Core Viewpoint - SANY Heavy Industry (06031) has successfully listed its shares at a price of HKD 21.30 per share, raising approximately HKD 13.307 billion through the issuance of 632 million shares, with the stock price increasing by 3.01% to HKD 21.94 at the time of reporting [1] Company Overview - Founded in 1989, SANY Group is a leading enterprise in the global construction machinery industry [1] - The company specializes in the research, manufacturing, and sales of a full range of construction machinery products, including excavators, concrete machinery, cranes, piling machinery, and road machinery [1] Market Performance - As of April 30, 2025, SANY Heavy Industry's revenue from overseas markets accounted for 57.4% of its total revenue, indicating strong international demand for its products [1] - The company's products have been sold in over 150 countries and regions worldwide, reflecting its global reach and customer trust [1]

Core Insights - Sany Heavy Industry's stock price decreased by 2.04% on October 28, trading at 22.07 CNY per share with a market capitalization of 187.03 billion CNY [1] - The company has seen a year-to-date stock price increase of 39.56%, but a decline of 3.33% over the last five trading days [1] Financial Performance - For the first half of 2025, Sany Heavy Industry reported a revenue of 44.78 billion CNY, representing a year-on-year growth of 14.64%, and a net profit attributable to shareholders of 5.22 billion CNY, up 46.00% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 31.88 billion CNY, with 8.86 billion CNY distributed over the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 532,900, with an average of 15,902 circulating shares per person, a decrease of 0.51% [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 1 billion shares, and various ETFs such as Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, which have increased their holdings [3]

Core Viewpoint - Sany Heavy Industry's IPO in Hong Kong is expected to raise approximately $1.5 billion, making it the third-largest IPO in Hong Kong this year [1][3]. Group 1: IPO Details - Sany Heavy Industry plans to issue about 580 million shares at a price range of HKD 20.30 to 21.30, aiming for a total fundraising of approximately HKD 12 billion (around $1.54 billion) [3]. - This IPO is positioned as the third-largest in Hong Kong this year, following CATL's $4.5 billion and Zijin Mining's $3.2 billion offerings [3]. Group 2: Valuation Concerns - The valuation of Sany Heavy Industry is a critical issue, as Hong Kong investors tend to differentiate between technology and traditional companies, with technology firms often receiving a premium [5][6]. - The company's A-share price-to-earnings (P/E) ratio is approximately 25 times, while its Hong Kong listing is expected to have a P/E ratio of 27 times, indicating a slight premium [6]. Group 3: International Expansion - Sany Heavy Industry's international sales have surpassed 50% of total revenue, with overseas sales contributing 57.4% in the first four months of this year [7]. - The company has established 16 international manufacturing bases, with significant production facilities in the U.S., Germany, and Indonesia, reflecting its commitment to global expansion [7]. Group 4: Financial Performance - The company reported a 15% year-on-year increase in revenue for the first half of the year, rising from RMB 39.1 billion to RMB 44.8 billion (approximately $6.3 billion) [6]. - Sany Heavy Industry's net profit increased by 45% to RMB 5.29 billion in the first half of the year, and its debt-to-asset ratio decreased from 58.4% in 2022 to 50.6% [8].

（文章来源：每日经济新闻） 每经AI快讯，10月28日，三一重工(06031.HK)首挂上市。公告显示，每股定价21.30港元，共发行6.32亿 股股份，每手200股，所得款项净额约133.07亿港元。截至发稿，无涨跌，报21.3港元，成交额5.64亿港 元。 ...

Core Viewpoint - Sany Heavy Industry (06031) has officially listed its shares at a price of HKD 21.30 per share, issuing a total of 632 million shares, resulting in net proceeds of approximately HKD 13.307 billion [1] Company Overview - Founded in 1989, Sany Group is a leading enterprise in the global construction machinery industry, focusing on the research, manufacturing, sales, and service of a full range of construction machinery products including excavators, concrete machinery, cranes, piling machinery, and road machinery [1] - Based on cumulative revenue from core construction machinery products from 2020 to 2024, Sany is the third largest globally and the largest in China in the construction machinery sector [1] Market Presence - Sany Heavy Industry's products have been sold to over 150 countries and regions worldwide, with overseas market revenue accounting for 57.4% of total revenue for the four months ending April 30, 2025 [1] - The company's products are trusted by global customers, participating in several iconic global projects such as the Hong Kong-Zhuhai-Macao Bridge, London Olympic venues, Burj Khalifa, and Beijing Olympic venues [1]

Core Viewpoint - Sany Heavy Industry, an excavator manufacturer, is set to list in Hong Kong, marking it as the seventh Chinese company to achieve a billion-dollar listing in the city this year [1] Summary by Categories Company Information - The stock is priced at HKD 21.30 per share, positioned at the high end of the offering range [1] - Key cornerstone investors, including Temasek Holdings, Hillhouse Capital, and BlackRock, have agreed to subscribe to approximately USD 758 million worth of Sany Heavy Industry's shares [1] Financial Details - The fundraising from this issuance is expected to reach HKD 12.4 billion (USD 1.6 billion), excluding any potential increase in the issuance size [1]

在认购方面，香港公开发售获得了52.93倍的认购，而国际发售获得了13.96倍的认购。 三一重工公布了其H股配发结果。公司全球发售了6.32亿股H股，其中香港公开发售占9.19%，国际发售 占90.81%。最终发售价定为每股21.30港元，预计净筹资约133.07亿港元。H股预计将于2025年10月28日 上午九时在香港联交所开始买卖。 ...

格隆汇10月28日｜今日八马茶业(6980.HK)、剑桥科技(6166.HK)、三一重工(6031.HK)、滴普科技 (1384.HK)上市，赛力斯(9927.HK)、明略科技-W(2718.HK)申购。 ...

其中，香港公开发售获52.93倍认购，国际发售获13.96倍认购。 智通财经APP讯，三一重工(06031)发布配发结果，公司全球发售6.32亿股H股，香港公开发售占 9.19%，国际发售占90.81%。最终发售价为每股21.30港元，全球发售净筹约133.07亿港元。每手200 股，假设全球发售于2025年10月28日上午八时正(中国香港时间)或之前成为无条件，则预期H股将于 2025年10月28日上午九时正(中国香港时间)开始在香港联交所买卖。 ...

Core Viewpoint - Sany Heavy Industry (600031) has successfully completed the global offering of 632 million H-shares, raising approximately HKD 13.307 billion with a final offer price of HKD 21.30 per share [1] Summary by Category Offering Details - The global offering consisted of 9.19% allocated to the Hong Kong public offering and 90.81% to international offering [1] - The Hong Kong public offering was oversubscribed by 52.93 times, while the international offering was oversubscribed by 13.96 times [1] Trading Information - If the global offering becomes unconditional by 8:00 AM on October 28, 2025 (Hong Kong time), trading of the H-shares is expected to commence at 9:00 AM on the same day [1]