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source: 21st century business herald

home appliance leader midea group (000333.sz, 00300.hk) has officially kicked off its "a+h" listing in hong kong.

on september 9, midea group announced that it will launch an ipo on the hong kong stock exchange from september 9 to 12, 2024, issuing 492.1 million shares, with an expected issue price between hk$52 and hk$54.8. compared with the closing price of a shares of 63.02 yuan per share (approximately hk$70 per share) last friday (september 6), the discount is 21% to 25%. it is expected that h shares will start trading on the hong kong stock exchange on september 17.

if calculated based on the issue price of hk$54.8 per h-share, midea group will raise a maximum of approximately hk$27 billion. this is the largest ipo in hong kong since jd logistics (02618.hk) went public in 2021, and is also expected to become the "fund-raising king" of hong kong stocks this year.

a person from a financial institution told the 21st century business herald reporter that "since midea group issued its shares at a discount of more than 20%, the market response was quite enthusiastic and the subscription was relatively active." the prospectus shows that assuming the over-allotment option is not exercised, 37.25% of the shares issued this time have been subscribed by 18 cornerstone investors.

however, perhaps due to the large discount, the a-share market gave a completely different reaction. as of september 9, midea group (000333.sz) closed at 61.09 yuan per share, down 3.06%. in addition, the hong kong stock market has performed relatively sluggishly this year. as the largest ipo of the year, midea group's stock price performance after listing is worthy of attention in the context of a less than ideal market environment.