The company has an estimated market capitalization at the time of the offer ranging from approximately USD 110 million to USD 142 million (HKD 856 million to HKD 1.1 billion). According to its prospectus, USAS Building plans to use the IPO proceeds for research and development and increasing production capacity, brand promotion and business development, and for working capital and potential strategic acquisitions. The company provides a full suite of services including project design, procurement, manufacturing, and installation. The offering is sponsored by Shenwan Hongyuan Capital (H.K.) Limited, with ABCI Securities and BOCI Asia among the joint underwriters.