Midea ‘s IPO has started on the Hong Kong stock exchange. The group’s shares were listed only on the Chinese Shenzen stock exchange, where many investors prefer not to buy. The entry into the Hong Kong stock exchange would put Midea on the same level as other large listed groups: Whirlpool or Electrolux as a group investable in electronics and household appliances. Midea is expected to raise at least $3.5 billion with this share issue. It is the largest IPO in Hong Kong since 2022.
Midea is currently valued at 432 billion yuan, 54 billion euros, nearly 12 times Whirlpool and 24 times Electrolux . The stock has grown 15% over the course of 2024.
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Midea Unveils Groundbreaking Multifunctional Built-In Oven
Midea, a global leader in home appliances, proudly introduced its latest innovation at the IFA exhibition—the Midea One Oven Series. This cutting-edge series of multifunctional built-in ovens is designed to streamline the modern kitchen by seamlessly integrating multiple cooking methods into one sleek, professional-grade appliance. Available in two models, the 7NT30E4 and TR850E-TV0E00, the Midea One Oven Series combines advanced technology with sophisticated design, setting a new standard for versatility and performance.
The Midea One Oven Series isn’t just versatile; it is an unmatched powerhouse in the kitchen. This multifunctional built-in oven incorporates microwave, steam, bake, and air fry capabilities, all housed within an enamel cavity that is more resistant to scratches, easier to clean, and less prone to yellowing than traditional stainless steel. With multiple design and technology patents, this product ensures that no compromise is made in performance while offering a wide range of cooking functions. It stands as a leading multifunctional oven in the industry.
Smart AI Cooking Technology
At the heart of the Midea One Oven Series is its groundbreaking AI cooking technology. This intelligent algorithm takes cooking to the next level by adapting to the specific heating needs of food at different stages of preparation. Whether raising the temperature, achieving doneness, pre-searing to seal in juices, or browning, the AI-driven cooking curve ensures that every dish is cooked to perfection, delivering results that are simply mouthwatering. This multifunctional integration has enabled AI-enhanced hybrid modes that take the best of every cooking method option and combine them for revolutionary results.
Seamless IoT Integration
In keeping with the demands of the modern, connected home, the Midea One Oven Series is equipped with IoT capabilities. Compatible with the SmartHome App, users can remotely monitor cooking progress, access a rich cloud-based recipe library, and even control the oven using Alexa voice commands. This integration ensures that the Midea One Oven is not just a kitchen appliance but a central part of a smart, efficient lifestyle.
Modern Design and Intuitive Touch Control
The Midea One Oven Series features two ultra-high-definition 12-inch color touchscreens for smooth, effortless operation. The intuitive design, coupled with the appliance’s full-glass finish and minimalist aesthetics, makes it a perfect fit for any modern kitchen.
China’s Midea Cuts Stake in Xiaomi
Midea Group, the world’s biggest maker of home appliances, has pared its stake in Chinese electronics giant Xiaomi to raise funds for its ongoing overseas expansion, according to investment industry experts, who noted that it is a normal part of corporate activity.
Midea Ice Cocoa series mini refrigerator
Midea’s Ice Cocoa series mini refrigerator with a capacity of 116 liters is now available on JD.com. It supports dual-temperature independent freezing areas.The product provides 116 liters of storage space, including 16 litres of freezer spaceAnd 100 liters of ice drink space / dairy space / fresh fruit space. In addition, the product is equipped with an independent storage drawer to effectively block the evaporation of water vapor and reduce the loss of water in fruits.
Panasonic Adopts China’s Minimalist Approach to Consumer Electronics Design
In an effort to fend off competition from Chinese rivals like Haier Group and the Midea Group, Japan’s Panasonic Corporation is embracing a minimalist design philosophy inspired by China. Masahiro Shinada, President and CEO of Panasonic Corp., emphasized the need to focus on specific product capabilities while eliminating unnecessary features.
Shinada revealed that Panasonic’s Chinese division has already achieved cost savings by adopting this approach. Going forward, the company plans to increase the number of products designed in China and shipped to Southeast Asia. Additionally, Panasonic aims to enhance collaboration among its design teams across China, Japan, and Vietnam, with a focus on creating “shared models” for different Asian markets. By September 2026, approximately half of the products sold in Vietnam and Malaysia are expected to be these shared models, resulting in increased shipments from China.
This strategic shift represents a departure from Panasonic’s traditional emphasis on local manufacturing and sales. As Chinese and South Korean manufacturers optimize production efficiency and global distribution, Panasonic seeks to adapt and remain competitive.
