BRIEF: Sany Heavy plans Hong Kong listing to raise up to $1.5 billion
Shanghai-listed heavy equipment maker Sany Heavy Industry Co. Ltd. (600031.SH) announced on Wednesday it plans to make a second listing in Hong Kong as part of its global expansion, which includes strengthening ties with international capital markets. The company is currently in discussions with various intermediaries regarding the plan.
According to Reuters, Sany Heavy aims to raise up to $1.5 billion and has hired Bank of America, JPMorgan, and Citic Securities to facilitate the listing. The report said the company may go public as soon as the second half of this year.
Founded in 1989, Sany Heavy is a leading player in China’s heavy equipment sector, specializing in concrete machinery, excavators and cranes. Its revenue rose 4.2% year-on-year to 57.9 billion yuan ($7.9 billion) in the first three quarters of last year, while its net profit rose 20% to 4.87 billion yuan. The company’s Shanghai-listed A-shares value it at 146 billion yuan ($20 billion).
By Lee Shih Ta
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