Midea Group has issued HKD17.25 billion (USD2.2 billion) in offshore zero-coupon convertible bonds through its wholly owned offshore subsidiary, Midea Investment Development Company in the largest such deal to date in the Greater China region in 2026.
Freshfields, King & Wood, Linklaters and Fangda Partners advised on the transaction.
The bonds, which were issued in two tranches – HKD8.62 billion due 2027 and HKD8.62 billion due 2033, will be listed on the Vienna MTF, operated by the Vienna Stock Exchange. Midea Group provided a guarantee for the issue.
Freshfields provided offshore legal counsel to Midea Group, led by partners Bing Guan and Richard Wang. King & Wood counselled Midea Group on PRC law, with partners Su Zheng and Ye Shengjie leading the team.
Linklaters advised the underwriters, Morgan Stanley, Goldman Sachs, Citi and BofA Securities, with partner Taiki Ki leading the team. Fangda Partners acted as underwriters’ PRC counsel, led by partners Jeffery Ding and Brian Liu.
Midea Group’s announcement states that the company plans to use about 60% of the proceeds for international expansion and enhancing offshore liquidity, with the remaining 40% for general corporate purposes.
Headquartered in Guangdong, Midea Group’s businesses span the smart home, industrial technology, building technology, robotics and automation sectors. It has more than 600 subsidiaries worldwide, with products and services across more than 200 countries and regions. The group had listed on the SZSE in 2013 and on the HKEX in 2024.
