Date: 17 September 2024
Broker Name: MIB Securities (Hong Kong) Ltd

Successful Hong Kong IPO

Midea completed a highly successful Initial Public Offering (IPO) in Hong Kong, raising approximately HKD 31 billion. The deal was priced at the top of the marketed range at HKD 54.8 per share, reflecting strong demand from global investors.

Offer Size Adjustment Option Exercised

The IPO saw the exercise of the offer size adjustment option in full, leading Midea to issue and allot approximately 73.8 million additional shares. This reflects the significant interest and demand for Midea’s shares during the listing process.

Discount to A-Shares

The H-share offering price represented a 22% discount compared to Midea’s A-share closing price on 13 September 2024. Despite this discount, the IPO was oversubscribed multiple times, illustrating strong investor confidence.

Market Sentiment Boost

The successful jumbo IPO is expected to improve market sentiment in Hong Kong, potentially paving the way for more mega deals in the market. Midea’s shares already rose by 4.9% in gray-market trading ahead of the listing day.