Sou Hu Cai Jing·2025-10-20 12:40Core 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]