2025.12.31
On December 30, 2025, USAS Building System (Shanghai) Co., Ltd. (USAS, stock code: 02671.HK) was listed on the main board of the Hong Kong Stock Exchange, offering 24,600,000 H shares.
Established in 1999 and headquartered in Shanghai, USAS provides prefabricated steel structure building subcontracting services. It provides integrated services for construction projects across various industries, covering project design and optimization, procurement, manufacturing and installation. According to the Frost & Sullivan report, in 2024, USAS ranked third in the industrial sector of China’s prefabricated steel structure building market in terms of revenue. The company provides customized integrated prefabricated steel structure building subcontracting services to meet the diverse needs of projects, and its Metallurgical Steel Structure brand is widely recognized and highly valued by the industry and the market.
JunHe acted as the PRC legal counsel and Hong Kong legal counsel for the sole sponsor and underwriter and served as the drafting lawyer for the project. JunHe’s Shanghai team assisted the sole sponsor and underwriter in conducting PRC legal due diligence and reviewing and modifying the prospectus and the other application and offering documents. They assisted and closely cooperated with other intermediaries in drafting and preparing the full set of legal documents for the overseas listing filing with the China Securities Regulatory Commission (CSRC), and in responding to inquiries from the CSRC, the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange on PRC legal issues, as well as other communications and interviews with the regulatory authorities. JunHe’s Hong Kong team assisted the sponsor and underwriter in conducting due diligence, coordinated the preparation of the A1 listing application form and the other offering documents, and conducted the prospectus verification. They drafted and modified the underwriting agreement, the pricing agreement and the other IPO-related agreements, prepared the IPO-related forms and announcements, led the closing of the project, and coordinated communications between the client and the other intermediaries. JunHe acted as the drafting legal team and drafted and modified the main chapters of the prospectus and assisted in responding to inquiries from the Hong Kong Stock Exchange and the Hong Kong Securities and Futures Commission.
JunHe’s Shanghai and Hong Kong teams provided comprehensive, high-quality and efficient legal services and prospectus drafting services. They assisted in successfully completing the filing procedures with the CSRC and obtaining approval and consent for the listing application from the Hong Kong Stock Exchange. JunHe’s rigorous and efficient work style, and meticulous and dedicated service attitude have been recognized and highly trusted by the issuer, the sole sponsor, the underwriter and the other intermediaries. The sole sponsor for the IPO of USAS is Shenwan Hongyuan Capital (H.K.) Limited.
JunHe’s Shanghai team was led by partner WANG, Yi, JIANG, Wenjun (Kelvin) and SHANG, Shiming (George), with support from partner QIAN, Yiqian for the internal review. ZHANG, Ke, Yuki Chan and YANG, Yinglei led the Hong Kong team.
