Midea Raises $4 Billion in Hong Kong IPO, Shares Surge 9.5% to HK$59.2

Sep 17, 2024, 01:27 AM

Chinese appliance giant Midea has successfully raised $4 billion in its highly anticipated Hong Kong listing, marking the city's largest public stock offering in nearly four years. The company's shares surged as much as 9.5% in gray-market trading ahead of their debut and opened at HK$59.2 each, up from the offer price of HK$54.80. Analysts predict that Midea's listing will have a significant impact on the IPO market, potentially revitalizing Hong Kong's languishing financial market. The robust demand for Midea's shares reflects strong investor confidence in the company's growth prospects.