USAS Building System (Shanghai) Co., Ltd.

Date of Prospectus: December 18, 2025

USAS Building System (Shanghai) Co., Ltd. Launches Highly Anticipated Hong Kong IPO: Detailed Investor Analysis, Offer Structure, and Strategic Growth Outlook

IPO Snapshot: Key Offer Details and Pricing

USAS Building System (Shanghai) Co., Ltd. (美聯鋼結構建築系統（上海）股份有限公司) launches a global offering of H Shares on the Hong Kong Stock Exchange, targeting a listing under the stock code 2671. This IPO provides investors with an opportunity to participate in the growth of a PRC-incorporated leader in building systems and steel structures.

• IPO Symbol: 2671
• Offer Price (Maximum): HK\$9.16 per H Share
• Total Offer Size: 24,600,000 H Shares (subject to Over-allotment Option)
• Hong Kong Public Offer: 2,460,000 H Shares (subject to adjustment)
• International Offer: 22,140,000 H Shares (subject to adjustment and Over-allotment Option)
• Nominal Value: RMB1.00 per H Share
• Board Lot: 300 H Shares
• Stock Code: 2671

**All applications must be made in multiples of 300 shares.** Additional transaction costs include brokerage (1.0%), SFC transaction levy (0.0027%), Stock Exchange trading fee (0.00565%), and AFRC transaction levy (0.00015%) [[2]].

**Listing on the Hong Kong Stock Exchange is expected to commence at 9:00 a.m. on December 30, 2025, provided all conditions are met.** [[4]]

Use of Proceeds and Strategic Direction

While specific allocation figures are not disclosed, proceeds from the IPO are intended to support the company’s ongoing business operations and growth initiatives. The structure of the global offering, adjustment features, and overall process suggest a **growth-driven story** with a focus on expanding market reach and operational capabilities.

Dividend Policy and Allotment Timetable

**Dividend policy, payout ratios, and distribution timelines are not detailed in the provided information.** Investors should monitor subsequent announcements for updates.

Key Offer Timeline:

• Hong Kong Public Offering Opens: 9:00 a.m., Thursday, December 18, 2025
• Application Deadline (White Form eIPO): 11:30 a.m., Tuesday, December 23, 2025
• Application Lists Open: 11:45 a.m., Tuesday, December 23, 2025
• Application Lists Close: 12:00 noon, Tuesday, December 23, 2025
• Expected Price Determination Date: By 12:00 noon, Wednesday, December 24, 2025
• Announcement of Offer Price & Allocation: On or before Monday, December 29, 2025
• Listing and Trading Commence: 9:00 a.m., Tuesday, December 30, 2025

**Results of allocations will be available via company and exchange websites, an allotment results portal, and a dedicated telephone enquiry line.** [[6]][[7]]

Placement and Issuance Structure

The offering is divided into a Hong Kong Public Offering (10%) and an International Offering (90%). The International Offering targets professional, institutional, and corporate investors, with possible reallocation to the public tranche if demand warrants. There are no details of cornerstone, anchor, or employee allocations, and no pre-listing disposals disclosed. [[5]]

Investor Participation and Book Quality

**Subscription metrics, tranche allocations, and named institutional investors are not disclosed.** There is no data regarding pre-listing sales or institutional anchor support. The structure allows the Sole Sponsor and Overall Coordinator to reallocate between tranches to match demand, suggesting flexibility to manage strong interest if it materializes.

Deal Parties, Underwriting, and Stabilization

Sole Sponsor, Sole Overall Coordinator, Sole Global Coordinator, Joint Bookrunners, and Joint Lead Managers are named as deal parties. The offering allows for an over-allotment (greenshoe) option to support post-listing price stability. The Hong Kong Underwriting Agreement can be terminated by the Sole Sponsor and Sponsor-Overall Coordinator under specified conditions up to 8:00 a.m. on the listing date, providing flexibility and control over the offering process. This arrangement, coupled with multi-role involvement of the lead banks, may help support listing-day performance. [[2]][[5]]

Company Overview: Business Model and Market Position

USAS Building System (Shanghai) Co., Ltd. is a joint stock company incorporated in the People’s Republic of China, specializing in building systems and steel structure solutions. The company focuses on the design, manufacturing, and installation of customized steel structure buildings for a diverse client base. Revenue is generated through a combination of direct projects and ongoing service contracts.

