Good News on Listing | Frost & Sullivan Assists Sany Heavy Industry Co., Ltd. to Successfully List on the Hong Kong Stock Exchange (6031.HK)

Sany Heavy Industry Co., Ltd. (hereinafter referred to as 'Sany Heavy Industry') successfully went public on October 28, 2025. The company plans to issue 580,424,600 H shares, of which 90% will be international offerings and 10% will be public offerings. The maximum offering price per share is HK$20.30 to HK$21.30, and based on the median offering price, the net proceeds from fundraising are expected to be approximately HK$11.926 billion.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support and highlight the issuer's competitive advantages, assisting the issuer, investment banks and other intermediaries in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback from the Hong Kong Stock Exchange on various industry-related issues.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of September 30, 2025), from January to September 2025, as well as during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services to 47 (market share 72%), 62 (market share 69%), and 162 (market share 70%) Hong Kong-listed IPOs respectively, ranking first in terms of number, with rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related agencies.

• Based on the cumulative revenue of core construction machinery products from 2020 to 2024, the company ranks third globally among construction machinery enterprises;

   

• Based on the cumulative sales from 2020 to 2024, the company ranks first globally in excavators;

   

• Based on the cumulative revenue from 2020 to 2024, the company ranks first globally in concrete machinery.

The global construction machinery market can be roughly divided into seven categories based on product categories: excavators, loaders, lifting machinery, road machinery, concrete machinery, pile driving machinery, and other construction machinery. Driven by the growth of global infrastructure investment, increased energy and energy demand, industry intelligence transformation, technological upgrades in mining and excavation equipment, increased emphasis on sustainable development, and the accelerated adoption of electrification and intelligent technologies for engineering machinery, the global construction machinery market has maintained steady growth. According to Frost & Sullivan the data, the overall market size of the industry reached $213.5 billion in 2024 and is expected to further climb to $296.1 billion by 2030. During the period from 2024 to 2030, the compound annual growth rate is expected to be 5.6%.

Data source: Analysis by Frost & Sullivan

● Excavator market

As the largest core segment of the global construction machinery industry, the market share of the excavator segment continues to rise. It is expected to maintain a growth momentum in the coming years and further consolidate its dominant market share. The global excavator market size reached $632 billion in 2024, accounting for 29.6% of the global construction machinery market. It is estimated that by 2030, the market size will reach $928 billion, with a compound annual growth rate of 6.6%. In terms of application scenarios, excavators are widely used in infrastructure construction, mining, urban development, and other fields. Their versatility and efficiency make them the core equipment for various construction projects. In recent years, the accelerated application of intelligent and energy-saving technologies has further improved construction efficiency and equipment durability, especially in mining and large-scale infrastructure projects, where the demand for new and replacement excavators continues to expand.

●Loader market

The loader market is the second largest segment in the global construction machinery industry. The global loader market size reached $39 billion in 2024, accounting for 18.3% of the global construction machinery market. The market size is expected to reach $484 billion by 2030, with a compound annual growth rate of 3.7%. The development of the loader market is mainly driven by international demand and increased demand for green transformation. Its current penetration rate of new energy products is the highest among the six core segments.

●Lifting Machinery Market

The market share of lifting machinery in the global construction machinery industry remains stable, with its market size expected to grow from $30.2 billion in 2024 to $46.2 billion in 2030, at a compound annual growth rate of 7.3%. High-tonnage lifting machinery and intelligent equipment have become the main trends in industry development.

● Pavement machinery market

The road machinery market occupies a stable share in the global construction machinery industry, with its market size expected to grow from $8.3 billion in 2024 to $12.5 billion in 2030, at a compound annual growth rate of 7.0%. With the popularization of intelligent and high-efficiency technologies, road machinery is playing an increasingly significant role in improving construction efficiency and reducing energy consumption.

● Concrete Machinery Market

The concrete machinery market has maintained stable growth in the global construction machinery industry. Its market size is expected to increase from $6.4 billion in 2024 to $10 billion by 2030, with a compound annual growth rate of 7.8%. The growth of concrete machinery is mainly benefiting from urban construction, bridge construction, and prefabricated buildings. The application of intelligent technology has further improved construction efficiency and equipment performance.

●Pile Driving Machinery Market

The pile driving machinery market is one of the fastest-growing segments in the global construction machinery industry, with its market size expected to grow from $3.4 billion in 2024 to $9 billion by 2030, a compound annual growth rate of 17.4%. The growth of pile driving machinery mainly depends on the advancement of large engineering projects such as construction industries, subways, and high-speed railways. The growing demand for high-precision and highly stable equipment has become the main driving force for market development.

