Group 1 - The core viewpoint of the article highlights that Meilian Holdings (02671) experienced a significant drop of over 18% on its second day of trading, falling to 6.19 HKD, below its issue price of 7.1 HKD [1] - As of the report, the stock was down 18.06%, trading at 6.26 HKD, with a transaction volume of 7.35 million HKD and a total market capitalization of less than 800 million HKD [1] - Meilian Holdings is a comprehensive provider of prefabricated steel structure construction subcontracting services, established in 1999, serving industries such as automotive, machinery, catering, and textiles [1] Group 2 - The company's main business segments include prefabricated steel structure construction subcontracting services, professional engineering general contracting, and industrial environmental protection equipment [1] - According to a report by Frost & Sullivan, Meilian Holdings ranks third in the industrial sector of China's prefabricated steel structure construction market, with a market share of 3.5% based on projected revenue for 2024 [1] - Guoyuan International previously commented that the prefabricated construction market is expected to expand with the implementation of national policies and regional government plans promoting prefabricated buildings, although the company's recent performance has been volatile [1] - The company's IPO price range corresponds to a 2024 price-to-earnings ratio of approximately 10.4 to 13.4 times, indicating a potentially high valuation [1]

Core Viewpoint - Meilian Holdings (02671) experienced a significant drop of over 18% on its second day of trading, falling to 6.19 HKD, below its IPO price of 7.1 HKD [1] Company Overview - Meilian Holdings is a comprehensive provider of prefabricated steel structure construction subcontracting services, established in 1999 [1] - The company primarily serves industries such as automotive, machinery, catering, and textiles, offering services that include project design and optimization, procurement, manufacturing, and installation [1] - Main business segments include prefabricated steel structure construction subcontracting services, professional engineering general contracting, and industrial environmental protection equipment [1] Market Position - According to a Frost & Sullivan report, Meilian Holdings ranks third in the industrial sector of China's prefabricated steel structure construction market, with a market share of 3.5% based on projected 2024 revenue [1] Future Outlook - Guoyuan International previously commented that the prefabricated construction market is expected to expand further with the implementation of national policies and regional government plans promoting the adoption of prefabricated buildings [1] - However, the company has experienced significant fluctuations in performance in recent years, and its IPO price range corresponds to a 2024 PE ratio of approximately 10.4-13.4 times, indicating a potentially high valuation [1]

Group 1 - The core viewpoint of the article is that Meilian Holdings (02671), a prefabricated steel structure construction service company, is conducting an IPO from December 18 to 23, with significant oversubscription and a target fundraising amount of nearly HKD 230 million [1][2] - Meilian Holdings plans to issue 24.6 million H-shares, with a public offering accounting for 10% of the total shares, and the offering price ranges from HKD 7.1 to HKD 9.16 [1][2] - The company has secured cornerstone investors including Caiyun, Tiny Jade, Wu Xinghua, and Logic Selective, with a total subscription amount of HKD 51.5 million [2] Group 2 - Meilian Holdings is recognized as a comprehensive prefabricated steel structure construction subcontractor in the industrial sector, providing integrated services for construction projects across various industries, including design, procurement, manufacturing, and installation [2] - The company ranks third in the industrial sector of China's prefabricated steel structure market, holding a market share of 3.5%, while the top two competitors have market shares of 35.8% and 6.5% respectively [2] - As of December 9, 2025, Meilian Holdings has 119 ongoing projects [2]

Group 1 - The Hong Kong IPO market saw six companies, including Meilian Holdings (02671.HK), launch their public offerings on December 18, marking the largest IPO event of the month [2] - Meilian Holdings plans to issue 24.6 million shares, with an expected net fundraising of approximately HKD 164 million if priced at the midpoint of HKD 8.13 [2] - The funds raised will be allocated as follows: approximately 37.7% for capital investments in production facilities and equipment, 26.7% for prepayment related to new projects, and 12.3% for enhancing sales and marketing development [2] Group 2 - Meilian Holdings operates in the prefabricated steel structure construction market, providing comprehensive subcontracting services across various sectors, including project design, procurement, manufacturing, and installation [4] - The company's revenue sources are primarily from the automotive and automotive parts industry (62.8%), food and beverage (10.7%), and machinery (10.4%) as of the first half of 2025 [4] - In the first half of 2025, Meilian Holdings reported revenue of RMB 1.424 billion and a net profit of RMB 62.629 million, with 119 ongoing projects expected to generate approximately RMB 789 million in confirmed revenue [4]

