IPO Timeline
Broker Deadline
2025-10-23
Morning deadline
HKEX Deadline
2025-10-23
Noon deadline
Broker Results (T-2)
2025-10-24
Some brokers release in afternoon
Grey Market (T-1)
2025-10-27
Afternoon
HKEX Allotment (T-1)
2025-10-27
Evening
Registrar Allotment (T-1)
2025-10-27
Evening
Listing Day (T)
2025-10-28
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) — 三一重工 |
|---|---|
| Other Market Stock Code | 600031 |
| H-Share Offer Price | HK$ 21.30 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 三一重工 |
|---|---|
| Stock Code | 06031 |
| Company Full Name | 三一重工 |
| Industry | New Energy |
| Principal Activities | 專注於挖掘機械、混凝土機械、起重機械、樁工機械及路面機械等全系列工程機械產品的研發、製造、銷售及服務。 |
| Listing Date | 2025-10-28 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Principal Place of Business in Room 1808-10, 18th Floor, Landmark North Hong Kong No. 39 Lung Sum Avenue, Sheung Shui New Territories Hong Kong |
| Business Address (Hong Kong) | No. 39 Lung Sum Avenue, Sheung Shui New Territories Hong Kong |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.sany.com.cn |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 21.30 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 4,260 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-10-20 to 2025-10-23 |
| Global Offering Shares | 631,598,800 shares |
| HK Public Offer Shares (Initial) | 58,042,600 shares (9.2%) |
| Public Offer Lots (Initial) | 290,213lots (145,106lots, 145,107lots) |
| International Placing Shares (Initial) | 522,382,000 shares (90.8%) |
| Offer Ratio | ~6.98% |
| Total Shares Post-IPO | 9,054,814,637 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 46.9% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 13,453,054,440 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 4,260 |
| 2 lots | 400 | HK$ 8,520 |
| 3 lots | 600 | HK$ 12,780 |
| 4 lots | 800 | HK$ 17,040 |
| 5 lots | 1,000 | HK$ 21,300 |
| 6 lots | 1,200 | HK$ 25,560 |
| 7 lots | 1,400 | HK$ 29,820 |
| 8 lots | 1,600 | HK$ 34,080 |
| 9 lots | 1,800 | HK$ 38,340 |
| 10 lots | 2,000 | HK$ 42,600 |
| 15 lots | 3,000 | HK$ 63,900 |
| 20 lots | 4,000 | HK$ 85,200 |
| 25 lots | 5,000 | HK$ 106,500 |
| 30 lots | 6,000 | HK$ 127,800 |
| 35 lots | 7,000 | HK$ 149,100 |
| 40 lots | 8,000 | HK$ 170,400 |
| 45 lots | 9,000 | HK$ 191,700 |
| 50 lots | 10,000 | HK$ 213,000 |
| 100 lots | 20,000 | HK$ 426,000 |
| 150 lots | 30,000 | HK$ 639,000 |
| 200 lots | 40,000 | HK$ 852,000 |
| 250 lots | 50,000 | HK$ 1,065,000 |
| 300 lots | 60,000 | HK$ 1,278,000 |
| 350 lots | 70,000 | HK$ 1,491,000 |
| 400 lots | 80,000 | HK$ 1,704,000 |
| 450 lots | 90,000 | HK$ 1,917,000 |
| 500 lots | 100,000 | HK$ 2,130,000 |
| 1,000 lots | 200,000 | HK$ 4,260,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 300,000 | HK$ 6,390,000 |
| 2,000 lots | 400,000 | HK$ 8,520,000 |
| 2,500 lots | 500,000 | HK$ 10,650,000 |
| 3,000 lots | 600,000 | HK$ 12,780,000 |
| 3,500 lots | 700,000 | HK$ 14,910,000 |