Chinese enterprises are rapidly rising in their position in global niche markets. In major core construction machinery categories, Chinese companies are rapidly enhancing their market competitiveness, and some segments have entered the forefront globally. From 2020 to 2024, in the cumulative revenue ranking of the world's six core construction machinery products (excavators, loaders, cranes, road machinery, concrete machinery, and pile driving machinery), Company A ranked first globally with $173.3 billion, followed closely by Company B with $113.6 billion. Sany Heavy Industry ranked third with $56.5 billion, leading Chinese companies with $53.5 billion from Company C and $52.2 billion from Company D. This ranking highlights that the market is still dominated by global leading enterprises, but Chinese companies are gradually narrowing the gap through innovation and expansion.

Data source: Analysis by Frost & Sullivan

● Low-carbon transformation has become the new normal of the industry

The low-carbon transformation of the global construction machinery industry is accelerating, and the continuous increase in the penetration rate of new energy products has become one of the main driving forces for industry development. This trend is mainly driven by global carbon neutrality targets, stricter environmental regulations, and advancements in battery technology.

● Intelligent innovation drives industry upgrading

The application of intelligent technology is profoundly changing the operational mode of the construction machinery industry and has become the second core trend in industry development. Intelligent solutions such as intelligent driving and remote monitoring are gradually becoming industry standard practices, significantly improving the construction efficiency and safety of equipment. The application of intelligent technology not only reduces human operational errors but also greatly enhances construction efficiency. The application of these technologies is gradually penetrating into various engineering machinery and equipment, including lifting machinery, loaders, road machinery, etc., becoming an important means for enterprises to enhance market competitiveness. In the future, with continuous technological maturity and widespread adoption, intelligence is expected to become one of the core driving forces for the development of the construction machinery industry, pushing the industry towards more efficient and intelligent development.

● After-sales service system becomes a new high ground in market competition

After-sales service capabilities have become a key for global construction machinery industry companies to enhance customer loyalty and brand affinity. With increasingly fierce market competition, after-sales service has transformed from a traditional auxiliary business into a new profit growth point, marking the third core trend in industry development. Due to high equipment unit prices and long service life, customers have a high dependence on services such as maintenance, spare parts supply, and second-hand equipment repurchase. Global industry leaders have increased their investment in the after-sales market to improve customer satisfaction and market competitiveness. Leading construction machinery companies around the world have all deployed in the after-sales market and built a complete service network. They have set up numerous service outlets globally and provide 24-hour equipment maintenance services to ensure uninterrupted construction and minimize customer downtime. In addition, they also offer remote diagnosis, online training, and other services through digital intelligence platforms, further enhancing the convenience and responsiveness of after-sales service. With increasingly fierce market competition, after-sales service has transformed from a traditional auxiliary business into a new profit growth point. Statistics show that the proportion of after-sales service revenue in the total revenue of construction machinery companies is rising year by year, with some leading companies accounting for more than 20% of their total revenue from after-sales service. In the future, as the industry continues to penetrate mature markets, the full lifecycle management and services of equipment will become an important source of profit for companies. By providing high-quality after-sales service, companies can not only enhance customer loyalty but also expand revenue sources through services such as spare parts sales, equipment leasing, and second-hand equipment repurchase, achieving long-term sustainable development.

●capital

The construction machinery industry requires large capital investment and a long recovery cycle, especially in product design, production line construction, and raw material procurement, which require substantial working capital support. For new entrants with weaker capital strength, the pressure of upfront investment is significant and financial risks are high, becoming an important factor restricting their rapid entry into the market.

●Technology

The construction machinery industry is highly technology-intensive, and its long-term competitiveness depends heavily on its R&D capabilities. With the acceleration of trends towards electrification, intelligence, and digitalization, technical barriers continue to rise. Leading enterprises have formed a solid technological moat through continuous R&D investment and cutting-edge technology deployment (such as intelligent driving, remote control, data analysis, etc.), posing significant challenges to new entrants.

●Brand

Brand awareness and industry reputation are important factors in customer purchasing decisions. Global leading companies have built a good customer trust through long-term market accumulation, stable product quality, and service capabilities, enhancing their resilience against cycles. New entrants find it difficult to establish the same level of brand recognition in the short term and acquire customer resources more challenging.

