Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange (HKEX) experienced a significant decrease in IPO activity in October 2025, with a total of 12 new listings raising a combined total of HKD 277.11 billion, marking a 20% decrease in the number of listings and a 47.9% decrease in fundraising compared to September 2025 [1][2]. IPO Activity - In October 2025, 12 new stocks were listed on the HKEX, raising a total of HKD 277.11 billion, which is a notable decline from the previous month [2]. - From January to October 2025, a total of 80 new stocks were listed, accumulating over HKD 2,150 billion in total fundraising [2]. - The largest fundraising in October was by Sany Heavy Industry, which raised HKD 134.53 billion, followed by Cambridge Technology with HKD 46.16 billion [2][5]. IPO Pipeline - As of November 4, 2025, there are 300 companies in the IPO queue on the HKEX, with 10 having passed the hearing process [6]. - Among the 300 companies, 293 are on the main board and 7 on the Growth Enterprise Market (GEM) [6]. - Companies such as Sairus and others are expected to list in November 2025 [6]. Notable New Listings - Sany Heavy Industry's IPO on October 28, 2025, had an issue price of HKD 21.3 per share, with the stock reaching a peak of HKD 22.3 on its first day of trading [5]. - Jin Ye International Group, which specializes in HVAC systems, saw its stock price increase over 300% on its first trading day, making it the highest first-day gainer among new listings in October [5]. Upcoming IPOs - Companies like Le Shushi, which focuses on baby and women's hygiene products, are planning to go public, with a global offering price not exceeding HKD 26.2 per share, aiming for a listing on November 10, 2025 [9].

Core Insights - SANY Heavy Industry Co., Ltd. successfully listed on the Hong Kong Stock Exchange on October 28, 2025, under the stock codes 6031.HK and 600031.SH [2] - Ernst & Young acted as the reporting accountant, overcoming various pressures to ensure a smooth listing process, receiving high recognition for their efforts [2] Company Overview - SANY Heavy Industry is a leading global player in the engineering machinery sector, focusing on the research, manufacturing, sales, and service of a full range of construction machinery products, including excavators, concrete machinery, cranes, pile machinery, and road machinery [3] - Based on cumulative revenue from core engineering machinery products from 2020 to 2024, SANY Heavy Industry ranks as the third largest globally and the largest in China [3] - The company's products are sold in over 150 countries and regions worldwide, participating in significant global projects such as the Hong Kong-Zhuhai-Macao Bridge, London Olympic venues, Burj Khalifa, and Beijing Olympic venues [3]

Core Viewpoint - Sany Heavy Industry has officially listed on the Hong Kong Stock Exchange, raising approximately HKD 134.5 billion (around RMB 12.3 billion) through its IPO, marking its second listing after its debut on the Shanghai Stock Exchange in 2003 [1][2]. Company Overview - Sany Heavy Industry is a leading player in the engineering machinery sector, with products including concrete machinery, excavators, cranes, pile drivers, and road machinery. The company has achieved the highest cumulative sales of excavators globally for five consecutive years and ranks first in cumulative revenue for concrete machinery [5]. - The company plans to use the funds raised from the IPO to enhance its global sales and service network, increase brand awareness, expand overseas manufacturing capabilities, and optimize production efficiency [2][5]. Financial Performance - For the years 2022-2024, Sany Heavy Industry's projected revenues are RMB 808.39 billion, RMB 740.19 billion, and RMB 783.83 billion, with net profits of RMB 44.33 billion, RMB 46.06 billion, and RMB 60.9 billion respectively. The gross profit margins are expected to be 22.6%, 26.4%, and 26.7% [5]. - In the first half of this year, the company reported revenue of RMB 445.34 billion, a year-on-year increase of 14.96%, and a net profit of RMB 52.16 billion, up 46% year-on-year [5]. Market Context - The IPO coincides with a recovery in the domestic engineering machinery industry, which has been cyclical. The last upturn began in 2016 and ended in mid-2021, followed by a downturn until a gradual recovery began last year [6]. - The domestic demand for core products such as excavators and concrete machinery has increased, driven by long-term government bond issuance and policies for equipment upgrades [6][7]. Global Strategy - Sany Heavy Industry is advancing a strategy focused on globalization, digitalization, and low-carbon initiatives. According to a report, the company is the largest engineering machinery enterprise in China and the third largest globally based on cumulative revenue from core products from 2020 to 2024 [8]. - The company’s overseas revenue is projected to grow at a compound annual growth rate of 15.2% from 2022 to 2024, with overseas business accounting for over 60% of total revenue, which is higher than its peers [8]. Industry Outlook - The global engineering machinery market is expected to grow, with sales projected to reach USD 213.5 billion in 2024 and USD 296.1 billion by 2030. Key markets include North America, Asia-Pacific, Europe, and China [9]. - However, the industry faces challenges such as geopolitical factors affecting the business environment and uncertainties in global economic growth [9].

