Sany Heavy Industry rises in Hong Kong debut after $1.6 billion IPO

SINGAPORE, Oct 28 (Reuters) – Shares of Chinese construction machinery maker Sany Heavy Industry rose as much as 4.7% in its Hong Kong debut on Tuesday after raising HK$12.36 billion ($1.59 billion) in one of the city's biggest listings this year. The company manufactures heavy machinery such as excavators, cranes, road construction and pile-driving equipment. It operates plants in the United States, Europe, India, Brazil and Germany, along with five manufacturing hubs in China, according to its website. Its stock opened flat at HK$21.30, matching its offer price, and rose as much as 4.7% to HK$22.30 in early trade before easing to HK$21.84, LSEG data showed. Sany's Shanghai-listed shares last traded at 22.11 yuan, down 1.9% from the previous close. The stock is up about 34% this year, giving the company a market value of around $26.8 billion. ($1 = 7.7675 Hong Kong dollars) (Reporting by Yantoultra Ngui; Editing by Nivedita Bhattacharjee)

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