China's XCMG to market $1.5 billion HK share offer from Sept 5

China's XCMG to market $1.5 billion HK share offer from Sept 5

Stock Market Predictions

HONG KONG (Global Markets) - XCMG Construction Machinery Co Ltd (000425.SZ) is slated to start pre-marketing on September 5 for an up to $1.5 billion planned share listing in Hong Kong, IFR reported on Friday.

The Shenzhen-listed company, which makes bulldozers, excavators and heavy trucks, secured approval from the listing committee at Hong Kong's stock exchange on Thursday, added IFR, a Thomson Global Markets publication.

The company joins rival Sany Heavy Industry Co Ltd (600031.SS) and about 12 other companies that have announced plans to raise about $11.7 billion in September from share sales in Hong Kong, the world's biggest IPO market for two years running. XCMG plans to offer 593 million shares.

China International Capital Corp (CICC) and Morgan Stanley (MS.N) were hired as joint global coordinators for the deal, with Credit Suisse Group AG (CSGN.VX), HSBC Holdings Plc (0005.HK)(HSBA.L), Macquarie Group Ltd (MQG.AX) and BNP Paribas SA (BNPP.PA) helping to manage the offering.

(Reporting by Jing Song; Writing by Elzio Barreto; Editing by Chris Lewis)

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China's XCMG delays $1.2 bln Hong Kong IPO: IFR

China's XCMG delays $1.2 bln Hong Kong IPO: IFR

Stock Market Predictions

HONG KONG (Global Markets) - China's XCMG Construction Machinery Co Ltd (000425.SZ) has postponed its planned $1.2 billion Hong Kong stock offering, IFR reported on Saturday, citing four sources with direct knowledge of the matter.

XCMG's decision came only a few days after bigger rival Sany Heavy Industry Co Ltd (600031.SS) pulled its $3.3 billion Hong Kong share offer due to market turmoil.

IFR did not indicate a reason for the delay. Bookbuilding of the offering was originally scheduled to start on September 26, the report said.

The original size of the IPO was $1.5 billion. XCMG recently added six more banks to the underwriting team, taking the total number of banks on the deal to 12, according to IFR.

ABC International, BOC International, BoCom International, Essence Securities, Goldman Sachs Group Inc (GS.N) and ICBC International will join BNP Paribas SA (BNPP.PA), China International Credit Corp, Credit Suisse Group AG (CSGN.VX), HSBC Holdings Plc (0005.HK)(HSBA.L), Macquarie Group Ltd (MQG.AX) and Morgan Stanley (MS.N) to arrange the float.

On Thursday, Sany Heavy delayed a planned up to $3.3 billion Hong Kong offering. Xiao Nan Guo Restaurants Holdings also decided to call off its $95 million Hong Kong IPO because of market volatility.

(Reporting by Fiona Lau; Writing by Leonora Walet; Editing by Sugita Katyal)

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