Chinese Appliance Giant Midea Group Files For Hong Kong Listing
Home appliance maker Midea Group Co. has filed for a Hong Kong listing that could be among the city’s biggest in recent years.
(Bloomberg) -- Midea Group Co., China’s largest home appliance maker, has filed for a Hong Kong listing that could be among the city’s biggest in recent years.
The Shenzhen-traded firm has chosen Bank of America Corp. and China International Capital Corp. as joint sponsors of the offering, according to a preliminary filing posted on the stock exchange website Tuesday. Midea is aiming for a listing in the city as soon as next year, Bloomberg News has reported.
Midea has a market value of about $51 billion, and its board approved a plan in August to explore selling as much as 10% of its total capital in a Hong Kong float.
A large offering would provide a much-needed boost to Hong Kong’s IPO market. The Asian financial hub hasn’t had a listing raising over $1 billion in more than a year, data compiled by Bloomberg show. There hasn’t been a deal raising $3 billion or more since JD Logistics Inc.’s $3.6 billion initial public offering in May 2021.
Founded in 1968, Midea manufactures air conditioners, refrigerators, washing machines, kitchen appliances and vacuum cleaners among others, according to its website. It sells products under brands including Midea, Comfee, Eureka, Little Swan and Vandelo. The Chinese firm in 2016 acquired Toshiba Corp.’s home appliance business. It also owns German robotics firm Kuka AG.
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