Sany Heavy Industry Passed the Listing Hearing of HKEX, Targeting "A+H" Listing

Mon, 13 Oct 2025 15:11:00 +0800

HONG KONG, Oct. 13, 2025 /PRNewswire/ -- On October 12^th, according to the Hong Kong Stock Exchange, Sany Heavy Industry Co., Ltd. ("Sany Heavy Industry") has passed the listing hearing. This marks a critical step towards the Company's proposed "A+H" listing on the Hong Kong Stock Exchange, leveraging the capital markets to further consolidate its industry position in the global market.

Sany Heavy Industry is a global leader in the construction machinery industry. According to Frost & Sullivan, Sany Heavy Industry is the world's third largest and China's largest construction machinery company in terms of core construction machinery's cumulative revenue from 2020 to 2024. From 2020 to 2024, Sany Heavy Industry ranked first globally in terms of cumulative sales volume of excavators and in terms of cumulative revenue of concrete machinery. Sany Heavy Industry has consistently maintained a leading financial performance in the industry. The recorded revenue in 2022, 2023 and 2024 was RMB80.84 billion, RMB74.02 billion and RMB78.38 billion, respectively, with annual profit of RMB4.43 billion, RMB4.61 billion and RMB6.09 billion, respectively. Key operating indicators such as operating cashflow, sales collection ratio and inventory turnover ratio were all significantly above the industry average.

Sany Heavy Industry regards R&D and innovation as the primary driving force of the development and has consistently devoted substantial resources to R&D. As of December 31, 2024, Sany Heavy Industry had 21 R&D centers globally. During the Track Record Period, the cumulative research and development expenses of Sany Heavy Industry amounted to RMB18.17 billion. According to Frost & Sullivan, the research and development expenses as a percentage of revenue of Sany Heavy Industry surpassed the average level of global peers during the same period. As of December 31, 2024, Sany Heavy Industry had 5,867 R&D employees, representing 23.1% of the total workforce, with 42.3% of them holding a master's degree or above. As of December 31, 2024, Sany Heavy Industry had over 8,900 patents, making their patent portfolio one of the largest in China's construction machinery industry.

Sany Heavy Industry is currently advancing three major strategies, namely globalization, digitalization and decarbonization.

In respect of globalization, Sany Heavy Industry adheres to their overseas market operation philosophy of "Group-led Strategy, Localized Operations, Service-first Approach" in overseas markets. Sany Heavy Industry had established eight overseas region-level and 31 country-level business divisions globally as of December 31, 2024, which serve as platforms for comprehensive strategic planning at their respective levels. Products of Sany Heavy Industry have been sold to over 150 countries and regions worldwide. In 2022, 2023 and 2024, Sany Heavy Industry generated oversea revenue of RMB 36.79 billion, RMB 43.56 billion and RMB 48.86 billion respectively, with a compound annual growth rate of 15.2%, accounting for 45.5%, 58.9% and 62.3% of total revenue in the respective years. The proportion of overseas sales has continued to increase. As of December 31, 2024, Sany Heavy Industry built a network of approximately 1,900 outlets globally for direct access to customers and the provision of services, enhancing the global influence of the brand.

In respect of digitalization, as of December 31, 2024, Sany Heavy Industry had built 35 smart factories worldwide, including the world's only two Lighthouse Factories recognized by the World Economic Forum in the construction machinery industry, as well as overseas manufacturing bases in Germany, Indonesia, India and the U.S.. Sany Heavy Industry is also promoting digital upgrades in accordance with "Lighthouse Factory" standards. Sany Heavy Industry launched the world's first 5G remote-controlled excavator, as well as smart cranes, smart road rollers and smart loaders, and further developed integrated solutions for multiple scenarios, including digital solution for open-pit mining, comprehensive truck-mounted concrete pump solution, crane smart operation solution, smart tunnel construction solution and smart paving and rolling fleet. Sany Heavy Industry also leverages advanced technologies such as big data analytics and machine decision-making to enhance efficiency and reduce costs across its full operating processes, including customer acquisition, contract approval and product delivery.

In respect of decarbonization, as of December 31, 2024, Sany Heavy Industry launched more than 40 new energy products, including excavators, loaders, truck-mounted concrete pumps, truck mixers and cranes. Revenue from new energy construction machinery products amounted to approximately RMB4.03 billion, with the contribution ratio significantly exceeding the global industry average. Products such as electric excavators, electric mixers and electric dump trucks ranked first in China. Sany Heavy Industry also developed the world's first fully electric-controlled rotary drilling rig and China's first hydrogen-powered truck mixer equipped with a self-developed fuel cell system. In addition, Sany Heavy Industry has achieved significant progress by reducing carbon emissions throughout the entire production and operation process, via smart energy systems, energy data management and the construction of sustainable industrial parks.

The net proceeds from the Global Offering are intended to be applied towards (i) the further development of Sany Heavy Industry's global sales and service networks; (ii) enhancement of R&D capabilities; (iii) expansion of overseas manufacturing capacity; and (iv) replenishment of working capital. Such allocation will directly support the further implementation of the Sany Heavy Industry's globalization, digitalization and decarbonization strategies, and is expected to create diversified value growth points for investors.