Sany Heavy plans to list on SIX Swiss Exchange, becoming the first Chinese company to issue global depositary receipts in Zurich
- Shanghai-listed Sany Heavy Industry has become the first to seek fundraising via depositary receipts on SIX Swiss Exchange
- The proposed issuance will not dilute the stakes of its controlling shareholders, Sany said
Sany Heavy Industry, one of the world’s largest manufacturers of excavators and construction equipment, plans to list its shares on the SIX Swiss Exchange, becoming the first Chinese company to make use of the cross-border channel to raise capital.
Sany’s shares will list as global depositary receipts (GDRs) on SIX, the company said in a statement to its primary market the Shanghai Stock Exchange, without divulging financial details or the timing of the listing. The proposed issuance will not dilute the stakes of its controlling shareholders, Sany said.
“The global depositary receipt [GDR] is the company’s response to the government’s capital market policy,” said the company, based in the Hunan provincial capital of Changsha. “It represents a significant move on utilising a foreign capital market to enhance development in the real economy.”
Founded by Liang Wengen in 1989, Sany is the world’s biggest producer of machines used for mixing and pumping concrete. It also makes forklifts used at ports, tunnelling and mining equipment, with sales and operations in 150 global locations. It bought 90 per cent of the German concrete pump maker Putzmeister in a €324 million (US$355.4 million) takeover in 2012.
Sany’s co-founder and chief executive Liang, born in 1956, was China’s wealthiest man in 2011, according to Forbes’ ranking.