Sany Heavy Industry to Raise Up to $1.59 Billion in Hong Kong Listing

Sany Heavy Industry is seeking to raise up to $1.59 billion through its Hong Kong listing, selling 580.4 million shares at a price range of HK$20.30 to HK$21.30 each. Cornerstone investors have taken up stock worth about $759 million. The listing underscores Hong Kong's resurgence as a fundraising hub for Chinese companies, with mounting U.S. scrutiny pushing firms to pivot away from American exchanges.

SANY Heavy Industry Co., Ltd., a leading player in the global construction machinery industry, has successfully navigated the Hong Kong Stock Exchange (HKEX) listing hearing and is expected to list on the Main Board of the HKEX in the near future, according to a Futunn post. The company aims to raise up to $1.59 billion through the sale of 580.4 million shares, priced within the range of HK$20.30 to HK$21.30 each. Cornerstone investors have already committed to purchasing stock worth approximately $759 million, signaling strong interest in the IPO.

SANY Heavy Industry, founded in 1989, has a robust history of innovation and growth, with a focus on research, development, manufacturing, sales, and services of construction machinery products. The Futunn post notes that, according to Frost & Sullivan, the company ranked as the world's third-largest and China’s largest construction machinery enterprise by cumulative revenue from 2020 to 2024, with a strong presence in excavators and concrete machinery.

The company's extensive global footprint, with operations in over 150 countries and regions, has contributed significantly to its revenue. In the first four months of 2025, overseas market revenue accounted for 57.4% of the company’s total income, the Futunn post adds. SANY Heavy Industry's recent advancements in new energy products and digital intelligence, including the introduction of 5G remote-controlled excavators and intelligent cranes, have further solidified its position in the market.

The company's shareholder structure, as disclosed in the post-hearing prospectus and summarized by the Futunn post, shows a significant holding by Sany Group, in which Mr. Liang Wengen holds a 56.74% interest, and other members of the controlling shareholder group. The board of directors, consisting of seven members including two executive directors, two non-executive directors, and three independent non-executive directors, provides strong governance oversight.

SANY Heavy Industry's financial performance has been consistent, with revenue and net profits growing steadily over the past years. For the fiscal years 2022, 2023, 2024, and the first half of 2025, the company reported revenues of RMB 80.839 billion, RMB 74.019 billion, RMB 78.383 billion, and RMB 29.426 billion, respectively, with corresponding net profits of RMB 4.433 billion, RMB 4.606 billion, RMB 6.093 billion, and RMB 3.476 billion, as reported in the Futunn post.

The IPO is part of a broader trend of Chinese companies pivoting away from U.S. exchanges due to mounting scrutiny. Hong Kong's stablecoin regulatory framework has also faced challenges, with the city's stablecoin push hitting a snag amidst concerns over privately controlled digital currencies, according to a TradingView report.