October 20, 2025 01:15 AM GMT China Industrials | Asia Pacific Construction Machinery Expert Call Takeaway: A Replacement- Driven Domestic Upcycle China construction machinery expert, Ms Yu, expects a replacement-driven domestic upcycle to peak in 2027/28, while she is positive on overseas demand and share gain of Chinese OEMs. Electric, intelligent and unmanned machinery are the trends. We prefer Sany, for its strong presence in the domestic upcycle and globalization. Key Takeaways Asia Pacific Industry Vi ...

Group 1: Sany Heavy Industry - Sany Heavy Industry plans to globally issue 580 million shares with a price range of HKD 20.3 to HKD 21.3, aiming to raise up to HKD 12.354 billion, with pricing expected on October 24 and listing on October 28 [1] - The company is a leader in the engineering machinery sector, with products including concrete machinery, excavators, cranes, and road machinery, holding the top global position in concrete equipment and first in China for excavators and large-tonnage cranes [1] - Sany Heavy Industry's projected revenues for 2022 to 2024 are RMB 80.839 billion, RMB 74.019 billion, and RMB 78.383 billion, with corresponding net profits of RMB 4.433 billion, RMB 4.6 billion, and RMB 6.092 billion [2] Group 2: Cambridge Technology - Cambridge Technology focuses on the development, production, and sales of terminal devices and high-speed optical modules for telecommunications and data communications, with products used by major global telecom operators and internet giants [3] - The company plans to issue 67.01 million H-shares with a maximum price of HKD 68.88, potentially raising up to HKD 4.615 billion if the over-allotment option is fully exercised [3] - Cambridge Technology has attracted 16 cornerstone investors, collectively subscribing to USD 290 million [3] Group 3: Dipo Technology - Dipo Technology is the fifth company to launch an IPO in the Hong Kong market under the 18C special technology category, planning to issue 26.632 million H-shares, representing 8.15% of total shares post-issue [3] - The company specializes in providing cutting-edge AI solutions for enterprises, ranking fifth in the Chinese enterprise-level AI application solutions market with a market share of 4.2% [3] Group 4: Bama Tea - Bama Tea plans to globally issue 9 million shares, with 900,000 shares available for Hong Kong and 8.1 million for international offerings, at a price range of HKD 45 to HKD 50 per share [4] - The company is a well-known tea supplier in China, ranking first in the high-end Chinese tea market, oolong tea market, and black tea market by sales revenue in 2024 [4]

Core Viewpoint - Sany Heavy Industry Co., Ltd. is in the process of issuing H-shares for overseas listing on the Hong Kong Stock Exchange, with the initial public offering (IPO) expected to take place in late October 2025 [1][5]. Group 1: H-Share Issuance Process - The company submitted its application for H-share issuance to the Hong Kong Stock Exchange on May 22, 2025, and published the application materials on the same day [1]. - The China Securities Regulatory Commission confirmed the company's H-share issuance registration on September 30, 2025 [2]. - The company published the H-share prospectus on October 20, 2025, which is available for review on the Hong Kong Stock Exchange website [2][4]. Group 2: Offering Details - The total number of H-shares for global offering is set at 580,424,600 shares, with 58,042,600 shares allocated for public offering in Hong Kong, accounting for 10% of the total [3]. - The price range for the H-shares is preliminarily set between HKD 20.30 and HKD 21.30 [4]. - The public offering in Hong Kong is scheduled to start on October 20, 2025, and end on October 23, 2025, with the issuance price expected to be announced on October 27, 2025 [4]. Group 3: Listing Timeline - The H-shares are anticipated to be listed and commence trading on the Hong Kong Stock Exchange on October 28, 2025 [5].

