Shares of China's Sany Heavy climb on Hong Kong trading debut after $1.6 billion IPO [MSNBC.com]
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Source: MSNBC.com
A worker debugs a robot at a Sany Heavy Industry plant in Changsha, central China's Hunan Province, on Feb. 20, 2020.Chen Zeguo | Xinhua News Agency | Getty ImagesChina's Sany Heavy Industry rose over 3% on its Hong Kong trading debut Tuesday after raising HK$12.36 billion ($1.59 billion) in one of the city's largest listings this year.Shares were priced atHK$21.30$3.2 billion initial public offeringSany's Shanghai-listed stockamong the world's largest makersChina International Capital Corp. acted as the sole sponsor and overall coordinator for the initial public offering. Other banks on the deal included BOC International, Industrial and Commercial Bank of China, Agricultural Bank of China and China Merchants Bank.Cornerstone investors included Hillhouse, BlackRock, Temasek and Infore Capital. Sany said it plans to use the funds for overseas expansion, R&D, digital upgrades and sustainability efforts."Despite a strong international growth narrative and robust recent performance, Sany
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