Chinese IPOs

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.
<div style="text-align: left;">
Sany Heavy's 62-metre "Giant Giraffe" is helping to pump concrete at Fukushima
</div>
<div style="text-align: left;"> Sany Heavy's 62-metre "Giant Giraffe" is helping to pump concrete at Fukushima </div>

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 lukewarm response from investors prompted it to push the date back.

However, Sany Heavy, which is already listed in Shanghai, still has to compete for investor interest with Citic Securities, China’s biggest...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222