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

CTOnews.com October 24 news, According to the Hong Kong Stock Exchange publicity information, Midea Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange. According to the application, Midea Group Co., Ltd. has appointed CICC and Bank of America Securities as joint sponsors

The Company's third extraordinary shareholders 'meeting in 2023 held on the same day deliberated and approved the Company's plan to issue H shares and list them on the Hong Kong Stock Exchange. It is understood that the funds raised by the issuance of H shares by Midea Group will be mainly used for international business development and R & D investment.

Previously, the board of directors of Midea Group held a meeting on August 9 this year to deliberate and approve the Proposal on Approving the Company to Study and Demonstrate Overseas Issuance of Securities (H Shares) and Listing Matters. It is estimated that the proposed issuance scale will not exceed 10% of the total share capital of the Company after the issuance is completed.

At present, Midea Group's business covers smart home, industrial technology, building technology, robotics and automation and other innovative businesses, and is transforming into a global technology group; it has more than 10 subsidiaries around the world and has entered more than 200 countries and regions overseas. In the first half of 2023, Midea Group's foreign revenue was 80.536 billion yuan, accounting for 40.88% of its total revenue.

According to the US financial report, the company achieved operating income of 346 billion yuan in 2022, an increase of about 0.79% year-on-year; net profit of 29.6 billion yuan, an increase of 3.43% year-on-year.

CTOnews.com notes that the total R & D expenditure of the United States reached 35 billion yuan from 2020 to 2022, accounting for 40% of overseas revenue; at present, it belongs to the world's largest household appliance enterprise, the largest commercial air conditioner supplier in mainland China and the world's top four industrial robot enterprises.

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