Sany Heavy said to soon gauge interest for $1.5 billion listing

China’s Sany Heavy Industry Co. plans to begin gauging investor interest as early as next week for a Hong Kong listing that could raise about $1.5 billion, according to people familiar with the matter.

The Beijing-based construction-machinery maker is expected to attend a listing hearing with the Hong Kong stock exchange as soon as this week, the people said, asking not to be identified as the information is private. The company, whose shares already trade in Shanghai, may list its stock in the coming weeks, they added.

Deliberations are ongoing, and the deal size and timing could still change, the people said. Sany Heavy didn’t immediately respond to a request for comment. A representative for Hong Kong Exchanges & Clearing Ltd. declined to comment.

Sany Heavy Gets CSRC Approval for Hong Kong Listing

Founded in 1994, Sany Heavy counts equipment contractors, construction companies, mining operators and infrastructure developers among its customers. The company reported a profit of 6.1 billion yuan ($856 million) in 2024, up 32% from the previous year.

Sany Heavy’s listing would rank among Hong Kong’s largest this year. Bloomberg Intelligence estimates total proceeds from initial share sales in the city to top $26 billion in 2025.

Citic Securities Co. and China International Capital Corp. are overall coordinators of Sany Heavy’s listing.