Midea Group's oversubscription exceeded 8 times, and it was a profitable opening day for IPO——(00300.HK) new share placement situation

This year's IPO giant Midea Group (00300.HK) has been listed, with international placement reaching 8.06 times, which is extremely rare for institutions to be so optimistic. The grey market also rose by more than 5 points. On the first day of listing, it opened at HKD 59.20, briefly surged to HKD 60 before falling back, stabilized at HKD 58, and rebounded. In the first half hour, the turnover reached HKD 1.656 billion, indicating very active trading.

Midea Group's turnover reached HKD 2.3 billion in just half an hour after opening, enough to wash the public offering shares twice. Such a giant stock is indeed different, dominated by institutions, with both selling and buying orders coming from institutional seats. The usual retail army, Phillip Securities, ranked only 8th. Seeing such trading volume for a new stock boosts confidence in the upcoming C'estbon in October. If institutions are willing to buy, the trading volume won't be a problem.

Now, back to the main topic, let's look at Midea's grey market performance:

Midea Group (00300.HK) opened slightly higher at HKD 56.45 on Phillip's grey market, surged to HKD 57.50 before immediately falling back to the lowest point of HKD 55.60, stabilized, and then climbed slightly to a high of HKD 58.10. It closed at HKD 57.55, up 5.02%, with an amplitude of 4.56%!

Now, let's look at Midea Group's (00300.HK) placement situation!

Midea Group (00300.HK) finalized its IPO price at HKD 54.80, the upper limit of the price range (HKD 52.00-HKD 54.80), raising HKD 31.014 billion with a total market capitalization of HKD 414.238 billion. The H-share market capitalization is HKD 31.014 billion, with an issuance ratio of 7.49%. Placement details: 13,717 subscribers, public placement was 5.31 times without clawback. Since it didn't exceed 9 times, there was no clawback ratio. International placement was 8.06 times. The one-lot winning rate was 100.00%, meaning subscribing for 1 lot guaranteed 1 lot. There were 178 Group B applicants, including 3 top-tier applications, with allocation rates ranging from 12.92% to 23.00%.

Midea Group's (00300.HK) Group B officially disclosed allocation list: 115 people got 23,000 shares, 22 got 31,000 shares, 11 got 46,000 shares, 7 got 60,000 shares, 10 got 74,900 shares, 3 got 148,000 shares, 2 got 218,000 shares, 1 got 362,000 shares, 1 got 575,000 shares, 1 got 715,000 shares, 1 got 794,900 shares, 1 got 1,050,000 shares, and 3 top-tier applicants got 1,590,000 shares. Group B total allocation was 14,148,900 shares, worth HKD 775 million.

Below is the official disclosure of large Group B and top-tier allocations from public data:

33032*******13025* 218,000
52813*** 218,000
R8282*** 362,000
21346*** 575,000
16633*** 715,000
22539*** 794,900
OF68*** 1,050,000
20919*** 1,590,000
25490*** 1,590,000
WC-35*** 1,590,000

Applying for one Group B or Group A tail could win over HKD 1.2 million. The winning rate is high because the fundraising amount is huge—over HKD 27 billion. Fortunately, it's rising. Phillip gave over HKD 200,000 for one Group A, and xx freeloader got HKD 26,000 per account. The meat is still there.

After discussing public placement, let's look at international placement:

Midea Group (00300.HK) international placement had 236 subscribers, with a subscription multiple of 8.06 times—truly hot. During the IPO period, it was heard that Midea's international placement multiple was already 5-6 times. This stock's international placement subscription was quite popular. It's reasonable to participate moderately, given the high winning rate and the capped upside due to the A-share discount rate.

A few Group B applications could easily win millions. Everyone's risk tolerance is different. From the current results, some believe applying for more Group Bs would bring more wealth. But from a risk perspective, applying for Group A is enough. Getting allocations worth hundreds of thousands is satisfying. Winning several millions or even tens of millions—holding such amounts for a few percentage points, wouldn't that be nerve-wracking? After all, you applied yourself, with no one providing junior capital or a bottom line. Losses are yours to bear.

Midea Group (00300.HK) international placement shares are very dispersed. The top 25 holders own 6.40% of post-listing issued shares. Midea Group (00300.HK) has CICC as the stabilizing agent, with a greenshoe of HKD 4.652 billion. CICC is very effective in supporting the stock.

Midea's rise is a good thing. Seeing such trading volume for a new stock boosts confidence in the upcoming C'estbon in October. C'estbon is also a big stock, with fundraising of at least HKD 4-5 billion and solid fundamentals. It's one of the most anticipated new stocks in the second half of the year.