Reference News Network, October 30 report. According to the "Nikkei Business Daily" on October 29, Chinese construction machinery giant Sany Heavy Industry has begun to focus on overseas business. On the 28th, Sany Heavy Industry Co., Ltd. was listed on the Hong Kong Stock Exchange, successfully raising about 13.4 billion Hong Kong dollars (1 Hong Kong dollar is approximately 0.91 yuan RMB - note from this site), which will be used to improve the overseas sales network and production system in the future. In the context of intense domestic competition, Sany Heavy Industry is committed to expanding markets in Asia and Africa to achieve renewed growth.

Wenbo Xiang, the rotating chairman and chairman of Sany Heavy Industry, said at the listing ceremony that Sany Heavy Industry's listing on the Hong Kong stock market is a historic opportunity to open up broader international financing channels and embrace a larger international market.

In 2003, Sany Heavy Industry was listed on the Shanghai Stock Exchange. This time, the company's listing in Hong Kong belongs to a dual-platform listing. The closing price on the first day rose by 3% compared to the issue price. In the plan for the raised funds, 45% will be invested in global sales network construction, 25% for R&D innovation, and 20% for improving overseas manufacturing capabilities.

The company plans to expand sales channels in Europe, Asia, and Africa, and intends to build production bases in some emerging markets.

Sany Group was originally a private welding factory established in Changsha, Hunan in 1989. In the 1990s, it successfully achieved mass production of domestically produced concrete pumping trucks and officially entered the construction machinery industry. The group's business covers products such as concrete pumping trucks and excavators, and it has continuously increased sales with price advantages.

In 2002, Sany Heavy Industry became one of the first Chinese construction machinery manufacturers to engage in export business. In 2012, Sany Heavy Industry acquired Putzmeister, the leading German concrete pumping truck manufacturer. Currently, Sany has factories in the United States, Germany, and other places, and its products are sold in more than 150 countries and regions. In 2024, the company achieved revenue of 78.3 billion yuan, an increase of nearly 6% compared to the previous year. Sales growth in overseas markets such as Africa and Asia contributed to the overall revenue growth.

With China's push for large equipment replacement and upgrading starting in 2024, the domestic market showed signs of stabilization. Industry data shows that the domestic sales of excavators reached 200,000 units in 2024, achieving the first growth in three years.

The report stated that Sany Heavy Industry is seeking breakthroughs in overseas markets, but still faces fierce competition. The company has entered the world's largest construction machinery market, the United States, but faces trade barriers such as tariffs on Chinese products.

Xiang Wenbo said in an interview with Chinese media on the 11th, "We need to go towards high-end and differentiated directions," expressing the willingness to strengthen R&D investment. (Translation/ Liu Lin)

Original: https://www.toutiao.com/article/7566880423255491087/

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