HKEX

Shares of Chinese home appliance maker Midea Group jumped as much as 7.85 percent in their Hong Kong debut on Tuesday, which became the city's biggest listing over the past three years. 

Experts noted that the remarkable performance of the company's shares in Hong Kong mirrors the closer capital market cooperation between the Chinese mainland and Hong Kong. It also demonstrated the mainland's determination to help Hong Kong consolidate and enhance its position as an international financial center.

According to Chinese financial data provider Tonghuashun, Midea's stock rose as much as 9.5 percent from its issue price to HK$60 ($7.7) in early trading and closed at HK$59.1, increasing 7.85 percent. The offering was priced at HK$54.80 apiece, the top end of the marketed range.

"The strong performance of Midea on its first day of listing in Hong Kong fully demonstrates the market's high recognition of the company, and it will further enhance the investors' enthusiasm and their market confidence," Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Tuesday.

Wang noted that boosted by the Chinese mainland's supporting policy, there are more convenient conditions and wider scope for mainland enterprises to list in Hong Kong, and the capital markets of the mainland and Hong Kong saw further interconnection.

On April 19, the China Securities Regulatory Commission (CSRC), the country's securities regulator, rolled out five measures to boost cooperation between the capital markets of the Chinese mainland and Hong Kong.

The CSRC said it will enhance the mutual recognition of funds and support the listing of leading mainland companies in the Hong Kong market.

Since June, a total of 19 companies have successfully listed and traded on Hong Kong Exchanges and Clearing, compared with 10 listings in the same period of 2023, according to the Xinhua News Agency.