China’s Sany Heavy Industry is starting to gauge investor interest in its Hong Kong listing, according to the deal’s terms seen by Bloomberg News, inching closer to what would be among the city’s biggest first-time share sales this year.
The construction-machinery maker would conduct so-called investor-education meetings this week starting Monday, the terms showed. The company planned to list its shares in the coming weeks to raise around US$1.5 billion, people familiar with the matter said.
Sany Heavy’s listing would add to a recent wave of fundraising by Chinese firms, which has fuelled a strong revival of stock listings in the Asian financial hub. Bloomberg Intelligence estimated total proceeds from first-time share sales in the city would top US$26 billion in 2025.
Founded in 1994, the company counts equipment contractors, construction companies, mining operators and infrastructure developers among its customers. It reported a profit of 6.1 billion yuan (US$854 million) in 2024, up 32 per cent from the previous year.
Sany Heavy planned to use 45 per cent of the Hong Kong listing’s proceeds to further develop its global sales and service network, the terms showed. It is also set to use 25 per cent of the proceeds for enhancing its research and development, 20 per cent for expanding overseas manufacturing capabilities and boosting efficiency, and the rest for working capital and general corporate purposes.
Sany Heavy is already listed in Shanghai, where its shares have risen almost 40 per cent this year.
