Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has provided Hong Kong and US law advice to the joint sponsors and the underwriters in the global offering and listing of H shares of Midea Group Co., Ltd. (‘Midea Group’) on the Hong Kong Stock Exchange (‘HKSE’).
The transaction raised proceeds of approximately US$4 billion before any exercise of the over-allotment option, making this Hong Kong’s largest IPO since Q1 2021 and the largest corporate equity IPO globally in 2024. Listing of the shares commenced today.
Midea Group is the world’s largest home appliance company by both sales volume and revenue in 2023. Its home appliance compressor business and residential air conditioner compressor business ranked No. 1 in the global market by manufacturing volume in 2023. As a Fortune Global 500 company for nine consecutive years, Midea Group operates a global business that reaches over 200 countries and regions, with 33 R&D centers, 43 major manufacturing bases and over 190,000 employees across different continents.
The Freshfields team advising on the transaction was led by China Chairman Teresa Ko, Head of China ECM Richard Wang and partner Howie Farn. They were supported by counsel Chris Fu and Quan Zhou, and associates Frank Fan, Molina Liu and Candice Ma.
