Sany Heavy Industry targets $12b in Hong Kong IPO

Its overseas sales now account for 62% of revenue ahead of listing.

Sany Heavy Industry Co., Ltd. plans to raise over $12b in a Hong Kong IPO, offering 580.4 million shares at $20.30–21.30 each. The listing is scheduled for 28 October via electronic channels.

The company posted $85.5b (RMB78.4b) in revenue and $6.6b (RMB6.09b) in net profit in 2024, with a gross margin of 26.7%. 

Its revenue for the first four months of 2025 also reached $3.7b (RMB3.48b). Sany’s growth is underpinned by a 60% self-supply rate, R&D investment of more than $21.3b (RMB19.6b) since 2022, and a global network of 21 research centres holding 9,000+ patents.

The company is expanding electric and hydrogen-powered machinery whilst pursuing digital manufacturing and global market growth. Key risks include cyclical construction demand, competitive pressures, and geopolitical exposure.

The IPO will fund further international expansion and strengthen Sany’s global operations.

(1.09 HKD = 1 RMB)