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1
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock
Exchange ”) and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no responsibility for the contents
of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the United States
(including its territories and possessions, any state of the United States and the District of Columbia). This
announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities
in the United States or in any other jurisdictions. The securities mentioned herein have not been, and will not be,
registered under the United States Securities Act of 1933 as amended from time to time (the “U.S. Securities Act ”) or
securities law of any state or other jurisdiction of the United States. The securities may not be offered, sold, pledged
or otherwise transferred within the United States except pursuant to an exemption from the registration requirements of
the U. S. Securities Act and in compliance with any applicable state securities laws, or outside the United States unless
in compliance with Regulation S under the U.S. Securities Act. There will be no public offer of securities in the United
States.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for securities. This announcement is not a prospectus. Potential investors should read the prospectus
dated Monday, October 20, 2025 (the “Prospectus ”) issued by SANY Heavy Industry Co., Ltd. (ࠢ
ʮ̡) (the “Company ”) for detailed information about the Global Offering described below before deciding whether
or not to invest in the H Shares thereby being offered. Any investment decision in relation to the Offer Shares should
be taken solely in reliance on the information in the Prospectus. The Company has not been and will not be registered
under the U.S. Investment Company Act of 1940, as amended.
Unless otherwise defined in this announcement, capitalized terms used herein shall have the same meanings as those
defined in the Prospectus.
In connection with the Global Offering, CLSA Limited, as stabilizing manager (the “Stabilizing Manager ”) (or its
affiliates or any person acting for it), on behalf of the Underwriters, to the extent permitted by the applicable laws and
regulatory requirements of Hong Kong or elsewhere, may over-allocate or effect transactions with a view to stabilizing
or supporting the market price of the H Shares at such price, in such amounts and in such manners as the Stabilizing
Manager, its affiliates or any person acting for it may determine and at a level higher than that which might otherwise
prevail for a limited period after the Listing Date. However, there is no obligation on the Stabilizing Manager (or its
affiliates or any person acting for it) to conduct any such stabilizing action. Such stabilizing action, if taken, (a) will
be conducted at the absolute discretion of the Stabilization Manager (or its affiliates or any person acting for it) and in
what the Stabilizing Manager reasonably regards as the best interest of our Company, (b) may be discontinued at any
time and (c) is required to be brought to an end within 30 days of the last day for lodging applications under the Hong
Kong Public Offering (which is Saturday, November 22, 2025). Such stabilizing action, if taken, may be effected in all
jurisdictions where it is permissible to do so, in each case in compliance with all applicable laws, rules and regulatory
requirements, including the Securities and Futures (Price Stabilizing) Rules (Chapter 571W of the Laws of Hong
Kong), as amended, made under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
Potential investors should be aware that no stabilizing action can be taken to support the price of the H Shares for
longer than the stabilization period, which will begin on the Listing Date, and is expected to expire on the 30th day
after the last day for lodging applications under the Hong Kong Public Offering (which is Saturday, November 22,
2025). After this date, when no further stabilizing action may be taken, demand for the H Shares, and therefore the
price of the H Shares, could fall.
Potential investors of the Offer Shares should note that the Overall Coordinators (for themselves and on behalf of
the Hong Kong Underwriters) shall be entitled to terminate their obligations under the Hong Kong Underwriting
Agreement with immediate effect upon the occurrence of any of the events set out in the section headed “Underwriting
– Underwriting Arrangements – Hong Kong Public Offering – Grounds for Termination ” in the Prospectus at any time
prior to 8:00 a.m. (Hong Kong time) on the Listing Date (which is currently expected to be on Tuesday, October 28,
2025).


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2
SANY HEAVY INDUSTRY CO., LTD.
ʮ̡
(A joint stock company incorporated in the People ’s Republic of China with limited liability)
Global Offering
Number of Offer Shares under
the Global Offering
: 631,598,800 H Shares (taking into
account the partial exercise of
the Offer Size Adjustment Option
and subject to the Over-allotment
Option)
Number of Hong Kong Offer Shares : 58,042,600 H Shares
Number of International Offer Shares : 573,556,200 H Shares (taking into
account the partial exercise of
the Offer Size Adjustment Option
and subject to the Over-allotment
Option)
Final Offer Price : HK$21.30 per H Share, plus brokerage
of 1.0%, SFC transaction levy
of 0.0027%, Hong Kong Stock
Exchange trading fee of 0.00565%
and AFRC transaction levy of
0.00015% (payable in full on
application in Hong Kong dollars
and subject to refund)
Nominal value : RMB1.00 per H Share
Stock code : 6031
Sole Sponsor, Sponsor-Overall Coordinator, Joint Global Coordinator,
Joint Bookrunner and Joint Lead Manager
Overall Coordinator, Joint Global Coordinator,
Joint Bookrunner and Joint Lead Manager
Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers


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3
SANY HEAVY INDUSTRY CO., LTD. /
ʮ̡
ANNOUNCEMENT OF FINAL OFFER PRICE AND ALLOTMENT RESULTS
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same
meanings as those defined in the prospectus dated October 20, 2025 (the “Prospectus ”) issued by
SANY Heavy Industry Co., Ltd. (ʮ̡ ) (the “Company ”).
Warning: In view of high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the H Shares
could move substantially even with a small number of H Shares traded and should exercise
extreme caution when dealing in the H Shares.
SUMMARY
Company Information
Stock Code 6031
Stock Short Name SANY HEAVY IND
Dealings commencement date October 28, 2025*
* see note at the end of the announcement
Price Information
Final Offer Price HK$21.30
Offer Price Range HK$20.30 – HK$21.30
Offer Shares and Share Capital
Number of Offer Shares 631,598,800
Number of Offer Shares in Public Offer 58,042,600
Number of Offer Shares in International Offer
(taking into account the partial exercise of the Offer
Size Adjustment Option)
573,556,200
Number of issued Shares upon Listing (before
exercise of the Over-allotment Option)
9,105,988,837
The number of Offer Shares above is determined after taking into account the additional Offer
Shares issued under the following Offer Size Adjustment Option.
Offer Size Adjustment Option
Number of additional shares issued under the option 51,174,200
– Hong Kong Public Offering N/A
– International Offering 51,174,200
The Offer Size Adjustment Option has been exercised partially, pursuant to which the Company
is issuing and allotting 51,174,200 additional Offer Shares, representing approximately 8.82% of
the total number of Offer Shares initially available under the Global Offering, at the final Offer
Price.


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4
Over-allocation
No. of Offer Shares over-allocated 94,739,800
Such over-allocation may be covered by exercising the Over-allotment Option or by making
purchases in the secondary market at prices that do not exceed the Offer Price or through
deferred delivery or a combination of these means. In the event the Over-allotment Option is
exercised, an announcement will be made on the Stock Exchange ’s website.
Proceeds
Gross proceeds (Note) HK$13,453.1 million
 Less:  Estimated listing expenses payable based on
Final Offer Price
HK$145.8 million
Net Proceeds HK$13,307.3 million
Note: Gross proceeds refers to the amount which the Company is entitled to receive. For details of the use of
proceeds, please refer to the section headed “Future Plans and Use of Proceeds ” of the Prospectus. The Company
will adjust the allocation of the net proceeds from the exercise of the Over-allotment Option (if any) for the
purposes as set out in the section headed “Future Plans and Use of Proceeds ” of the Prospectus on a pro rata basis.
ALLOTMENT RESULTS DETAILS
PUBLIC OFFER
No. of valid applications 115,863
No. of successful applications 81,769
Subscription level 52.93 times
Claw-back triggered N/A
No. of Offer Shares initially available under the
Public Offer
58,042,600
Final no. of Offer Shares under the Public Offer 58,042,600
% of Offer Shares under the Public Offer to the
Global Offering
9.19%
Note: For details of the final allocation of H Shares to the Hong Kong Public Offering, investors can refer to
http://www.hkeipo.hk/iporesult  to perform a search by name or identification number or http://www.hkeipo.hk/iporesult
for the full list of allottees.


