According to market information, the subscription period for the Hong Kong IPO of Dajin Heavy Industry Co.,Ltd. (01081) concluded on June 2.
The company's public offering, which ran from May 28 to June 2, aimed to issue 86.966 million H shares. The public offer portion in Hong Kong accounted for 10% of the total, with an offer price set at HK$66.40 per share. Each board lot consists of 100 shares, requiring an entry fee of HK$6,707 per lot. 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. Huatai International and China Merchants Securities International are the joint sponsors of the offering.
Data indicates that by the close of the subscription period at noon on June 2, the public offer portion had attracted margin financing subscriptions totaling approximately HK$36.3 billion. Against a public offering size of HK$580 million, this represents an oversubscription level of approximately 61.9 times.
Company Overview and Business Model
As detailed in its prospectus, the company is a globally leading supplier of core equipment for the offshore wind power sector. With nearly two decades of experience in the wind power industry, it provides a one-stop solution encompassing construction, transportation, and delivery of wind power foundation equipment for major global offshore wind developers.
The company has strategically positioned itself in the global deep-sea wind power market, focusing on mainstream markets with high technical standards, quality requirements, and commercial potential. Its core business areas include the research, development, and manufacturing of offshore wind power foundations; specialized ocean transport; ship design and construction; wind and photovoltaic power generation; and the operation of wind power hub ports. This strategy facilitates a transition from being a product supplier to a system service provider, offering integrated solutions for the global development of green energy from wind and solar power.
Historical Revenue Sources
During the track record period, the company's revenue was primarily derived from the manufacturing and sale of wind power equipment, as well as wind and photovoltaic power generation. It generated limited revenue from the operation of its wind power hub port. The company did not generate revenue from ship design and construction activities during this period. Revenue from product delivery was classified as part of the income from manufacturing and selling wind power equipment, while the company did not generate revenue from its specialized ocean transport business.
Market Position and Competitive Landscape
According to data from Frost & Sullivan, based on sales value in the first half of 2025, the company was the top-ranked supplier of offshore wind power foundation equipment in the European market. Its market share increased from 18.5% in 2024 to 29.1% in the first half of 2025.
Furthermore, as of June 30, 2025, based on a review of publicly disclosed documents from several competitors with similar product delivery profiles, the company was the sole supplier in the Asia-Pacific region to have achieved batch deliveries of monopiles to Europe.
According to the same data source, based on sales value in the first half of 2025, the company ranked fifth among Chinese wind tower suppliers with a 2.4% market share. It held the third position in 2024 with a 4.4% market share.
Cornerstone Investors
The company has secured a group of cornerstone investors who have subscribed for a total of US$360 million. These investors include Singapore's GIC, HHLRA and HIM under Hillhouse Capital, CPE Juniper from Yuanfeng Capital, UBS Asset Management Singapore, Taikang Life Insurance, Eastspring Investments (a subsidiary of Prudential plc (02378)), Pinpoint, ICBC Wealth Management, MWAL under Marshall Wace, Millennium Management, China Post & Capital Wealth Management, and Wells Fargo.
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