| 4,000 lots | 800,000 | HK$ 17,040,000 |
| 4,500 lots | 900,000 | HK$ 19,170,000 |
| 5,000 lots | 1,000,000 | HK$ 21,300,000 |
| 10,000 lots | 2,000,000 | HK$ 42,600,000 |
| 15,000 lots | 3,000,000 | HK$ 63,900,000 |
| 20,000 lots | 4,000,000 | HK$ 85,200,000 |
| 25,000 lots | 5,000,000 | HK$ 106,500,000 |
| 30,000 lots | 6,000,000 | HK$ 127,800,000 |
| 35,000 lots | 7,000,000 | HK$ 149,100,000 |
| 40,000 lots | 8,000,000 | HK$ 170,400,000 |
| 45,000 lots | 9,000,000 | HK$ 191,700,000 |
| 50,000 lots | 10,000,000 | HK$ 213,000,000 |
| 100,000 lots | 20,000,000 | HK$ 426,000,000 |
| 145,106 lots | 29,021,200 | HK$ 618,151,560 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 192,867,551,768 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於盈利狀態） |
| Profit/Loss Status | 盈利約人民幣5,975.5百萬元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 134,000,000 |
| Listing Expenses / Funds Raised | ~1.0% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 21.9 |
|---|---|
| First Day Open | HK$ 21.3 |
| First Day Change | 2.82% |
| First Day Volume | 138330000.0 |
| First Day Turnover | 2991670000.0 |
Use of Proceeds
| Use of Proceeds | 1、約45.0%即5,366.7百萬港元將用于進一步發展公司的全球銷售及服務網絡，以提高全球品牌知名度、市場滲透率和服務效率； 2、約25.0%即2,981.5百萬港元將用于增強公司的研發能力； 3、約20.0%即2,385.2百萬港元將用于擴大海外制造能力和優化生產效率； 4、約10.0%即1,192.6百萬港元將用于營運資金和一般公司用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
中信证券（香港）有限公司 CE AAK249(sole)
Sponsor cum Overall Coordinator (1)
中信里昂证券有限公司 CE AAB893(sole)
Overall Coordinators (2)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
Joint Global Coordinators (6)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
中银国际亚洲有限公司 CE AET863
招商证券（香港）有限公司 CE AAI650
农银国际融资有限公司 CE AWL249
工银国际证券有限公司 CE ARO299
Joint Bookrunners (6)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
中银国际亚洲有限公司 CE AET863
招商证券（香港）有限公司 CE AAI650
农银国际融资有限公司 CE AWL249
工银国际证券有限公司 CE ARO299
Joint Lead Managers (6)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
中银国际亚洲有限公司 CE AET863
招商证券（香港）有限公司 CE AAI650
农银国际证券有限公司 CE ACX411
工银国际证券有限公司 CE ARO299
Capital Market Intermediaries (7)
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
中银国际亚洲有限公司 CE AET863
招商证券（香港）有限公司 CE AAI650
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
工银国际证券有限公司 CE ARO299
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师事务所 湖南启元律师事务所 Ashurst (Tokyo) |
| Legal Advisor to Sponsors/Underwriters |
年利达律师事务所 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks |
中国银行（香港）有限公司 中国工商银行（亚洲）有限公司 中国农业银行香港分行 中国建设银行（亚洲）股份有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 淡马锡 | 75,000,000 USD | 28,060,800 | 4.83% | 0.31% | 6 months | 2026-04-28 |
| 2 | 盈峰资本 | 60,000,000 USD | 22,448,600 | 3.87% | 0.25% | 6 months | 2026-04-28 |
| 3 | HHLRA | 50,000,000 USD | 18,707,200 | 3.22% | 0.21% | 6 months | 2026-04-28 |
| 4 | UBS AM Singapore | 50,000,000 USD | 18,707,200 | 3.22% | 0.21% | 6 months | 2026-04-28 |
| 5 | LMR | 50,000,000 USD | 18,707,200 | 3.22% | 0.21% | 6 months | 2026-04-28 |
