China's Dajin Heavy Seeks Up to $736M in Hong Kong IPO

Dajin Heavy Industry to List on Hong Kong Stock Exchange

Chinese wind power equipment maker Dajin Heavy Industry (SZSE:002487) plans to raise up to HK$5.77 billion ($736.5 million) through a Hong Kong listing, according to its prospectus. The company is offering 86.97 million shares at up to HK$66.40 each, with trading expected to begin on June 5.

Investors and Use of Proceeds

Cornerstone investors include Singapore's GIC, Hillhouse, and UBS Asset Management Singapore, among others, agreeing to take about HK$2.80 billion of shares, nearly half of the base offering. Dajin has an option to increase the offering size by 15%.

The company intends to allocate 55% of IPO proceeds toward enhancing deep-sea wind power services, 20% to fund an assembly base in Europe, 10% to global R&D, 5% to overseas market expansion, and the remaining 10% for working capital.

Company Performance and Market Position

Dajin, which manufactures offshore wind foundations, towers, and related equipment, ranked as Europe's largest offshore wind foundation supplier by monopile sales value in the first half of 2025. The company reported net profit more than doubled in 2025 to 1.10 billion yuan ($162.27 million), while revenue climbed 63.3% year-on-year to 6.17 billion yuan.

Huatai Financial and China Merchants Securities are acting as joint sponsors for the listing.