Sany Heavy Industry is seeking to raise as much as HK$12.36 billion ($1.59 billion) through its Hong Kong listing, a filing showed on Monday, as the machinery maker taps into renewed investor appetite for Chinese listings in the city.
The company is offering 580.4 million H shares under listing, for a maximum offer price of HK$21.30 apiece. It is expected to be no less than HK$20.30 per share.
Reuters reported in February that Sany Heavy was looking to raise up to $1.5 billion.
The raising underscores Hong Kong’s resurgence as the premier offshore fundraising hub for Chinese companies, as mounting US scrutiny pushes more firms to pivot away from American exchanges.
Toymaker Miniso said in late September that it would spin off its brand Top Toy and list the same in Hong Kong, while Reuters had reported that China’s Momenta was mulling shifting its initial public offering to Hong Kong from New York.
Reuters
