H shares of the three hottest construction machine

H-shares of the three construction machinery giants compete for financing, and overseas competition heats up

H-shares of the three construction machinery giants compete for financing, and overseas competition heats up

China Construction machinery information

Guide: compared with Zoomlion's first landing in H-shares, if the machinery industry requires to take the total expansion industry under great efforts, the listing dream of the other two giants Sany Heavy Industry and XCMG machinery is temporarily stranded due to the continued weakness of Hong Kong stocks last year. Now, Hong Kong's Hang Seng Index has been rising, and sany and XCMG have regained the wind of Hong Kong stock IPO. Although both companies said that there was no time

compared with Zoomlion, which took the lead in landing H-shares, the listing dream of Sany Heavy Industry and XCMG machinery, the other two giants in the machinery industry, was temporarily shelved due to the continued weakness of Hong Kong stocks last year. Now, Hong Kong's Hang Seng Index has been rising, and sany and XCMG have regained the wind of Hong Kong stock IPO. Although both companies said that there was "no timetable for the time being", the "money shortage" in the construction machinery industry forced the Hong Kong stock issuance to speed up. A battle between Hong Kong stocks aimed directly at overseas markets is already on the line

the resurgence of H-share financing

XCMG machinery, Sany Heavy Industry and Zoomlion are known as the "three giants" in the domestic construction machinery industry. The former takes the lead in the crane market, and the three experimental machines belonging to the "Hunan army" adopt the frame structure. The first and Zhonglian are the first to use external forces to promote the field of jaw machinery in the concrete machine. In recent years, the three giants have successively targeted the H-share market

in December 2010, Zoomlion took the lead in landing on the Hong Kong stock exchange, raising about HK $13.03 billion. The other two giants are also working hard, but the downturn in Hong Kong stocks has delayed their plans

as early as April 2010, Sany announced that it planned to issue H shares; On August 24 of the following year, the company announced that the CSRC approved the issuance of 1.541 billion H shares (including 201million over allotment). Limited by the sharp fluctuations in Hong Kong stocks, Sany reduced the number of H shares to 1.34 billion shares at an issue price of 16 HK $38, up to HK $26billion. On September 22, the company suddenly announced that it would temporarily suspend its H-share listing plan. On October 17, Sany extended the validity of matters related to the listing of H shares by 18 months

XCMG's H-share road and close to the pressure rolled away smoothly. On January 5, 2011, the company announced its H-share listing plan. On August 23 of that year, the H-share approval document was placed in the bag, and about 593million H-shares (including about 77.35 million over allotment) were approved to be issued. Subsequently, subject to the downturn of Hong Kong stocks, the company reduced its shares to 364million shares, raised about HK $7.8 billion -9.36 billion, and finally announced the postponement of the offering

however, since this year, the Hang Seng Index has risen from 19000 points to above 21000 points. Sany and XCMG have regained the wind of financing. It is reported that the two raised about $3billion and $1.3 billion respectively. However, the staff of the Securities Department of Sany Heavy Industry revealed to the, "no news has been received about the issuance of H shares", and XCMG insiders also said that "the listing time of H shares has not been determined yet"

aggressive sales triggered a "money shortage"

many insiders told, "the Hong Kong financing plan of Sany and XCMG is currently on the verge of launching, and will be launched in the first half of the year."

from the performance of 2011, the construction machinery industry is still full of flowers. Sany Heavy industry expects the annual net profit attributable to the owners of the parent company to increase by 50%-60% year-on-year. Zoomlion expects the annual net profit attributable to the shareholders of the listed company to increase by 55%-75% year-on-year. The performance of XCMG machinery in the first three quarters of 2011 is an increase of 42.11% year-on-year

however, beautiful data can hardly hide the embarrassment of lack of money. It is noted that the accounts receivable of Sany soared to nearly 15billion in the first three quarters of 2011, nearly three times that of the beginning of the year; The net cash flow from operating activities was -1.5 billion, compared with 6.7 billion at the beginning of the year. In addition, the company's short-term borrowings reached 12billion in the third quarter, an increase of 1.8 times over the same period last year. "Considering the scale of net short-term debt and the cost of 2.6 billion yuan for the company to acquire Putzmeister, Germany, it is preliminarily estimated that the company's gap has reached 8billion yuan." An insider said

XCMG's cash flow in the third quarter of 2011 was -579 million yuan; Accounts receivable were 9.043 billion yuan, an increase of 127.83% over the beginning of the year; Short term loans amounted to 3.2 billion yuan, an increase of 140.7% year-on-year. Zoomlion was relatively good, with accounts receivable of 11.6 billion yuan in the third quarter, a year-on-year increase of 66%

xuxiaoqing, a researcher at CICC, said that the rapid growth of listed construction machinery companies was related to the adoption of aggressive sales strategies. A large number of leasing, mortgage, installment payment and other means were used to seize the market, resulting in a sharp rise in accounts receivable, especially in 2011. In his view, with the increase of capital pressure due to inventory, the operating cash flow deteriorated, and the overall capital pressure in the industry increased

after financing in Hong Kong ran aground due to lack of funds, XCMG announced in early December last year that the application for issuing 5.6 billion yuan of corporate bonds was approved. In October, 2011, Zoomlion also offered a bond issuance plan of no more than US $1.5 billion

the strong man in the global fight, HENGQIANG

the construction machinery industry has always given the impression that it likes "fighting in the dark". With the successive issuance of H shares, the stage of the fight has also expanded to overseas

"In recent years, the domestic market has been limited, and the industry leaders have begun to plan foreign markets. On the one hand, the broad overseas market helps smooth the fluctuations of the domestic economic cycle and digest excess capacity; on the other hand, the leading companies have international competitiveness, and their products have advantages in terms of sex price ratio. Landing H shares can not only solve the financial difficulties, fight a price war in the mainland, but also launch a fierce advance in the overseas market with the help of this platform." Attack. " 1. Securities researcher symmetry

it is reported that the peak demand season for construction machinery was after the Spring Festival in previous years, but from the feedback of dealers, the current operating rate is low, and the lack of new construction is very obvious, with a year-on-year decline of nearly 50% in the first quarter

the giants really spare no effort to go out. In 2009, Zoomlion acquired CIFA, the third brand in the global concrete machinery industry; At the beginning of 2012, following the establishment of factories overseas, Sany simply acquired the world's first brand in the industry, Putzmeister, Germany. XCMG did not show weakness, investing US $200million to build a factory in Brazil and constantly strive for large overseas orders. "As the overall development of the construction machinery industry slows down, leading enterprises will obtain higher growth rate, and performance differentiation is the industry theme in the future." Li Dajun, a researcher at Huachuang securities, said