Stock Track | Midea Group Soars 8.58% on Hong Kong Listing Debut

Stock Track09-17

Shares of Chinese home appliance maker Midea Group soared 8.58% in early trading on Tuesday, as the company made a strong debut on the Hong Kong stock exchange following its massive $4 billion listing.

Midea Group, which is already listed in Shenzhen, priced its Hong Kong shares at HK$54.80 each, marking the city's largest initial public offering in four years. The strong investor demand for Midea's shares pushed the stock up to HK$59.50 in the opening hours of trading on September 17.

The company's successful Hong Kong listing and the consequent surge in share price highlight Midea's continued growth and expansion plans. As one of China's leading home appliance manufacturers, Midea is expected to use the fresh capital raised from the listing to further strengthen its market position and invest in new product development and technologies.

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