Sany Heavy Industry Co rose during its trading debut in the Hong Kong Special Administrative Region after the excavator maker became the seventh Chinese company this year to carry out billion-dollar listing in the city.

The stock climbed as much as 4.7 percent to HK$22.30 on Tuesday after opening flat at its listing price.

Temasek Holdings Pte, Hillhouse Investment and BlackRock Inc were among cornerstone investors that agreed to buy about $758 million of Sany Heavy’s offering, which raised HK$13.45 billion ($1.7 billion) after the size of the deal was increased.

Hong Kong’s had one of the world’s best-performing major stock indexes this year, spurring companies such as Sany Heavy and scores of others to list in the city, and driving total proceeds from such deals to a four-year high.

RELATED ARTICLES

• Sany Heavy Industry seeking up to $1.6b in HK listing
• HKEX sees record surge in listing applications
• Mainland's Seres Group looks to raise up to $1.7b in HKSAR listing

With hundreds still waiting in line, optimism is running high that the trend will persist.

Founded in 1994, the company has been listed in the Chinese mainland for years and has a market value of about $28 billion.

The Hong Kong offering was priced at a discount of about 14 percent to Sany Heavy’s closing price of 22.53 yuan in Shanghai on Monday.

Proceeds of the IPO will mainly be used to develop its global sales and service network, the company said. The rest will be divided between ramping up research and development, enhancing its overseas manufacturing and boosting efficiency, and working capital and general corporate purposes.

Meanwhile, Bama Tea Co, CIG Shanghai Co and Deepexi Technology Co started trading in Hong Kong on Tuesday. They all rose and helped the city have its busiest day for new listings since July.

Seres Group Co, the main carmaking partner of national tech champion Huawei Technologies Co, on Monday started taking investor orders for a Hong Kong listing that may raise HK$13.2 billion.

Citic Securities Co and China International Capital Corp were overall coordinators of Sany Heavy’s listing.