CHINA: Tower crane manufacturer Fushun Yongmao has applied to the Singapore Stock Exchange to make an initial public offer (IPO) of its shares.
The application was made by Sunfield Investment, which is owned by Singapore-based Tat Hong. The company, together with Tat Hong subsidiary Leadpoint Pte Ltd, owns a 21.1% stake in Fushun Yongmao Construction Machinery Co. Ltd (FSYM Construction).
It is likely that Sunfield Investment will eventually be renamed Yongmao Holdings and own 100% of FSYM Construction and its assets, a spokesman told ACT.
Yongmao was founded in 1992 by the husband and wife team Sun Zhao Lin and Tian Ruo Nan, who started the company in Fushun City to sell construction materials and tower crane accessories. Sun and Tian are today FSYM Construction's executive chairman and CEO, respectively.
Today, the company offers four SunCrane tower crane series, comprising 50 models, rated between 80 and 560 (metric) ton-meters. The company operates a factory in Fushun, with a new facility under construction, due for completion in 2009.
Yongmao cranes are sold in 30 countries and it was the first Chinese crane manufacturer to have the CE mark, allowing its cranes to be used on European construction sites. Jin Long Europe is European distributor.
“The recent global construction boom and the pace of development, especially in China, are expected to last for a while yet. The demand for cranes in the short-term will exceed supply, so Yongmao, with its coming IPO and expansion plans, seems to be one company that is going to be in the right place at the right time,” the spokesman added.