Group 1 - The company, Meilian Holdings (02671.HK), plans to globally offer 24.6 million H-shares, with 2.46 million shares available in Hong Kong and 22.14 million shares for international offering, subject to adjustments based on the exercise of the over-allotment option [1] - The expected price range for the shares is between HKD 7.10 and HKD 9.16 per share, with the subscription period from December 18 to December 23, 2025, and trading expected to commence on December 30, 2025 [1] - Meilian Holdings is a comprehensive provider of prefabricated steel structure construction services, primarily operating in China and recognized for its expertise in the industrial sector of the prefabricated steel structure market [1][2] Group 2 - According to a Frost & Sullivan report, the company ranks third in the Chinese 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] - The prefabricated steel structure market is valued for its efficiency, strength, and adaptability, making it a preferred choice for modern industrial buildings [2] - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for approximately HKD 51.5 million worth of shares, assuming a mid-range offer price of HKD 8.13 per share [2] Group 3 - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, will be approximately HKD 164.2 million [3] - The intended use of the net proceeds includes approximately 37.7% for capital investments, 26.7% for prepayments 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]

聯席賬簿管理人及聯席牽頭經辦人 美聯鋼結構建築系統(上海)股份有限公司 USAS BUILDING SYSTEM SHANGHAI CO., LTD. ( ) （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2671 全球發售 獨家保薦人、獨家整體協調人、獨家全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 美聯鋼結構建築系統(上海)股份有限公司 USAS BUILDING SYSTEM SHANGHAI ( ) CO., LTD. 美聯鋼結構建築系統(上海)股份有限公司 CO., LTD. USAS BUILDING SYSTEM SHANGHAI ( ) 聯席賬簿管理人及聯席牽頭經辦人 重 要 提 示 重要提示：如您對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 USAS Building System (Shanghai) Co., Ltd. 美 聯 鋼 結 構 建 築 系 統（ 上 海 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售項下的發售股份數目 ： 24,600,000股H股（視乎超額配股權行使與否而定） 香港發售股份數目 ： 2,460, ...

Core Viewpoint - Meilian Steel Structure Building System (Shanghai) Co., Ltd. has passed the listing hearing on the main board of the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong as the sole sponsor [1] Company Overview - Meilian is a comprehensive provider of prefabricated steel structure building subcontracting services, offering integrated services including project design, procurement, manufacturing, and installation primarily in China and overseas [3] - The company ranks third in the industrial sector of China's prefabricated steel structure building market with a market share of 3.5% as of 2024, while the top two competitors hold market shares of 35.8% and 6.5% respectively [3][5] Business Segments - The company's operations are divided into three categories: (i) prefabricated steel structure building subcontracting services, (ii) specialized engineering contracting, and (iii) industrial environmental protection equipment [4] - The prefabricated steel structure building subcontracting services are the cornerstone of the business, providing tailored integrated services for various industrial project needs [4] - The specialized engineering contracting segment oversees the entire project lifecycle, including implementation, quality control, and budget management [4] - The industrial environmental protection equipment segment focuses on mechanical filtration and noise reduction systems, contributing significantly to revenue [4] Market Dynamics - The industrial sector of the prefabricated steel structure building market in China is highly concentrated, with the largest player dominating the industry [5] - The company's production capacity is supported by advanced facilities located in Shanghai, Suzhou, and Jiangmen, equipped to meet diverse business demands [6] Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 is approximately CNY 1.903 billion, CNY 1.453 billion, and CNY 1.523 billion respectively, with profits of CNY 87.8 million, CNY 62.1 million, and CNY 70.8 million [7][8] - The utilization rates for prefabricated steel structure components were 128.3%, 88.1%, and 101.7% for the years 2022, 2023, and 2024 respectively, while the industrial environmental protection equipment utilization rates were 50.9%, 72.7%, and 85.9% [6]

