Midea Group Launches $3.46 Billion IPO in Hong Kong

Midea Group, the world's largest home appliance maker, has initiated an initial public offering (IPO) in Hong Kong aiming to raise up to HK$26.97 billion (approximately US$3.46 billion), marking it as the largest listing in the city in over three years. The Foshan-based company is offering around 492.14 million shares, priced between HK$52.00 and HK$54.80 each, which represents a discount of up to 25% compared to its Shenzhen-listed shares. The IPO process will run from Monday to Thursday, with shares expected to commence trading on September 17. The offering has attracted significant interest from cornerstone investors, who have committed to purchasing about US$1.26 billion worth of shares. This IPO is seen as a vital development for Hong Kong's new-share offering market, which has been struggling in recent times. The last major IPO in Hong Kong was by JD Logistics, which raised approximately $3.16 billion in May 2021.