Dajin Heavy Industry Co.,Ltd. (01081) has initiated its public offering from May 28, 2026, to June 2, 2026. The company plans a global offering of 86,965,800 H shares, with 10% allocated for the Hong Kong public offering and 90% for the international offering. An over-allotment option of up to 15% of the total offering shares is also available. The offer price is set at HK$66.40 per share, with a board lot size of 100 shares. Trading of the H shares on the Stock Exchange of Hong Kong is expected to commence at 9:00 a.m. on June 5, 2026.
The company is a globally leading supplier of core offshore wind power equipment. With nearly two decades of experience in the wind power industry, it provides integrated "construction + transportation + delivery" solutions for wind turbine foundation equipment to major global offshore wind developers. Dajin Heavy Industry has strategically positioned itself in the global deep-water offshore wind market, focusing on mainstream markets with high technical standards, quality requirements, and commercial potential. Its core business spans research, development, and manufacturing of offshore wind power equipment, specialized ocean transportation, ship design and construction, wind and photovoltaic power generation, and wind power port operations.
The company is driving an effective transition from a product supplier to a system service provider, offering the "Dajin Solution" to support the global transition to wind and photovoltaic power. During the track record period, the company's revenue was primarily derived from wind power equipment manufacturing and sales, as well as wind and photovoltaic power generation, with limited revenue from wind power port operations. No revenue was generated from ship design and construction. Revenue from product delivery was classified as part of the wind power equipment manufacturing and sales segment, and no revenue was generated from specialized ocean transportation operations.
For the years 2023, 2024, and 2025, the company's revenue was RMB 4.325 billion, RMB 3.78 billion, and RMB 6.174 billion, respectively. Its gross profit for the same periods was RMB 1.001 billion, RMB 1.127 billion, and RMB 1.919 billion, respectively.
The company has entered into cornerstone investment agreements with several investors, including GIC, HHLRA and HIM, CPE, UBS AM Singapore, Taikang Life Insurance, Eastspring Singapore, Eastspring HK, Pinpoint, ICBC Wealth Management, MWAL, Millennium, China Post Wealth Management, Wells Fargo Funds, and Wells Fargo Hong Kong. Subject to certain conditions, these cornerstone investors have agreed to subscribe, or procure their designated entities to subscribe, for shares amounting to approximately USD 358 million at the offer price.
After deducting underwriting commissions, fees, and estimated expenses related to the global offering, and assuming an offer price of HK$66.40 per share (assuming no exercise of the over-allotment option or share adjustment rights), the company estimates net proceeds of approximately HK$5.617 billion from the global offering. These funds are allocated as follows: approximately 55.0% will be used for upgrading integrated deep-water offshore solutions; approximately 20.0% for investment and construction of a European assembly base; approximately 10.0% for the company's wholly-owned global R&D center; approximately 5.0% for expansion into new overseas markets; and approximately 10.0% for general working capital and corporate purposes.
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