Sany Heavy to delay retail IPO

CHINA’S Sany Heavy Industry has delayed the retail portion of its planned $3.3bn (£2.09bn) Hong Kong share offering, saying it needs more time to meet investors before pricing.

Any delay during a share-sale process is usually indicative of lack of interest in the deal, but it was unclear whether Sany Heavy, China’s largest construction machinery maker, would be under pressure to re-price the offer as global markets struggle.

“The road show is still ongoing, but the timing of the relaunch has to be confirmed,” a company spokesman said yesterday.