三一重工股份有限公司（简称："三一重工"，股票代码："6031"）今日（20日）开启招股，准备2025年10月28日在港交所上市。 三一重工拟全球发售5.8亿股，发行区间为每股20.3至21.3港元，最高募资123.54亿港元。 三一重工基石投资者分别为淡马锡、盈峰资本、高瓴旗下HHLRA、UBS AM Singapore、LMR、贝莱德、RBC GAM、WT Asset Management、Oaktree、睿 远、上海高毅及中信証券国际资本管理有限公司、Perseverance Asset Management、香港景林、Pinpoint、上海保银及CICC Financial Trading、Ghisallo、 Jane Street、Fenghe、QRT、潍柴动力香港、大家保险、法士特、惠理，一共认购7.58亿美元（约59亿港元）。 其中，淡马锡认购7500万美元，盈峰资本、高瓴旗下HHLRA、UBS AM Singapore、LMR分别认购5000万美元，贝莱德认购4202万美元， RBC GAM、WT Asset Management分别认购4000万美元，Oaktree、睿远分别认购3000万美 ...

Core Viewpoint - Four companies have filed for H-share IPOs on the Hong Kong Stock Exchange, including SANY Heavy Industry, Dipo Technology, Bama Tea, and Cambridge Technology [1][2] Group 1: SANY Heavy Industry - SANY Heavy Industry plans to issue 580 million H-shares, with 58.04 million shares allocated for public offering in Hong Kong, representing 10% of the total [4] - The price range for SANY's H-shares is set between HKD 20.30 and HKD 21.30, with a discount of 13.17% to 17.25% compared to its A-share price of CNY 22.49 [4][5] - SANY is recognized as the largest construction machinery company in China and the third largest globally, focusing on various types of construction machinery [5] Group 2: Dipo Technology - Dipo Technology's proposed share price is HKD 26.66, and it ranks fifth in the Chinese enterprise-level AI application solutions market with a market share of 4.2% [6][7] - The company has amended its dual-class share structure to comply with listing regulations ahead of its global offering [6] Group 3: Bama Tea - Bama Tea's share price is expected to be between HKD 45 and HKD 50, with a projected net amount of approximately HKD 368 million from the global offering [8] - The company is the leading high-end tea seller in China and ranks first in the number of tea chain stores [8] Group 4: Cambridge Technology - Cambridge Technology plans to issue 67.01 million H-shares, with a maximum price of HKD 68.88 per share, reflecting a discount of over 41.66% compared to its A-share price of CNY 108.25 [9] - The company has a provision for an overallotment option that could increase the total shares issued to 77.06 million [9]

Core Insights - The Hong Kong Stock Exchange (HKEX) has seen 67 new listings in the first nine months of 2025, raising HKD 182.9 billion, primarily driven by "A+H" listings, which accounted for 50% of total IPO fundraising [1] - Sany Heavy Industry is set to launch its IPO with a target price range of HKD 20.3 to 21.3, aiming to raise approximately HKD 12.36 billion [10] - The company has demonstrated strong financial performance, with a 14.96% year-on-year increase in revenue and a 46% increase in net profit in the first half of 2025 [5] IPO Information - Company Name: Sany Heavy Industry (06031.HK) [1] - Industry: Industrial Manufacturing [1] - Offering Period: October 20 to October 23, 2025 [1] - Total Shares Offered: 580 million shares, with 10% for public offering and 90% for international placement [1] - Price Range: HKD 20.3 to 21.3 [1] - Market Capitalization: Approximately HKD 183.81 billion to 192.87 billion [1] - P/E Ratio: 30 times [1] - Minimum Subscription Amount: HKD 4,303 [1] - Listing Date: October 28, 2025 [1] - Cornerstone Investors: 23 investors subscribed for 48.8% of the offering [1] Company Overview - Sany Heavy Industry, founded in 1994 and headquartered in Beijing, is the largest engineering machinery company in China and the third largest globally [1] - The company specializes in the research, manufacturing, sales, and service of a full range of products, including excavators, concrete machinery, and cranes [1] Financial Performance - For the years 2022 to 2024, Sany Heavy Industry reported revenues of RMB 80.84 billion, RMB 74.02 billion, and RMB 78.38 billion, respectively, with net profits of RMB 4.43 billion, RMB 4.61 billion, and RMB 6.09 billion [4] - In the first half of 2025, the company achieved revenue of RMB 44.53 billion and a net profit of RMB 5.22 billion, reflecting a significant increase in profitability [5] Market Position - Sany Heavy Industry ranks first globally in excavators and concrete machinery, with products sold in over 150 countries [3] - The company has a strong international presence, with overseas sales accounting for 60.26% of its main business revenue in the first half of 2025 [7] - The North American and European markets are projected to see significant growth in the engineering machinery sector by 2030, with expected revenues of USD 92.3 billion and USD 47.3 billion, respectively [8] Strategic Outlook - Despite challenges in the domestic infrastructure and real estate sectors, Sany Heavy Industry is well-positioned to capitalize on high demand in overseas markets, particularly in mineral development and energy infrastructure [8] - The company's strategic planning and solid business foundation are expected to enable it to maintain a leading position in the industry and create long-term value for investors [8]

