Chinese construction machinery manufacturer Sany will enter the Hong Kong stock exchange on October 28, with a transaction worth 1,600 million dollars (1,375 million euros), reinforcing the dynamism of the local market.
Sany, which is already listed in Shanghai, plans to sell more than 580 million shares for a total value of 12,360 million Hong Kong dollars (around 1,375 million euros), local press reported today.
The company manufactures excavators, concrete machinery, lifting platforms, drilling and compaction equipment, and pavers, currently occupying third place in the sector worldwide.
With 62% of its turnover coming from abroad, Sany continues to consider China its main market, but warned of the risks arising from the prolonged crisis in the Chinese real estate sector. According to the South China Morning Post, the company will channel 45% of the funds raised to expand its international sales and technical assistance network.
The same source highlights that next week will be marked by three other major initial public offerings (IPO) in Hong Kong: CIG Shanghai, a manufacturer of connectivity devices, with an operation valued at 595 million dollars (510 million euros); the artificial intelligence solutions company Deepexi, with 91 million dollars (78 million euros); and the tea brand Bama Tea, with 58 million (50 million euros).
These launches, combined with around 290 active IPO applications registered in September, place the Hong Kong stock exchange as a strong candidate for the title of the world’s leading market for stock debuts in 2025.
In the first three quarters of the year, 66 companies entered the Hong Kong stock exchange, raising a total of around 23,270 million dollars (20,000 million euros). The largest operation – and also the largest of the year globally – was that of the electric vehicle battery manufacturer CATL, which raised 5,300 million dollars (4,555 million euros) in May.
Among the most anticipated upcoming debuts are those of the two main Chinese operators of autonomous vehicles (‘robotaxis’), Pony.ai and WeRide, which could raise up to 2,300 and 1,100 million dollars (between 1,977 and 945 million euros), respectively.