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INTERNATIONAL OFFER
No. of placees 270
Subscription Level 13.96 times
No. of Offer Shares initially available under the International Offer 522,382,000
Final no. of Offer Shares under the International Offer 573,556,200
% of Offer Shares under the International Offer to the Global Offering 90.81%
The Directors confirm that, to the best of their knowledge, information and belief, save for
(a) a waiver from strict compliance with Rule 10.04 of the Listing Rules and a consent under
paragraph 1C of Appendix F1 to the Listing Rules (the “Placing Guidelines ”) granted by the Stock
Exchange to permit H Shares in the International Offering to be placed to certain Existing Minority
Shareholders and/or their close associates, and (b) a consent under Chapter 4.15 of the Guide for
New Listing Applicants to permit the Company to, among other things, allocate further H Shares in
the International Offering to certain Cornerstone Investors and/or their respective close associates,
(i) none of the Offer Shares subscribed by the placees and the public have been financed directly
or indirectly by the Company, any of the Directors, Supervisors, chief executive of the Company,
substantial Shareholders, existing Shareholders of the Company or any of its subsidiaries or their
respective close associates; and (ii) none of the placees and the public who have purchased the Offer
Shares are accustomed to taking instructions from the Company, any of the Directors, Supervisors,
chief executive of the Company, substantial Shareholders, existing Shareholders of the Company
or any of its subsidiaries or their respective close associates in relation to the acquisition, disposal,
voting or other disposition of H Shares registered in his/her/its name or otherwise held by him/her/it.
The placees in the International Offering include the following:
Cornerstone Investors
Investor
No. of Offer
Shares
allocated
% of total
issued H Shares
after the Global
Offering
(after taking
into account
the partial
exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total
issued share
capital after the
Global Offering
(after taking
into account
the partial
exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
Existing
shareholders
or their close
associates Note 2
Aranda Investments Pte. Ltd.
(“Temasek”)
27,402,000 4.34% 0.30% Yes
Infore Funds Series 2 Open-ended
Fund Company – Infore Technology
Fund 2 (“Infore Capital”)
21,921,600 3.47% 0.24% No


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6
Investor
No. of Offer
Shares
allocated
% of total
issued H Shares
after the Global
Offering
(after taking
into account
the partial
exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total
issued share
capital after the
Global Offering
(after taking
into account
the partial
exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
Existing
shareholders
or their close
associates Note 2
HHLR Advisors, Ltd. (“HHLRA”) 18,268,000 2.89% 0.20% Yes
UBS Asset Management (Singapore)
Ltd. (“UBS AM Singapore”)
18,268,000 2.89% 0.20% No
LMR Multi-Strategy Master Fund
Limited (“LMR”)
18,268,000 2.89% 0.20% No
BlackRock Funds Note 3 16,110,200 2.55% 0.18% Yes
RBC Global Asset Management (Asia)
Limited (“RBC GAM”)
14,614,400 2.31% 0.16% No
WT Asset Management Limited (“WT
Asset Management”)
14,614,400 2.31% 0.16% No
Oaktree Capital Management, L.P.
(“Oaktree”)
10,960,800 1.74% 0.12% No
Foresight Global Superior Choice SPC
– Global Superior Choice Series Fund
1 SP and Foresight Global Superior
Choice SPC – Vision Fund 1 SP
(“Foresight”)
10,960,800 1.74% 0.12% No
Shanghai Gaoyi and CITIC Securities
International Capital Management
Limited (“CSICM”) (in connection
with CITICS Back-to-back TRS and
CITICS Client TRS)
8,768,600 1.39% 0.10% Yes
Perseverance Asset Management
International (Singapore) Pte. Ltd.
(“Perseverance Asset Management”)
2,192,000 0.35% 0.02% Yes
Greenwoods Asset Management Hong
Kong Limited (“HK Greenwoods”)
10,960,800 1.74% 0.12% No
Pinpoint Asset Management Limited
(“Pinpoint”)
9,353,200 1.48% 0.10% No
Shanghai Pinpoint and CICC Financial
Trading Limited (in connection with
Pinpoint OTC Swaps)
1,607,400 0.25% 0.02% No


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Investor
No. of Offer
Shares
allocated
% of total
issued H Shares
after the Global
Offering
(after taking
into account
the partial
exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total
issued share
capital after the
Global Offering
(after taking
into account
the partial
exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
Existing
shareholders
or their close
associates Note 2
Ghisallo Fund Master Ltd. (“Ghisallo”) 10,960,800 1.74% 0.12% No
Jane Street Asia Trading Limited
(“Jane Street”)
10,960,800 1.74% 0.12% No
FengHe Asia Fund Ltd. (“Fenghe”) 10,960,800 1.74% 0.12% Yes
Qube Master Fund Ltd (“QRT”) 10,960,800 1.74% 0.12% No
Weichai Power Hong Kong
International Development Co., Ltd.
(“Weichai Power Hong Kong”)
7,307,200 1.16% 0.08% No
Dajia Life Insurance Co., Ltd. (“Dajia
Insurance”)
7,307,200 1.16% 0.08% Yes
Shaanxi Fast Auto Drive Group Co.,
Ltd. (“Fast”)
7,307,200 1.16% 0.08% No
Value Partners Hong Kong Limited
and Value Partners Limited (“Value
Partners”)
7,307,200 1.16% 0.08% No
Total 277,342,200 43.91% 3.05% –
Notes:
(1) The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering.
(2) In addition to the Offer Shares subscribed for as Cornerstone Investors, BlackRock Funds, HHLRA, FengHe,
Dajia Insurance, Shanghai Gaoyi and CSICM (in connection with CITICS Back-to-back TRS and CITICS
Client TRS), Perseverance, Temasek, WT Asset Management, QRT, Foresight, LMR, Infore Capital, UBS AM
Singapore, Jane Street, Value Partners, Ghisallo, RBC GAM, Pinpoint, Greenwoods HK and/or their respective
close associates, where applicable, were allocated further Offer Shares as placees in the International Offering.
Please refer to the section headed “Allotment Results Details – International Offer – Allottees with Waivers/
Consents Obtained ” in this announcement for details. Only the Offer Shares subscribed for as Cornerstone
Investors are subject to lock-up as indicated below. For details, please refer to the section headed “Lock-up
Undertakings – Cornerstone Investors ” in this announcement.
(3) BlackRock Funds mean BlackRock Emerging Markets Fund, Inc., BlackRock Emerging Markets Fund,
BlackRock Global Funds-Emerging Markets Sustainable Equity Fund, BlackRock Emerging Markets
Collective Fund, BlackRock Global Funds – Emerging Markets Equity Income Fund, BlackRock Global
Funds – Emerging Markets Fund, BlackRock Global Funds – China Fund and certain separately managed
accounts as several and not joint nor joint and several investors.


