Sany Heavy braves market with $3.3 billion share sale

Sany Heavy Industry has seen off competition from rival issuer XCMG for its $3.3 billion IPO, while shoemaker Hongguo raises $147 million after pricing its shares at the bottom end.

Sany Heavy braves market with $3.3 billion share sale
Sany Heavy's 62-metre "Giant Giraffe" is helping to pump concrete at Fukushima

Sany Heavy Industry, a Chinese machinery maker, braved wobbly markets to kick off roadshows yesterday for a planned HK$25.9 billion $3.3 billion initial public offering in Hong Kong.

The share sale faces less competition than expected after smaller domestic rival XCMG Construction Machinery postponed its roadshow by a week. It had planned to launch the bookbuilding for an IPO that could be worth up to $2 billion head-to-head with Sany Heavy yesterday, but a...

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