bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

authorLocations

authors

paywallTypes

corrections

sponsorType

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Mia Castagnone

Aileen Chuang

Midea Group, the world’s biggest home appliance maker, is set to become the largest initial public listing (IPO) in Hong Kong in more than three years, as it aims to raise at least US$3 billion, according to a source.
The book building process is likely to start as early as Monday, according to the source who declined to be identified for discussing confidential information.
The IPO is set to be the biggest since Baidu raised US$3.08 billion in March 2021. Midea’s deal will also be Hong Kong’s largest IPO this year, surpassing tea shop giant Sichuan Baicha Baidao Industrial’s HK$2.58 billion ­(US$330 million) in April.
Midea started a pre-roadshow for the IPO this week, according to IFR.
The Shenzhen-listed company has appointed China International Capital Corp and Bank of America as joint sponsors.

Midea’s Shenzhen-listed shares fell 2.9 per cent to 63.59 yuan on Thursday.
The company, founded in Foshan in southern Guangdong province, was launched in 1968 by tycoon He Xiangjian, whose family is worth US$22.9 billion, according to Forbes. The group makes homeware, heating and ventilation devices, as well as air conditioners.
Midea is the world’s biggest home appliance maker, dubbed “White Goods”, by market value and revenue, according to publicly available data. It has a market cap of HK$436 billion (US$55.8 billion), while revenue in 2023 stood at HK$373.7 billion.
The company listed on the Shenzhen Stock Exchange in 2013. Midea’s board approved the H-share offering last September, the 10th anniversary of its listing on the mainland.
In July, it obtained approval from the China Securities Regulatory Commission to issue up to 650.85 million ordinary shares on the Hong Kong stock exchange.
Midea said last November that the Hong Kong IPO proceeds would be mainly used to support research, develop its manufacturing systems and upgrade the global sales network.
The company has more than 166,000 employees, over 30 global production centres and a presence in nearly 200 countries, including the US and the Middle East.
High interest rates and global economic uncertainty depressed IPO fundraising in Hong Kong by 35 per cent year on year to HK$11.6 billion (US$1.5 billion) in the first half, according to data by LSEG.
Midea’s IPO is a bright spot for the market that has been anxiously waiting for big deals to spark some energy into the sluggish environment.
Meanwhile, bourse operator Hong Kong Exchanges and Clearing said it has seen a big jump in the number of listing applications this year, following the introduction of the Chapter 18C listing regime aimed at attracting more technology companies.
The rule allows specialist technology firms to list even if they have yet to generate any sales. Shenzhen-based QuantumPharm, an artificial intelligence (AI) drug researcher, was the first to list under Chapter18C. It raised HK$989.3 million from the IPO in June, which was oversubscribed 103 times.
Other companies in the pipeline include Chinese cosmetics giant Maogeping, Chinese restaurant chain Xiaocaiyuan International Holding and logistics giant SF Holding.


Hong Kong stock market can help emerging AI companies raise money: HKEX CEO Bonnie Chan

China’s Sany Heavy Industry eyes US$1.5 billion Hong Kong IPO, sources say

Shein faces investor pressure to slash valuation to US$30 billion, sources say

Friendlier regulations help Hong Kong rise in IPO league table

Midea to raise US$3 billion as ‘White Goods’ giant eyes Hong Kong’s biggest IPO since 2021

Midea is the world’s biggest home appliance maker by market value and revenue. Photo: Iris Ouyang

No company has raised more than US$1 billion since China Aviation Lithium Battery raised US$1.3 billion in October 2022. Photo: Eugene Lee

Hong Kong IPO applications surge as many in China’s Silicon Valley keen, summit hears

View of HKEX at Exchange Square, Central.  HKEX CEO Bonnie Chan Yiting said at the HKEX Future Tech Summit in Shenzhen that many technology companies are preparing to file listing applications very soon under the new listing regime Chapter 18C. Photo: Nora Tam

Bonnie Chan Yiting, CEO of Hong Kong Exchanges and Clearing Limited (HKEX), Central. Photo: Dickson Lee

Chinese self-driving start-ups pursue IPOs in Hong Kong as commercial roll-out gathers pace

A Baidu driverless robotaxi is seen on a road in Wuhan, Hubei province, China February 24, 2023. Photl: Reuters

Exterior of the Hong Kong stock exchange in Central, July 19, 2024. Photo: Jonathan Wong

An XPeng X9 electric vehicle during the company’s showcase event in Hong Kong, May 17, 2024. Photo: Bloomberg

Midea IPO: China’s market regulator approves top appliance maker’s Hong Kong listing

Chinese appliance maker Midea was launched in 1968 by tycoon He Xiangjian. Photo: Iris Ouyang

Midea appliances are displayed at the World 5G Convention in Guangzhou in November 2020. Photo: Getty Images

Business

Banking & Finance

Companies

Markets

China Business

Money

News

Hong Kong

Hong Kong Economy

China

The world’s biggest home appliance maker is likely to start the book building process as early as Monday, according to a source


The world’s biggest home appliance maker is likely to start the book building process as early as Monday, according to a source.
