Hong Kong set for IPO flurry next week with Sany leading the charge
Hong Kong set for IPO flurry with Sany Heavy Industry leading the charge
Shares of China’s biggest construction machinery manufacturer will debut on October 28, alongside three other new stocks
The Hong Kong stock exchange is poised for a blockbuster day next week, as four stocks – including Sany Heavy Industry, China’s largest construction machinery manufacturer – are set to debut, positioning the city to reclaim its status as the world’s top fundraising venue this year.
Among the four stocks launching on October 28, Sany Heavy Industry, already listed in Shanghai, aims to raise the highest amount, targeting up to HK$12.36 billion (US$1.59 billion) by offering 580.42 million shares in its dual-primary listing.
About 10 per cent of the shares will be allocated for the Hong Kong public offering, with the remainder designated for the international tranche.
Meanwhile, connectivity and data transmission device provider CIG Shanghai seeks HK$4.62 billion, while artificial-intelligence application solutions provider Deepexi Technology aims for HK$710 million. Bama Tea, a premium tea seller, has set its sights on HK$450 million.
Retail investors can begin placing orders for all four stocks on Monday. The subscription window is expected to close on Thursday.
Sany’s share price is currently set between HK$20.30 and HK$21.30, with the final price to be determined on Friday, according to its Hong Kong stock exchange filing. Its Shanghai-traded stock ended the morning session on Monday largely unchanged at about 22.50 yuan.
