Sany Defies Market Rout With $3.3 Billion Sale, XCMG Delays

Sany Heavy Industry Co. and Citic Securities Co. are pushing ahead with share sales in Hong Kong, where companies have canceled or delayed a record $14 billion of equity offerings this year as stock markets tumble.

Sany Heavy will raise as much as HK$26 billion ($3.3 billion), according to a term sheet. Citic Securities is marketing a $1.9 billion share sale after attracting early investors including Temasek Holdings Pte and Kuwait Investment Authority, people with knowledge of the deal said Sept. 16.