Chinese wind power equipment maker Dajin Heavy Industry slipped 11.1% in its Hong Kong debut on Friday after an up to HK$6.64 billion ($847.57 million) share sale.
The stock opened flat to the offer price at HK$66.4 before slipping to HK$59.05. It last traded at HK$61.4, down 7.5%. The benchmark Hang Seng Index eased 0.5%
Dajin sold 86.97 million shares at HK$66.40 each in a global offering. It exercised an option to upsize the offering by 15%, or 13.04 million shares, adding about HK$866 million.
Cornerstone investors took about HK$2.8 billion of shares, or nearly half of the base offering. They include Singapore’s GIC, Hillhouse and UBS Asset Management Singapore.
Shenzhen-listed Dajin plans to use 55% of the proceeds to enhance deep-sea wind power services and 20% to fund the construction of an assembly base in Europe.
The rest will be used for research and development, overseas market expansion and working capital.
Dajin makes offshore wind foundations, towers and related equipment. It said it ranked as Europe’s largest offshore wind foundation supplier by monopile sales value in the first half of 2025, citing consultancy firm Frost & Sullivan.
The company’s net profit more than doubled in 2025 to 1.10 billion yuan ($162.40 million), while revenue rose 63.3% to 6.17 billion yuan.
Huatai Financial and China Merchants Securities were joint sponsors for the listing.
($1 = 7.8342 Hong Kong dollars)
Reuters
