Appliance giant eyes dual listing

Chinese home appliance maker Midea Group said it plans to list in Hong Kong after internal discussions.

Last month, the Shenzhen-traded company said it was studying a potential listing in the city and new shares to be issued would account for no more than 10 percent of enlarged capital.

It was reported earlier that Midea selected Bank of America Corporation and China International Capital Corporation (3908) to arrange its planned listing.

Midea is China's largest home appliance maker and its market value has risen nearly 14 percent this year to about 390 billion yuan (HK$426 billion).

Based on its market value, Midea's Hong Kong share sale could be among the largest in the city in recent years.

Founded in 1968, Midea manufactures air conditioners, refrigerators, washing machines, kitchen appliances, and vacuum cleaners among others, according to its website.

It sells products under brands including Midea, Comfee, Eureka, Little Swan and Vandelo. In 2016, the Chinese firm acquired Toshiba's home appliance business.

It also owns the German robotics firm Kuka.