Core Points - Sany Heavy Industry successfully listed on the Hong Kong Stock Exchange on October 28, 2025, raising approximately HKD 134.53 billion through the issuance of 631.5988 million H-shares at a price of HKD 21.30 per share [4] - The IPO was highly oversubscribed, with a public offering subscription rate of 52.93 times and an international offering subscription rate of 13.96 times [4] - The company attracted 23 cornerstone investors who collectively subscribed for USD 758 million (approximately HKD 58.99 billion) of the offering shares [4] Shareholding Structure - After the IPO, the shareholding structure of Sany Heavy Industry includes Liang Wengen holding 2.59% directly and 29.42% through Sany Group, which has a total holding of approximately 31.40% [5][6] - Other A-share shareholders hold 61.67%, while H-share shareholders hold 6.94% [5][6] Company Overview - Founded in 1989, Sany Heavy Industry is a leading global player in the engineering machinery industry, focusing on the research, manufacturing, sales, and service of a full range of construction machinery products [6] - According to Frost & Sullivan, Sany Heavy Industry is the third-largest engineering machinery company globally and the largest in China based on cumulative revenue from core engineering machinery from 2020 to 2024 [6] Stock Performance - As of midday trading, Sany Heavy Industry's stock price was HKD 21.84, reflecting a 2.54% increase, with a total market capitalization of approximately HKD 197.757 billion [7] - The stock opened at HKD 21.30, with a trading volume of 104 million shares and a turnover rate of 17.93% [8] IPO Underwriting Team - The main underwriting team for Sany Heavy Industry's IPO includes CITIC Securities as the sole sponsor and overall coordinator, along with several other financial institutions such as CICC, BOC International, and others [8]

Core Viewpoint - SANY Heavy Industry (06031) has successfully listed its shares at a price of HKD 21.30 per share, raising approximately HKD 13.307 billion through the issuance of 632 million shares, with the stock price increasing by 3.01% to HKD 21.94 at the time of reporting [1] Company Overview - Founded in 1989, SANY Group is a leading enterprise in the global construction machinery industry [1] - The company specializes in the research, manufacturing, and sales of a full range of construction machinery products, including excavators, concrete machinery, cranes, piling machinery, and road machinery [1] Market Performance - As of April 30, 2025, SANY Heavy Industry's revenue from overseas markets accounted for 57.4% of its total revenue, indicating strong international demand for its products [1] - The company's products have been sold in over 150 countries and regions worldwide, reflecting its global reach and customer trust [1]

Core Viewpoint - Sany Heavy Industry (06031) has officially listed its shares at a price of HKD 21.30 per share, issuing a total of 632 million shares, resulting in net proceeds of approximately HKD 13.307 billion [1] Company Overview - Founded in 1989, Sany Group is a leading enterprise in the global construction machinery industry, focusing on the research, manufacturing, sales, and service of a full range of construction machinery products including excavators, concrete machinery, cranes, piling machinery, and road machinery [1] - Based on cumulative revenue from core construction machinery products from 2020 to 2024, Sany is the third largest globally and the largest in China in the construction machinery sector [1] Market Presence - Sany Heavy Industry's products have been sold to over 150 countries and regions worldwide, with overseas market revenue accounting for 57.4% of total revenue for the four months ending April 30, 2025 [1] - The company's products are trusted by global customers, participating in several iconic global projects such as the Hong Kong-Zhuhai-Macao Bridge, London Olympic venues, Burj Khalifa, and Beijing Olympic venues [1]

Group 1 - Sany Heavy Industry (600031) is conducting an IPO from October 20 to 23, planning to globally issue 580 million H-shares, with approximately 10% for Hong Kong and 90% for international sales, at a price range of HKD 20.3 to 21.3, aiming to raise up to HKD 12.36 billion [1] - The IPO has seen significant interest, with the international placement being oversubscribed multiple times, leading to an early closure of subscriptions on October 22, and total margin subscription amounting to approximately HKD 51.36 billion, indicating a 40.5 times oversubscription [1] - Sany Heavy Industry specializes in the research, manufacturing, sales, and service of construction machinery, holding the top global position in concrete machinery and leading in excavators and large-tonnage cranes in China [1] Group 2 - The IPO features a strong lineup of cornerstone investors, with 23 top-tier institutions committing to purchase shares worth approximately USD 758 million (around HKD 58.99 billion), accounting for nearly half of the expected fundraising total [2] - The net proceeds from the IPO will be allocated as follows: approximately 45% for expanding global sales and service networks, 25% for enhancing R&D capabilities, 20% for increasing overseas manufacturing capacity and optimizing production efficiency, and 10% for working capital and general corporate purposes [2]

