We are pleased to announce that on 28th October 2025, China Merchants Securities (HK) Co., Limited (“CMS (HK)”, a subsidiary of China Merchants Securities International Company Limited),acting as one of the Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers of SANY Heavy Industries Co., Ltd. (“the Company”, stock code: 6031.HK/600031.SH), successfully assisted the Company to commence trading of its shares on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEx”). A total of approximately 580 million shares are issued and offered under the Global Offering, at an offer price of HK$21.3 per share, raising a total of approximately HK$13.5 billion (before the exercise of the over-allotment option) or HK$15.5 billion (after the over-allotment option is fully exercised). This offering represents one of the largest IPO transactions in the Hong Kong stock market since 2025, ranking among the top three in terms of fundraising size for new listings this year. It stands as the second-largest A+H listing by fundraising volume to date in 2025, underscoring its strong appeal and significance in the global capital markets. The H-share issuance price of the Company was set at approximately a 14% discount to its A-share counterpart1, the narrowest gap after CATL’s 7% discount. This reflects the ongoing convergence of A-H share valuations and sustained confidence in long-term value, while also highlighting broad recognition from international capital markets regarding the enduring investment merit of leading industrial enterprises.
As one of the Joint Global Coordinators, CMSI accompanied the Company to overcome difficulties and challenges along the way and has contributed significantly in terms of execution and marketing to the successful listing. Leveraging its precise assessment of the market window and profound understanding of the Company’s investment narrative, CMSI conducted thorough early-stage investor outreach and marketing initiatives, effectively attracting strong participation from leading international long-only funds, large public funds, private equity funds, and strategic investors. This laid a solid foundation for the Company’s robust bookbuilding momentum and successful offering, ensuring a smooth and complete execution of the transaction.
The capital market has given positive response to SANY Heavy Industries’s IPO, in which 21 cornerstone investors subscribed for a total number of shares equivalent to approximately HK$5.9 billion. The cornerstone investors include top-tier investment institutions from home and abroad, such as Temasek, Hillhouse Capital, UBS, BlackRock, Pinpoint, Jane Street, and Value Partners, demonstrating strong recognition and confidence from global institutional investors. Overall, the International Placing received 13.96 times subscription and the Hong Kong Public Offering received 52.93 times subscription.
Note 1: The H-share issue price was set at a discount to the A-share closing price on 23rd October, 2025.
About SANY Heavy Industries Co., Ltd.
Founded in1994, the Company have established themselves as an innovation-driven global leader in the construction machinery industry. The Company is dedicated to the R&D, manufacturing, sales and servicing of an extensive portfolio of construction machinery, including excavating machinery, concrete machinery, hoisting machinery, piling machinery and road machinery. The Company is the world’s third largest and China’s largest construction machinery company in terms of core construction machinery’s cumulative revenue from 2020 to 2024. During the Track Record Period, the Company’s products have reached customers in over 150 countries and regions globally. In the four months ended 30th April 2025, the Company’s revenue from overseas markets accounted for 57.4% of the total revenue. The Company’s products are highly recognized by global customers due to their advanced technological advantages and performance, and have been used in numerous landmark construction projects globally, such as the Hong Kong-Zhuhai-Macao Bridge, London Olympic stadiums, Burj Khalifa and Beijing Olympic stadiums.