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8
Allottee with waivers/consents obtained
Investor
No. of Offer
Shares allocated
% of total issued
H Shares after
the Global
Offering (after
taking into
account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 3
% of total issued
share capital
after the Global
Offering (after
taking into
account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 4 Relationship
Allottees with consent under Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations of further H
Shares to a close associate of an existing Shareholder and Cornerstone Investors and/or their close associates Note 1
Temasek 30,142,000 4.77% 0.33% A Cornerstone Investor
Fullerton Fund Management Co Ltd 1,826,000 0.29% 0.02% A close associate of a
Cornerstone Investor
Infore Capital Management Co.,
Ltd. (ʮ̡) and
CSICM (in connection with CSICM
OTC Swaps)
2,968,600 0.47% 0.03% A close associate of a
Cornerstone Investor
Infore Holding (Hong Kong) Limited 4,156,000 0.66% 0.05% A close associate of a
Cornerstone Investor
HHLRA 11,874,000 1.88% 0.13% A Cornerstone Investor
UBS Asset Management Singapore 12,239,000 1.94% 0.13% A Cornerstone Investor
LMR Partners Ltd 11,874,000 1.88% 0.13% A close associate of a
Cornerstone Investor
BlackRock AM North Asia Ltd 17,721,000 2.81% 0.19% A close associate of a
Cornerstone Investor
RBC GAM 5,115,000 0.81% 0.06% A Cornerstone Investor
WT Asset Management 5,115,000 0.81% 0.06% A Cornerstone Investor
Foresight Fund (Hong Kong) Limited 3,836,000 0.61% 0.04% A close associate of a
Cornerstone Investor
Shanghai Gaoyi and CSICM (in
connection with CITICS Back-to-back
TRS and CITICS Client TRS)
3,325,800 0.53% 0.04% A Cornerstone Investor
Perseverance 510,200 0.08% 0.01% A Cornerstone Investor
Greenwoods HK 2,374,000 0.38% 0.03% A Cornerstone Investor
Pinpoint 2,025,000 0.32% 0.02% A Cornerstone Investor
Shanghai Pinpoint and CICC FT (in
connection with Pinpoint OTC Swaps)
349,000 0.06% 0.004% A Cornerstone Investor


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9
Investor
No. of Offer
Shares allocated
% of total issued
H Shares after
the Global
Offering (after
taking into
account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 3
% of total issued
share capital
after the Global
Offering (after
taking into
account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 4 Relationship
Ghisallo Master Fund LP 1,096,000 0.17% 0.01% A close associate of a
Cornerstone Investor
Jane Street Financial Limited 1,096,000 0.17% 0.01% A close associate of a
Cornerstone Investor
Fenghe Fund Management Pte. Ltd 3,836,000 0.61% 0.04% A close associate of a
Cornerstone Investor
Qube Research & Technologies Hong
Kong Limited
1,096,000 0.17% 0.01% A close associate of a
Cornerstone Investor
Abu Dhabi Investment Authority 3,653,000 0.58% 0.04% A close associate of a
Cornerstone Investor
Dajia Insurance 365,000 0.06% 0.004% A Cornerstone Investor
Value Partners Limited 365,000 0.06% 0.004% A Cornerstone Investor
Allottees with consent under paragraph 1C of the Placing Guidelines and Chapter 4.15 of the Guide for New Listing
Applicants in relation to allocations to connected clients Note 2
CSICM 21,365,400 3.38% 0.23% Connected client
CICC FT 1,956,400 0.31% 0.02% Connected client
China Asset Management Co., Ltd.
(“China AMC”)
428,000 0.07% 0.005% Connected client
CITIC Securities Asset Management
Company Limited (“CITIC AM”)
365,000 0.06% 0.004% Connected client
China Asset Management (Hong
Kong) Limited (“China AM HK”)
3,225,000 0.51% 0.04% Connected client
HSBC Global Asset Management
(Hong Kong) Limited (“HSBC AM”)
3,653,000 0.58% 0.04% Connected client
UBS Asset Management (Singapore)
Ltd. (“UBS AM Singapore”)
12,239,000 1.94% 0.13% Connected client
ICBC UBS Asset Management Co.,
(International) Ltd. (“ICBC UBS”)
182,600 0.03% 0.002% Connected client
Bosera Asset Management
(International) Co., Limited (“Bosera
AM”)
1,096,000 0.17% 0.01% Connected client


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10
Investor
No. of Offer
Shares allocated
% of total issued
H Shares after
the Global
Offering (after
taking into
account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 3
% of total issued
share capital
after the Global
Offering (after
taking into
account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 4 Relationship
Fullgoal Fund Management Co. Ltd 2,390,200 0.38% 0.03% Connected client
Fullgoal Asset Management (HK)
Limited
1,262,800 0.20% 0.01% Connected client
Huatai-PineBridge Fund Management
Co., Ltd. (“Huatai-PineBridge”)
54,800 0.01% 0.001% Connected client
Haitong International Asset
Management (HK) Limited (“Haitong
AM”)
109,400 0.02% 0.001% Connected client
HuaAn Fund Management Co., Ltd
(“HuaAn”)
365,000 0.06% 0.004% Connected client
China Southern Asset Management
Co., Ltd (“China Southern”)
730,000 0.12% 0.008% Connected client
Notes:
1. The number of Offer Shares allocated to the relevant investors listed in this subsection only represents the
number of Offer Shares allocated to the investors as placees in the International Offering. For allocations of
Offer Shares to the relevant investors as Cornerstone Investors, please refer to the section headed “Allotment
Results Details – International Offer – Cornerstone Investors ” in this announcement. For details of the
consent under Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations of further H
Shares to Cornerstone investors and/or their close associates, please refer to the section headed “Others/
Additional Information – Allocations of Further H Shares to the Cornerstone Investors and/or their close
associates with consents under Chapter 4.15 of the Guide for New Listing Applicants ” in this announcement.
2. For details of the consent under paragraph 1C of the Appendix F1 to the Listing Rules (the “Placing
Guidelines ”) and Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations to
connected clients, please refer to the section headed “Waivers From Strict Compliance with the Listing Rules
– Consent in respect of the Proposed Subscription of H Shares by Certain Cornerstone Investors Who Are
Connected Clients ” of the Prospectus and the section headed “Others/Additional Information – Placing to
connected clients with prior consents under paragraph 1C of the Placing Guidelines ” in this announcement.
3. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering.
4. Only taking into account the H Shares allocated to the relevant investors under the Global Offering.


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11
LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name
Number of
Shares held in
the Company
subject to lock-
up undertakings
upon Listing
Number of H
Shares held in
the Company
subject to lock-
up undertakings
upon Listing
% of total
issued H Shares
after the Global
Offering subject
to lock-up
undertakings
upon Listing
(after taking
into account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of
shareholding in
the Company
subject to lock-
up undertakings
upon Listing
(after taking
into account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
Last day subject to the
lock-up undertakings
SANY Group Co., Ltd. 2,496,685,089 – – 27.42% April 27, 2026 (First Six-month
Period) Note 2
October 27, 2026 (Second Six-
month Period) Note 3
Liang Wengen 235,840,517 – – 2.59% April 27, 2026 (First Six-month
Period) Note 2
October 27, 2026 (Second Six-
month Period) Note 3
Tang Xiuguo 29,277,150 – – 0.32% April 27, 2026 (First Six-month
Period) Note 2
October 27, 2026 (Second Six-
month Period) Note 3
Xiang Wenbo 27,193,189 – – 0.30% April 27, 2026 (First Six-month
Period) Note 2
October 27, 2026 (Second Six-
month Period) Note 3
Mao Zhongwu 22,058,590 – – 0.24% April 27, 2026 (First Six-month
Period) Note 2
October 27, 2026 (Second Six-
month Period) Note 3
Yuan Jinhua 17,008,519 – – 0.19% April 27, 2026 (First Six-month
Period) Note 2
October 27, 2026 (Second Six-
month Period) Note 3


--- page 12 ---
12
Name
Number of
Shares held in
the Company
subject to lock-
up undertakings
upon Listing
Number of H
Shares held in
the Company
subject to lock-
up undertakings
upon Listing
% of total
issued H Shares
after the Global
Offering subject
to lock-up
undertakings
upon Listing
(after taking
into account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of
shareholding in
the Company
subject to lock-
up undertakings
upon Listing
(after taking
into account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
Last day subject to the
lock-up undertakings
Yi Xiaogang 2,322,350 – – 0.03% April 27, 2026 (First Six-month
Period) Note 2
October 27, 2026 (Second Six-
month Period) Note 3
Zhou Fugui 2,265,000 – – 0.02% April 27, 2026 (First Six-month
Period) Note 2
October 27, 2026 (Second Six-
month Period) Note 3
Beijing Sany Heavy
Machinery Co., Ltd.
25,931,687 – – 0.28% April 27, 2026 (First Six-month
Period) Note 2
October 27, 2026 (Second Six-
month Period) Note 3
Note:
1. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering.
2. The Controlling Shareholders may dispose of or transfer Shares after the indicated date subject to that the
Controlling Shareholders will not cease to be a Controlling Shareholder.
3. The Controlling Shareholders will cease to be prohibited from disposing of or transferring Shares after the
indicated date.


