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Linklaters acted as the Hong Kong and US counsel for the sole sponsor and other underwriters on the global offering and listing of H shares of SANY Heavy Industry Co., Ltd. (SANY Heavy Industry) on the Main Board of the Hong Kong Stock Exchange (HKEX), raising approximately US$1.72bn.

This listing marks one of the world’s largest heavy industry IPOs in recent years. It is also the third-largest IPO in Hong Kong SAR this year. The offering attracted a strong line-up of 23 cornerstone investors with a total cornerstone investment of over US$700m, reflecting robust market recognition of SANY Heavy Industry and underscoring Hong Kong’s status as a premier international capital market.

SANY Heavy Industry is an innovation- and technology-driven global leader in the construction machinery industry. It is China’s largest and the world’s third-largest construction machinery company. As one of the pioneering Chinese construction machinery companies to expand internationally, it has established an integrated global ecosystem across operations, products, services, research and development and manufacturing. Its products have reached customers in over 150 countries and regions.

The Linklaters team was led by partner and Head of Greater China ECM Christine Xu, Special Senior Adviser and New Economy Team Leader (Greater China) Oliver Zhong, capital markets partner Lipton Li and corporate partner Donnelly Chan, supported by counsel Queenie Tong. Litigation, Arbitration & Investigations Counsel Michael Lamson also provided specialist support on international trade.

Partner and Head of Greater China ECM Christine Xu commented:

“We are delighted to have supported this landmark transaction for SANY Heavy Industry. This successful listing highlights Hong Kong’s role as an international capital markets hub and demonstrates strong investor confidence in SANY’s innovation-driven and technology-focused strategy. It also reflects our team’s ability to deliver seamless, cross-border legal advice on complex, high-profile offerings. We look forward to continuing to support more companies as they access global capital markets.”

Linklaters’ highly acclaimed Greater China ECM team provides seamless legal support on pre-IPO investments, IPOs, post-listing compliance and equity financing, including advising on the recent HKEX IPOs of CATL, Chery and Sanhua Intelligent, as well as share placings for Minieye Technology and RoboSense.