Chinese Construction Machinery Maker Gain The Initial Public Offering In Hong Kong

Chinese construction machinery maker Sany Heavy Industry has approval from the China Securities Regulatory Commission for an initial public offering in Hong Kong, Sany Heavy's plan to issue up to 1.54 billion shares in the Hong Kong offering.

Sany Heavy aims to seek approval from the Hong Kong stock exchange for the offering, potentially worth up to $3 billion.

Sany Heavy joins smaller rival XCMG Construction Machinery in tapping investors in Hong Kong for funds.

Shenzhen-listed XCMG obtained CSRC approval earlier this week for its potential $2 billion listing in Hong Kong.

XCMG will issue about 593 million shares in Hong Kong, including an overallotment option of about 77.35 million shares.