(Reuters) -Sany Heavy Industry is seeking to raise as much as HK$12.36 billion ($1.59 billion) through its Hong Kong listing, a filing showed on Monday, as the machinery maker taps into renewed investor appetite for Chinese listings in the city.

The company is selling 580.4 million shares in a price range of HK$20.30 to HK$21.30 each, according to the filing. Reuters reported in February that Sany Heavy was looking to raise up to $1.5 billion.

The final price of Sany Heavy Industry's shares is due to be set on Friday and the stock will start trading on October 28, according to the prospectus filed with the Hong Kong Stock Exchange.

Sany Heavy Industry's Shanghai-listed shares are trading up 36.5% this year, which is more than double the local market's performance.

The company specializes in heavy equipment, making a wide range of machinery including excavation, lifting, road construction and pile-driving equipment.

It has operations and factories in the United States, Europe, India, Brazil and Germany, as well as five manufacturing hubs in China, according to its website.    

Sany Heavy Industry plans to use about 45% of the funds raised in the Hong Kong listing to develop its global sales and service network. It is seeking to increase its presence in Germany, France and the UK and build out its sales across Asia and Saudi Arabia.

A further 25% will be spent on research and development and 20% on building more overseas manufacturing bases, it said.

Cornerstone investors have taken up stock worth about $759 million in the deal, the filing showed. Singapore's Temasek will invest about $75 million in the stock, while Hillhouse, UBS Asset Management, BlackRock and Oaktree will also subscribe, according to the filing. 

The listing underscores Hong Kong's resurgence as the premier offshore fundraising hub for Chinese companies, as mounting U.S. scrutiny pushes more firms to pivot away from American exchanges.

Toymaker Miniso said in late September it would spin off its brand Top Toy and list it in Hong Kong, while Reuters has reported that China's Momenta was considering shifting its initial public offering to Hong Kong from New York.

Hong Kong, fuelled by the influx of Chinese companies, has emerged as the top global bourse by volume of IPOs and second listings so far this year, overtaking its biggest rival, the New York Stock Exchange, according to data from LSEG.

($1 = 7.7669 Hong Kong dollars)

($1 = 7.1264 Chinese yuan renminbi)