heavy machinery

The decision paints a gloomy picture for XCMG's planned offering of up to $2 billion.

Sany Heavy Industry has seen off competition from rival issuer XCMG for its $3.3 billion IPO, while shoemaker Hongguo raises $147 million after pricing its shares at the bottom end.

The $327 million deal offers more evidence that demand for Hong Kong IPOs is waning. Earlier in the week, Chu Kong Pipe also priced at the bottom, while Sijia pulled its offering citing current market conditions.

China First Heavy prices its $1.67 billion Shanghai IPO below the top of the indicated range, becoming the first company to do so since China lifted its ban on IPOs last July.