Sany Heavy Industry's Hong Kong listing marks key step in going globalization

Chinese equipment manufacturer Sany Heavy Industry got listed on the main board of the Hong Kong Stock Exchange on Tuesday — a critical step in its globalization strategy, industry experts said.

The step was taken after it was listed on the Shanghai Stock Exchange on July 3, 2003, marking the company's successful construction of a pattern for getting listed on both the A-share market and the H-share market.

Xiang Wenbo, rotating chairman of Sany Group, chairman of Sany Heavy Industry, said: "Getting listed on the HKSE offered us more opportunities to discover broader international financing channels, and embrace larger international markets. Taking advantage of Hong Kong as a super financial hub, we will constantly promote our strategy of globalization, intellectualization and low-carbonization."

Sany Heavy Industry is offering about 632 million H-shares globally, with an additional 15 percent over allotment option at a price of HK$21.30 ($2.7) per share. The IPO has introduced 21 cornerstone investors, who have subscribed for a total of $759 million in the issued shares, including Temasek, BlackRock Inc, Infore Capital, and Hillhouse Group.

As of 5 pm on Tuesday, the company's share price rose by 2.82 percent to HK$21.90.

A report from Frost & Sullivan showed that between 2020 and 2024, in terms of cumulative revenue of core construction machinery products, Sany Heavy Industry ranked third in the world and top in China. From 2020 to 2024, the cumulative sales of its excavators ranked first in the world, and the cumulative revenues of its concrete machinery ranked first. Between 2022 and 2024, the compound annual growth rate of the company's overseas revenues reached 15.2 percent.

That Sany Heavy Industry got listed on the HKSE is an important step of its capital and globalization strategy. Listed on both the A-share and H-share markets, the company is able to expand financing channels, getting supports in technical research and development, capacity expansion and global market exploration, industry experts said.

zhengyiran@chinadaily.com.cn