Midea Group Co., a leading Chinese appliance manufacturer, is preparing to open its share sale in Hong Kong next week, aiming to raise approximately $4 billion. This would be the largest Chinese initial public offering (IPO) in two years. The company plans to issue shares at a potential discount of up to 20% compared to its Shenzhen stock price.
The offering, set to be supported by China International Capital Corp. and Bank of America Corp., could see cornerstone investors commit around $1 billion. If successful, it would significantly boost Hong Kong’s IPO market, which has seen only $2.5 billion raised in 2024 so far, compared to over $50 billion in 2020.
Midea, founded in 1968 and known for brands like Midea, Comfee, and Eureka, reported a 14% increase in first-half net income and a 10% rise in revenue. This IPO follows its acquisition of Toshiba Corp.’s home-appliance business and German robotics firm Kuka AG.
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