Sany Heavy Equipment gets going as Mingfa finally crosses the finish line

As the Chinese manufacturer of tunnelling machinery starts its roadshow, Mingfa mines new lows in terms of Chinese property IPO valuations.

Sany Heavy Equipment International, a Chinese manufacturer of coal mining equipment, on Monday launched an initial public offering that could raise up to HK$2.4 billion $309 million. At the same time, Chinese property developer Mingfa Group has completed its prolonged IPO, raising $278 million.

Sany is selling 500 million shares, all primary, at a price between HK$4.10 and HK$4.80. This translates into 11.1 to 13 times 2010 projected earnings.

The company is China's leading manufacturer...

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