Midea IPO: China’s market regulator approves top appliance maker’s Hong Kong listing
- The Foshan-based company proposes to issue up to 650.8 million ordinary shares on the Hong Kong stock exchange, according to the CSRC
Midea Group, the world’s biggest home appliances maker, has obtained approval from China’s market regulator for an overseas initial public offering (IPO), taking it a step closer towards a Hong Kong listing.
The company proposes to issue up to 650,848,633 ordinary shares on the Hong Kong stock exchange, according to a statement issued by the China Securities Regulatory Commission (CSRC) on Tuesday.
“If the overseas offering has not been completed within 12 months from the date of the notification of filing and is intended to be pursued, the filing information should be updated,” the statement said.
Last October, Midea submitted plans to list its shares in Hong Kong and had appointed China International Capital Corp and Bank of America as sponsors of the deal, according to a filing to the Hong Kong stock exchange.
The company, founded in Foshan in southern Guangdong province, was launched in 1968 by tycoon He Xiangjian, whose family is worth US$22.9 billion, according to Forbes. The group makes homeware, heating and ventilation devices, as well as air-conditioning systems.
