Shares of Dajin Heavy Industry, a Chinese maker of wind power equipment, ended flat following their Hong Kong debut on Friday after a share sale of up to HK$6.64 billion ($847.57 million).
The stock opened flat relative to the offer price at HK$66.4 before slipping to HK$59.05. It last traded at HK$66.4 a share with 17.95 million shares worth HK$1.16 billion changing hands. The benchmark Hang Seng Index slipped 1.15 per cent.
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 per cent, or 13.04 million shares, adding about HK$866 million.
Cornerstone investors took up 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 per cent of the proceeds to enhance deep-sea wind power services and 20 per cent to fund the construction of an assembly operation 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 CNY1.10 billion ($162.40 million), while revenue rose 63.3 per cent to CNY6.17 billion.
Huatai Financial and China Merchants Securities were joint sponsors for the listing.
(Reporting by Donny Kwok in Hong Kong and Yantoultra Ngui in Singapore; Editing by Muralikumar Anantharaman, Subhranshu Sahu and Thomas Derpinghaus)