Core Viewpoint - Meilian Steel Structure Building System (Shanghai) Co., Ltd. is preparing for a listing on the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong as the sole sponsor, focusing on the prefabricated steel structure building market in China [1] Group 1: Company Overview - Meilian is a comprehensive subcontractor in the prefabricated steel structure building market, providing services that include project design, procurement, manufacturing, and installation [1][2] - The company has established a strong reputation in the industrial sector of the prefabricated steel structure market in China, ranking third with a market share of 3.5% as of 2024 [1][3] Group 2: Business Segments - The company's operations are divided into three categories: (i) prefabricated steel structure subcontracting services, (ii) specialized engineering contracting, and (iii) industrial environmental protection equipment [2] - The prefabricated steel structure subcontracting services are the cornerstone of the business, offering tailored solutions that encompass design, manufacturing, on-site installation, and quality assurance [2] Group 3: Industrial Environmental Protection Equipment - The industrial environmental protection equipment segment focuses on mechanical filtration and noise reduction systems (MFAS), which currently contribute the majority of the company's revenue [3] - The company is also developing and commercializing an advanced air pollution control (APC) product line to meet the growing demand in industrial manufacturing environments [3] Group 4: Production Capacity and Performance - The company operates advanced production facilities in Shanghai, Suzhou, and Jiangmen, which support the production of prefabricated steel structure components and industrial environmental protection equipment [4] - Capacity utilization rates for prefabricated steel structure components were 128.3%, 88.1%, 101.7%, and 158.7% for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [4] - The company has a total of 119 projects on hand as of December 9, 2025, with revenue figures for the years 2022 to 2025 showing fluctuations, with 1.903 billion, 1.453 billion, 1.523 billion, and 1.424 billion RMB respectively [5]

Core Viewpoint - Meilian Steel Structure Building System (Shanghai) Co., Ltd. is preparing for its main board listing on the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong as the sole sponsor [1]. Company Overview - Meilian is a comprehensive provider of prefabricated steel structure building subcontracting services, offering integrated services including project design, procurement, manufacturing, and installation primarily in China and overseas [3]. - The company ranks third in the industrial sector of China's prefabricated steel structure building market with a market share of 3.5% as of 2024, while the top two competitors hold market shares of 35.8% and 6.5% respectively [3][5]. Business Segments - The company's operations are divided into three categories: (i) prefabricated steel structure building subcontracting services, (ii) specialized engineering contracting, and (iii) industrial environmental protection equipment [4]. - The prefabricated steel structure building subcontracting services are the cornerstone of the business, providing tailored integrated services for various industrial project needs [4]. - The specialized engineering contracting segment oversees the entire project lifecycle, including implementation, quality control, and budget management [4]. - The industrial environmental protection equipment segment focuses on mechanical filtration and noise reduction systems, contributing significantly to revenue [4]. Market Dynamics - The industrial sector of the prefabricated steel structure building market in China is highly concentrated, with the largest players dominating the industry [5]. - The company’s production capacity is supported by advanced facilities located in Shanghai, Suzhou, and Jiangmen, which are equipped to meet diverse business demands [6]. Financial Performance - The company reported revenues of approximately RMB 1.903 billion, RMB 1.453 billion, RMB 1.523 billion, and RMB 1.424 billion for the fiscal years ending in 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [7]. - Profit figures for the same periods were RMB 87.77 million, RMB 62.13 million, RMB 70.78 million, and RMB 62.63 million [7]. - The company’s bid win rates for prefabricated steel structure projects were 27.8%, 30.3%, 22.7%, and 32.1% for the respective years, while the total contracting projects had win rates of 25.0%, 20.0%, 35.3%, and 18.8% [6].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of USAS Building System (Shanghai) Co., Ltd. 美 聯 鋼 結 構 建 築 系 統（ 上 海 ）股 份 有 限 公 司 ( ...