--- page 13 ---
13
Cornerstone Investors
Name
Number of H
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
% of total
issued H
Shares after
the Global
Offering
subject to
lock-up
undertakings
upon Listing
(after taking
into account
the partial
exercise of
the Offer Size
Adjustment
Option and
assuming
the Over-
allotment
Option is not
exercised )  Note 1
% of
shareholding
in the
Company
subject to
lock-up
undertakings
upon Listing
(after taking
into account
the partial
exercise of
the Offer Size
Adjustment
Option and
assuming
the Over-
allotment
Option is not
exercised )
Last day
subject to
the lock-up
undertakings
Note 2
Temasek 27,402,000 4.34% 0.30% April 27, 2026
Infore Capital 21,921,600 3.47% 0.24% April 27, 2026
HHLRA 18,268,000 2.89% 0.20% April 27, 2026
UBS AM Singapore 18,268,000 2.89% 0.20% April 27, 2026
LMR 18,268,000 2.89% 0.20% April 27, 2026
BlackRock Funds 16,110,200 2.55% 0.18% April 27, 2026
RBC GAM 14,614,400 2.31% 0.16% April 27, 2026
WT Asset Management 14,614,400 2.31% 0.16% April 27, 2026
Oaktree 10,960,800 1.74% 0.12% April 27, 2026
Foresight 10,960,800 1.74% 0.12% April 27, 2026
Shanghai Gaoyi and CSICM (in
connection with CITICS Back-
to-back TRS and CITICS Client
TRS)
8,768,600 1.39% 0.10% April 27, 2026
Perseverance Asset Management 2,192,000 0.35% 0.02% April 27, 2026
HK Greenwoods 10,960,800 1.74% 0.12% April 27, 2026
Pinpoint 9,353,200 1.48% 0.10% April 27, 2026


--- page 14 ---
14
Name
Number of H
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
% of total
issued H
Shares after
the Global
Offering
subject to
lock-up
undertakings
upon Listing
(after taking
into account
the partial
exercise of
the Offer Size
Adjustment
Option and
assuming
the Over-
allotment
Option is not
exercised )  Note 1
% of
shareholding
in the
Company
subject to
lock-up
undertakings
upon Listing
(after taking
into account
the partial
exercise of
the Offer Size
Adjustment
Option and
assuming
the Over-
allotment
Option is not
exercised )
Last day
subject to
the lock-up
undertakings
Note 2
Shanghai Pinpoint and CICC FT
(in connection with Pinpoint OTC
Swaps)
1,607,400 0.25% 0.02% April 27, 2026
Ghisallo 10,960,800 1.74% 0.12% April 27, 2026
Jane Street 10,960,800 1.74% 0.12% April 27, 2026
Fenghe 10,960,800 1.74% 0.12% April 27, 2026
QRT 10,960,800 1.74% 0.12% April 27, 2026
Weichai Power Hong Kong 7,307,200 1.16% 0.08% April 27, 2026
Dajia Insurance 7,307,200 1.16% 0.08% April 27, 2026
Fast 7,307,200 1.16% 0.08% April 27, 2026
Value Partners 7,307,200 1.16% 0.08% April 27, 2026
Notes:
1. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering.
2. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on April 27,
2026. The Cornerstone Investors will cease to be prohibited from disposing of or transferring H Shares
subscribed for pursuant to the relevant cornerstone investment agreements after the indicated date.


--- page 15 ---
15
PLACEE CONCENTRATION ANALYSIS
Shareholders*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
the Over-
allotment
Option is not
exercised)
Allotment
as % of
International
Offering
(assuming
the Over –
allotment
Option is fully
exercised and
new H Shares
are issued)
Allotment as
% of total
Offer Shares
(assuming
the Over-
allotment
Option is not
exercised)
Allotment as
% of total
Offer Shares
(assuming
the Over –
allotment
Option is fully
exercised and
new H Shares
are issued)
Number of H
Shares held
upon Listing
% of total
issued shares
upon listing
(assuming
the Over-
allotment
Option is not
exercised)#
% of total
issued shares
upon listing
(assuming
the Over-
allotment
Option is fully
exercised and
new H Shares
are issued)#
Top 1 57,544,000 10.03% 8.61% 9.11% 7.92% 57,544,000 0.63% 0.63%
Top 5 181,801,200 31.70% 27.20% 28.78% 25.03% 181,801,200 2.00% 1.98%
Top 10 280,256,800 48.86% 41.94% 44.37% 38.58% 280,256,800 3.08% 3.05%
Top 25 447,588,200 78.04% 66.97% 70.87% 61.62% 447,588,200 4.92% 4.86%
Note
* Ranking of placees is based on the number of H Shares allotted to the placees.
# After taking into account the partial exercise of the Offer Size Adjustment Option and the total share capital of
8,474,390,037 A Shares (including 42,987,413 A Shares held on treasury) as of the Latest Practicable Date.
H SHAREHOLDERS CONCENTRATION ANALYSIS
H Shareholders*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
the Over-
allotment
Option is not
exercised)
Allotment
as % of
International
Offering
(assuming
the Over-
allotment
Option is fully
exercised and
new H Shares
are issued)
Allotment as
% of total
Offer Shares
(assuming
the Over-
allotment
Option is not
exercised)
Allotment as
% of total
Offer Shares
(assuming
the Over-
allotment
Option is fully
exercised and
new H Shares
are issued)
Number of H
Shares held
upon Listing
% of total
H shares
upon listing
(assuming
the Over-
allotment
Option is not
exercised)#
% of total
H shares
upon listing
(assuming
the Over-
allotment
Option is fully
exercised and
new H Shares
are issued)#
Top 1 57,544,000 10.03% 8.61% 9.11% 7.92% 57,544,000 9.11% 7.92%
Top 5 181,801,200 31.70% 27.20% 28.78% 25.03% 181,801,200 28.78% 25.03%
Top 10 280,256,800 48.86% 41.94% 44.37% 38.58% 280,256,800 44.37% 38.58%
Top 25 447,588,200 78.04% 66.97% 70.87% 61.62% 447,588,200 70.87% 61.62%
Note
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.
# After taking into account the partial exercise of the Offer Size Adjustment Option and the total share capital of
8,474,390,037 A Shares (including 42,987,413 A Shares held on treasury) as of the Latest Practicable Date.


--- page 16 ---
16
SHAREHOLDER CONCENTRATION ANALYSIS
Shareholders*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
the Over-
allotment
Option is not
exercised)
Allotment
as % of
International
Offering
(assuming
the Over-
allotment
Option
is fully
exercised and
new H Shares
are issued)
Allotment as
% of total
Offer Shares
(assuming
the Over-
allotment
Option is not
exercised)
Allotment as
% of total
Offer Shares
(assuming
the Over-
allotment
Option
is fully
exercised and
new H Shares
are issued)
Number of H
Shares held
upon Listing
Number of
Shares held
upon Listing
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option is not
exercised)#
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option
is fully
exercised and
new H Shares
are issued)#
Top 1 – 0.00% 0.00% 0.00% 0.00% – 2,858,582,091 31.39% 31.07%
Top 5 6,573,000 1.15% 0.98% 1.04% 0.90% 6,573,000 4,558,017,498 50.06% 49.54%
Top 10 11,376,800 1.98% 1.70% 1.80% 1.57% 11,376,800 5,231,654,854 57.45% 56.86%
Top 25 221,582,600 38.63% 33.16% 35.08% 30.51% 221,582,600 5,970,578,562 65.57% 64.89%
Note
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
# After taking into account the partial exercise of the Offer Size Adjustment Option and the total share capital of
8,474,390,037 A Shares (including 42,987,413 A Shares held on treasury) as of the Latest Practicable Date.


