Clifford Chance, Qiyuan Law Firm, Ashurst, Linklaters and Jingtian & Gongcheng participated in the HKEX debut of Sany Heavy Industry, China’s leading construction machinery maker, raising HKD13.5 billion (USD1.73 billion).
Sany Heavy Industry issued 580 million H shares at HKD21.3 per share, attracting 23 cornerstone investors, including Temasek, Infore Capital and HHLRA. The offering also drew participation from close to 120,000 investors and oversubscribed 53 times.
The issuer hired Clifford Chance as the Hong Kong and US legal counsel, led by partners Tim Wang, Jean Thio and Xiang Tianning. Qiyuan, headquartered in Changsha in Hunan province, also acted as PRC legal counsel, while Ashurst counselled Sany Heavy Industry on international sanctions laws.
Linklaters advised six underwriters, including CITIC Securities and CICC, on Hong Kong and US law. Partners Christine Xu, Lipton Li and Donnelly Chan as well as special senior adviser Oliver Zhong led the team. Jingtian & Gongcheng advised on PRC law.
Sany Heavy Industry focuses on research, development, manufacturing and the sale of construction equipment such as excavators, concrete machinery and cranes. Overseas markets account for half of the company’s revenue, with products sold in 150 countries and regions worldwide. Between 2022 and 2024, the company’s annual profit increased from RMB4.4 billion (USD606.9 million) to RMB6.1 billion.
The HKEX had a busy day on 28 October, with Sany Heavy Industry, Deepexi Technology, Bama Tea and CIG Shanghai all listing on the same day.
According to KPMG, as of 30 September this year, nearly 300 listing applications were filed in Hong Kong, marking a record high. Hong Kong is set to reclaim the top spot in the global IPO market by the end of the year.
