Core Viewpoint - The Hong Kong IPO market is experiencing a surge with multiple companies, including SANY Heavy Industry, launching global offerings, indicating increased market activity and investor interest [2][3]. Group 1: SANY Heavy Industry IPO Details - SANY Heavy Industry plans to issue approximately 580 million shares globally, with 522 million shares for international offering and 58.04 million shares for public offering in Hong Kong [2]. - The offering price is set between HKD 20.3 and HKD 21.3, with an expected net fundraising of approximately HKD 11.926 billion, making it the third-largest IPO in Hong Kong this year [2]. - The funds raised will be allocated as follows: 45% for global sales and service network development, 25% for enhancing R&D capabilities, 20% for expanding overseas manufacturing and optimizing production efficiency, and 10% for working capital and general corporate purposes [2]. Group 2: Investor Participation and Company Background - The IPO has attracted 23 cornerstone investors, including Temasek, UBS, and BlackRock, with a total subscription amounting to approximately USD 758 million (around HKD 58.99 billion) based on the median offering price [3]. - Established in 1994, SANY Heavy Industry specializes in the R&D, manufacturing, sales, and service of a full range of construction machinery products, covering various segments [3]. - SANY is the third-largest globally and the largest in China in terms of cumulative revenue from core construction machinery products from 2020 to 2024, with products sold in over 150 countries [3]. Group 3: Financial Performance and Market Trends - Due to the downturn in the domestic real estate market and macroeconomic pressures, SANY's domestic revenue has been declining from 2022 to 2024, while overseas markets have become a growth engine with a compound annual growth rate of 15.2% [4]. - In the first four months of this year, SANY's revenue increased by 18.4% year-on-year to RMB 29.426 billion, with profits rising by 54.0% to RMB 3.476 billion [4].