Dajin Heavy Industry Records HK$36.3 Billion in Margin Subscriptions, Oversubscribed 61.9 Times
Alina Collins
Dajin Heavy Industry (大金重工) closed its IPO book at noon on June 2, drawing HK$36.3 billion in margin subscriptions for the retail tranche — 61.9× oversubscribed — backed by a US$360 million cornerstone lineup that spans sovereign funds, hedge funds, and insurers.
61.9× oversubscribed — what does that actually mean?
The retail tranche aimed to raise HK$580 million; margin applications hit HK$36.3 billion, making it 61.9× oversubscribed.
This means → for every HK$1 of retail allocation, more than HK$60 was chasing it; retail investors' odds of getting shares will be sharply compressed.
Each board lot is 100 shares at HK$66.40 per share, costing HK$6,707 to enter. H-shares are expected to begin trading on June 5 at 9 a.m.
Why does the cornerstone lineup matter?
Cornerstones committed a combined US$360 million, including GIC (Singapore's sovereign fund), Hillhouse Capital, UBS Asset Management, Taikang Life, and Eastspring Investments (Prudential's arm) — over a dozen institutions in total.
In plain terms = sovereign wealth, hedge funds (Marshall Wace, Millennium), long-only managers, and insurers all showed up in the same deal — a rare breadth of institutional endorsement.
Joint sponsors are Huatai International and China Merchants Securities International.
What does Dajin Heavy Industry actually do?
The company is a core offshore wind-power equipment supplier — it builds the heavy foundations, such as monopiles driven into the seabed, that offshore wind farms stand on. It has been in the wind-power industry for nearly twenty years.
Operations span equipment R&D and manufacturing, ocean-going specialty transport, vessel design and construction, wind and solar power generation, and wind-power mother-port operations.
Revenue currently comes mainly from wind-equipment manufacturing and sales and wind and solar generation; vessel design and construction has not yet generated revenue.
How strong is its position in Europe?
According to Frost & Sullivan, by monopile sales value in H1 2025, Dajin Heavy Industry ranked No. 1 in Europe among offshore wind foundation suppliers.
Its European market share rose from 18.5% in 2024 to 29.1% in H1 2025 — a jump of more than 10 percentage points in six months.
This reflects an accelerating European offshore-wind build-out, and Dajin is the only Asia-Pacific supplier delivering monopiles to Europe at scale — leaving it with virtually no regional competitors in the near term.
Content is for reference only, not financial advice.