Report
UOB
Greater China Research Team

Infrastructure - Infrastructure REITs Pilot Scheme: Baby steps

While we are optimistic for infrastructure REITs to gain traction in the long term as it
aligns with China’s structural reform goals, projections of near-term impact would
be premature for now as key details remain sparse. We expect a scale of Rmb300b-
500b to set the ball rolling. This reinforces our positive view on infrastructure FAI.
Within our coverage, Sany Heavy, Zoomlion and Anhui Conch could be upstream
beneficiaries. Unfavourable tax regime may be a potential stumbling block.
Underlyings
Anhui Conch Cement Co. Ltd.

China Construction Bank (H)

China Merchants Bank

Sany Heavy Equipment International Holdings Co Ltd

Sany Heavy Industry (A) (SC SH)

SANY HEAVY INDUSTRY CO.,LTD is a China-based company principally engaged in the research and development, manufacture, distribution and provision of services of engineering machinery. The Company's major products are categorized into five types, which are concrete machinery, excavating machinery, hoisting machinery, pile driving machinery and road construction machinery, including truck-mounted concrete pumps, trailer concrete pumps, excavators, truck cranes, rotary drilling rigs and sets of road equipment, among others. The Company distributes its products in both domestic and to overseas markets.

Zoomlion Heavy Industry Science and Technology (A)

Zoomlion Heavy Industry Science And Technology Co., Ltd. is principally engaged in the research, development, manufacture and sales of engineering equipment, environmental sanitation equipment and agricultural equipment. The Company operates through four segments. The Engineering Equipment segment includes concrete equipment, lifting equipment, earthmoving equipment, foundation construction equipment, road construction equipment and forklifts, which mainly serve the construction of infrastructure and real estate. The Environmental Industry segment is engaged in the production of sanitation equipment, as well as environmental management investment and operating business. The Agricultural Equipment segment consists of farming machinery, harvesting machinery, drying machinery and agricultural machinery, among others. The Financial segment provides financial leasing and other financial services.

Zoomlion Heavy Industry Science and Technology Co Ltd

Provider
UOB
UOB

Analysts
Greater China Research Team

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