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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.


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

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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.
