Changsha Zoomlion Heavy Industry Science and Technology Development (000157.SZ) plans to raise up to US$2.12 billion on the Hong Kong stock exchange, the South China Morning Post reported. Zoomlion, China’s second-largest construction machinery manufacturer, will issue 869.6 million shares priced at HK$13.98-18.98 (US$1.79-2.44) each. The offering opens Monday and closes Thursday, with the stock scheduled to begin trading on December 23. Hunan-based Zoomlion intends to split the proceeds between strengthening its manufacturing capabilities, overseas expansion, research and development and working capital. Its net profit rose 77% year-on-year to US$459.4 million, while turnover rose 61.4% to US$3.6 billion. The Hunan provincial government holds a 12.4% stake in the company. Separately, China New Materials canceled plans to list in Hong Kong after two people involved with the company, including the founding chairman, were named in a lawsuit filed with the territory’s high court.