China home appliance maker Midea studying potential HK listing

(Reuters) – Chinese home appliance maker Midea Group said on Wednesday it is studying a potential listing in Hong Kong as part of its global strategy.

The new shares to be issued would account for no more than 10% of enlarged capital, Midea, already listed in the Shenzhen stock exchange, said in a filing.

Specific plans including the timeline remain uncertain, it said.

Midea sold more air conditioners in China via retail channels than other companies last year and ranked second in retail sales of washing machines, the company said in its 2022 annual report, citing data from data provider All View Cloud.

The company said last month it was formulating a plan to spin off its logistics unit Annto and list it on the Shenzhen stock exchange in a bid to streamline the company’s managerial structure and expand Annto’s funding channels.

(Reporting by Roxanne Liu and Kane Wu; editing by Jason Neely)