Shenzhen-listed Midea is seeking to raise as much as US$3.5 billion in the Hong Kong share sale, which is set to be the city’s biggest in more than three years.
Order books are multiple times oversubscribed and will close a day earlier than planned, the people said. Talks are ongoing and details such as the size of potential investments haven’t been finalised, the people said.
Representatives for Midea and Hillhouse didn’t immediately respond to requests seeking comment, while GIC declined to comment.
The Foshan-based company is offering 492.1 million shares at HK$52 to HK$54.80 ($8.71 to $9.18) apiece, according to its listing document dated Monday. At the low end of the marketed price range, that represents a 25% discount to the company’s Shenzhen-traded shares on Friday. Midea has guided investors toward the top end of the range, the people said.
