SANY(SH:600031) Sou Hu Cai Jing·2025-10-23 07:10Core Viewpoint - Sany Heavy Industry Co., Ltd. plans to issue approximately 580.42 million shares at a price range of HKD 20.3 to HKD 21.3, aiming to raise between HKD 117.83 billion and HKD 124.63 billion in its upcoming IPO on the Hong Kong Stock Exchange, scheduled for October 28, 2025 [1][3]. Company Overview - Sany Heavy Industry was founded in 1994, evolving from the Hunan Sany Heavy Industry Group Co., Ltd. and is headquartered in Beijing. The company has a registered capital of approximately RMB 8.475 billion [4]. - The company is primarily controlled by Sany Group, which holds about 33.73% of the total share capital prior to the IPO [3][4]. Financial Performance - For the years 2022, 2023, and 2024, Sany Heavy Industry reported revenues of approximately RMB 808.39 billion, RMB 740.19 billion, and RMB 783.83 billion, respectively. The gross profits for the same years were approximately RMB 182.96 billion, RMB 195.76 billion, and RMB 209.03 billion, with net profits of RMB 44.33 billion, RMB 46.06 billion, and RMB 60.93 billion [6][7]. - In the first four months of 2025, the company achieved revenues of approximately RMB 294.26 billion, a gross profit of about RMB 79.84 billion, and a net profit of around RMB 34.76 billion [7]. - For the first half of 2025, Sany Heavy Industry reported revenues of approximately RMB 445.34 billion, a 14.96% increase from the same period in 2024, and a net profit of approximately RMB 52.16 billion, reflecting a 46.00% year-on-year growth [8]. IPO Details - The IPO will involve 5.8042 billion shares, with a median offer price of HKD 20.80, leading to an estimated total fundraising of approximately HKD 120.73 billion and a net amount of about HKD 119.26 billion [1][3]. - Sany Heavy Industry has secured agreements with 23 cornerstone investors, who will collectively subscribe to shares worth approximately USD 758 million (around HKD 58.99 billion) [3].