On August 9, Midea Group Co., Ltd. issued an announcement on major matters of researc and demonstration, saying that the company held the 19th meeting of the fourth Board of Directors on August 9, and reviewed and passed the

“Proposal on agreeing to study and demonstrate the company’s overseas issuance of securities (H shares)

and listing matters.”

 

The announcement said that the company is a global technology group covering smart home, industrial te

chnology, building technology, robotics and automation and other innovative businesses, based on the needs of the company to deepen the global strategic layout, the company is issuing securities overseas (H shares) and listing matters for the

preliminary demonstration. Under the premise of meeting the relevant requirements of overseas

regulators, the scale of the proposed issuance is expected to not exceed 10% of the total share capital of the company after the issuance.

The announcement also said that whether the company will implement the aforementioned

issues, as well as the specific implementation plan, implementation method and completion time are still significant uncertainties, the company will strictly comply with the requirements of the Shenzhen Stock Exchange Listing Rules and other

regulatory rules, fulfill the obligation of information disclosure, and effectively protect the interests of the company and all shareholders.

According to its official website, Midea was founded in 1968 and has a portfolio of brands such as Midea,

Cygnet, Hualing, COLMO, Kuka, Welling, Hekang, Gaochuang, Wandong and Ring-Wang. In 1992, the

joint-stock reform was carried out, and the following year, it was listed on the Shenzhen Stock Exchang

e, becoming the first listed company in China that was restructured from township enterprises and h

ad a modern management system. In 2013, Midea Group was listed as a whole. To date, Midea has

about 200 subsidiaries, 35 research and development centers and 35 major production bases around

the world, covering more than 200 countries and regions.

According to the financial report of the United States Group, the total operating income last year was

345.7 billion yuan, an increase of 0.68%, and the net profit attributable to the parent company was 2

9.6 billion yuan, an increase of 3.43%. In the first quarter of this year, the revenue reached 96.26 billion

yuan, an increase of 6.51%. Net profit attributable to the parent was 8.04 billion yuan, up 12.04% year on year.

The United States Group in 2022 operation is very challenged, from the 2022 financial data, the United

States Group in 2022 revenue growth hit a six-year low, net profit growth is the lowest since 2013.