Title: Midea Group Lists on Hong Kong Stock Exchange, First-Day Share Price Rises by nearly 7.85%
Source: China News Service, Foshan, September 17 (Reporter Cheng Jingwei)
The Midea Group Co., Ltd. (hereinafter referred to as Midea Group) was listed on the Main Board of the Hong Kong Stock Exchange on September 17, becoming another A+H listed company.
On the first day of its listing, the share price of Midea Group rose by nearly 7.85%. The issue price of the initial public offering (IPO) was 54.8 Hong Kong dollars per share, with a total of 566 million H shares issued, of which 28.2928 million shares were sold in Hong Kong (about 5%) and 538 million shares were sold internationally (about 95%). The net proceeds from the global offering were 30.668 billion Hong Kong dollars, making it the largest listing financing case in the Hong Kong capital market in nearly three years. By the end of the trading day, the share price of Midea Group’s Hong Kong shares was 59.10 Hong Kong dollars per share, with a rise of 7.847%.
Midea Group, founded in 1968 and headquartered in Shunde, Foshan, Guangdong, is a leading global technology group covering smart home, new energy and industrial technology, intelligent building technology, robotics and automation, and other innovative businesses.
To date, Midea Group has continued to consolidate its leading position in the smart home business and its commercial and industrial solutions business has grown rapidly. Thanks to the dual drive of To C and To B businesses, the performance of Midea Group has steadily improved over the years. From 2021 to the first half of 2024, the revenue of Midea Group was 343.4 billion yuan, 345.7 billion yuan, 373.7 billion yuan, and 218.1 billion yuan, respectively, and the profit margin was 8.5%, 8.6%, 9.0%, and 10.3%, respectively.
Midea Group has built a global research and development, manufacturing, and sales network and has the capability for global development. Among them, Midea Group has 33 research and development centers globally, including 17 research and development centers in 10 countries overseas; it has 43 main production bases globally, of which 22 overseas production bases are distributed in 12 countries, achieving global production and delivery.
In addition, Midea Group has continuously deepened its global business layout through strategic acquisitions and joint ventures. In the past few years, overseas business has become a new driving force for the growth of Midea Group, and its revenue has accounted for more than 40% of the total revenue. (End)
Editor: Su Yiyu
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