Midea listing is largest in Asia this year
Institutional share tranche was 8 times oversubscribed
Midea most actively traded stock on Hong Kong exchange

SYDNEY, Sept 17 Reuters Midea Group stock jumped by up to 9.5 on its trading debut in Hong Kong on Tuesday after the Chinese home appliances maker raised nearly 4 billion in the city39;s largest share offering in almost four years, bolstering hopes for a revival in large Chinese issuances.

Midea, also listed in Shenzhen, priced its shares at HK54.80 each in its Hong Kong float. Mainland Chinese markets were closed on Tuesday for midautumn festival holidays.

Midea39;s listing is the largest in Asia this year and second biggest globally behind Lineage Inc39;s New York IPO in July that raised 5.1 billion, according to LSEG data.

Midea39;s institutional tranche was oversubscribed by eight times and the Hong Kong retail offering portion was 5.31 times covered, according to Midea39;s regulatory filings.

The oversubscription rates, while higher than recent Hong Kong deals, remain well below the city39;s capital markets39; boom in 2021 when transactions were hundreds if not thousands of times covered.

Given how investors have lapped up such a big deal Midea, one can expect investment bankers will be trying to get more quality names to list in Hong Kong, said Devi Subhakesan, an analyst at research firm Investory who publishes on investment research platform Smartkarma.

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