Sany Seeks $1.6 Billion in Hong Kong Listing to Supercharge Global Push
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This marks Sany’s fourth attempt to go public in Hong Kong
Sany Heavy Industry Co. Ltd. has launched a secondary listing in Hong Kong, seeking to raise as much as HK$12.4 billion ($1.6 billion) as it doubles down on expanding beyond the Chinese mainland.
The Shanghai-listed construction machinery giant (600031.SH) began its share offering Monday, floating 580 million shares at a price range of HK$20.3 to HK$21.3, according to its prospectus. The deal has secured commitments from 23 cornerstone investors — including Singapore’s Temasek Holdings, BlackRock Inc., and Jane Street Capital —who have collectively pledged $758 million worth of shares. If the full greenshoe option is exercised, the listing could raise as much as HK$16.4 billion.
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- Sany Heavy Industry launched a Hong Kong secondary listing, aiming to raise up to HK$12.4–16.4 billion ($1.6–2.1 billion), with 23 cornerstone investors pledging $758 million.
- Proceeds will fund global expansion: 45% for international sales, 25% for R&D, 20% for overseas manufacturing, and 10% for working capital.
- In 2024, international revenue rose 12.2% to 48.5 billion yuan (62.3% of total revenue), while retail oversubscription reached 1.6 times.
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Who’s Who
- Sany Heavy Industry Co. Ltd.
- Sany Heavy Industry Co. Ltd., a Chinese construction machinery giant, is undertaking a secondary listing in Hong Kong to raise up to $1.6 billion. This marks their fourth attempt, signaling a strategic shift towards international markets as overseas sales now account for over 60% of their total revenue. The company plans to use the proceeds to expand global operations, boost R&D, and increase international manufacturing capacity. Trading of its H-shares is set to begin on October 28.
- Temasek Holdings
- Temasek Holdings, a Singaporean state-owned investment company, is a cornerstone investor in Sany Heavy Industry Co. Ltd.'s secondary listing in Hong Kong. They have pledged $75 million towards shares, contributing to the total of $758 million committed by all cornerstone investors.
- BlackRock Inc.
- BlackRock Inc. is an American global investment management corporation that was among the 23 cornerstone investors for Sany Heavy Industry Co. Ltd.'s secondary listing in Hong Kong. BlackRock subscribed to $42 million worth of shares.
- Jane Street Capital
- Jane Street Capital is one of 23 cornerstone investors in Sany Heavy Industry Co. Ltd.'s secondary listing in Hong Kong. They have committed $30 million towards the share offering. These investments support Sany's strategic international expansion.
- UBS Asset Management Singapore
- UBS Asset Management Singapore pledged $50 million as a cornerstone investor in Sany Heavy Industry Co. Ltd.'s secondary listing in Hong Kong. This contribution is part of a larger commitment from 23 cornerstone investors, totaling $758 million worth of shares.
- RBC Global Asset Management
- RBC Global Asset Management is one of the 23 cornerstone investors in Sany Heavy Industry Co. Ltd.'s Hong Kong secondary listing. They have committed $40 million towards the share offering. This investment is part of Sany's strategy to expand its international presence.
- Oaktree Capital
- Oaktree Capital is among the 23 cornerstone investors for Sany Heavy Industry Co. Ltd.'s secondary listing in Hong Kong. They have committed $30 million towards Sany's share offering. This investment is part of Sany's strategy to expand internationally, allocating funds to overseas sales, R&D, and manufacturing.
- QRT
- QRT is an entity controlled by the Abu Dhabi Investment Authority. It participated as a cornerstone investor in Sany Heavy Industry Co. Ltd.'s secondary listing in Hong Kong, committing $30 million.
- Zoomlion Heavy Industry Science and Technology Co. Ltd.
- Zoomlion Heavy Industry Science and Technology Co. Ltd. is a Chinese construction machinery manufacturer. It is already listed in both Hong Kong and on the Chinese mainland. Sany Heavy Industry Co. Ltd. aims to become the second such company with its current secondary listing in Hong Kong.
- Citic Securities
- Citic Securities is identified as the sole sponsor for Sany Heavy Industry Co. Ltd.'s secondary listing in Hong Kong. This important role indicates their significant involvement in facilitating Sany's efforts to raise capital through this share offering.
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