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flag Chinese prefabricated steel firm USAS Building to debut on Hong Kong Stock Exchange Dec. 30, 2025.

flag USAS Building System (Shanghai) Co., Ltd., a top-three Chinese provider of industrial prefabricated steel structures by revenue in 2024, is set to list on the Hong Kong Stock Exchange on December 30, 2025. flag The company offers full-process services for industrial plants, with its core prefabricated steel subcontracting business accounting for 81.5% of 2024 revenue. flag Annual revenue from 2022 to 2024 ranged from RMB1.45 billion to RMB1.9 billion, with core gross margins stable at 13%–15%. flag First-half 2025 revenue reached RMB1.424 billion. flag The company is expanding internationally, with overseas industrial environmental equipment revenue rising to RMB100 million in 2024 from RMB31.82 million in 2022, supported by certifications in China, the U.S., Europe, and Canada.

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