三冲境外上市“屡败屡战”，505亿梁稳根终迎港交所曙光？

Core Viewpoint - Sany Heavy Industry is making significant progress towards its fourth attempt at listing on the Hong Kong Stock Exchange, having received approval from the China Securities Regulatory Commission for the issuance of up to 1.083 billion overseas ordinary shares [3][5][10]. Company Overview - Sany Heavy Industry's recent half-year report shows impressive financial performance, with revenue reaching 44.78 billion yuan, a year-on-year increase of 14.64%, and a net profit of 5.216 billion yuan, up 46% [3][10]. - The company has faced challenges, particularly in its concrete machinery segment, which saw a revenue decline of 6.49% [12]. Listing Progress - The company has been attempting to list overseas since 2011, with previous attempts failing due to various reasons [5][7]. - The current listing plan includes raising funds primarily for global business expansion and research and development [5][9]. Market Performance - Sany Heavy Industry's overseas revenue has become a significant part of its income, accounting for over 60% of total revenue, with notable growth in regions like Asia and Africa, while Europe and the Americas lag behind [12][10]. - The company has established a strong presence in over 150 countries, with a 50% increase in overseas sales in its pump road division [8][12]. Financial Insights - The company's net profit margin improved to 11.65%, reflecting effective cost management and increased sales in key product lines [11][12]. - Despite strong overall performance, the company faces uneven growth across different regions and segments, indicating potential vulnerabilities in its business model [12][14]. Leadership and Background - Liang Wengeng, the actual controller of Sany Heavy Industry, is recognized as a prominent figure in China's private manufacturing sector, with a notable entrepreneurial journey [15][19]. - His wealth has seen a significant decline from a peak of 74.48 billion yuan in 2021 to 50.53 billion yuan in 2025 [4][19].