Shares in Chinese electronic appliance maker Midea closed nearly eight percent higher on its Hong Kong debut Tuesday, having raised around US$4 billion in the city's biggest initial public offering for more than three years.
The firm closed at HK$59.1 following early exchanges where it spiked to HK$60.0, up from its HK$54.8 list price, which was at the top of the range indicated in its prospectus.
Midea's bumper listing fueled hopes that the Hong Kong bourse can attract more top Chinese firms and regain its crown as the world's top venue for IPOs.
The Chinese finance hub has suffered a steady decline in new offerings since a regulatory crackdown by Beijing starting in 2020 led some Chinese mega-companies to put their plans on hold.
The city saw just 30 IPOs in the first half of this year, compared with more than 100 annually between 2013 and 2020.
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