Midea Group has unexpectedly decided to apply for an IPO in Hong Kong as early as next year.
Midea has dreamed of becoming a global technology conglomerate, and the Hong Kong IPO is seen as a way raise cash, and the company's profile overseas.
Having listed in Shenzhen in 1993, Midea has expanded both horizontally and vertically. moving from electrical appliances to smart homes, industrial technology, robotics, and automation.
In 2016, Midea acquired KUKA, a German robotics firm. Since 2023, Midea has shifted its focus from integration to spin-offs, with several of its subsidiaries embarking on preparations for public listings.
Midea's performance in the A-share market has been good, with its stock price hovering around 50 yuan (US$7) over the past year, rising by 16.75 percent in 2023, and currently trading at 57.56 yuan.
