IPO News | Lingong Heavy Machinery Shares Hong Kong Stock Exchange is the world's leading mining equipment and aerial work equipment company

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on November 6, Lingong Heavy Machinery Co., Ltd. (abbreviation: Lingong Heavy Machinery) submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC and Xingzheng International as co-sponsors.

According to the prospectus, Lingong Heavy Machinery is the world's leading mining equipment and aerial work equipment company. It is committed to continuing to provide intelligent, efficient and green solutions to global customers through innovation and technology. With deep cultivation of the mine operation scene, the company continues to expand the layout of the entire operation chain. Lingong Heavy Machinery is the first domestic manufacturer to develop excavators for electric power control, and is known for its high reliability and high stability. As of November 1, 2025, the sales map of Lingong Heavy Industries has reached more than 100 countries and regions around the world, and has an important position in major markets such as Asia, Europe, Africa and America.

According to Frost & Sullivan, in terms of 2024 revenue, Lingong Heavy Machinery ranked third among domestic companies in the global mining transportation equipment and excavator market. Notably, in terms of revenue for each year from 2022 to 2024, the company ranked first in the global off-highway wide-body dump truck sector. In terms of revenue in 2024, the company ranked first among domestic enterprises in the field of new energy mine transportation equipment in the world.

Furthermore, in terms of revenue in 2024, Lingong Heavy Machinery ranked fifth among domestic companies in the global aerial work equipment market, while in terms of 2024 revenue, it ranked third in the Asia-Pacific aerial work equipment market. In terms of revenue in 2024, the company ranked fourth among domestic companies in the global driverless mine transportation equipment market.

Lingong Heavy Equipment's mining transportation equipment includes diesel-powered off-highway wide-body dump trucks, new energy off-highway wide-body dump trucks, mining dump trucks, and articulated trucks, which have now become mainstream products in the 50-100 tonnage range. As of June 30, 2025, the company has shipped a total of nearly 600 mining excavators. The company also provides auxiliary mining machinery such as sprinklers. Furthermore, in order to meet the trend of electrification and intelligence, Lingong Heavy Machinery pioneered the launch of new energy and driverless mining equipment, which has high reliability, high attendance rate and low operating costs. As of June 30, 2025, the company has sold about 1,600 new energy mine transportation equipment.

Financial data

revenue

From 2022 to 2024, Lingong Heavy Industries achieved revenue of RMB 10.529 billion, RMB 9.897 billion, and RMB 12.028 billion respectively. For the six months ended June 30, 2025, the company's revenue was RMB 5,531 billion.

Net loss/net profit

In 2022, 2023, 2024, 2024 and 2025 for the six months ended June 30, Lingong Heavy Industries achieved annual/period profits of approximately RMB 954 million, RMB 974 million, RMB 1 billion, RMB 522 million and RMB 635 million respectively.

Gross profit and gross profit margin

In 2022, 2023, 2024 and 2025 for the six months ended June 30, the overall gross margins of Lingong Heavy Industries were 17.7%, 18.8%, 20.1%, and 22.4%, respectively.

Industry Overview

Measured by output value, the scale of the global mining industry has grown from 38.5 trillion yuan in 2020 to 54.8 trillion yuan in 2024, with a compound annual growth rate of 9.3% from 2020 to 2024. In this context, as material extraction intensity and transportation turnover continue to increase, demand for mining equipment will grow at the same time. The global mining equipment market is showing a steady growth trend. This trend is mainly due to the continued rise in demand for precious metals and basic metals, as well as the increasing activity of mining activities in emerging markets.

Driven by stronger commodity prices and increased mining capital expenditure, the market expanded significantly between 2020 and 2024. By 2024, the global mining equipment market was 736.7 billion yuan, with a compound annual growth rate of 5.9% from 2020 to 2024. Looking ahead, the global mining equipment market is expected to continue to expand, reaching 1025.6 billion yuan by 2030, with a compound annual growth rate of 5.7% between 2024 and 2030.

China's large-scale mining operations and the deepening promotion of “green mining” and “smart mining” strategies continue to drive the growth of investment in advanced equipment. By 2024, China's mining equipment market has reached 123 billion yuan, and is expected to continue growing at a CAGR of 6.3%, reaching 177.1 billion yuan by 2030. North America, particularly the US and Canada, also forms an important mining equipment market. The region's strong demand for copper, gold and coal is critical to the energy transition and infrastructure development. The North American market is growing steadily. The market size is expected to reach 189.4 billion yuan in 2024, with a compound annual growth rate of 4.5%, and is expected to increase to RMB 246.1 billion by 2030.

By equipment category, excavation equipment (including mining excavators and drilling rigs) is expected to maintain the largest market segment position, mainly driven by continued demand for materials such as coal, metals and industrial minerals. Among them, mining excavators, as key equipment for resource extraction, are expected to achieve steady growth in the coal and metal mining sector. The excavation equipment market is expected to grow from 295.3 billion yuan in 2020 to 482.6 billion yuan in 2030, with a compound annual growth rate of 4.9% from 2024 to 2030. Driven by the demand for more efficient and reliable material transfer equipment from the mine to the processing plant, demand for transportation equipment is expected to grow significantly. The transportation equipment market is expected to grow from 172.9 billion yuan in 2020 to 345.1 billion yuan in 2030, with a compound annual growth rate of 7.3% between 2024 and 2030.

In addition, the mining auxiliary equipment sector will show a strong growth trend, mainly including equipment such as drilling rigs, crushing machinery, and conveying systems that play a key supporting role in material extraction and transportation. The size of this segment is expected to grow from 118.1 billion yuan in 2020 to 1979 billion yuan in 2030, with a compound annual growth rate of 5.3%.

Board of Directors and Executive Information

The company's board of directors consists of 10 directors, including 2 executive directors, 4 non-executive directors, and 4 independent non-executive directors. The term of the board of directors is three years and can be re-elected at the end of the term.

Shareholding structure

As of November 1, 2025, Mr. Wang held about 55.50% of the company's shares through Linkong Group, while Mr. Wang directly controlled about 34.61% of Linkong Group's shares and indirectly controlled about 60.26% of the shares of Linkong Group through four shareholding platforms (namely Linyuan 1, Linyuan 2, Linyuan 3 and Linyuan Shang). The employee incentive platform Xinyilian No. 1, No. 2, No. 3, and No. 4 holds 2.44%, 0.93%, 0.79%, and 0.9% of the shares respectively.

Furthermore, according to the prospectus, Linyi Lingong Machinery Group Co., Ltd. signed an equity exchange agreement with Mr. Yu Mengsheng on September 19, 2025. According to this, Mr. Yu Mengsheng received 22,506,730 shares of the company held by Linyi Lingong Machinery Group Co., Ltd. (accounting for about 4.06% of the shares). In exchange, Linyi Lingong Machinery Group Co., Ltd. obtained the registered capital of Linyi Lingong Machinery Group Co., Ltd. held by Mr. Meng Sheng. The capital was then reduced and cancelled.

Intermediary team

Co-sponsors: China International Finance Hong Kong Securities Co., Ltd., Xingzheng International Finance Limited

Legal Adviser to the Co-Sponsor: 1. Related to Hong Kong and US Law: Latham & Watkins; 2. Relevant Chinese Law: Beijing Deheng Law Firm

Company Legal Adviser: 1. Related to Hong Kong and US Law: Gao Weishen Law Firm; 2. Relevant Chinese Law: Beijing Commerce Law Firm

Auditor and reporting accountant: Deloitte • Guan Huang Chen Fang

Industry Advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd.

Compliance Advisor: New Berry Finance Co., Ltd.