Sany Heavy gets IPO approval from CSRC

The Hong Kong stock exchange has yet to greenlight the offering potentially worth $3b.

Meanwhile the China Securities Regulatory Commission has approved Sany Heavy Industry's plan to issue up to 1.54 billion shares in the Hong Kong offering. A Reuters report said the Chinese construction machinery maker aims to seek approval from the Hong Kong stock exchange on 1 September.

"Sany Heavy joins smaller rival XCMG Construction Machinery in tapping investors in Hong Kong for funds," added the report.

View the report here.