USAS Building System (Shanghai) Co., Ltd.

Date of Prospectus: December 18, 2025

USAS Building System (Shanghai) Co., Ltd. Launches Hong Kong IPO: In-Depth Investor Analysis, Deal Structure, and Outlook

IPO Snapshot: Key Terms for Investors

USAS Building System (Shanghai) Co., Ltd. is launching a global offering of H Shares on the Hong Kong Stock Exchange, positioning itself for significant capital raising and international visibility. The IPO symbol is 2671.

• Offer Price (Maximum): HK\$9.16 per H Share
• Number of Shares Offered: 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
• Stock Code: 2671
• Minimum Application Lot: 300 H Shares (HK\$2,775.71 per lot, all fees inclusive)
• Listing Date (Expected): December 30, 2025

All offer shares will be newly issued – there is no mention of secondary share sales by existing shareholders.

Shares will be traded in board lots of 300 H Shares each. Allotment and settlement will be conducted electronically, with no physical application channels available.

Placement and Issuance Breakdown

The global offer is structured as follows:

• Hong Kong Public Offering: Initially 2,460,000 H Shares (10% of offer)
• International Offering: Initially 22,140,000 H Shares (90% of offer), placed to institutional, professional, and other investors outside the United States

The allocation between these two tranches is subject to reallocation. The Hong Kong Public Offer may be increased to 3,690,000 H Shares (15% of the total offer) if oversubscribed, per Practice Note 18 and regulatory guidelines.

Use of Proceeds

While the prospectus does not specify concrete monetary allocations for use of proceeds, the absence of secondary sales and the emphasis on a primary offering structure suggest a capital-raising, growth-driven story. Investors should review the company’s website for further details regarding proceeds allocation once available.

Dividend Policy and Timetable

No explicit dividend commitment, payout ratio, or timetable is disclosed in the announcement. Investors are advised to review ongoing company disclosures for future dividend intentions.

Investor Participation and Book Quality

Details on anchor investors, cornerstone allocations, or institutional subscription levels are not disclosed. There is no information on pre-listing disposals or sales by early investors, so the IPO appears to be a pure primary issuance. Reallocation flexibility between tranches and presence of an over-allotment (greenshoe) option may support aftermarket stability.

Deal Parties and Offering Structure

The offering is led by a robust syndicate of sponsors and coordinators:

• Sole Sponsor
• Sole Overall Coordinator
• Sole Global Coordinator
• Joint Bookrunners
• Joint Lead Managers

All roles are handled by the same group, underlining a streamlined deal process.
Stabilization/Over-allotment: An over-allotment (greenshoe) option is included, allowing the sponsor-coordinator to support aftermarket trading if necessary.

The listing is supported by reputable Hong Kong underwriting and clearing entities, including Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited, and Hong Kong Securities Clearing Company Limited.

Company Overview: Business Model, Products, and Market Focus

USAS Building System (Shanghai) Co., Ltd. is a joint stock company incorporated in the People’s Republic of China with limited liability. The company’s Chinese name is 美聯鋼結構建築系統（上海）股份有限公司.

Business Model: USAS specializes in steel structural building systems, providing design, engineering, manufacturing, and construction solutions. Its revenue streams are likely tied to the delivery of steel structures for commercial, industrial, and potentially residential projects. The company operates primarily in China, with international expansion suggested by its Hong Kong listing.

Customer Segments: The client base includes institutional, professional, and corporate investors, as well as other entities with strong demand for steel building systems.

Geographical Focus: Headquarters in Shanghai, with business activities and offerings likely covering the greater China region and seeking international exposure post-listing.

Industry/Sector: Steel construction, building systems, and prefabricated engineering solutions.

Market Position, Competitive Advantages, and Management Team

Market Position: The company is positioning itself as a leading provider of steel structural systems in China.

Management Team:

• Chairman and 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

The board features a mix of executive, non-executive, and independent directors, which supports a balanced governance structure.