●Channels

The construction of a sales network is costly and time-consuming, but it is crucial for market coverage and customer reach. Global leading enterprises have established mature dealer systems and formed stable cooperative relationships, possessing the ability to quickly respond to customer needs. New enterprises find it difficult to replicate their global layout and channel depth in the short term, facing practical bottlenecks in channel expansion.

● Manufacturing capabilities and industry experience

Strong manufacturing capabilities and rich industry experience are the core competitiveness. Global leading companies possess highly automated production lines and strict quality control systems, enabling them to quickly respond to customized customer needs and ensure delivery efficiency and consistency. New entrants find it difficult to replicate these capabilities in the short term and also struggle to achieve the same level of production efficiency and cost control.

●Supply chain

Construction machinery involves numerous parts (such as chassis, hydraulic systems, engines, slewing bearings, etc.), which requires high stability in the supply chain. Global leading companies usually maintain multi-year collaborations with high-quality global suppliers to build efficient and low-cost procurement systems. For newcomers, building a mature system in the absence of a supply chain foundation and experience dealing with emergencies is time-consuming and costly.

●After-sales service

Construction machinery products usually have high unit prices, long service cycles, and high requirements for after-sales support. Global leading companies have established comprehensive service networks and parts distribution across the world, providing round-the-clock maintenance and fault response services, which greatly enhance customer satisfaction and loyalty. New entrants need to invest a significant amount of time and resources to establish a comparable service system and find it difficult to compete in the short term.

The construction machinery industry in China has strong cyclical characteristics. The industry experienced a market adjustment period from 2022 to 2023, with demand under pressure. However, since the second half of 2024, the market has stabilized and warmed up, with sales of major equipment (such as excavators, lifting machinery, etc.) increasing month-on-month, marking the industry into a new growth cycle.

According to Frost & Sullivan's data, the market size of construction machinery in China is expected to increase from $23.4 billion in 2024 to $57 billion by 2030, with a compound annual growth rate of 16.0% from 2024 to 2030, indicating that the industry has entered a recovery phase.

Data source: Analysis by Frost & Sullivan

● New technologies drive equipment upgrades, accelerating the penetration of electrification and intelligence

With the changing market demand, the application scope of electric construction machinery is expanding day by day. Its low-carbon emissions, high energy efficiency, and strong stability enable it to promote the industry towards sustainable development while improving equipment economy. At the same time, the in-depth application of intelligent technology is reshaping the industry's operating mode. The implementation of technologies such as intelligent driving and remote monitoring not only significantly improves construction efficiency but also reduces labor dependence and enhances operational safety. The widespread application of these technologies has created new growth space for the industry. In addition, the integration of low-carbon environmental protection materials and electrification technology further extends the service life of equipment and increases the value of the entire life cycle. As the industry moves towards sustainable development, energy-saving and environmentally friendly, intelligent, and efficient equipment is expected to become the focus of market competition, driving enterprises to continuously upgrade technologies and innovate products. Global leading enterprises capable of meeting market demand are gradually forming brand premiums and product competitiveness, making their advantages in market competition more apparent, and promoting the industry's competitive model to shift from price competition to value competition.

● Chinese construction machinery enterprises are accelerating their overseas expansion

In recent years, as the domestic market growth rate has slowed down, Chinese construction machinery enterprises are accelerating their pace of going global to gain stronger growth potential. With their high cost-performance ratio, strong manufacturing capabilities, localized operational strategies, and comprehensive after-sales system, their global competitiveness has been continuously improving, especially in emerging markets. At the same time, global market competition has intensified, and factors such as trade barriers, geopolitical risks, and technical standard differences have also brought new challenges to Chinese enterprises' overseas expansion. Against this backdrop, accelerating technological upgrading, expanding localized service systems, and strengthening brand influence are expected to become key strategies for Chinese enterprises to operate in the competitive global market.

The overseas expansion process of leading Chinese industry enterprises represented by Sany Heavy Industry began in the 2000s but did not truly achieve globalization breakthroughs until recent years. In the early days, enterprises mainly relied on export trade to enter overseas markets. However, today, more and more Chinese enterprises are deeply deploying in overseas markets through local production, international mergers and acquisitions, and expansion of dealer networks to enhance their global competitiveness. According to Frost & Sullivan data, by 2024, the proportion of overseas revenue of Chinese leading enterprises had risen significantly from 9.6% in 2020 to 55.8%, making overseas markets an important engine for enterprise revenue growth. With the continuous growth of global infrastructure investment, overseas markets will remain the core driving force for Chinese enterprises' business expansion in the next 10 years. In emerging markets, Chinese brands are expected to further increase their market share with price advantages, localized services, and financing support.