Group 1 - Sany Heavy Industry is conducting an IPO from October 20 to 23, planning to issue 580 million H-shares, with approximately 10% allocated for Hong Kong and 90% for international sales, at a price range of HKD 20.3 to 21.3 per share, aiming to raise up to HKD 12.36 billion [1] - The IPO has seen significant demand, with the international placement being oversubscribed multiple times, leading to an early closure of subscriptions on October 22, and a total subscription amount of approximately HKD 51.36 billion, resulting in a 40.5 times oversubscription for the public offering [1] - Sany Heavy Industry is a leading player in the engineering machinery sector, with its concrete equipment being the global number one brand, and it ranks first in excavators and concrete machinery globally [1] Group 2 - The IPO features a strong lineup of cornerstone investors, with 23 top-tier institutions committing a total of USD 758 million (approximately HKD 58.99 billion), accounting for nearly half of the expected fundraising total [2] - The net proceeds from the IPO will be allocated as follows: approximately 45% for expanding global sales and service networks, 25% for enhancing R&D capabilities, 20% for increasing overseas manufacturing capacity and optimizing production efficiency, and 10% for working capital and general corporate purposes [2]

Core Viewpoint - The stock of Shanhe Intelligent (SZ002097) reached its daily limit, closing at 13.81 yuan with a 10.04% increase, driven by improved corporate governance, financial performance, and industry trends [1][2]. Company Summary - Shanhe Intelligent completed a board restructuring, established specialized committees, and revised multiple procedural rules, significantly enhancing governance standards. The new independent directors possess strong expertise, which is expected to improve decision-making independence and lay a solid foundation for long-term development [2]. - In the first half of 2025, the company reported a net profit increase of 46.12% year-on-year, with operating cash flow turning positive. Additionally, a full subsidiary received a compensation of 2,296 million USD, contributing 126 million yuan to the current net profit, which stimulated the stock price increase [2]. - The company focuses on the equipment manufacturing industry, developing in three main areas: engineering equipment, special equipment, and aviation equipment. Its product range includes excavators, pile machinery, and aerial work platforms. Recent positive trends or policy benefits in the equipment manufacturing sector have attracted attention and created a sector-wide capital inflow effect [2]. Industry Summary - The equipment manufacturing sector has shown some positive developments, leading to increased interest from investors. Data from Dongfang Caifu indicates that other stocks within the equipment manufacturing sector also performed well on the same day [2]. - On the technical side, if the MACD indicator for Shanhe Intelligent forms a golden cross or breaks through significant resistance levels, it may attract further attention from technical investors. Monitoring from Tonghuashun shows that large orders were net inflows on the 21st, indicating the involvement of major funds driving the stock price to its limit [2].

Core Viewpoint - SANY Heavy Industry Co., Ltd. is set to launch its IPO on October 28, 2025, on the Hong Kong Stock Exchange, aiming to raise up to HKD 12.354 billion through the global offering of 580 million shares priced between HKD 20.3 and HKD 21.3 per share [1] Group 1: IPO Details - The cornerstone investors for SANY Heavy Industry's IPO include Temasek, Hillhouse Capital, and BlackRock, among others, with total subscriptions amounting to approximately USD 758 million (around HKD 5.9 billion) [1][2] - The company has already been listed on the A-share market, with its current stock price at CNY 22.49 and a market capitalization of CNY 190.6 billion [2] Group 2: Financial Performance - For the first half of 2025, SANY Heavy Industry reported revenue of CNY 44.53 billion, a 15% increase from CNY 38.74 billion in the same period last year, with a net profit of CNY 5.22 billion, up 46% from CNY 3.57 billion [8] - The company's revenue composition for 2024 shows that excavators contributed CNY 30.37 billion (38.8%), concrete machinery CNY 14.37 billion (18.3%), and cranes CNY 13.12 billion (16.7%) [6] Group 3: Historical Financial Data - SANY Heavy Industry's revenue for 2022, 2023, and 2024 was CNY 80.84 billion, CNY 74.02 billion, and CNY 78.38 billion, respectively, with gross profits of CNY 18.3 billion, CNY 19.6 billion, and CNY 20.9 billion [7] - The company’s profit margins have improved, with net profit margins for 2022, 2023, and 2024 at 5.5%, 6.2%, and 7.8%, respectively [6][7] Group 4: Dividend Information - SANY Heavy Industry declared dividends of CNY 3.8 billion, CNY 1.35 billion, and CNY 1.86 billion for the years 2022, 2023, and 2024, respectively, with a cash dividend of CNY 3.034 billion approved for the year ending December 31, 2024 [9]