SANY(SH:600031) Chang Jiang Shang Bao·2025-10-28 23:45Core Viewpoint - Sany Heavy Industry successfully listed on the Hong Kong Stock Exchange on October 28, 2023, marking the culmination of a 15-year journey towards this IPO, which is seen as a significant opportunity for the company to enhance its international market presence and funding capabilities [2][3][8]. Group 1: IPO Journey - The IPO journey began in 2011 when Sany Heavy Industry first sought approval for an overseas listing, aiming to raise approximately $3.4 billion, but the plan was shelved due to market conditions [3][4]. - Subsequent attempts in 2014 and 2022 also failed to materialize, with the latter being halted due to changing internal and external conditions [5][6]. - The successful IPO in 2023 was facilitated by a favorable market environment, with Sany Heavy Industry taking advantage of a trend of A-share companies listing in Hong Kong [6][7]. Group 2: Financial Performance - Sany Heavy Industry raised HKD 134.53 billion through the IPO, which will be allocated for international market expansion, R&D enhancement, and working capital [15][16]. - The company reported a significant recovery in financial performance, with a net profit of approximately CNY 52 billion for the first half of 2025, representing a 46% year-on-year increase [11][12]. - The revenue from international markets has become a major contributor, accounting for around 60% of total revenue in recent years, with a gross margin of 31.20% compared to 21.91% for domestic operations [14][16]. Group 3: Strategic Goals - The listing is viewed as a historic opportunity for Sany Heavy Industry to access broader international financing channels and expand its global market footprint [16]. - The company aims to leverage Hong Kong as a hub for international capital flow to advance its globalization, digitalization, and low-carbon strategies [16]. - Sany Heavy Industry has established itself as a leader in the global construction machinery sector, with products sold in over 150 countries and participation in major global projects [9][10].