Midea Raises $4 Billion in Hong Kong IPO

Chinese electronic appliance maker Midea saw its shares surge over 9% on its Hong Kong debut, raising nearly $4 billion, making it the largest IPO in the city in over three years. The strong demand prompted Midea to expand its offer by 15%, with international subscriptions exceeding eight times the available shares. This significant listing has reignited hopes that Hong Kong can attract more top Chinese firms and reclaim its status as the leading global venue for IPOs. The IPO eclipsed the combined valuation of all other Hong Kong listings this year and is the largest since JD Logistics and Kuaishou Technology in 2021. The company's shares opened at HK$59.20, reflecting robust interest from both domestic and international investors.