Meli Holdings (02671) will be listing from December 18 to December 23, and is expected to be listed on December 30th.

China Construction (02671) issued shares from December 18 to December 23, 2025, intending to globally sell 24.6 million shares, with 10% of the shares sold in Hong Kong and 90% sold internationally. There is also an additional 15% over-allotment option, with a selling price of HK$7.10-9.16 per share. A board lot consists of 300 shares, and the shares are expected to start trading on the Hong Kong Stock Exchange on December 30, 2025. The company is an industrial integrated prefabricated steel structure construction subcontracting service provider in the prefabricated steel structure construction market. The company provides comprehensive services for construction projects across various industries, including project design and optimization, procurement, manufacturing, and installation. The company primarily engages in the construction of prefabricated steel structures in China (followed by overseas projects). With its technology and expertise, the company has established a good reputation in the industrial prefabricated steel structure construction market in China. According to Frost & Sullivan report based on revenue in 2024, the company ranks third in the industrial sector of the Chinese prefabricated steel structure construction market, with a market share of 3.5%, while the market shares of the two major players are 35.8% and 6.5%, respectively. According to the Frost & Sullivan report, the industrial sector of the prefabricated steel structure construction market includes the design, production, and installation of steel building components, providing excellent efficiency, strength, and adaptability in industrial, commercial, and residential applications. In the industrial sector, prefabricated steel structure construction is particularly valued for its ability to meet large span building requirements, achieve rapid assembly and installation, and have scalability, making it the optimal choice for modern industrial buildings. The company provides tailored integrated prefabricated steel structure construction subcontracting services to meet diverse project requirements and has been widely recognized, with its "Meili Steel Structure" brand also being well-received in the industry and market. The company has entered into cornerstone investment agreements with Caiyun, Tiny Jade, Mr. Wuxinghua, Logic Selective, among others. Subject to certain conditions, the cornerstone investors have agreed to subscribe for or cause their designated entities to subscribe for a total of approximately HK$51.5 million worth of shares at the offer price. Assuming the offer price is HK$8.13 per H share and the over-allotment option is not exercised, the company estimates that the net proceeds from the global offer will be approximately HK$164 million. If the over-allotment option is fully exercised and assuming the offer price per share is HK$8.13, the company will receive an additional net proceeds of approximately HK$28.8 million. The company plans to use the net proceeds from the global offer as follows: approximately 37.7% for capital investment, including the construction of production facilities and the purchase of equipment to enhance the company's production capacity and operational efficiency; approximately 26.7% for the allocation of prepayment expenses related to new projects; approximately 12.3% to strengthen the company's sales and marketing development; approximately 9.3% reserved for selective acquisitions and investments to strengthen the company's supply chain and enhance its technological capabilities; approximately 9.0% for enhancing the company's research and development capabilities, focusing on product and technology upgrades; and approximately 5.0% for operational funds and general corporate purposes to support the company's daily operations and maintain financial flexibility.