--- page 17 ---
17
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, valid applications made by
the public will be conditionally allocated on the basis set out below:
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL NO.
OF H SHARES
APPLIED FOR
POOL A
200 45,385 22,693 out of 45,385 applicants to receive 200 H shares 50.00%
400 20,877 12,605 out of 20,877 applicants to receive 200 H shares 30.19%
600 3,902 2,631 out of 3,902 applicants to receive 200 H shares 22.48%
800 2,211 1,613 out of 2,211 applicants to receive 200 H shares 18.24%
1,000 6,145 5,026 out of 6,145 applicants to receive 200 H shares 16.36%
1,200 1,141 1,025 out of 1,141 applicants to receive 200 H shares 14.97%
1,400 963 937 out of 963 applicants to receive 200 H shares 13.90%
1,600 840 200 H shares plus 35 out of 840 applicants to receive an
additional 200 H shares
13.02%
1,800 721 200 H shares plus 77 out of 721 applicants to receive an
additional 200 H shares
12.30%
2,000 9,076 200 H shares plus 1,529 out of 9,076 applicants to receive
an additional 200 H shares
11.68%
3,000 1,807 200 H shares plus 795 out of 1,807 applicants to receive
an additional 200 H shares
9.60%
4,000 3,327 200 H shares plus 2,227 out of 3,327 applicants to receive
an additional 200 H shares
8.35%
5,000 1,954 200 H shares plus 1,705 out of 1,954 applicants to receive
an additional 200 H shares
7.49%
6,000 1,083 400 H shares plus 62 out of 1,083 applicants to receive
an additional 200 H shares
6.86%
7,000 644 400 H shares plus 146 out of 644 applicants to receive an
additional 200 H shares
6.36%
8,000 627 400 H shares plus 242 out of 627 applicants to receive an
additional 200 H shares
5.96%
9,000 497 400 H shares plus 266 out of 497 applicants to receive an
additional 200 H shares
5.63%
10,000 3,451 400 H shares plus 2,331 out of 3,451 applicants to receive
an additional 200 H shares
5.35%
20,000 2,153 600 H shares plus 1,771 out of 2,153 applicants to receive
an additional 200 H shares
3.82%


--- page 18 ---
18
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL NO.
OF H SHARES
APPLIED FOR
30,000 1,003 800 H shares plus 712 out of 1,003 applicants to receive
an additional 200 H shares
3.14%
40,000 760 1,000 H shares plus 351 out of 760 applicants to receive
an additional 200 H shares
2.73%
50,000 926 1,200 H shares plus 117 out of 926 applicants to receive
an additional 200 H shares
2.45%
60,000 475 1,200 H shares plus 346 out of 475 applicants to receive
an additional 200 H shares
2.24%
70,000 340 1,400 H shares plus 97 out of 340 applicants to receive
an additional 200 H shares
2.08%
80,000 318 1,400 H shares plus 256 out of 318 applicants to receive
an additional 200 H shares
1.95%
90,000 229 1,600 H shares plus 67 out of 229 applicants to receive
an additional 200 H shares
1.84%
100,000 1,525 1,600 H shares plus 1,147 out of 1,525 applicants to
receive an additional 200 H shares
1.75%
200,000 1,012 2,400 H shares plus 510 out of 1,012 applicants to receive
an additional 200 H shares
1.25%
113,392 Total number of Pool A successful applicants: 79,298
POOL B
300,000 1,215 3,600 H shares plus 912 out of 1,215 applicants to receive
an additional 200 H shares
1.25%
400,000 249 4,800 H shares plus 245 out of 249 applicants to receive
an additional 200 H shares
1.25%
500,000 224 6,200 H shares plus 47 out of 224 applicants to receive
an additional 200 H shares
1.25%
600,000 102 7,400 H shares plus 44 out of 102 applicants to receive
an additional 200 H shares
1.25%
700,000 87 8,600 H shares plus 57 out of 87 applicants to receive an
additional 200 H shares
1.25%
800,000 51 9,800 H shares plus 45 out of 51 applicants to receive an
additional 200 H shares
1.25%
900,000 37 11,200 H shares plus 4 out of 37 applicants to receive an
additional 200 H shares
1.25%
1,000,000 246 12,400 H shares plus 73 out of 246 applicants to receive
an additional 200 H shares
1.25%


--- page 19 ---
19
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL NO.
OF H SHARES
APPLIED FOR
2,000,000 96 24,800 H shares plus 35 out of 96 applicants to receive
an additional 200 H shares
1.24%
3,000,000 64 37,200 H shares plus 22 out of 64 applicants to receive
an additional 200 H shares
1.24%
4,000,000 26 49,600 H shares plus 7 out of 26 applicants to receive an
additional 200 H shares
1.24%
5,000,000 16 62,000 H shares plus 2 out of 16 applicants to receive an
additional 200 H shares
1.24%
6,000,000 6 74,400 H shares 1.24%
7,000,000 9 86,600 H shares plus 7 out of 9 applicants to receive an
additional 200 H shares
1.24%
8,000,000 2 99,200 H shares 1.24%
9,000,000 9 111,400 H shares plus 3 out of 9 applicants to receive an
additional 200 H shares
1.24%
10,000,000 16 123,800 H shares plus 2 out of 16 applicants to receive
an additional 200 H shares
1.24%
20,000,000 8 247,000 H shares plus 7 out of 8 applicants to receive an
additional 200 H shares
1.24%
29,021,200 8 358,200 H shares plus 4 out of 8 applicants to receive an
additional 200 H shares
1.23%
2,471 Total number of Pool B successful applicants: 2,471
As of the date of this announcement, the relevant subscription monies previously deposited in the
designated nominee accounts have been remitted back to the accounts of all HKSCC participants.
Investors should contact their relevant brokers for any inquiries.
COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that, except for the Listing Rules that have been waived and/or in respect of
which consent has been obtained, the Company has complied with the Listing Rules and guidance
materials in relation to the placing, allotment and listing of the Company ’s H Shares.
The Directors confirm that, to the best of their knowledge, the consideration paid by the placees
or the public (as the case may be) directly or indirectly for each Offer Share subscribed for or
purchased by them was the same as the final Offer Price in addition to any brokerage, AFRC
transaction levy, SFC transaction levy and trading fee payable.


