Talks are still ongoing and no final decisions have been made, the people said.
A representative for Midea declined to comment.
Midea had planned to offer 492.1 million shares at HK$52 to HK$54.80 a piece, according to its listing document dated Monday. Midea had guided investors toward the top end of the range, people familiar with the matter have said.
Order books are multiple times oversubscribed and closed a day earlier than planned, the people said.
See also: Hillhouse, GIC said to be in talks to invest in Midea’s Hong Kong IPO
Alternative asset manager Hillhouse Investment and Singaporean sovereign wealth funds GIC and Temasek Holdings had been considering investing in Midea’s listing, Bloomberg News has reported.
At US$4 billion, Midea’s listing is set to be Hong Kong’s biggest debut since Kuaishou Technology’s US$6.2 billion listing in early 2021. Midea, at the top end of the price range, would be offering a roughly 20% valuation discount to its shares in Shenzhen before the deal launched.