| 6 | 贝莱德 | 43,060,000 USD | 16,110,200 | 2.78% | 0.18% | 6 months | 2026-04-28 |
| 7 | RBC GAM | 40,000,000 USD | 14,965,600 | 2.58% | 0.17% | 6 months | 2026-04-28 |
| 8 | WT Asset Management | 40,000,000 USD | 14,965,600 | 2.58% | 0.17% | 6 months | 2026-04-28 |
| 9 | Oaktree | 30,000,000 USD | 11,224,200 | 1.93% | 0.12% | 6 months | 2026-04-28 |
| 10 | 睿远 | 30,000,000 USD | 11,224,200 | 1.93% | 0.12% | 6 months | 2026-04-28 |
| 11 | 上海高毅及中信证券国际资本管理有限公司（就中信证券背对背总回报掉期及中信证券客户总回报掉期而言） | 24,000,000 USD | 8,979,400 | 1.55% | 0.10% | 6 months | 2026-04-28 |
| 12 | Perseverance Asset Management | 6,000,000 USD | 2,244,800 | 0.39% | 0.02% | 6 months | 2026-04-28 |
| 13 | 香港景林 | 30,000,000 USD | 11,224,200 | 1.93% | 0.12% | 6 months | 2026-04-28 |
| 14 | Pinpoint | 25,600,000 USD | 9,578,000 | 1.65% | 0.11% | 6 months | 2026-04-28 |
| 15 | 上海保银及CICC Financial Trading Limited（就Pinpoint场外掉期交易而言） | 4,400,000 USD | 1,646,200 | 0.28% | 0.02% | 6 months | 2026-04-28 |
| 16 | Ghisallo | 30,000,000 USD | 11,224,200 | 1.93% | 0.12% | 6 months | 2026-04-28 |
| 17 | Fenghe | 30,000,000 USD | 11,224,200 | 1.93% | 0.12% | 6 months | 2026-04-28 |
| 18 | QRT | 30,000,000 USD | 11,224,200 | 1.93% | 0.12% | 6 months | 2026-04-28 |
| 19 | 潍柴动力香港 | 20,000,000 USD | 7,482,800 | 1.29% | 0.08% | 6 months | 2026-04-28 |
| 20 | 大家保险 | 20,000,000 USD | 7,482,800 | 1.29% | 0.08% | 6 months | 2026-04-28 |
| 21 | 法士特 | 20,000,000 USD | 7,482,800 | 1.29% | 0.08% | 6 months | 2026-04-28 |
| 22 | 惠理 | 20,000,000 USD | 7,482,800 | 1.29% | 0.08% | 6 months | 2026-04-28 |
Directors & Management
| Chairman | Mr. Liang Zaizhong |
|---|---|
| Company Secretary | Ms. Qin Zhiyu |
執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 向文波 | — | 執行董事 |
| 2 | 俞宏福 | — | 執行董事 |
非執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 梁稳根 | — | 非執行董事 |
| 2 | 梁在中 | — | 非執行董事 |
獨立非執行董事 (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 伍中信 | — | 獨立非執行董事 |
| 2 | 席卿 | — | 獨立非執行董事 |
| 3 | 蓝玉权 | — | 獨立非執行董事 |
| 4 | 刘道君 | — | 獨立非執行董事 |
| 5 | 李道成 | — | 獨立非執行董事 |
| 6 | 姚川大 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | CONTROLLING SHAREHOLDERS (e) where our Directors reasonably request the advice of independent professionals or advisors, such as financial advisors, valuers or legal advisors, the appointment of such independent professionals or advisors will be made at our Company’s expens |
|---|
AI
AI Analysis
Market Sentiment
三一重工录得52.93倍超额认购，散户初始份额仅9.2%且机制B下无回补，最终一手中签率高达70.57%，显示申购热度虽高但筹码分配相对分散。发售价21.3港元，入场门槛4260港元较低，吸引大量一手打新者参与。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Tier Analysis
甲尾（1000手）期望中签仅0.504手，而乙头（1500手）稳获1手，显示分配显著向大额申购倾斜的典型曲线，甲尾资金效率明显偏低，投入426万港元大概率仅获不足一手。需注意不同券商手续费结构各异，实际成本可能进一步侵蚀微薄收益。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Demographics
持有人中内地参与者占比高达71.4%，凸显三一重工作为国内工程机械龙头对内地投资者的强大吸引力。申购人群以男性为主（63.2%），平均年龄40.5岁，呈现典型成熟行业投资者的画像特征。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Offering Structure
Subscription Tiers
IPO Timeline
