💰 Biggest IPO of the year: Chinese construction machinery giant Sany Heavy Industry aims to raise up to HK$12.4 billion (≈ US$1.6 billion) through its secondary listing in Hong Kong. Trading begins on October 28, with 580 million shares offered at HK$20.30–21.30 each. Around 10% of the shares are allocated to retail investors.
🌏 Global expansion drive: Roughly 45% of the proceeds will go toward international sales and service networks, 20% toward new overseas manufacturing capacity, and 25% toward R&D. Sany now sells in over 150 countries, generating more than 60% of its revenue outside China.
⚙️ Chasing the giants: With about US$12 billion in annual revenue, Sany remains smaller than rivals Caterpillar (US$67 billion) and Komatsu (US$23 billion), but it aims to catch up in electrification and digitalization. The listing is designed to strengthen its global footprint and elevate it into the top league of industrial competitors.
🤝 Cornerstone investors: The 23 cornerstone investors include Temasek, BlackRock, Jane Street, UBS AM, RBC GAM, and Oaktree Capital, collectively committing around US$758 million in shares.
📊 Hong Kong IPO wave: Alongside Sany, CIG Shanghai, Deepexi Technology (AI applications), and Bama Tea will also list next week. The city aims to reclaim its role as China’s key offshore fundraising hub.
Big Picture
Hong Kong is testing its comeback as a financial hub with four IPOs in a single day — and Sany leads the charge. The pricing sends a clear signal: at HK$20.30–21.30, shares are listed roughly 13–17% below Sany’s Shanghai price, a deliberately investor-friendly discount. While Western markets remain cautious, sovereign funds and major asset managers are betting on Asia’s infrastructure story. For Sany, this IPO is a door-opener — marking its transformation from a national manufacturer into a credible global rival to Caterpillar and Komatsu.
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