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the largest ipo of the year in hong kong stocks is coming.

midea group announced on the hong kong stock exchange in the morning of september 9 that it plans to issue 492 million h shares globally, of which approximately 24.6068 million shares will be offered in hong kong and approximately 468 million shares will be offered internationally; the offer price is hk$52 per share to hk$54.8 per share; the ipo will be held from september 9 to september 12, 2024; it is expected that the h shares will begin trading on the hong kong stock exchange on september 17, 2024.

based on this calculation, midea group will raise a maximum of about hk$27 billion. in the first half of 2024, a total of 25 companies completed the ipo process, and the company with the highest amount of funds raised during the period was tea 100, which raised hk$2.586 billion. midea group's financing scale may become the largest ipo project in hong kong stocks this year.

as of the close of september 6, midea group fell 0.9%, with a total market value of 440.2 billion yuan.

midea group is one of china's leading home appliance manufacturers, with products covering air conditioners, refrigerators, washing machines, kitchen appliances and other fields. if it can successfully list on the hong kong stock exchange, midea group is expected to become the second "a+h" listed white appliance giant. this is not only an important milestone for midea group itself, but may also have a positive impact on the entire home appliance industry, promoting the further development and internationalization of the industry.

in terms of time, it has been a year since midea group announced its listing in hong kong. in august last year, the company first announced that it would go to the hong kong stock exchange for a secondary listing. in october, midea group submitted a listing application to the hong kong stock exchange. in april 2024, midea group submitted an updated issuance application to the hong kong stock exchange for the second time and published the issuance update application materials on the hong kong stock exchange website. in july this year, midea group announced that it had received a relevant filing notice and that the company planned to issue no more than 651 million overseas listed common shares and list them on the hong kong stock exchange.

the global home appliance market is huge, with sales reaching rmb 3,659.4 billion and sales volume reaching 3,065.7 million units in 2022. it is expected that sales will reach rmb 4,658.6 billion in 2027, with a compound annual growth rate of 4.9% from 2022 to 2027, and sales volume will reach 3,391.7 million units in 2027.

in terms of sales, mainland china, north america and europe are the world's three largest home appliance markets, accounting for more than 66% of the global total sales in 2022, and are expected to grow at a cagr of 5.1%, 3.6% and 3.2% from 2022 to 2024, respectively. among them, china is the country with the highest sales volume of home appliances in the world. in 2022, the sales volume of the mainland china market was rmb 816.7 billion and the sales volume was 753.9 million units, accounting for 22.3% and 24.6% of the global market, respectively.

according to the prospectus, based on sales and revenue in 2023, midea group is the world's largest home appliance company, with a market share of 7.9% by sales. in terms of sales, the company will rank among the top three in the fields of household air conditioners, washing machines, refrigerators, kitchen appliances and other home appliances in 2023, with market shares of 23.7%, 14.2%, 10.5% and 6.0% respectively.

in terms of finance, in the four months ending april 30, 2021, 2022, 2023 and 2024, midea group's revenue was approximately rmb 343.361 billion, rmb 345.709 billion, rmb 373.710 billion and rmb 145.780 billion, respectively, and the annual/period profits in the same period were approximately rmb 29.031 billion, rmb 29.812 billion, rmb 33.747 billion and rmb 13.646 billion, respectively.

according to the information on the group's official website, midea group, founded in shunde, foshan in 1968, is a global technology group covering five major business sectors: smart home, building technology, industrial technology, robotics and automation, and innovative business. in the past five years, the r&d funds have reached nearly 60 billion yuan, forming a portfolio of brands including midea, little swan, hualing, colmo, kuka, welling, hekang, clou, gaochuang, wandong and lingwang, providing satisfactory products and services to more than 500 million users, important customers and strategic partners in various fields around the world every year. to date, midea has more than 400 subsidiaries, 33 r&d centers and 43 major production bases around the world, with business covering more than 200 countries and regions.

fang hongbo, chairman and president of midea group co., ltd., once said: "the inspiration given to us by the century-old companies in western countries is that in order to cross the industrial cycle and technology cycle, we must upgrade the industry and find a new second curve and second engine."

midea group, which was listed on the a-share market on september 18, 2013, recently officially released its 2024 semi-annual report. the report shows that midea group's total operating revenue in the first half of the year reached 218.1 billion yuan, a year-on-year increase of 10%. after the first quarter's revenue of 106.5 billion yuan set a new record for the group in a single quarter, it earned 111.6 billion yuan in the second quarter, breaking through 100 billion yuan for the first time in two consecutive quarters; net profit attributable to the parent company was 20.8 billion yuan, a year-on-year increase of 14%. midea's smart home business (toc) and commercial and industrial solutions (tob) achieved year-on-year growth of 11% and 6% respectively, and domestic and overseas revenues achieved year-on-year growth of 8% and 13% respectively, once again showing the strong momentum of the new cycle.