Asia Bizz: Zoomlion Wins a $ 1 Billion Approval From Hong Kong
The Hong Kong stock exchange approved the Changsha Zoomlion Heavy Industry Science & Technology development Co. a share sale that can rise above $ 1 billion.
According to the sources, which refused to be identified, the company which manufactures, cement mixers, cranes and fire trucks, has plans to trade in December. The banks who are suppose to look after the offer are the JP Morgan Chase and the Morgan Stanley.
The company Zoomlion has apparently increased 36 percent of its business as Hong Kong is spending majorly on development of new roads, houses and factories. However the chairman of Zoomlion was not available for the official announcements.
Another company San Heavy Equipment International Holdings Co. also involved in manufacturing of cranes and construction tools has increased upto 24 percent in Hong Kong, compared to a 5.3 percent increase for the index of Hang Seng. However there was a 24.4 percent rise in the urban fixed asset investment in China.