The Midea Group Officially Lists on The Stock Exchange of Hong Kong

On September 17, Midea Group officially listed on the main board of the Hong Kong Stock Exchange, with the stock code 00300.HK. For this IPO, Midea Group set the issue price at HKD 54.8 per share, issuing a total of 566 million H shares, of which 28.29 million shares (approximately 5%) were offered publicly in Hong Kong, and 538 million shares (approximately 95%) were allocated for international placement.

Midea Group opened in the Hong Kong stock market with a rise of up to 8%, and its total market capitalization exceeded HKD 440 billion in one leap. The company’s chairman, Fang Hongbo, personally led the team to attend the opening bell ceremony.

Midea Group’s listing attracted participation from many well-known institutions, with a total subscription amount reaching USD 1.256 billion. Among the cornerstone investors are China COSCO Shipping, UBS AM Singapore, China National Enterprise Structural Adjustment Fund II Co., Ltd. (National Adjustment Fund II), Golden Link, a wholly-owned fund under BYD, Splendor Achieve Limited under Seaspan International, Supercluster Universe Limited under Boyu Capital, HCEP Master Fund (HCEP), Ruiyuan Fund, Dajia Life Insurance, CPE, and China Post Fund Management, among others. These cornerstone investors collectively subscribed to approximately USD 1.256 billion of the offered shares.

Fang Hongbo, Chairman of Midea Group, stated at the listing ceremony that Midea Group has officially been listed on the main board of The Stock Exchange of Hong Kong, which not only represents another important layout for Midea Group in the capital market, but also serves as a new starting point for the company to deeply promote its globalization development strategy.

Midea Group was listed on the A-share market as early as 2013, and this listing on the Hong Kong stock market will further broaden the company’s financing channels, injecting new momentum into the company’s global development.

Of the funds raised this time, approximately 20% will be used for global research and development investment, 35% will be used to improve global distribution channels and sales networks, as well as to increase overseas sales of its own brands.

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