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XCMG Construction Machinery delays HK IPO

Sep. 27, 2011 (China Knowledge) - XCMG Construction Machinery Co Ltd<000425>, one of the leading construction machinery makers in China, has delayed its initial public offering in Hong Kong due to sluggish market, said a person familiar with the matter.

The person noted that the company, which previously planned to launch the IPO on Oct. 6, has cut the IPO size from the original range between US$1.5 billion and US$2 billion to a range of US$1 billion to US$1.2 billion by issuing 364 million new H shares from previous planned 515 million shares.

In a bid to make the IPO succeed, the Shenzhen-listed issuer has assigned six more dealers, comprising Goldman Sachs, ICBC International Holdings Ltd, BOC International, Bocom International Securities Ltd, Agricultural Bank of China International and Essence Securities.

The first six mandated IPO managers are BNP Paribas, China International Capital Corp, Credit Suisse Group, HSBC Holdings PLC, Macquarie Group Ltd and Morgan Stanley.

XCMG Construction Machinery's major Chinese rival Sany Heavy Industry Co Ltd<600031>, a Changsha-headquartered heavy construction equipment maker, on Sep. 22 announced the suspension of its US$3.3 billion worth of IPO in Hong Kong. Sany’s founder cum chairman is listed as China’s richest man recently by Forbes China and Hurun’s China richest.

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