(Yicai) April 30 -- China’s Midea Group, which posted a 10 percent jump in first-quarter revenue, has refiled its application to list in Hong Kong, as the world’s biggest maker of home appliances aims to achieve global breakthroughs for its high-end brands and new businesses.

Midea first applied to list on the Hong Kong Stock Exchange last October, with the intention of selling as much as 10 percent of its total share capital. The new filing, released yesterday, updates its financial data for 2023. The co-sponsors are China International Capital and BofA Securities.

Founded in 1968, the Foshan-based business went public in Shenzhen through a merger with Guangdong Midea Electric Appliance in September 2013.

The proceeds of the secondary listing would be used mainly to research and develop technologies, including for robotics, medical diagnostics and imaging, and next-generation energy storage, Midea said previously.

Some would also go on expanding production in Europe, Latin America, Africa, India, Southeast Asia, and other areas, increasing the share of localized overseas supply, improving global distribution channels and sales networks, and boosting sales of its own brands abroad.

Midea’s net profit rose 12 percent to CNY9 billion (USD1.2 billion) in the three months ended March 31 from a year earlier, its latest financial report showed yesterday. Operating revenue was CNY106.1 billion (USD14.6 billion), the most since the second quarter of last year.

Its stock [SHE: 000333] closed 2.3 percent higher at CNY69.78 (USD9.63) today, after jumping by as much as 4.3 percent in the morning trading session.

But Midea's new businesses face challenges, with income from smart building technology growing slower at 6 percent to CNY8.2 billion, mainly due to the impact of changes in heat pump subsidy policies in some countries and falling natural gas prices in Europe, it noted. Revenue from robotics and automation sank 12 percent to CNY6.7 billion.

Enhancing its brand positioning overseas is another challenge for Midea, with the company taking time to evolve from an original equipment manufacturer to strengthening its brand abroad. 

Haier Group, one of its main domestic rivals, is listed as Haier Smart Home in Shanghai, Hong Kong, and Frankfurt. The Qingdao-based firm has bought the white goods business of Sanyo Electric, the home appliance business of General Electric, and bought Fisher and Paykel Appliances as well as Candy. 

Editors: Shi Yi, Martin Kadiev