Shulou(Shulou.com)11/24 Report--

According to the South China Morning Post, home appliance giant Midea plans to list in Hong Kong, but Midea, China International Capital Corporation and Bank of America all declined to comment, CTOnews.com reported on Sept. 24.

According to sources, Midea has appointed China International Capital Corporation and Bank of America as co-sponsors to apply for listing on the Hong Kong Stock Exchange as soon as next month, with plans to raise more than US $1 billion (CTOnews.com Note: currently about 7.3 billion yuan).

He pointed out that in the exclusion of special market fluctuations and other circumstances, according to the general Hong Kong stock listing process, Midea will officially land on Hong Kong stocks early next year. There has not been a $1 billion IPO in Hong Kong since the CTS tax-free group completed a $2.3 billion deal in August 2022.

In fact, Midea has been listed in A shares as early as 1993. On the evening of August 9 this year, Midea issued an announcement announcing that the company had held the 19th meeting of the fourth session of the board of directors to deliberate and pass the "motion on agreeing to the company's study and demonstration of overseas issuance of securities (H-shares) and listing". The size of the proposed offering is expected to not exceed 10% of the company's total share capital after the completion of the offering. An announcement was issued on Sept. 19 that H shares would be issued and listed on the main board of the Stock Exchange of Hong Kong Limited.

As of the close of trading on September 22, American A shares were trading at 57.05 yuan per share, with a market capitalization of 400.661 billion yuan.

According to Midea's results for fiscal year 2022 and financial results for the first quarter of 2023, Midea's total revenue in 2022 was 345.7 billion yuan, up 0.68% from the same period last year, and basically the same as the previous year; the net profit attributed to the parent company was 29.6 billion yuan, up 3.43% from the same period last year. In the first quarter of 2023, Midea's total operating income was 96.6 billion yuan, an increase of 6.3% over the same period last year, and its net profit was 8 billion yuan, an increase of 12.0% over the same period last year.

In 2022, Midea's overseas sales revenue reached 142.645 billion yuan, accounting for 41.48% of the total revenue, an increase of 3.63% over the same period last year. According to the financial report, last year the company established a global strategy with the United States, Brazil, Germany, Japan and ASEAN as breakthroughs; more than 3000 new customers were added in 2022; and overseas e-commerce sales revenue increased by 14% compared with the same period last year.

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