HONG KONG - China's Changsha Zoomlion Heavy Industry Science and Technology Co Ltd, which makes and leases heavy industrial equipment, priced its Hong Kong IPO at the low end of an indicated range, according to a term sheet seen on Friday.

The pricing also came amid heightened market volatility, prompted in part by worries surrounding the euro zone crisis and inflation in the Chinese mainland. Changsha Zoomlion is set to raise HK$13 billion ($1.7 billion) in its Hong Kong public offering, the term sheet said.

As of early December, the Hong Kong Stock Exchange produced $48.6 billion in IPO proceeds year to date, the highest volume globally and more than double last year's total for the exchange, according to Thomson Reuters.

But the last few weeks have been brutal for Hong Kong IPOs, with several pulled or downsized.

CICC, Goldman Sachs, JP Morgan Chase & Co and Morgan Stanley are handling the offering for Zoomlion, which is already listed on the Shenzen stock exchange.

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Zoomlion priced at HK$14.98 per share, selling 869.6 million shares, at a price range of HK$13.98 to HK$18.98 per share.

The pricing came as the Hong Kong stock market ended the week down for the second week in a row.

On Friday, shares of China Datang Corp Renewable Power Co Ltd, the country's second-largest wind power company, fell 6 percent on its Hong Kong debut, after scaling back its IPO and on concerns over the sector outlook.

Datang, which sold 2.14 billion shares, had struggled with its IPO against a backdrop of either underperformance or cancellation of other international green IPOs. Offerings from other sectors have also had a lukewarm debut.

Shares of Chongqing Rural Commercial Bank Co Ltd fell 2.5 percent on their trading debut on Thursday after a $1.5 billion IPO, reflecting investor caution over the health of smaller Chinese lenders.

Huaneng Renewables Corp, a smaller rival of Datang, pulled its up to $1.3 billion initial share offering due to weak market conditions.