Core Viewpoint - Sany Heavy Industry (06031.HK) plans to globally offer approximately 580 million H-shares, with a pricing range of HKD 20.30-21.30 per share, aiming to raise around HKD 119.26 billion in net proceeds from the offering [2][11]. Group 1: Offering Details - The company will offer 58.04 million shares in Hong Kong and approximately 522 million shares internationally, with the subscription period from October 20 to October 23, 2025, and the expected pricing date on October 24, 2025 [2]. - The cornerstone investors have agreed to subscribe for shares totaling approximately USD 758 million (or about HKD 58.99 billion) based on a mid-range price of HKD 20.80 per share [2][3]. Group 2: Company Overview - Founded in 1994, Sany Heavy Industry is a leading global player in the engineering machinery industry, focusing on the research, manufacturing, sales, and service of a full range of construction machinery products [4]. - According to Frost & Sullivan, Sany is the third-largest engineering machinery company globally and the largest in China, with products sold in over 150 countries and regions [4][5]. Group 3: Financial Performance - For the fiscal year 2024, the company reported a total revenue of RMB 783.83 billion, with overseas revenue contributing RMB 488.62 billion, accounting for 62.3% of total revenue [10]. - The company's net profit for 2024 was RMB 60.93 billion, reflecting a growth from RMB 46.06 billion in 2023 [10]. Group 4: Research and Development - Sany Heavy Industry has invested significantly in R&D, with a cumulative expenditure of RMB 18.168 billion, and maintains 21 R&D centers globally [9]. - The company has established two "lighthouse factories" certified by the World Economic Forum, showcasing its commitment to innovation and smart manufacturing [9]. Group 5: Global Expansion - The company has established eight overseas regions and 31 country-level platforms, employing 6,784 overseas staff to better understand local market needs [7]. - Sany's overseas sales network includes approximately 1,900 outlets and 425 dealers across about 100 countries, enhancing its global marketing and service capabilities [7][11].