--- page 20 ---
20
OTHERS/ ADDITIONAL INFORMATION
Offer Size Adjustment Option and reallocation
The Offer Size Adjustment Option has been partially exercised by the Company, pursuant to
which the Company is issuing and allotting 51,174,200 additional Offer Shares, representing
approximately 8.82% of the total number of Offer Shares initially available under the Global
Offering, at the final Offer Price. All of the additional Offer Shares that would be allotted and
issued by the Company pursuant to the partial exercise of the Offer Size Adjustment Option will
be allocated to the International Offering.
Accordingly, the total number of Offer Shares finally available under the Global Offering (taking
into account the partial exercise of the Offer Size Adjustment Option and before any exercise of
the Over-allotment Option) that would be allotted and issued by the Company is 631,598,800 Offer
Shares and the total issued share capital of the Company upon Listing (taking into account the
partial exercise of the Offer Size Adjustment Option and before any exercise of the Over-allotment
Option) will be 9,105,988,837 Shares.
As a result of the above, the final number of Offer Shares under the Hong Kong Public Offering
is 58,042,600 Shares, representing approximately 9.19% of the total number of Offer Shares
available under the Global Offering (assuming the Over-allotment Option is not exercised), and the
final number of Offer Shares under the International Offering is adjusted to 573,556,200 Shares,
representing approximately 90.81% of the total number of Offer Shares under the Global Offering
(assuming the Over-allotment Option is not exercised).
Allocation of H Shares to existing minority Shareholders and their close associates
The Company has applied for, and the Stock Exchange has granted, a waiver from strict compliance
with the requirements under Rule 10.04 and consent under Paragraph 1C(2) of Appendix F1 to
the Listing Rules to permit H Shares in the International Offering to be placed to certain existing
minority Shareholders who (i) hold less than 5% of the voting rights in our Company prior to the
completion of the Global Offering and (ii) are not and will not become (upon the completion of the
Global Offering) core connected persons of our Company or the close associates of any such core
connected person (together, the “Existing Minority Shareholders ”) and/or their close associates,
subject to the conditions as follows:
(a) each Existing Minority Shareholder to whom our Company may allocate the H Shares in the
International Offering holds less than 5% of the voting rights in our Company before Listing;
(b) each Existing Minority Shareholder is not, and will not be, a core connected person of our
Company or any close associate of any such core connected person immediately prior to or
following the Global Offering;
(c) none of the Existing Minority Shareholders has the right to appoint a Director and/or have
any other special rights;
(d) allocation to the Existing Minority Shareholders or its close associates will not affect our
ability to satisfy the public float requirement as prescribed by the Stock Exchange under Rule
8.08 (as amended and replaced by Rule 19A.13A) of the Listing Rules or otherwise approved
by the Stock Exchange; and


--- page 21 ---
21
(e) none of the Existing Minority Shareholders or its close associates receives any preferential
treatment, or is in a position to exert influence on our Company to obtain actual or perceived
preferential treatment in the allocation either as a placee by virtue of its relationship with our
Company;
Please refer to the section headed “Waivers from Strict Compliance with the Listing Rules –
Allocation of H Shares to Existing Minority Shareholders and their Close Associates ” in the
Prospectus for further details of the waiver and consent. Given that (i) there is no requirement
to disclose interests under the PRC laws unless such person is an owner of more than 5% of the
issued share capital of our Company, the Directors, Supervisors or senior management of our
Company or top 10 Shareholders of our Company, and (ii) The Hong Kong Securities Clearing
Company Limited, as trustee, holds A Shares on behalf of investors in Hong Kong and overseas
pursuant to the rules and limits of Shanghai-Hong Kong Stock Connect and our Company is unable
to identify Shareholders who hold A Shares through the Shanghai-Hong Kong Stock Connect,
allocation to the Existing Minority Shareholders and/or their close associates will not be disclosed
in this announcement (other than to the extent that such Existing Minority Shareholders or close
associates subscribe for shares as cornerstone investors).
All allocation of Offer Shares to the Existing Minority Shareholders are in compliance with all the
conditions under the wavier and consent granted by the Stock Exchange.
Allocations of Further H Shares to Cornerstone Investors and/or their close associates with
consents under Chapter 4.15 of the Guide for New Listing Applicants
The Company has applied for, and the Stock Exchange has granted, a waiver/consent under
paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants with respect to possible
allocations to (i) existing shareholders and/or their close associates who will participate in the
Proposed Listing as cornerstone investors and placees in the International Offering, and/or (ii)
cornerstone investors who will subscribe for further Offer Shares as placees in the International
Offering, subject to the following conditions:
(a) the final offering size of the Global Offering (excluding any additional H Shares which may
be issued upon exercise of the Over-allotment Option) will be of a total value of at least
HK$1 billion;
(b) the Offer Shares allocated to all existing shareholders and their close associates (whether as
cornerstone investors and/or as placees) as permitted under the exemption do not exceed 30%
of the total number of the H Shares offered under the Global Offering;
(c) each Director, chief executive, Controlling Shareholder and Supervisor of the Company
confirms that no securities have been allocated to them or their respective close associates
under the exemption as required by paragraph 18(iii) of Chapter 4.15 of the Guide for New
Listing Applicants;
(d) the Company complies with the public float requirement under Rule 8.08(1) (as amended and
replaced by Rule 19A.13A) of the Listing Rules; and
(e) details of the allocation to such investors under the exemption will be disclosed in the
allotment results announcement.


--- page 22 ---
22
Such allocations of Offer Shares are in compliance with all the conditions under the consent
granted by the Stock Exchange.
For details of the allocations of Offer Shares to existing Shareholders and/or their close associates
and Cornerstone Investors, please refer to the section headed “Allotment Results Details –
International Offering – Allottees with Waivers/Consents Obtained ” in this announcement.
Placing to connected clients with prior consents under paragraph 1C of the Placing
Guidelines
The Company has applied for, and the Stock Exchange has granted, consents under paragraph
1C of the Placing Guidelines to permit allocation to connected clients pursuant to the Placing
Guidelines. The allocation of Offer Shares to such connected clients is in compliance with all
the conditions under the consents granted by the Stock Exchange. Details of the placement to
connected clients (including the cornerstone tranche and placing tranche) are set out below.
No. Connected Distributor Connected Client Relationship
Whether the
Connected Client
will hold the
beneficial interests
of the Offer
Shares on a non-
discretionary basis
or discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
connected client
Approximate
percentage of
Offer Shares
allocated to the
connected client
(after taking
into account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate
percentage of
total issued share
capital after the
Global Offering
(after taking
into account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
1. CLSA Limited
(“CLSA”)
CSICM Note 1 CLSA and CSICM are
members of the same
group
Non-discretionary
basis
21,365,400 3.38% 0.23%
2. CLSA China AMC Note 2 CLSA and China AMC
are members of the same
group
Discretionary
basis
428,000 0.07% 0.005%
3. CLSA CITIC AM Note 3 CLSA and CITIC AM
are members of the same
group
Discretionary
basis
365,000 0.06% 0.004%
4. CLSA China AM HK Note 4  CLSA and China AM HK
are members of the same
group
Discretionary
basis
3,225,000 0.51% 0.04%
5. China International
Capital Corporation
Hong Kong Securities
Limited (“CICCHKS”)
CICC FT Note 5 CICCFT is a member
of the same group as
CICCHKS
non-discretionary
basis
1,956,400 0.31% 0.02%


--- page 23 ---
23
No. Connected Distributor Connected Client Relationship
Whether the
Connected Client
will hold the
beneficial interests
of the Offer
Shares on a non-
discretionary basis
or discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
connected client
Approximate
percentage of
Offer Shares
allocated to the
connected client
(after taking
into account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate
percentage of
total issued share
capital after the
Global Offering
(after taking
into account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
6. HSBC Broking
Securities (Asia) Limited
(“HSBC”)
HSBC AM Note 6 HSBC and HSBC AM
are members of the same
group
Discretionary
basis
3,653,000 0.58% 0.04%
7. UBS AG Hong Kong
Branch (“UBS AG HK”)
UBS AM
Singapore Note 7
UBS AM Singapore is a
member of the same group
of companies as UBS AG
HK
Discretionary
basis
12,239,000 1.94% 0.13%
8. UBS AG HK
ICBC International
Securities Limited
(“ICBCI”)
ICBC UBS Asset
Management Co.,
(International) Ltd.
(“ICBC UBS”) Note 8
ICBC UBS is a wholly
owned subsidiary of ICBC
UBS Asset Management
Co., Ltd which itself is
held as to 20% by UBS
AG, and is therefore a
member of the same group
of companies as UBS AG
HK
ICBC UBS is a member
of the same group of
companies as ICBCI
Discretionary
basis
182,600 0.03% 0.002%
9. China Merchants
Securities (HK) Co.,
Limited (“CMS”)
Bosera AM Note 9 Bosera AM is a member
of the same group of
companies as CMS
Discretionary
basis
1,096,000 0.17% 0.01%
10. Haitong International
Securities Company
Limited (“HTI”)
Fullgoal Fund
Management Co.
Ltd Note 10
Fullgoal Fund
Management Co. Ltd is a
member of the same group
of companies as HTI
Discretionary
basis
2,390,200 0.38% 0.03%
11. HTI Fullgoal Asset
Management (HK)
Limited Note 11
Fullgoal Asset
Management (HK)
Limited is a member
of the same group of
companies as HTI
Discretionary
basis
1,262,800 0.20% 0.01%


