SANY Heavy Industry Co., Ltd. (Stock Code: 06031.HK) has launched its Hong Kong IPO. The subscription period runs from October 20 to October 23. The company plans to globally issue 580,424,600 H-shares, with an over-allotment option. The offer price is set between HK$20.30 and HK$21.30 per share, with a board lot of 200 shares, and an initial investment requirement of approximately HK$4,302.97. The shares are expected to commence trading on the Main Board of the Stock Exchange on October 28. CITIC Securities is the sole sponsor.

SANY Heavy Industry: The World's Third Largest Construction Machinery Enterprise

Offering Proportion: Approximately 10% (58,042,600 shares) for the Hong Kong Public Offering, and about 90% (522,382,000 shares) for the International Placement.

Offer Price: HK$20.30 to HK$21.30 per share; board lot of 200 shares; initial investment requirement of approximately HK$4,302.97.

Subscription Period: October 20 to October 23.

Listing Date: October 28.

IPO Sponsor: CITIC Securities (Hong Kong) Limited.

Company Profile

Founded in 1994, SANY Heavy Industry is an innovation-driven global leader in the construction machinery industry. It focuses on the R&D, manufacturing, sales, and service of a full range of construction machinery products, including excavating machinery, concrete machinery, hoisting machinery, piling machinery, and road construction machinery. Based on the cumulative revenue from core construction machinery products from 2020 to 2024, the Group is the world's third largest and China's largest construction machinery enterprise. For the four months ended April 30, 2025, revenue from overseas markets accounted for 57.4% of its total revenue. Its products, known for advanced technology and performance, have been widely used in global iconic projects such as the Hong Kong-Zhuhai-Macao Bridge, the London Olympic venues, the Burj Khalifa, and the Beijing Olympic venues.

Financial Information

According to the prospectus, SANY's revenues for 2022–2024 were approximately RMB 80.839 billion, RMB 74.019 billion, and RMB 78.383 billion, respectively. Net profits for the same periods were approximately RMB 4.433 billion, RMB 4.606 billion, and RMB 6.093 billion. For the first quarter of 2025, revenue was approximately RMB 29.426 billion, with a net profit of approximately RMB 3.476 billion. Based on the median offer price of HK$20.80 per share and assuming no clawback and the over-allotment option is not exercised, the company expects to raise net proceeds of approximately HK$11.926 billion. The funds will be allocated to: developing the global sales and service network (about 45%), enhancing R&D capabilities (about 25%), expanding overseas manufacturing capacity (about 20%), and working capital and general corporate purposes (about 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

*0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for SANY Heavy Industry via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to new public offerings. After logging in, tap “Trade” at the bottom-right, select “IPO Subscription,” choose SANY Heavy Industry, tap “Public Offer,” enter the subscription quantity, and submit your order.

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