IPO Timeline
Broker Deadline
2025-12-23
Morning deadline
HKEX Deadline
2025-12-23
Noon deadline
Broker Results (T-2)
2025-12-24
Some brokers release in afternoon
Grey Market (T-1)
2025-12-29
Afternoon
HKEX Allotment (T-1)
2025-12-29
Evening
Registrar Allotment (T-1)
2025-12-29
Evening
Listing Day (T)
2025-12-30
First day of trading
Company Overview
| Stock Name | 美联股份 |
|---|---|
| Stock Code | 02671 |
| Company Full Name | 美联股份 |
| Industry | New Energy |
| Principal Activities | integrated prefabricated steel structure building (‘‘PS building’’) subcontracting service provider in the industrial sector of PS building market |
| Listing Date | 2025-12-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of No. 208, Jiangtian East Road Business in the PRC Songjiang District, Shanghai PRC Principal Place of Business in 46F, Hopewell Center Hong Kong 183 Queen’s Road Eas |
| Business Address (Hong Kong) | 香港灣仔皇后大道東183號合和中心46樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | usas.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor Services Limited |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 7.10 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 300 shares |
| Entry Threshold | HK$ 2,130 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-18 to 2025-12-23 |
| Global Offering Shares | 24,600,000 shares |
| HK Public Offer Shares (Initial) | 2,460,000 shares (10.0%) |
| Public Offer Lots (Initial) | 8,200lots (4,100lots, 4,100lots) |
| International Placing Shares (Initial) | 22,140,000 shares (90.0%) |
| Offer Ratio | ~20.41% |
| Total Shares Post-IPO | 120,550,005 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 0% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 174,660,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 300 | HK$ 2,130 |
| 2 lots | 600 | HK$ 4,260 |
| 3 lots | 900 | HK$ 6,390 |
| 4 lots | 1,200 | HK$ 8,520 |
| 5 lots | 1,500 | HK$ 10,650 |
| 6 lots | 1,800 | HK$ 12,780 |
| 7 lots | 2,100 | HK$ 14,910 |
| 8 lots | 2,400 | HK$ 17,040 |
| 9 lots | 2,700 | HK$ 19,170 |
| 10 lots | 3,000 | HK$ 21,300 |
| 15 lots | 4,500 | HK$ 31,950 |
| 20 lots | 6,000 | HK$ 42,600 |
| 25 lots | 7,500 | HK$ 53,250 |
| 30 lots | 9,000 | HK$ 63,900 |
| 35 lots | 10,500 | HK$ 74,550 |
| 40 lots | 12,000 | HK$ 85,200 |
| 45 lots | 13,500 | HK$ 95,850 |
| 50 lots | 15,000 | HK$ 106,500 |
| 100 lots | 30,000 | HK$ 213,000 |
| 150 lots | 45,000 | HK$ 319,500 |
| 200 lots | 60,000 | HK$ 426,000 |
| 250 lots | 75,000 | HK$ 532,500 |
| 300 lots | 90,000 | HK$ 639,000 |
| 350 lots | 105,000 | HK$ 745,500 |
| 400 lots | 120,000 | HK$ 852,000 |
| 450 lots | 135,000 | HK$ 958,500 |
| 500 lots | 150,000 | HK$ 1,065,000 |
| 700 lots | 210,000 | HK$ 1,491,000 |
| 900 lots | 270,000 | HK$ 1,917,000 |
| 1,100 lots | 330,000 | HK$ 2,343,000 |
| 1,300 lots | 390,000 | HK$ 2,769,000 |
| 1,500 lots | 450,000 | HK$ 3,195,000 |
| 1,700 lots | 510,000 | HK$ 3,621,000 |
| 1,900 lots | 570,000 | HK$ 4,047,000 |
| 2,100 lots | 630,000 | HK$ 4,473,000 |
| 2,300 lots | 690,000 | HK$ 4,899,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,800 lots | 840,000 | HK$ 5,964,000 |
| 3,300 lots | 990,000 | HK$ 7,029,000 |
| 3,800 lots | 1,140,000 | HK$ 8,094,000 |
| 4,100 lots | 1,230,000 | HK$ 8,733,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 855,905,035 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 盈利約人民幣70.8百萬元 |
