SANY HEAVY IND (06031) saw its shares rise more than 6%. At the time of writing, the stock was up 6.48%, trading at HKD 22.66 with a turnover of HKD 131 million. The movement follows the company's reported first-quarter revenue of RMB 24.042 billion, a year-on-year increase of 14.22%. Net profit attributable to shareholders was RMB 2.481 billion, up 0.46% compared to the same period last year. China Merchants Securities noted that the company's revenue growth of 14.03% year-on-year for the first quarter of 2026 led the industry, highlighting significant market share gains. This marks the seventh consecutive quarter of over 10% revenue growth since the third quarter of 2024. As an internationally leading excavator manufacturer, SANY HEAVY IND is well-positioned to benefit from robust overseas demand in 2026. Separately, media reports citing informed sources indicate that SANY HEAVY IND is considering an initial public offering in Hong Kong for its electric heavy truck subsidiary, Hunan Xingbida Network Technology Co., Ltd., which could raise approximately USD 500 million. Sources mentioned that discussions are still ongoing. SANY HEAVY IND has not responded to requests for comment. Last week, sources revealed that rival XCMG Automotive is also considering a Hong Kong listing, potentially raising up to USD 500 million.