Sector Trends, IPO Timing, and Market Environment

Sector Trends: The steel building systems sector is driven by infrastructure, industrial, and real estate development in China and Asia. Demand drivers include urbanization, industrial upgrading, and sustainable construction trends.

Timing of the IPO: The Hong Kong Public Offering opens at 9:00 a.m. on December 18, 2025 and closes at 12:00 noon on December 23, 2025. Pricing is expected to be determined by December 24, 2025, and trading is slated to begin at 9:00 a.m. on December 30, 2025.

Economic Environment: The company is listing in a period of continued capital market activity in Hong Kong, with the market’s robust infrastructure for IPOs and global investor participation. Specific macroeconomic indicators are not disclosed in the announcement.

Recent Developments: The shift to a fully electronic application and settlement process reflects the market’s digital transformation and regulatory modernization.

Prospectus Deep Dive: Key Risks and Growth Strategy

Key Risk Factors:

• Subject to Hong Kong and PRC legal, regulatory, and market risks
• Offer shares not registered under the U.S. Securities Act and not available to U.S. persons
• The Hong Kong Public Offer may be terminated under certain market or regulatory conditions
• Settlement and trading risk: H share certificates become valid evidence of title only after the Global Offering becomes unconditional at 8:00 a.m. on the listing date

Quantified exposures (such as customer/supplier concentration, FX, or legal liabilities) are not detailed in the announcement.

Growth Strategy:

• Raise capital for expansion and business growth (as inferred from the nature of a primary offering)
• Potential for international market entry and scaling given the Hong Kong listing
• Modernization and digitalization of application and trading processes

Ownership & Lock-Ups

Pre- and post-IPO shareholding structures, lock-in periods, and ESOPs are not disclosed in the announcement.

Valuation and Peer Comparison

Valuation metrics and peer comparisons (P/E, P/B, EV/EBITDA, revenue growth, margins, yield) are not provided in the announcement.

Research & Opinions

There are no analyst price targets, institutional opinions, or explicit coverage statements included.

IPO Allotment Result

Results of allocations, including identification document numbers of successful applicants, will be published by 11:00 p.m. on December 29, 2025 on the company website (www.usas.com) and the Hong Kong Stock Exchange website (www.hkexnews.hk).

Applicants can also check results via:

• www.iporesults.com.hk or www.eipo.com.hk/eIPOAllotment from 11:00 p.m. December 29, 2025 to midnight January 4, 2026 (search by ID function)
• Telephone enquiry line: +852 2862 8555 (9:00 a.m. to 6:00 p.m., December 30, 2025 to January 5, 2026, excluding weekends and public holidays)

Listing Outlook

Based strictly on the disclosed facts: The IPO is a primary offering with no existing shareholder sell-down, supported by a recognized syndicate and a stabilization mechanism. The electronic-only application process and digital settlement underscore operational sophistication. The lack of disclosed financials or anchor investor details makes it difficult to quantify likely listing-day performance, but the structure and regulatory compliance suggest preparations for a stable debut. Assuming market conditions remain consistent with the application period, a strong or stable first-day showing is plausible, especially if institutional and retail tranches are well received.

Prospectus Access

The full prospectus and detailed company information are available at:

• www.usas.com
• www.hkexnews.hk

How to Apply

Application Channels:

• White Form eIPO service: www.eipo.com.hk – for investors wanting physical share certificates in their own name
• HKSCC EIPO channel: Instruct your broker or custodian (HKSCC Participant) to apply via HKSCC’s FINI system for shares to be held in CCASS

Application Window: 9:00 a.m. December 18, 2025 to 12:00 noon December 23, 2025

Key Steps:

• Apply online via the specified platforms
• Minimum application: 300 H Shares (and multiples thereof)
• Full payment required at application; successful applicants will receive shares either in their own name (White Form eIPO) or via their broker/custodian in CCASS (HKSCC EIPO)
• No physical application channels are available

Applicants must ensure electronic submission and funding is completed before the specified deadlines.