Ashurst advises Midea Group on the largest IPO in three years on the Hong Kong Stock Exchange

Ashurst supported Midea Group Co., Ltd. (SZSE: 000333; HKEX: 0300) on its successful IPO on the Hong Kong Stock Exchange as a Special German Counsel.

With gross proceeds of approximately 4.0 billion US dollar (before any exercise of the over-allotment option), Midea Group’s Hong Kong IPO marks the largest IPO on the Hong Kong Stock Exchange in recent three years. Due to strong investor demand, the offer price was set at the high-end of the price range and the offer was upsized after Midea Group’s exercise of the offer size adjustment option.

As a Fortune Global 500 company for nine consecutive years, Midea Group is a leading technology-driven global provider of Smart Home Solutions and Commercial & Industrial Solutions. Under Smart Home Solutions, Midea Group offers a wide range of home appliances for consumers; under Commercial & Industrial Solutions, the Group’s offerings cover various solutions for enterprise customers, such as home appliance compressors and motors, commercial air conditioners, industrial robots and supply chain services. It is the world's largest home appliance company in terms of both sales volume and revenue in 2023. In 2017, Midea Group acquired the German robotics manufacturer KUKA AG and its consolidated subsidiaries.

The Ashurst team was led by Matthias von Oppen (partner) and included Dr Valentin Pfisterer (counsel) and Christoph Tornau (associate, all corporate transactions, Frankfurt). Further advice was provided by Frank Bi (partner, corporate, Hong Kong) and Frankfurt-based lawers Matthias Fischer (counsel, real estate) and Andreas Hoffmann (associate, tax).