Sany Heavy Industry Seeks $1.6 Billion in Hong Kong Listing (1)

Sany Heavy Industry Co. started taking investor orders to raise as much as HK$12.4 billion ($1.6 billion) in a Hong Kong listing, joining the flood of Chinese companies seeking to capitalize on the Asian financial hub’s hot market.

The excavator maker is offering 580.4 million shares at HK$20.30 to HK$21.30 apiece, according to a filing Monday. Proceeds may increase by as much as 32% if options to enlarge the deal are exercised, and the trading debut is scheduled for Oct. 28.

Sany Heavy is already listed in mainland China and has a market value of about $27 billion. The ...