Sany plans $200m HK IPO in Q4
Updated: 2009-07-29 07:19
(HK Edition)
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HONG KONG: Sany Heavy Equipment Co plans to raise at least $200 million in a Hong Kong initial public offering in the fourth quarter, two unnamed sources familiar with the matter said.
The Shenyang, Liaoning province-based company hired HSBC Holdings Plc to manage the sale and may add another arranger, the sources said, declining to be identified.
Hu Xuewen, a Changsha, Hunan-based spokeswoman for Sany Group, said she had no information about the IPO. Maggie Cheung, a spokeswoman for HSBC in Hong Kong, declined to comment.
Sany Heavy Equipment is part of the 20-year-old Sany Group, which posted revenue of 20.9 billion yuan ($3.06 billion) last year from sales of machinery for construction, mining, ports and windpower systems. The group's Sany Heavy Industry Co unit, the nation's largest supplier of concrete-making equipment, is listed in Shanghai.
Bloomberg News
(HK Edition 07/29/2009 page4)