Sany Heavy Industry to pursue Hong Kong dual listing to raise about $1.5 billion

Hong Kong, October 9, 2025

News Summary

Sany Heavy Industry is preparing a Hong Kong share sale that could raise about US$1.5 billion through a dual listing while its 2024 net profit rose 32% to 6.1 billion yuan. The Beijing-based construction-equipment maker may attend a Hong Kong exchange hearing soon and begin investor outreach shortly. Citic Securities and China International Capital Corp. are coordinating the offering. Proceeds are earmarked to expand sales and service networks across Asia, South America and Africa as overseas revenue already accounts for roughly two-thirds of sales. Final deal size and timing remain subject to regulatory approvals and market conditions.

Sany Heavy Industry Moves Toward Hong Kong Dual Listing to Raise About $1.5 Billion as 2024 Profit Climbs 32%

Top line

Sany Heavy Industry is preparing a Hong Kong share listing that could raise about US$1.5 billion. The Beijing-based maker of construction machinery reported a 2024 profit of 6.1 billion yuan, up 32% year-on-year, and is framing the listing as a key step to fund faster growth outside China.

What is happening now

Company officials plan to start gauging investor interest as early as next week and are expected to attend a listing hearing with the Hong Kong stock exchange this week. The stock already trades in Shanghai, and the new offering could be completed in the coming weeks, though deal size and timing remain subject to change.

Approvals and advisers

Regulatory approval to proceed with a Hong Kong listing has been reported, and two major investment banks have been named as overall coordinators. Representatives for the exchange and the company have not provided comment on the timing or details. The listing would rank among the city’s larger stock offerings this year.

Why the money

The company plans to use proceeds from the proposed listing to accelerate its global expansion. Management aims to more than double overseas revenue to about 100 billion yuan (roughly US$14 billion) within the next few years and to strengthen sales networks in Asia, South America and Africa. Overseas sales were a key growth area in 2024, rising about 12% to 48.51 billion yuan, which represented nearly 65% of total revenue.

Financial backdrop

The 6.1 billion yuan profit for 2024 marks a strong year, driven largely by foreign demand. Domestic sales fell by more than 3% in 2024 compared with 2023, reflecting weakness in China’s property market. Company leaders have described the Hong Kong listing as part of a diversified finance plan developed in 2022.

Strategy and markets

The firm says its push into foreign markets focuses on building local marketing and sales channels rather than just new factories. Roughly 70% of foreign sales come from the Asia-Pacific region and Europe, and the company has worked to shape supply chains to avoid reliance on inputs from U.S. firms where possible. The business sees higher demand and greater acceptance of its brands in developing and emerging markets.

Products and scale

The company manufactures equipment for concrete transport, excavation, lifting, road work and pile-driving. According to customs and trade records, it was a leading exporter of excavators and concrete mixers in the most recent year. It operates production facilities across multiple regions, including sites in the U.S., Europe, India, Brazil and Germany, and sells to around 180 countries and regions. In global rankings by production scale, the company stands among the top makers of construction equipment worldwide.

Market context

The planned listing comes as many companies are lining up for Hong Kong share sales. Market analysts expect strong IPO activity in the city next year, with estimates that total proceeds could run into the tens of billions of dollars. The company’s offering could set a tone for deal flow if completed near its target size.

Risks and timing

Timing and the final amount raised remain tentative. Company officials could change plans depending on investor demand and market conditions. Geopolitical tensions between major economies add uncertainty, though management views those tensions as less critical because most foreign revenue is outside markets directly affected by trade disputes.

Next steps

Investors can expect the company to begin formal investor outreach in the coming days. A hearing with the listing authority is scheduled soon. If the process continues on its current track, a listing could follow within weeks, subject to market conditions and final approvals.

FAQ

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Key features at a glance

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Additional Resources

• Bloomberg: Sany Heavy Hong Kong listing
• Wikipedia: Sany
• Reuters: China’s Sany aims to raise up to $1.5 billion
• Google Search: Sany Heavy Industry Hong Kong IPO
• South China Morning Post: Sany eyes doubling overseas revenue after Hong Kong IPO
• Encyclopedia Britannica: Sany Heavy Industry
• Global Construction Review: Sany to invest $1.5bn in overseas sales drive
• Google News: Sany Heavy Industry
• GuruFocus: China’s Sany Heavy targets $1.5 billion Hong Kong mega IPO
• Google Scholar: Sany Heavy Industry

Author: Construction NY News

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