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 Rises
Key takeaway
Sany Heavy Industry Co. is preparing for a Hong Kong share sale that could raise up to about US$1.5 billion. The Beijing-based construction-machinery maker is moving quickly: it may attend a listing hearing with the Hong Kong exchange this week and could formally list in the coming weeks. The plan comes as the company reported a 32% jump in 2024 profit to 6.1 billion yuan and presses ahead with global expansion.
Details of the proposed listing
Company filings indicate investor outreach could begin as early as next week, while internal deliberations mean the size and timing of the deal may still change. The company’s shares already trade in Shanghai, and the new Hong Kong share sale would be a dual listing. National approval for a Hong Kong listing has been reported, and Citic Securities Co. and China International Capital Corp. are serving as overall coordinators for the offering.
Why the move matters
If completed, the offering would rank among the largest listings in Hong Kong this year. Market intelligence has suggested that total IPO proceeds on Hong Kong markets could top $26 billion in 2025, and this deal may help set the tone for deal flow. The firm intends to use proceeds to fund expansion of sales and service networks in Asia, South America and Africa.
Financial snapshot and performance
Sany reported a 2024 net profit of 6.1 billion yuan, a rise of 32% from the prior year. Overseas revenue grew about 12% in 2024 to 48.51 billion yuan, representing nearly 65% of the company’s total sales for the year. Domestic sales fell just over 3% year-on-year, reflecting softer demand at home.
Growth targets and overseas focus
Company leaders have said they plan to use funds raised to accelerate global expansion. The firm aims to more than double overseas sales to 100 billion yuan in the next three years according to one plan, and in other statements the company set a goal of increasing overseas revenue from about $7 billion to $14 billion by 2028. Overseas sales currently account for roughly two-thirds of total revenue, and growth in foreign markets is central to the overall strategy.
Strategy for global expansion
The company says its global approach is built around people and localised marketing channels rather than only building factories overseas. It already runs production sites across multiple regions, including facilities in the United States, Europe, India, Brazil and Germany. As of the end of last year, the company reported selling equipment to around 180 countries and regions.
Product lines and market position
The firm makes equipment for concrete transport, excavation, lifting, road building and pile-driving. According to trade data, it was the largest exporter of excavators and concrete mixers from China last year. Industry rankings place the company among the top global makers of construction machinery.
Risks, context and supply chain notes
The push into overseas markets follows a slowdown at home tied to weakness in the property sector. The company notes that its supply chains are designed to limit reliance on inputs from U.S. suppliers, and it says most foreign sales are outside the United States—concentrated in the Asia-Pacific region and Europe, plus many developing markets in Africa and Latin America. Trade tensions between major economies remain a background risk but are not the main driver of the company’s market choices.
What could still change
Plans remain subject to change. Deal size, timing and final approvals are still being worked through and could shift as the company completes regulatory steps and gauges investor interest.
FAQ
Will the company’s shares still trade in Shanghai after this offering?
Yes. The move is structured as a dual listing, meaning existing Shanghai-listed shares would continue to trade while new shares are offered in Hong Kong.
How much money does the company hope to raise in Hong Kong?
The current target for the Hong Kong share sale is about US$1.5 billion, though the final amount could change.
What will the proceeds be used for?
Proceeds are planned to support global expansion, including growth of sales networks and service capacity in Asia, South America and Africa.
How did the company perform financially in 2024?
The company posted a net profit of 6.1 billion yuan in 2024, up 32% from the previous year. Overseas revenue grew about 12% to 48.51 billion yuan.
Who is coordinating the Hong Kong listing?
Two major securities firms are acting as overall coordinators for the offering.
Are there any risks tied to international trade tensions?
Trade tensions are a background risk, but the firm’s sales are heavily weighted to regions outside the United States and its supply chain has been structured to limit reliance on U.S. suppliers.
Key features at a glance
| Feature | Detail |
|---|---|
| Proposed Hong Kong raise | About US$1.5 billion (target; subject to change) |
| 2024 profit | 6.1 billion yuan, up 32% year-on-year |
| Overseas revenue (2024) | 48.51 billion yuan, about 65% of total sales |
| Growth target | More than double overseas revenue to 100 billion yuan in coming years; alternate targets include rising to $14 billion by 2028 |
| Listing coordinators | Citic Securities Co. and China International Capital Corp. |
| Product lines | Excavators, concrete mixers and transport, lifting gear, road construction, pile-driving equipment |
| Global reach | Production sites in multiple regions and sales into around 180 countries and regions |
| Timing | Investor checks could start next week; hearing with exchange expected soon; listing may occur in the coming weeks |
Notes
Some background facts have differing details in public records, such as the company’s founding year. The company is cited in different places as founded in both 1989 and 1994. Readers should note that final deal terms and schedules may shift as approvals and market conditions evolve.
Deeper Dive: News & Info About This Topic
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
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