Despite losing ground in the Japanese market for refrigerators and microwaves due to strong sales of Chinese-made models from rivals like Toshiba (which sold its consumer electronics brand to Midea Group in 2016), Panasonic has found success with its minimalist designs. For instance, the compact Solota personal dishwasher, tailored for young individuals living alone, exceeded its 2023 sales target by 40%. With limited functions, Solota efficiently handles up to six pieces of tableware at a time
Midea Group take over Teka Group
After the conclusion of a competitive sales process, our shareholder HERITAGE B has reached an agreement to divest Teka Group to Midea Group, including all operations related to appliances and sinks and the group’s three brands: Teka, Küppersbusch and Intra. Becoming part of Midea Group will increase our capabilities in different strategic and operational areas, enhancing our competitiveness in an increasingly complex and dynamic market. This transaction will undoubtedly enable us to strengthen our competitive position, opening a new era for Teka Group whilst safeguarding our legacy with over 100 years of history. Founded in 1968, Midea is a listed technology group with more than 190,000 employees worldwide. Headquartered in Foshan, Guangdong province (China), the Asian group closed 2023 with a turnover of 48 billion euros. Midea’s business activities include household appliances, air conditioning products, services and components for industry, robotics and automation. The deal is subject to the required approvals by relevant regulators. The closing of the transaction is expected in the coming months. Teka Group closed 2023 with c.€600m of gross sales and an adjusted EBITDA margin of 7%, a particularly positive and resilient profit performance despite post-Covid market adjustments, and supply chain issues, amongst others
Chinese dehumidifier manufacturer recalls 1.56 million units
Gree Electric Appliances of China has recalled 1.56 million dehumidifiers because of fire and burn risk, according to the U.S. Consumer Product Safety Commission.
The commission on Wednesday said there have been about 2,000 reports of the devices overheating and 450 fires reported, resulting in damage totaling more than $19 million.
“This recall involves 42 models of dehumidifiers with brand names Kenmore, GE, SoleusAir, Norpole and Seabreeze, manufactured between January 2011 and February 2014
Midea reports 10 pct revenue increase in Q1
Chinese home appliance giant Midea Group saw its revenue rise 10 percent year on year to 106.5 billion yuan (about 14.99 billion U.S. dollars) in the first quarter of 2024, the company said on Monday.
It was its highest quarterly revenue since the second quarter of last year, when it raked in 101.2 billion yuan, Midea said in a quarterly report.
The company raked in 9 billion yuan in net profit attributable to shareholders in the January-March period, up 12 percent year on year, it noted.
Midea has been expanding its new overseas channels and markets, and advancing its localized services. In the first quarter of 2024, the company’s overseas e-commerce retail sales increased by approximately 60 percent year on year
Electrolux in crisis?
Electrolux, a multinational company, finds itself in a challenging situation during the first quarter of 2024. Let’s delve into the details:
Financial Losses:
The company reported an operating loss of 720 million crowns for Q1 2024, a significant increase compared to the previous year’s loss of 256 million crowns.
This financial setback was partially offset by a decline in raw material prices.
Reasons Behind the Crisis:
Intense Competition: Electrolux faces fierce competition, particularly from Chinese competitors.
Promotions and Cost Pressure: To remain competitive, the company has had to run continuous promotions. Additionally, families worldwide have shifted toward low-cost products, impacting premium household appliances under the Electrolux brand.
North America’s Struggle:
North America, once a profitable market for Electrolux, now faces challenges.
Despite cost-cutting efforts, thousands of layoffs did not translate into profits due to high price pressure from Asian chains and importers in 2023 and Q1 2024.
Leadership Change:
CEO Jonas Samuelson has resigned, leaving the company.
The new organizational structure aims to streamline operations and reduce costs.
Speculation on Buyers:
Midea and Haier are rumored to be potential buyers for Electrolux.
In summary, Electrolux grapples with financial losses, leadership changes, and a tough market environment. The road ahead involves strategic decisions and adaptation to remain competitive in the global landscape.
Midea to acquire Arbonia HVAC businesses
Midea has agreed the €760m purchase of Swiss group Arbonia’s Climate Division, which includes HVAC businesses Sabiana, Termovent and Tecna.
The acquisition through Midea subsidiary Midea Electrics Netherlands BV follows an announcement by Arbonia at the end of February that it had received several “unsolicited expressions of interest” in purchasing its HVAC businesses
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