Chinese home appliance maker Midea Group saw its shares surge up to 9.5% on its trading debut in Hong Kong Tuesday, raising nearly $4 billion in the city's largest share offering in nearly four years. The strong performance bolsters hopes for a revival in large Chinese issuances.
SYDNEY -Chinese home appliances maker Midea Group rose by up to 9.5% on its trading debut in Hong Kong on Tuesday after raising nearly $4 billion in the city's largest share offering in almost four years, bolstering hopes for a revival in large Chinese issuances.It rose as high as HK$60 per share, 9.5% above the offer price, with 34.6 million shares worth HK$2.04 billion changing hands.
Midea increased the number of shares on sale at the end of the transaction after receiving strong demand from investors during the bookbuilding process. Trade tensions between the U.S. and China and high interest rates globally have dampened foreign investors appetite to buy into greater China equity capital markets deals, according to bankers and advisers.
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