On May 5, Dajin Heavy Industry Co., Ltd. (hereinafter referred to as “Dajin Heavy Industry” or “the Company”) issued an announcement stating that the Company is currently working on applying for the issuance of overseas listed shares (H shares) and listing on the Main Board of the Hong Kong Stock Exchange (hereinafter referred to as “this issuance and listing”).
The announcement disclosed that the Listing Committee of the Hong Kong Stock Exchange held a listing hearing on April 30, 2026, to review Dajin Heavy Industry’s application for listing. The joint sponsors of Dajin Heavy Industry’s listing received a letter from the Hong Kong Stock Exchange on May 4, 2026, stating that the Listing Committee had reviewed Dajin Heavy Industry’s listing application, but this letter did not constitute formal listing approval, and the Hong Kong Stock Exchange still reserves the right to provide further comments on Dajin Heavy Industry’s listing application.
In its Q1 2026 report released on April 28, Dajin Heavy Industry stated that the company’s IPO aims to further solidify its global strategic layout, streamline the entire process of “R&D, manufacturing, shipping, and delivery” of its marine engineering business in China and overseas, enhance its overall competitiveness in the international market, and thus meet the needs of continuous development and efficiency improvement of its overseas business.
The size of this stock issuance will not exceed 15% of the total share capital after the issuance. After deducting relevant issuance expenses, all proceeds will be used for the business development of Dajin Heavy Industry, including but not limited to: R&D and capacity expansion of cutting-edge technologies and products in the global marine engineering field, expansion of global markets and businesses, strategic investment and acquisitions, construction of new energy projects, supplementation of working capital and other general corporate purposes.
It is understood that Dajin Heavy Industry was founded in 2000 and listed on the Shenzhen Stock Exchange in 2010. It was the first listed company in China’s wind turbine tower industry and has now become a leading global wind power equipment manufacturer. In 2022, Dajin Heavy Industry established Dajin Panjin shipbuilding facility, which is one of Dajin Heavy Industry’s three major marine engineering bases in the Bohai Rim region. It mainly builds self-propelled deck transport vessels, semi-submersible vessels, heavy-lift vessels, floating docks, wind power operation and maintenance vessels, and other special marine engineering vessels.
As the shipbuilding industry enters a new boom period, Daikin Heavy Industries is keeping pace with market trends and actively expanding its mainstream commercial shipbuilding business. In late April, the shipyard announced that it had signed contracts with Norwegian and Greek shipowners for four 210,000-ton deadweight bulk carriers, with order values of approximately US$294 million and US$297 million respectively. The total cost of the eight new ships is approximately US$591 million (approximately RMB 4.058 billion), and they are expected to be delivered in batches between 2028 and 2029.
As the shipbuilding industry enters a new boom period, Dajin Heavy Industry is keeping pace with market trends and actively expanding its mainstream commercial shipbuilding business. In late April, the shipbuilder announced that it had signed contracts with Norwegian and Greek shipowners for four 210,000 DWT bulk carriers, with order values of approximately US$294 million and US$297 million respectively. The total cost of the eight new ships is approximately US$591 million, and they are expected to be delivered in batches between 2028 and 2029.
Although Dajin Heavy Industry has not disclosed the identities of the shipowners, market sources indicate that Seatankers Management, a private investment company owned by Norwegian shipping magnate John Fredriksen, and Greek shipowner Danaos have placed orders for 210,000 deadweight tons of bulk carriers with Dajin Heavy Industry. Seatankers Management’s order includes four optional vessels; Danaos’s four new vessels are already included in its fleet data, marking its first bulk carrier order.
In the first quarter of 2026, Dajin Heavy Industry achieved operating revenue of approximately RMB 1.906 billion (approximately US$280 million), representing a year-on-year increase of 67.17%; net profit attributable to shareholders of the listed company was approximately RMB 435 million (approximately US$64 million), representing a year-on-year increase of 88.19%; and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was approximately RMB 427 million (approximately US$63 million), representing a year-on-year increase of 73.86%.