Construction equipment maker Sany Heavy Industry is seeking a dual-listing in Frankfurt, which would make it one of the first Chinese companies to list in Germany under a “stock connect” arrangement with China that went into effect last year, reports Nikkei Asia. The Shanghai-traded company said on Saturday that it will call an extraordinary shareholders’ meeting on Feb. 27 to seek approval for the application, to be made under the China-Germany Stock Connect program.
Sany had originally sought to list in Zurich under a similar arrangement but decided to switch venues for strategic reasons, the company said.
The company has been emerging as a global challenger to traditional sector heavyweights like Caterpillar from the US and Japan’s Komatsu. Last March it became one of the first Chinese companies to declare its intention to list in Zurich shortly after the China-Switzerland Stock Connect was agreed on.