Midea’s Shares Jump on Hong Kong Debut After Raising $4 Billion
- Appliance maker’s deal was upsized citing strong demand
- Offering is Hong Kong’s biggest since Kuaishou’s in 2021
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Shares of Chinese appliance maker Midea Group Co. rose in their debut after Hong Kong’s biggest listing in three years, reviving hopes of a turnaround for the city’s struggling market.
The stock jumped almost 8% from its issue price of HK$54.80 to finish the first trading session at HK$59.10. The Foshan, China-based company’s offering was priced at the top of its marketed range and upsized to raise $4 billion — making it Hong Kong’s biggest since Kuaishou Technology’s offering in early 2021.