--- page 24 ---
24
No. Connected Distributor Connected Client Relationship
Whether the
Connected Client
will hold the
beneficial interests
of the Offer
Shares on a non-
discretionary basis
or discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
connected client
Approximate
percentage of
Offer Shares
allocated to the
connected client
(after taking
into account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate
percentage of
total issued share
capital after the
Global Offering
(after taking
into account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
12. Huatai Financial
Holdings (Hong Kong)
Limited (“HTFH”)
Huatai-PineBridge
Note 12
Huatai-PineBridge is a
member of the same group
as HTFH
Discretionary
basis
54,800 0.01% 0.001%
13. HTI Haitong AM Note 13 Haitong AM is a member
of the same group as HTI
Discretionary
basis
109,400 0.02% 0.001%
14. HTI HuaAn Note 14 HuaAn is a member of the
same group as HTI
Discretionary
basis
365,000 0.06% 0.004%
15. HTFH China Southern Note 15 China Southern is a
member of the same group
of HTFH
Discretionary
basis
730,000 0.12% 0.008%
Notes:
1. CSICM and CITIC Securities Company Limited ( “CITICS ”) will enter into back-to-back total return swap
transactions (the “CITICS Back-to-back TRS ”), in connection with a total return swap order (the “CITICS
Client TRS ”) placed by and fully funded by ultimate clients (the “Ultimate Clients (Gaoyi) ”), under which
terms and conditions the full economic return and loss of the Offer Shares placed to CSICM will be ultimately
borne by the Ultimate Clients (Gaoyi). CSICM will hold the Offer Shares on a non-discretionary basis to hedge
the CITICS Back-to-back TRS in connection with the CITICS Client TRS order placed by the Ultimate Clients
(Gaoyi), and the full economic return and loss of the Offer Shares will be ultimately borne by the Ultimate
Clients (Gaoyi) according to the terms and conditions under the CITICS Back-to-back TRS and the CITICS
Client TRS, subject to customary fees and commissions. CSICM will not take part in any economic return or
bear any economic loss in relation to the Offer Shares. Ultimate Clients (Gaoyi) are certain investment funds
managed by Shanghai Gaoyi Asset Management Partnership (Limited Partnership) ( ɪऎ৷ᆇ༟ପ၍ଣΥྫΆุ
(Υྫ )) ( “Shanghai Gaoyi ”) on a discretionary basis. Shanghai Gaoyi is a limited partnership established
in the PRC, which is engaged in asset management and investment management with a primary focus on
investments in secondary market. As confirmed by Shanghai Gaoyi, there is no single ultimate beneficial owner
holding 30% or more interests in each of the Ultimate Clients (Gaoyi). Each of Shanghai Gaoyi and the Ultimate
Clients (Gaoyi) is an Independent Third Party. To the best of CSICM ’s knowledge having made all reasonable
inquiries, each of the Ultimate Clients (Gaoyi) is an independent third party of (i) the Company, the connected
persons or associates thereof, and (ii) CSICM and the companies which are members of the same group of
CSICM.


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25
CSI and CITICS will enter into a series of cross border OTC swap transactions ( “CSICM OTC Swaps ”) with
each other and the investment managers for and on behalf of certain ultimate clients (the “CSICM Ultimate
Clients ”), pursuant to which CSICM will hold the Offer Shares on a non-discretionary basis to hedge the CSI
OTC Swaps while the economic risks and returns of the underlying Offer Shares are passed to the CSICM
Ultimate Clients, subject to customary fees and commissions. CSI will not take part in any economic returns
or bear any economic losses in relation to the Offer Shares. The CSI OTC Swaps will be fully funded by the
CSICM Ultimate Clients. To the best knowledge of CSICM after making all reasonable enquiries, each of the
CSICM Ultimate Clients is an independent third party of CSICM, CLSA Limited, CITICS, the companies which
are members of the same group of companies as CLSA, CITICS and the Company.
2. China AMC will hold the Offer Shares in its capacity as the discretionary fund manager managing assets
on behalf of its underlying client, in which no ultimate beneficial owner holds 30% or more interest. The
underlying client of China AMC is an independent third party of China AMC and CLSA and the companies
which are members of the same group of CLSA.
3. CITIC Asset Management will hold the Offer Shares in its capacity as the discretionary fund manager managing
the funds on behalf of their underlying clients, none of which has an ultimate beneficial owner holding 30% or
more interest therein and each of which is, to the best knowledge of CITIC Asset Management, an independent
third party of the Company, its subsidiaries, its substantial shareholders, CITIC Asset Management, CLSA and
the companies which are members of the same group of CLSA.
4. China AM HK is an investment advisor and a delegate of the investment manager of its underlying clients
(“China AM HK Ultimate Clients ”) and manages assets (in its capacity as an investment advisor of the China
AM HK Ultimate Clients) and executes trades (in its capacity as a delegate of the investment manager of China
AM HK Ultimate Clients) for on behalf of China AM HK Ultimate Clients. To the best knowledge of China AM
HK after making all reasonable enquiries, each of the China AM HK Ultimate Clients is an independent third
party of the Company, the Company ’s subsidiaries and substantial shareholders, CLSA, China AM HK and the
companies which are members of the same group of companies as CLSA.
5. CICC Financial Trading Limited ( “CICC FT ”) and China International Capital Corporation Limited ( “CICCL ”)
will enter into a series of cross border delta-one OTC swap transactions (collectively, the “Pinpoint OTC
Swaps ”) with each other and the ultimate clients (the “CICC FT Ultimate Clients (Shanghai Pinpoint) ”),
pursuant to which CICC FT will hold the Offer Shares on a non-discretionary basis to hedge the Pinpoint OTC
Swaps while the economic risks and returns of the underlying Offer Shares are passed to the CICC FT Ultimate
Clients (Shanghai Pinpoint), subject to customary fees and commissions. The Pinpoint OTC Swaps will be fully
funded by the CICC FT Ultimate Clients (Shanghai Pinpoint). During the terms of the Pinpoint OTC Swaps, all
economic returns of the Offer Shares subscribed by CICC FT will be passed to the CICC FT Ultimate Clients
(Shanghai Pinpoint) and all economic loss shall be borne by the CICC FT Ultimate Clients (Shanghai Pinpoint)
through the Pinpoint OTC Swaps, and CICC FT will not take part in any economic return or bear any economic
loss in relation to the Offer Shares. The CICC FT Ultimate Clients (Shanghai Pinpoint) are certain domestic
private funds managed by Pinpoint Investment Management Limited (ʮ̡ )
(“Shanghai Pinpoint ”). To the best of CICC FT ’s knowledge having made all reasonable inquiries, each of the
CICC FT Ultimate Clients (Shanghai Pinpoint) is an independent third party of CICC FT, China International
Capital Corporation Hong Kong Securities Limited ( “CICCHKS ”) and the companies which are members of the
same group of CICCHKS.
6. HSBC AM will hold the Offer Shares in its capacity as the discretionary fund manager managing assets on
behalf of its underlying clients. Each of the underlying clients of HSBC AM is an independent third party of
HSBC AM and HSBC and the companies which are members of the same group of HSBC.
7. UBS AM Singapore will hold the Offer Shares in its capacity as the discretionary fund manager managing the
funds on behalf of their underlying investors. Each of the underlying clients is an independent third party of the
Company, its subsidiaries, its substantial shareholders, UBS AM Singapore, UBS AG HK and the companies
which are members of the same group of UBS AG HK, to the best knowledge and belief of UBS AM Singapore.
8. ICBC UBS will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds
on behalf of a discretionary account, who is an independent third party of the Company, its subsidiaries, its
substantial shareholders, ICBC UBS, UBS AG HK, ICBCI and the companies which are members of the same
group of UBS AG HK or members of the same group of ICBCI.


