Core Insights - The Hong Kong stock exchange experienced its busiest debut day since July, with four stocks beginning trading, indicating a continued bull run in the IPO market [1] Company Summaries - Deepexi Technology's shares doubled to HK$56.50 from an offer price of HK$26.66, marking it as the biggest gainer on debut [2] - Bama Tea's stock increased by 60% from its offer price of HK$50 to HK$80.10 [2] - CIG Shanghai's shares rose 36.5% to HK$94 from an offer price of HK$68.88 [2] - Sany Heavy Industry's shares began trading at HK$21.30, unchanged from the offer price, raising HK$13.45 billion (US$1.73 billion) in Hong Kong's third-largest IPO this year [3] Market Context - Sany Heavy Industry's chairman highlighted the significance of the listing in Hong Kong as a recognition of the company's growth and an opportunity for broader international financing [4] - Sany, already listed in Shanghai, priced its shares at the top of the offer range and partially exercised its over-allotment option, adding 51.17 million shares to the original 580.42 million shares planned for sale [5] - The IPO attracted 23 cornerstone investors, including Temasek Holdings, Hillhouse Investment, and BlackRock, who committed approximately US$759 million and agreed to hold shares for six months [6] - The retail portion of Sany's offering was oversubscribed by 52 times, while the institutional tranche was oversubscribed 13 times [6]

Core Viewpoint - The Hong Kong stock exchange is set for a significant fundraising event with the debut of four stocks, including Sany Heavy Industry, which aims to reclaim its position as the world's leading fundraising venue this year [1]. Group 1: Sany Heavy Industry - Sany Heavy Industry, China's largest construction machinery manufacturer, is targeting up to HK$12.36 billion (US$1.59 billion) through its dual-primary listing by offering 580.42 million shares [2]. - The share price for Sany is set between HK$20.30 and HK$21.30, with the final price to be determined on Friday [6]. - Sany's operations are significantly influenced by the domestic real estate sector, which is critical for its business performance and future growth [8]. Group 2: Other Stocks - CIG Shanghai, a connectivity and data transmission device provider, seeks to raise HK$4.62 billion [4]. - Deepexi Technology, an artificial intelligence application solutions provider, aims for HK$710 million [4]. - Bama Tea, a premium tea seller, has set a target of HK$450 million [4]. Group 3: Investment Process - Retail investors can start placing orders for all four stocks on Monday, with the subscription window closing on Thursday [5]. - Sany has the option to issue up to 87.06 million additional shares under an overallotment option, which could increase to 100.12 million shares if the offer size adjustment option is fully exercised [7].