BRIEF: Midea stock rises in Hong Kong trading debut
Shares of home appliance maker Midea Group Co. Ltd. (0300.HK; 000333.SZ) rose in their Hong Kong trading debut on Tuesday, complementing the company’s existing listing in Shenzhen. The stock opened 8% higher than its IPO price of HK$54.80 when trading began, and reached a high of HK$60 before closing at HK$59.20 at the end of the morning session. At that midday closing price, IPO investors earned HK$440 per lot.
Midea Chairman and President Fang Hongbo said at the listing ceremony that listing shares in Hong Kong will help accelerate the company’s globalization process.
Midea’spublic offering was oversubscribed by 4.31 times, with the international portion oversubscribed by 7.06 times. The IPO price was set at the upper limit of the previously given range. Midea’s shares rose slightly in gray market trading on Monday ahead of the listing. The company raised a total of HK$30.67 billion ($39.4 billion) in the IPO, making it the largest in Hong Kong this year.
By Lau Chi Hang
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