Core Viewpoint - Meilian Holdings (02671) plans to conduct a global offering of 22.5 million shares from December 18 to December 23, 2025, with a price range of HKD 7.10 to HKD 9.16 per share, aiming to enhance its position in the prefabricated steel structure construction market [1][2] Group 1: Company Overview - The company is a comprehensive subcontractor in the prefabricated steel structure construction market, providing integrated services including project design, procurement, manufacturing, and installation [1] - It ranks third in the industrial sector of China's prefabricated steel structure market with a market share of 3.5%, while the top two competitors hold market shares of 35.8% and 6.5% respectively [1][2] Group 2: Market Insights - The prefabricated steel structure construction market is recognized for its efficiency, strength, and adaptability, particularly in industrial applications that require large-span buildings and rapid assembly [2] - The company's brand "Meilian Steel Structure" is well-recognized in the industry and market, reflecting its reputation for providing tailored integrated services [2] Group 3: Financial Projections and Use of Proceeds - Assuming a share price of HKD 8.13 and no exercise of the over-allotment option, the estimated net proceeds from the global offering will be approximately HKD 164 million [3] - The company plans to allocate approximately 37.7% of the net proceeds for capital investments, including building production facilities and acquiring equipment to enhance production capacity and operational efficiency [3] - Other allocations include 26.7% for prepayment related to new projects, 12.3% for sales and marketing development, 9.3% for selective acquisitions and investments, 9.0% for enhancing R&D capabilities, and 5.0% for working capital and general corporate purposes [3]