IPO News | Midland Stock (02671) ended its stock offering and recorded a margin subscription amount of HK$2.75 billion, an overpurchase 121 times

The Zhitong Finance App learned that prefabricated steel construction service company Midland Co., Ltd. (02671) offered shares at noon from December 18 to 23. Midland Securities received a margin of HK$2.75 billion from the public sale, which raised an amount of HK$22.53 million, exceeding the purchase 121 times.

Associated Press plans to issue 24.6 million H shares, 10% of which will be publicly sold in Hong Kong. The offering price ranges from HK$7.1 to HK$9.16, and the maximum capital raised is nearly HK$230 million. Each lot has 300 shares, and the entry fee for the first hand is HK$2775.7. Midland shares are expected to be listed for sale on December 30. Shen Wan Hongyuan Hong Kong is the sole sponsor.

Midland Holdings introduced Caiyun, Tiny Jade, Wu Xinghua, and Logic Selective as cornerstone investors, with a subscription amount of HK$51.5 million.

According to the prospectus, Midland Co., Ltd. is a comprehensive prefabricated steel construction subcontract service provider for the industrial sector in the prefabricated steel structure (prefabricated steel structure) market. The company provides comprehensive services for construction projects in various industries, covering project design and optimization, procurement, manufacturing and installation. The company is mainly engaged in the construction of precast steel structures in China (and to a lesser extent overseas). With its technology and expertise, the company has established a strong reputation in the industrial sector of the Chinese prefabricated steel construction market.

According to the Frost & Sullivan report, in terms of 2024 revenue, the company ranked third in the industrial sector of China's precast steel construction market, with a market share of 3.5%; the market shares of the two major players were 35.8% and 6.5%, respectively. As of December 9, 2025, the company had 119 active projects.