May. 31, 2012 (China Knowledge) - Sany Heavy Industry Co Ltd<600031>, a leading Chinese heavy construction equipment manufacturer, plans to restart its initial public offering in Hong Kong with fundraising of around US$2 billion, said a person familiar with the matter.

The person added that the Shanghai-listed firm has submitted an application to the Hong Kong Stock Exchange and expects to list in the third quarter of this year.

Last September, the company postponed the IPO plans with a size of not more than US$3.3 billion as investor appetite for share issues took a hit amid a dramatic drop in Asian markets.

Bank of AmericaMerrill Lynch, Citigroup Inc, Citic Securities Co and Morgan Stanley are handling the deal, sources reported.

In Q1 2012, Sany Heavy Industry earned RMB 2.8 billion in net profit, up 5.3% from a year earlier, and its operating revenue increased 6.14% YoY to RMB 8.56 billion.