Clifford Chance, Ashurst, and Linklaters advised on SANY Heavy Industry Co., Ltd.’s US$1.7 billion Hong Kong IPO.

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.

SANY Heavy Industry is a global leader in the construction machinery sector, driven by innovation. The company is dedicated to the research and development, manufacturing, sales, and service of a comprehensive portfolio of construction machinery products. SANY’s products are sold in over 150 countries and regions worldwide, it is China’s largest and the world’s third-largest construction machinery company.

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. 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 Solicitors Cian Fang, Qianqian Bai and Ruiyi Chen.

Ashurst has acted as the international sanctions counsel to SANY Heavy Industry Co., Ltd. on the successful listing of its H shares on the Main Board of the Hong Kong Stock Exchange. The Ashurst team advising on this transaction was led by Alexander Dmitrenko, Tokyo office managing partner, with the support from senior associate Vicki Tang. Additional support was provided by associates Kenneth Lee and Eleanor Zhao, as well as legal manager Joyce Ng.

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. on the Main Board of the Hong Kong Stock Exchange (HKEX), raising approximately US$1.72bn. 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.