**Key Products and Services:** Steel structural systems, building solutions, engineering services.
**Customer Segments:** Industrial, commercial, and infrastructure project owners.
**Geographic Focus:** The company is based in Shanghai, PRC, with business operations targeting both domestic and international markets.

**Industry Sector:** Construction and engineering, with an emphasis on steel structure systems. Industry size and competitive metrics are not disclosed.

**Management Team:**
– **Chairman & Executive Director:** Mr. Brian B.Y. Chen
– **Executive Director:** Ms. Angela Chen Mah
– **Non-Executive Directors:** Mr. Charles Chiang Mah, Mr. Wajdi Maalouf
– **Independent Non-Executive Directors:** Mr. Liu Xuming, Mr. He Zhicong, Mr. Chong Hon Wang

Trends, Timing, and Market Environment

The offer period runs from December 18 to December 23, 2025, with listing scheduled for December 30, 2025. This timing positions the IPO near year-end, potentially benefiting from window-dressing and investor rebalancing. The prospectus does not discuss sector trends or macroeconomic indicators, but the company operates in a sector typically driven by infrastructure spending, industrial demand, and urban development cycles.

Risk Factors and Strategic Growth Plans

**Key risk factors are referenced but not quantified in this announcement.** Investors are directed to review the full prospectus for legal, regulatory, and operational risks, including underwriting termination triggers and conditions for application refunds. [[3]][[10]]

Growth Strategy: The company intends to use the IPO proceeds to expand business operations, enhance market penetration, and strengthen its competitive position. Details on expansion plans, new products, or M&A are not specified in this announcement.

Ownership & Lock-ups: Pre- and post-IPO shareholding structures, lock-up periods, and ESOP details are not disclosed.

Valuation and Peer Comparison

**No valuation metrics (P/E, P/B, EV/EBITDA, etc.), peer company symbols, or sector performance tables are provided in the announcement.**

Research and Analyst Coverage

**No analyst coverage, price targets, or institutional opinions are disclosed.**

IPO Allotment Result

**Final subscription outcomes by tranche are not yet available.** Investors should check company and exchange websites on or after December 29, 2025, for detailed allocation results.

Listing Outlook

Based strictly on the disclosed offer structure, flexible reallocation mechanism, and involvement of leading underwriters, the IPO appears designed to support a strong and orderly first-day trading performance, especially if the Hong Kong Public Offering is well-subscribed. The presence of a greenshoe option provides a further stabilizing mechanism for the initial days of trading. Investors should note the absence of disclosed financials and peer comparisons in the announcement, and make allocation decisions based on the full prospectus.

Estimated first-day trading strength is likely to track close to the offer price, with upside potential if oversubscription is confirmed in allocation results.

Prospectus Access

For the full prospectus and further information, visit:
www.hkexnews.hk
www.usas.com

How to Apply for USAS Building System (Shanghai) Co., Ltd. IPO

Application Channels:

• Apply online through the White Form eIPO service at www.eipo.com.hk (for investors wishing to receive a physical Share certificate).
• Apply electronically via the HKSCC EIPO channel by instructing your broker or custodian who is an HKSCC Participant to use the FINI system (shares will be credited to your CCASS account).

Application Window: 9:00 a.m., December 18, 2025, to 12:00 noon, December 23, 2025 (Hong Kong time). Minimum application is 300 shares and multiples thereof.

All application details, payment requirements, and refund procedures are available at: www.eipo.com.hk and www.iporesults.com.hk.