China’s home appliance maker Midea Group applies for Hong Kong listing in what could be one of the biggest IPOs in recent history

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Midea Group, the world’s biggest home appliances maker, is to list its shares in Hong Kong after an initial public offering which could raise more than US$1 billion

As Midea expands globally, a dual-listing could help facilitate a potential employee incentive programme for its overseas workers, analysts say

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A general view of Midea Group headquarters in Beijiao town, Shunde District, Foshan, Guangdong. Photo: Martin Chan

Mia Castagnone

Published: 6:30am, 25 Oct 2023Updated: 10:07am, 25 Oct 2023

Midea Group, the world’s biggest home appliances maker, has submitted plans to list its shares in Hong Kong after an initial public offering (IPO) which could be one of the biggest in recent history.

China International Capital Corporation and Bank of America have been appointed sponsors of the deal, according to a stock exchange filing. The initial public offering (IPO) could raise more than US$1 billion subject to changes in market conditions, sources familiar with the deal had previously told the Post.

The company, founded in Foshan in southern Guangdong, was launched in 1968 by tycoon He Xiangjian, whose family is worth US$22.9 billion according to Forbes. The group makes homewares, heating and ventilation devices as well as air-conditioning systems.

It is the biggest home appliances maker by market value and annual revenue, according to Bloomberg data. Midea Group’s board approved the H-share offering on September 18, the 10th anniversary of its stock listing in Shenzhen, according to a filing to the Shenzhen Stock Exchange.

A staff member works at a workshop of microwave oven factory of Midea Group, in Foshan City, south China’s Guangdong Province. Photo: Xinhua

The listing is expected to take place in Hong Kong within 18 months of the shareholders’ approval, with details about the number of shares and expected proceeds yet to be revealed.