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China's Sany Heavy to Revive $3.3 Billion HK IPO

Five Construction Cranes
AP
Five Construction Cranes

China's Sany Heavy Industry will revive its $3.3 billion Hong Kong share offering in the second quarter, the South China Morning Post reported on Friday, citing sources close to the deal.

Terms of the listing and the price range for the deal would be fixed in coming weeks with the listing in April or May, the report said, citing sources. It gave no further listing details.

The deal, which would be one of the biggest in Hong Kong this year, would fit well with Sany's takeover of German concrete pumpmaker Putzmeister Holding, the paper said.

In September last year, Sany , China's largest construction machinery maker, postponed an up to $3.3 billion Hong Kong share offering because of tumbling global markets.

Sany, controlled by China's richest man Liang Wengen, would pay 360 million euros ($473 million) for privately owned German concrete pump manufacturer Putzmeister, a source with direct knowledge of the matter said in January. The Chinese company is also assuming an undisclosed amount of Putzmeister debt.

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