Chinese appliance giant Midea picks Bank of America, CICC for Hong Kong listing, sources say
- The Shenzhen-traded company is aiming for a listing in Hong Kong as soon as next year, according to people familiar with the matter
- Its board on Wednesday approved a plan to explore a Hong Kong listing, selling up to 10 per cent of its total capital
Chinese home appliance giant Midea Group has selected Bank of America and China International Capital Corporation to arrange its planned Hong Kong listing, according to people familiar with the matter.
The Shenzhen-traded company is aiming for a listing in the city as soon as next year, said the people, who asked not to be identified as the information is private. Midea has not made a final decision on the fundraising size, the people said.
Midea is China’s largest home appliance maker with a market value of about US$55 billion. Its board on Wednesday approved a plan to explore a Hong Kong listing, selling up to 10 per cent of its total capital.
Based on its market value, Midea’s Hong Kong share sale could be among the largest in the city in recent years. The Asian financial hub has not hosted any listing of US$1 billion or above so far in 2023 and there has not been any deal raising US$3 billion or more since JD Logistics’ US$3.6 billion initial public offering in May 2021, according to data compiled by Bloomberg.
Deliberations are ongoing and details such as timeline and bank line-up could still change, the people said. Representatives for Bank of America and CICC declined to comment, while a representative for Midea did not immediately respond to requests for comment.
