Dajin Heavy, a Chinese wind equipment manufacturer, makes its Hong Kong debut
After a share sale of up to HK$6.64billion ($847.57 mln), Dajin Heavy Industry, a Chinese wind-power equipment manufacturer, fell 11.1% on its 'Hong Kong debut Friday.
*?The'stock opened flat at HK$66.4, before slipping down to HK$59.05. Last traded at HK$61.4 down 7.5%. The Hang Seng Index, the benchmark index, fell 0.5%
* Dajin has sold 86.97 millions shares?at HK$66.40 per share in a global offer. It exercised its option to increase the size of the offering by 15% or 13.04 millions shares, adding approximately?HK$866,000,000.
Cornerstone investors bought nearly half the base offering, which was HK$2.8billion. These include Singapore's GIC Asset Management Singapore, Hillhouse, and?UBS Asset Management Singapore.
*?Shenzhen listed Dajin intends to use 55% proceeds to improve deep-sea power services, and 20% for the construction of a base of assembly in Europe.
The remainder will be used to expand overseas markets, for research and development and as working capital.
Dajin manufactures offshore wind foundations, turbines and other equipment. Frost & Sullivan, a consultancy firm, said that it was Europe's biggest offshore wind foundation -supplier in terms of?monopile sale value during the first half 2025.
* * The company's profit has more than doubled to 1.10 billion Yuan ($162.40 millions) in 2025, while revenues have increased by 63.3%.
Huatai Financial & China Merchants Securities were jointly sponsors for the listing. $1 = 7.8342 Hong Kong Dollars (reporting and editing by Muralikumar A. Anantharaman, Subhranshu S. Sahu and Yantoultra. Ngui)
(source: Reuters)
