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Sany Heavy Gets China Nod For $3B IPO

Sany Heavy has received approval from the China Securities Regulatory Commission to sell about 1.54 billion shares in an initial public offering in Hong Kong.

Sany Heavy has received approval from the China Securities Regulatory Commission to sell about 1.54 billion shares in an initial public offering (IPO) in Hong Kong, Reuters reports. The company intends to raise $3 billion through the sale.

Bank of America Merrill Lynch, Citigroup and Citic Securities are managing the offering. The Chinese construction machinery maker aims to seek approval from the Hong Kong stock exchange for the sale.

Click here for the story from Reuters.

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