Freshfields advises Midea Group on US$ 2.2bn convertible bond issuance

Global law firm Freshfields has advised Midea Group Co., Ltd. ("Midea Group") on the issuance of dual-tranche zero coupon guaranteed convertible bonds, raising aggregate proceeds of approximately HK$17.2 billion (US$2.2 bn), which marks the largest convertible bond offering in the Greater China region for 2026 to date.

Midea Group intends to deploy the net proceeds in support of its international growth strategy, with approximately 60% earmarked for international expansion and enhancing offshore liquidity. The issuance of these convertible bonds was completed on 13 May 2026 under Midea Group's general mandate.

Midea Group is listed on The Stock Exchange of Hong Kong Limited (Stock code: 0300) and Shenzhen Stock Exchange (Stock code: 000333). Morgan Stanley, Goldman Sachs, Citi and BofA Securities acted as joint global coordinators, joint bookrunners and joint lead managers, with CICC acting as joint bookrunner in the bond offering.

The Freshfields team advising Midea was led by partners Bing Guan and Richard Wang, with support from senior associate Nancy Mu, and associates Paris Wu and Murphy Yi.