| Period-End Cash Balance | 人民币50,100,000元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 7.64 |
|---|---|
| First Day Open | HK$ 8.21 |
| First Day Change | 7.61% |
| First Day Volume | 13859700.0 |
| First Day Turnover | 123739000.0 |
Use of Proceeds
| Use of Proceeds | 1、約37.7%（61.9百萬港元）將用于資本投資，包括興建生產設施及購置設備，以提升生產能力及運營效率； 2、約26.7%（43.8百萬港元）將分配用于撥付與新項目有關的預付費用； 3、約12.3%（20.2百萬港元）將用于加強銷售和市場營銷發展； 4、約9.3%（15.3百萬港元）將預留作選擇性收購及投資，旨在加強供應鏈及提升技術能力； 5、約9.0%（14.8百萬港元）將分配用于增強研發能力，注重產品和技術提升； 6、約5.0%（8.2百萬港元）將分配用于營運資金及一般企業用途，以支援日常運營及維持財務靈活性。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
申万宏源融资（香港）有限公司 CE ABC209(sole)
Sponsor cum Overall Coordinator (1)
申万宏源证券（香港）有限公司 CE AAC927(sole)
Overall Coordinators (1)
申万宏源证券（香港）有限公司 CE AAC927(sole)
Joint Global Coordinators (1)
申万宏源证券（香港）有限公司 CE AAC927(sole)
Joint Bookrunners (6)
申万宏源证券（香港）有限公司 CE AAC927
农银国际融资有限公司 CE AWL249
中银国际亚洲有限公司 CE AET863
百惠证券有限公司 CE BPQ161
浦银国际融资有限公司 CE BFZ375
TradeGo Markets Limited CE BRO637
Joint Lead Managers (6)
申万宏源证券（香港）有限公司 CE AAC927
农银国际证券有限公司 CE ACX411
中银国际亚洲有限公司 CE AET863
百惠证券有限公司 CE BPQ161
浦银国际融资有限公司 CE BFZ375
TradeGo Markets Limited CE BRO637
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
姚黎李律师行 国枫律师事务所 Blumenthal Richter Sumet & Schuler Ltd. Woon Wee Yuen & Partners 霍金路伟律师行 |
| Legal Advisor to Sponsors/Underwriters |
君合律师事务所 君合律师事务所 |
| Auditor and Reporting Accountant | 香港立信德豪会计师事务所有限公司 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks | 中国银行（香港）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 彩云控股有限公司 | — | — | — | — | 6 months | 2026-06-30 |
Directors & Management
| Chairman | Mr. Zhang Chunhua |
|---|---|
| Company Secretary | Ms. Chen Yumin |
執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 陈博彦 | — | 執行董事 |
| 2 | 陈嘉琪 | — | 執行董事 |
非執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 马江 | — | 非執行董事 |
| 2 | Wajdi Maalouf | — | 非執行董事 |
獨立非執行董事 (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 何志聪 | — | 獨立非執行董事 |
| 2 | 刘绪明 | — | 獨立非執行董事 |
| 3 | 庄瀚宏 | — | 獨立非執行董事 |
| 4 | 张春华 | — | 獨立非執行董事 |
| 5 | 卞敏芳 | — | 獨立非執行董事 |
| 6 | 徐炜 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | Substantial Shareholders — 4. Pre-IPO Employee Incentive Scheme’’ in this prospectus. CIRCUMSTANCES UNDER WHICH GENERAL MEETINGS ARE REQUIRED For details of circumstances under which our Shareholders’ general meetings are required, please refer to ‘‘Appendix V — Summary of |
|---|
AI
AI Analysis
Market Sentiment
The IPO was heavily oversubscribed at 146.25x, with only 3,022 applications accepted out of 53,657, resulting in a low 5.63% hit rate that reflects strong market demand. All shares were priced at HKD 7.1, and the absence of a price range suggests pricing was fixed or demand was sufficient at that level. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Tier-level allocation data is not provided, so no anomalies across application sizes can be identified. High oversubscription typically compresses hit rates for smaller applicants, but without granular data, tier-specific inefficiencies remain unknown. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic details are missing, with total holders reported as zero and no Mainland or Hong Kong participation percentages provided. This likely indicates incomplete or unavailable data rather than a zero-holder outcome, making regional or gender analysis impossible. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
