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Chinese home appliance maker Midea Group said it’s studying a potential listing in Hong Kong as part of its global strategy.
The new shares to be issued will account for no more than 10% of enlarged capital, Shenzhen-listed Midea said in a stock exchange filing. Specific plans including the timeline remain uncertain, it said.
Midea sold more air conditioners in China via retail channels than other companies last year and ranked second in retail sales of washing machines, the company said in its 2022 annual report.
The company said last month it was formulating a plan to spin off its logistics unit Annto and list it on the Shenzhen stock exchange to streamline the company’s managerial structure and expand Annto’s funding channels.
Chinese home appliance maker Midea Group has picked Bank of America and CICC to help arrange its planned Hong Kong listing, according to Bloomberg News citing people familiar with the matter.
Shenzhen-listed Midea Group is seeking a Hong Kong IPO as early as next year, the report said.
Most banks could be picked to arrange the potential listing, it added.