Sany Heavy Industry plans to lay down its subsidiary in Hong Kong. Sany is a construction equipment maker that is operated under Liang Wengen, a Chinese billionaire.
According to a company statement, Sany Heavy Machinery (China) the leading makers of excavators is rightly looking forward to the Hong Kong listing that is formulated in the aim to improve its competitiveness and boost the overseas sales across the globe.
The members of the board of the Shanghai Heavy Industry has approved of the Hong Kong listing. The Shanghai Heavy Industry has its shares traded at the Shanghai Stock Exchange. It has been affected by tough competition in China, as well as by an economic slowdown in growth. The company’s shares are almost down by three-quarters from its most recent peak in 2010 and have also lost more than 10% of their value in the last one year.
One of the most prominent rivals of Sany’s in China includes Caterpillar.
Liang took control of the mining equipment manufacturer– Sany Heavy Equipment International Holdings when it went public in Hong Kong in 2009. This Chinese billionaire has topped the 2010 Forbes China Rich List with wealth worth $9.3 billion. He also ranked at No. 345 on the Forbes Billionaires List 2014 with total wealth amounting to $4.3 billion.