Clifford Chance advises SANY Heavy Industry on its US$1.7 billion IPO and listing in Hong Kong

Global law firm Clifford Chance has advised SANY Heavy Industry (SANY) on its initial public offering and listing on the Main Board of the Hong Kong Stock Exchange, raising over US$1.7 billion.

Chair of China Practice and partner Tim said, “We are proud to have advised SANY on its landmark H-share listing in Hong Kong – one of the largest so far this year, with strong support from cornerstone investors. SANY is a great example of how successful Chinese companies are turning to Hong Kong’s capital markets to accelerate global expansion, and demonstrates our depth of experience in supporting them through that journey.”

Tim co-led the deal with partners Jean Thio and Tianning Xiang, and with support from a combined Clifford Chance He Ping* team including Head of Capital Markets Lorna Lyu⁺, senior associates Joy Chen and April Zhang, associates Cathy Qian, Xiao Tang, Daisy Wang and Yao Han⁺ and trainee solicitor Cian Fang, Qianqian Bai and Ruiyi Chen.

SANY, founded in 1994, has established itself as an innovation-driven global leader in the construction machinery industry. SANY is dedicated to the R&D, manufacturing, sales and servicing of an extensive portfolio of construction machinery, including excavating machinery, concrete machinery, hoisting machinery, piling machinery and road machinery. SANY 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. SANY has been listed on the Shanghai Stock Exchange since 2003.

Clifford Chance has advised on the successful A+H share listings of several Mainland China-listed companies, most recently with the listings of SICC, Anjoy Foods Group and Zhejiang Sanhua Intelligent Controls.

* Clifford Chance LLP and Shanghai He Ping Law Firm have established a Joint Operation in the China (Shanghai) Pilot Free Trade Zone under the name Clifford Chance LLP and Shanghai He Ping Law Firm (FTZ) Joint Operation Office with the approval of the Shanghai Bureau of Justice.

⁺ From Shanghai He Ping Law Firm