--- page 26 ---
26
9. Bosera AM will hold the Offer Shares in its capacity as discretionary fund manager managing assets on behalf
of its underlying clients. To the best of Bosera AM ’s knowledge after due enquiry, each the underlying clients
of Bosera AM is an independent third party of Bosera AM, CMS and the companies which are members of the
same group of CMS.
10. Fullgoal Fund Management Co. Ltd will hold the Offer Shares in its capacity as the discretionary fund manager
on behalf of its investors, each of which is an independent third party of the Company, its subsidiaries, its
substantial shareholders, Fullgoal Fund Management Co. Ltd, HTI and the companies which are members of the
same group of HTI.
11. Fullgoal Asset Management (HK) Limited will hold the Offer Shares in its capacity as the discretionary fund
manager managing the funds on behalf of their underlying investors, each of which is an independent third party
of the Company, its subsidiaries, its substantial shareholders, Fullgoal Asset Management (HK) Limited, HTI
and the companies which are members of the same group of HTI.
12. Huatai-PineBridge will hold the Offer Shares in its capacity as the discretionary fund manager managing a fund
on behalf of its underlying investor, which is an independent third party of the Company, its subsidiaries, its
substantial shareholders, Huatai-PineBridge, HTFH and the companies which are members of the same group of
HTFH.
13. Haitong AM will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds
on behalf of its underlying client, which is an independent third party of the Company, its subsidiaries, its
substantial shareholders, Haitong AM, HTI and the companies which are members of the same group of HTI.
14. HuaAn will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds
on behalf of its underlying client. The underlying client is an independent third party of the Company, its
subsidiaries, its substantial shareholders, HuaAn, HTI and the companies which are members of the same group
of HTI.
15. China Southern will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds
on behalf of its underlying clients, each of which is an independent third party of the Company, its subsidiaries,
its substantial shareholders, China Southern, HTFH and the companies which are members of the same group of
HTFH.


--- page 27 ---
27
DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and
Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim
any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or
any part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into
the United States (including its territories and possessions, any state of the United States and
the District of Columbia). This announcement does not constitute or form a part of any offer or
solicitation to purchase or subscribe for securities in the United States. The securities mentioned
herein have not been, and will not be, registered under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act ”). The securities may not be offered or sold in the United
States except pursuant to an exemption from the registration requirements of the U.S. Securities
Act and in compliance with any applicable state securities laws, or outside the United States
unless in compliance with Regulation S under the U.S. Securities Act. There will be no public
offer of securities in the United States.
The Offer Shares are being offered and sold outside the United States in offshore transactions in
reliance on Regulation S under the U.S. Securities Act.
This announcement is for information purposes only and does not constitute an invitation or
offer to acquire, purchase or subscribe for securities. This announcement is not a prospectus.
Potential investors should read the Prospectus dated October 20, 2025 issued by SANY Heavy
Industry Co., Ltd. for detailed information about the Global Offering described below before
deciding whether or not to invest in the H Shares thereby being offered.
*Potential investors of the Offer Shares should note that the Sole Sponsor and the Overall
Coordinators (for themselves and on behalf of the Hong Kong Underwriters) shall be entitled
to terminate their obligations under the Hong Kong Underwriting Agreement with immediate
effect upon the occurrence of any of the events set out in the section headed “Underwriting
– Underwriting Arrangements – Hong Kong Public Offering – Hong Kong Underwriting
Agreement – Grounds for Termination ” in the Prospectus at any time prior to 8:00 a.m. (Hong
Kong time) on the Listing Date (which is currently expected to be on October 28, 2025).
PUBLIC FLOAT
Immediately after the completion of the Global Offering (after taking into account the partial
exercise of the Offer Size Adjustment Option and before any exercise of the Over-allotment
Option), the total market value of the H Shares to be held by the public is expected to be above
HK$13,453.1 million, calculated based on the final Offer Price of HK$21.30, which is higher than
the prescribed expected market value of H Shares required to be held in public hands of not less
than HK$3,000,000,000 under Rule 19A.13A(2)(b) of the Listing Rules, thereby satisfying Rule
19A.13A of the Listing Rules. Based on the Offer Price of HK$21.30 per H Share, the minimum
prescribed public float percentage under Rule 19A.13A(2)(b) of the Listing Rules is approximately
1.55%, being the percentage derived by dividing HK$3,000,000,000 by the total market value of
the Company ’s total issued Shares at the time of Listing (1).


--- page 28 ---
28
Note:
(1) The total market value of the Company ’s total issued Shares at the time of Listing is calculated based on
(x) 9,063,001,424 Shares, representing the sum of (i) 631,598,800 H Shares to be issued immediately upon
completion of the Global Offering (assuming the Over-allotment Option is not exercised) and (ii) the total
share capital of 8,474,390,037 A Shares and excluding 42,987,413 A Shares held on treasury as of the Latest
Practicable Date) times (y) the price of each Share at HK$21.30.
Each of the Cornerstone Investors has agreed to a lock-up period of six months following the
Listing Date. As such, H Shares held by the Cornerstone Investors upon the Listing shall not be
counted towards the free float of the H Shares of the Company at the time of Listing. Based on the
final Offer Price of HK$21.30 per H Share, the Company satisfies the free float requirement under
Rule 19A.13C(1)(b) of the Listing Rules.
The Directors confirm that, immediately following the completion of the Global Offering (after
taking into account the partial exercise of the Offer Size Adjustment Option and before any
exercise of the Over-allotment Option), (i) no placee will, individually, be placed more than 10%
of the enlarged issued share capital of the Company immediately after the Global Offering; (ii)
there will not be any new substantial Shareholder immediately after the Global Offering; (iii) the
three largest public shareholders of the Company do not hold more than 50% of the H shares in
public hands at the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the Listing
Rules; and (iv) there will be at least 300 Shareholders at the time of the Listing in compliance with
Rule 8.08(2) of the Listing Rules.
COMMENCEMENT OF DEALINGS
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Tuesday, October
28, 2025 (Hong Kong time), provided that the Global Offering has become unconditional and the
right of termination described in the section headed “Underwriting – Underwriting Arrangements –
Hong Kong Public Offering – Grounds for Termination ” in the Prospectus has not been exercised.
Investors who trade the H Shares on the basis of publicly available allocation details prior to the
receipt of H Share certificates or prior to the H Share certificates becoming valid evidence of title
do so entirely at their own risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Tuesday,
October 28, 2025 (Hong Kong time), it is expected that dealings in the H Shares on the Stock
Exchange will commence at 9:00 a.m. on Tuesday, October 28, 2025 (Hong Kong time). The H
Shares will be traded in board lots of 200 H Shares each, and the stock code of the H Shares will
be 6031.
By order of the Board
SANY Heavy Industry Co., Ltd.
XIANG Wenbo
Executive Director and chairman of the Board
Hong Kong, October 27, 2025
As at the date of this announcement, the Board comprises: (i) Mr. XIANG Wenbo and Mr. YU
Hongfu as executive Directors; (ii) Mr. LIANG Wengen and Mr. LIANG Zaizhong as non-
executive Directors and (iii) Mr. WU Zhongxin, Ms. XI Qing and Mr. LAM Yuk Kun Lawrence as
independent non-executive Directors.
