Grace Cao

Tuesday, September 06, 2011

Sany Heavy Industry began its premarketing yesterday by introducing several cornerstone investors for its initial public offering.
China's largest concrete machinery maker plans to raise up to HK$23.3 billion by selling 1.54 billion shares through an IPO in Hong Kong.

Its roadshow will begin next Tuesday and it aims to debut on October 3.

But the Shanghai-listed company may fall behind its rival - XCMG Construction Machinery - to list in in Hong Kong as XCMG, a specialist crane maker from Xuzhou, Jiangsu, will start its roadshow this week to raise HK$15.6 billion.

Tenfu Tea - China's largest tea chain - also started pre-marketing yesterday and hopes to begin its roadshow on September 12 for its HK$2.3 billion IPO.

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In other action, China's largest broker CITIC Securities will start pre-marketing today, aiming to raise HK$1.56 billion.

Separately, Travel Expert (Asia) Enterprises will list on September 29.

The local travel agency started a roadshow yesterday to raise HK$69 million.

Shanghai-based restaurant chain Xiao Nan Guo is offering a trading price-to-earnings ratio of between 13 times to 20 times.

Xiao Nan Guo will meet institutional investors next Monday for its HK$1.2 billion IPO.