三一重工股份有限公司 关于刊发 H 股招股说明书、H 股发行价格区间及 H 股 香港公开发售等事宜的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 三一重工股份有限公司（以下简称"公司"）正在进行申请发行境外上市股 份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板上市（以 下简称"本次发行上市"）的相关工作。 2025 年 5 月 22 日，公司向香港联交所递交了本次发行上市的申请，于同日在 香港联交所网站刊登了本次发行上市的申请资料。具体内容详见公司于 2025 年 5 月 23 日在上海证券交易所官方网站（www.sse.com.cn）披露的《关于向香港联交 所递交 H 股发行上市的申请并刊发申请资料的公告》（公告编号：2025-049）。 2025 年 9 月 30 日，中国证券监督管理委员会（以下简称"中国证监会"）出 具《关于三一重工股份有限公司境外发行上市备案通知书》（国合函〔2025〕1698 号），中国证监会对公司本次发行上市备案信息予以确认。具体内容详见公司于 2025 年 ...

在广袤的全球市场攻城略地。 | 作者 | | 紫枫 | | --- | --- | --- | | 编辑 | | 小白 | 最近，工程机械行业在9月份交出的数据让风云君为之侧目。 根据中国工程机械工业协会的数据，9月挖机实现销售19858台，同比增长25.4%，其中内外销分别同 比增长21.5%和29%，相比8月的同比增速15%和11%的水平进一步加速。 受相关消息刺激，10月15日，工程机械ETF（560280.SH）上涨2.69%，核心成分股恒立液压（60110 0.SH）、山推股份（000680.SZ）涨超6%，三一重工（600031.SH）、中联重科（000157.SZ）、徐工 机械（000425.SZ）等涨超2%。 一轮牛市不可能只涨"科技"，百花齐放才是常态。当前A股科技相对顺周期板块的超额已经来到历史 高位附近，此时股价还在低位的顺周期板块可能是更有性价比的选择。 行业整体表现稳健，出口与内销共同驱动增长 先看整体数据，今年1-8月，挖掘机累计销量达15.41万台，同比增长17.2%。 其中，国内市场销量8.06万台，同比增长21.5%，8月单月挖掘机销量7685万台，同比增长14.8%，主 要 ...

格隆汇10月20日丨三一重工(600031.SH)公布，公司本次全球发售H股基础发行股数为580,424,600股（视 乎发售量调整权及超额配股权行使与否而定），其中，初步安排香港公开发售58,042,600股（可予重新 分配），约占全球发售总数的10.0%；国际发售522,382,000股（可予重新分配、视乎发售量调整权以及 超额配股权行使与否而定），约占全球发售总数的90.0%。 公司预期授予整体协调人（为其本身及代表国际承销商）可于上市日期前第二个营业日或之前行使发售 量调整权，即可按照发行价格发行不超过87,063,600股H股，以满足国际发售额外需求。此外，公司预 期授予国际承销商超额配股权，可由整体协调人（为其本身及代表国际承销商）行使，自上市日期起至 2025年11月22日止，要求公司额外增发不超过87,063,600股H股（假设发售量调整权未获行使）或不超 过100,123,200股H股（假设发售量调整权悉数行使），用于补足国际发售的超额分配（如有）。在发售 量调整权及超额配股权均悉数行使的情况下，公司本次全球发售H股的最大发行股数为767,611,400股。 公司本次H股发行的价格区间初步确 ...

三一重工：公司本次H股发行的价格区间初步确定为20.30港元至21.30港元。 ...