Li Lan of Leju Finance On April 29, Midea Group Co., Ltd. (hereinafter referred to as “Midea Group”) updated the Hong Kong Stock Exchange prospectus. The co-sponsors are CICC and Bank of America Securities. It was previously submitted to the Hong Kong Stock Exchange on October 24, 2023.

According to Leju Financial Research, Midea Group was founded in 1968 in Shunde, China. Through endogenous development, strategic acquisitions, and joint ventures, Midea Group transformed and upgraded from a single-category, single-country business to a technology group with multiple categories of products and services, multiple industries, and global operations.

From 2021 to 2023, Midea Group's revenue was $343.361 billion, $345.709 billion and $373.71 billion respectively; annual profits were $29.031 billion, $29.812 billion, and $33.77 billion, respectively, with net profit margins of 8.5%, 8.6% and 9% respectively.

As of the last practical date, Midea Group has established 33 R&D centers in 11 countries, 17 of which are located overseas. With 33 R&D centers and more than 23,000 R&D employees, R&D expenses from 2021 to 2023 exceeded 39 billion yuan. In 2023, it invested more than 14 billion yuan in R&D.

According to the prospectus, based on 2023 sales volume and revenue, Midea Group is the world's largest home appliance company, with a market share of 7.9% in terms of sales volume. In 2023, in terms of sales, Midea Group ranked among the top three in the world for household air conditioners, washing machines, refrigerators, kitchen appliances and other household appliances, accounting for 23.7%, 14.2%, 10.5%, and 6.0% market shares, respectively.

In the same period, in terms of retail sales, Midea Group also ranked among the top three in the world, with market shares of 21.1%, 12.5%, 7.7%, and 4.6% respectively. Among them, Midea Group ranked first in the field of household air conditioning and kitchen appliances and other household appliances.

The prospectus shows that during the track record period, overseas revenue has accounted for more than 40% of the company's total revenue, and products have been sold to more than 200 countries and regions around the world.