Home appliance giant Midea Group debuts on Hong Kong market

HONG KONG - Home appliance giant Midea Group went public on the Hong Kong stock market on Tuesday.

Shares of the group opened higher on its first trading day in Hong Kong and closed up 7.8 percent.

According to the prospectus, Midea Group's offering price was between HK$52 ($6.67) and HK$54.8 ($7.03) per share, with 565,955,300 shares offered globally and 28,297,800 shares offered in Hong Kong.

Bonnie Chan, chief executive officer of Hong Kong Exchanges and Clearing Ltd, said that Midea Group's listing has raised more than HK$30 billion. If the oversubscription right is exercised, the amount raised will reach $4.6 billion.

Chan said that Midea has been the largest new stock raised since the listing of video sharing app Kuaishou Technology in February 2021, and the second-largest new stock in the world this year.

There are many positive signals in Hong Kong's fund-raising market. The refinancing scale of Hong Kong has reached $20 billion this year, Chan added.