(Bloomberg) -- Hong Kong’s biggest listing in more than three years presents a major test for the city’s struggling market for initial public offerings.Most ...
-- Hong Kong ’s biggest listing in more than three years presents a major test for the city’s struggling market for initial public offerings.A successful stock sale and debut have the potential to bolster investor confidence following a yearslong slump that has seen issuance plunge amid China ’s economic and regulatory struggles. Hong Kong ’s listings have raised just $2.5 billion year-to-date, data compiled by Bloomberg show. In 2021, the figure was $42.8 billion.
Midea plans to use some of the proceeds raised to expand its global distribution channels and sales network to boost overseas sales. That’s in line with the broader push by Chinese businesses to expand abroad as local competition intensifies and consumption wanes. A broader product mix would boost Midea’s earnings as it seeks to tap into lucrative markets like North America, Europe and Southeast Asia, said Jeff Zhang, an analyst covering consumer stocks at Morningstar.
“It’s probably one of the IPOs this year that has aroused the most interest in the Hong Kong market,” Morningstar’s Zhang said. “The major challenge, besides the macroeconomic issues, is that there are not that many new exciting Chinese companies in the pipeline anymore,” said Barry Wang, co-portfolio manager of the China Opportunities Fund at Oberweis Asset Management HK Ltd.
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This Countertop Appliance Makes Chewy Ice In Mere Minutes — And It’s 50% OffA culture and product journalist for over ten years, Kevin is an expert in men’s style, gaming, coffee, hiking, gear, and all things outdoors. He most recently worked as a Reviews Editor for Runner's World, Bicycling, and Popular Mechanics, and previously served as Style Editor for Reviewed, a top product recommendation site owned by USA TODAY.
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