SANY HEAVY IND's stock soared 7.33% during intraday trading on Wednesday, following the release of its first-quarter financial results and reports of a potential spin-off listing.

The company reported first-quarter revenue of RMB 24.042 billion, a year-on-year increase of 14.22%, with net profit attributable to shareholders rising 0.46%. This marks the seventh consecutive quarter of revenue growth exceeding 10%, with analysts noting the company's performance led the industry.

Additionally, media reports citing informed sources indicate 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. The potential move is seen as a strategic step to capitalize on the growing electric vehicle and clean energy sectors.