HONG KONG, Sept 17 — Shares in Chinese electronic appliance maker Midea surged more than nine per cent at the start of its Hong Kong debut today, having raised around US$4 billion (RM17 billion) in the city’s biggest initial public offering for more than three years.
The firm was spiked at HK$60.00 (RM33) in early exchanges, up 9.5 per cent from its HK$54.80 list price, which was at the top of the range indicated in its prospectus.
The IPO has eclipsed the combined valuation of all of Hong Kong’s new listings so far this year, and is the city’s largest since JD Logistics and Kuaishou Technology in the first half of 2021.
The Foshan-based company last week expanded the number of shares on offer by around 15 per cent to 566 million — an indicator of strong demand for the offering.
In a filing to the Hong Kong stock exchange yesterday it said the international portion of its offering was subscribed more than eight times, before taking into account the adjustment to the offer size.
Midea chairman Paul Fang called the IPO “a strategic step forward in the company’s globalisation”, the South China Morning Post reported on Tuesday.
Midea last month reported a 14 per cent rise in net profit in the first half of 2024 despite weakening consumer spending due to China’s economic slowdown, while revenue hit US$52.7 billion. — AFP
