两闯A股未果，临工重机改道港交所

Core Viewpoint - Lingong Heavy Machinery Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to expand its global business and attract diverse overseas investments [1][4]. Group 1: Company Overview - Lingong Heavy Machinery was established in February 2012 and is a leading global provider of mining and aerial work equipment, focusing on innovative and sustainable solutions for customers worldwide [5]. - The company has previously attempted to list on the A-share market twice but was unsuccessful [1][4]. Group 2: Financial Performance - Revenue for Lingong Heavy Machinery showed significant fluctuations, with reported revenues of 10.529 billion yuan, 9.897 billion yuan, and 12.028 billion yuan for the years 2022 to 2024, respectively [2][5]. - The annual profits for the same years were approximately 0.954 billion yuan, 0.974 billion yuan, and 1 billion yuan [2][5]. - In the first half of 2025, the company reported revenue of 5.532 billion yuan, a 14.2% decrease compared to the same period in 2024, primarily due to a decline in the aerial work equipment segment [2][5]. Group 3: Business Segmentation - The revenue from mining equipment increased its share from 54.4% in the first half of 2024 to 63.8%, although its growth rate was only 0.6% [2][5]. - Revenue from aerial work equipment dropped from 3.16 billion yuan to 1.36 billion yuan, a decline of 57%, which was the main reason for the overall revenue decrease [2][5]. - Material handling machinery revenue grew by 208%, but its absolute value was only 0.158 billion yuan, contributing limited overall revenue [2][5]. Group 4: Operational Challenges - The company is experiencing longer collection cycles for overseas business, with trade receivables turnover days reaching 223 days in the first half of 2025, an increase of 17.9% from 2024 [2][5]. - The proportion of accounts receivable aged over one year reached 16.2%, indicating increased liquidity risk [2][5]. Group 5: Ownership Structure - As of the submission to the Hong Kong Stock Exchange, Lingong Heavy Machinery is 55.5% owned by Lingong Group, which is controlled 94.86% by Wang Zhizhong, making him the actual controller of the company [6]. - Wang Zhizhong, born in 1953, is also the chairman and CEO of Shandong Lingong Engineering Machinery Co., Ltd. and has held various leadership roles in other companies [6].