Midea Group's registration, origins, merger and listings

analysisMidea Group Co., Ltd. (美的集团股份有限公司) is registered in China under unified social credit code 91440606722473344C, and its 2020 annual report gives the same number as its organisation code. The record of the Global Legal Entity Identifier Foundation (GLEIF) for its legal entity identifier (LEI) 3003003TRPHLHZD2IF61 lists that number as the registration held with registration authority RA000092 in jurisdiction CN, with legal-form code ECAK and entity status ACTIVE. The LEI carries a first-registration time stamp of 11 March 2020, 16:00 UTC, has the status ISSUED and the corroboration level FULLY_CORROBORATED, falls due for renewal on 19 January 2027 and is mapped to the bank identifier code (BIC) MDEACNBBXXX. In its Hong Kong filings the company describes itself as a joint stock company incorporated in the People's Republic of China with limited liability. Its articles of association define it as a joint stock limited company established under the PRC Company Law with perpetual existence, in which shareholders are liable to the company to the extent of the shares they subscribed and the company is liable for its debts to the extent of all its property. The 2020 annual report records no change in the company's main business activities or in its controlling shareholder since its listing. ^{1 2 3 4}

analysisArticles 4 and 5 of the articles of association, in the version approved at the company's second extraordinary general meeting of 2025, give the registered name as 美的集團股份有限公司 in Chinese and Midea Group Co., Ltd. in English, and the domicile as 26th-28th Floor, Area B, Midea Headquarters Building, No. 6 Midea Avenue, Beijiao Town, Shunde District, Foshan, postal code 528311. The GLEIF record uses the same location as both legal address and headquarters address and records completed changes of these addresses with effective time stamps of 30 June 2022 and 17 January 2026, both at 16:00 UTC, without stating what was changed; Midea's 2026 interim report marks the history of registered-address changes as not applicable. The interim report gives both the registered and the office address as the Midea Headquarters Building, No. 6 Midea Avenue, Beijiao Town, Shunde District, Foshan, Guangdong Province, and names Fang Hongbo as legal representative; under Article 8 of the articles, the director or chief executive officer executing company affairs on the company's behalf holds that role. A circular to shareholders dated 27 September 2026 gives the principal place of business in Hong Kong as Room 1918, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay. ^{4 1 5 6}

analysisThe articles approved at the second extraordinary general meeting of 2025 state a registered capital of RMB 7,675,588,172. Midea's 2026 interim report gives the total share capital at 30 June 2026 as RMB 7,613,438,907 at a par value of RMB 1 per share, made up of 6,962,590,407 A shares and 650,848,500 H shares. The two figures refer to different dates: the articles were published in September 2025 and amended again in June 2026, and the share capital changes with share cancellations and issues. A commercial company-data service, in a listing retrieved on 1 October 2026, shows a registered capital of RMB 7,606,439,151 and paid-in capital of RMB 7,603,276,000, the company type 'joint stock company (listed, invested or controlled by natural persons)', 958 insured employees, business registration number 440681000038581, organisation code 72247334-4, import and export enterprise code 4400722473344 and an establishment date of 6 April 2000. These registry-derived data carry no stated extraction date. Their registered capital differs from both company figures above, their establishment date is one day earlier than the 7 April 2000 given in the official records, and the insured-employee count refers to the parent legal entity only, not to the group. ^{4 5 7 8}

analysisMidea Group's H-share prospectus traces the group's history to 1968, when its founder He Xiangjian led a group of Beijiao residents in establishing a township enterprise mainly producing plastic and metal products, which the prospectus calls the predecessor of the group. Its milestone table records that the trademark 'Midea' was registered in 1981. According to the prospectus, He Xiangjian led Midea Electric through a shareholding reform in 1992 and to a listing on the Shenzhen Stock Exchange in 1993 under stock code 000527, and it describes Midea Electric as the first listed township company in mainland China with a modern management system. Before June 2004 the company with stock code 000527 was named GD Midea Group Co., Ltd. (广东美的集团股份有限公司). A Shenzhen Stock Exchange notice of June 2004 records that, after approval by its 2003 annual general meeting and by the Guangdong Provincial Administration for Industry and Commerce, it changed its name to Guangdong Midea Electric Co., Ltd. (广东美的电器股份有限公司); its A-share short name changed from 粤美的A to 美的电器, its stock code 000527 stayed the same, and the new names took effect on 24 June 2004. This is the company that was merged into Midea Group in 2013. ^{1 2 3}

analysisMidea Group Co., Ltd., the company listed today, is a different legal entity from GD Midea Group Co., Ltd., the listed company renamed Guangdong Midea Electric in 2004. Midea's 2025 annual results announcement and its 2026 interim report state that Midea Group was set up by the council of trade unions of GD Midea Group Co., Ltd. and registered with the Market Safety Supervision Bureau of Shunde District, Foshan, on 7 April 2000, with its registered seat and headquarters in Foshan, Guangdong. The H-share prospectus states that Midea Group was incorporated on 7 April 2000 under the name Shunde Meituo Investment Co., Ltd. and later changed its name to Midea Group Co., Ltd. The GLEIF record gives the entity's creation date as 2000-04-06T16:00:00Z, which corresponds to the start of 7 April 2000 in China Standard Time. Two early changes in ownership followed: on 4 January 2001 the Midea trade union committee signed contracts transferring an aggregate 22.85% equity interest in the company to He Xiangjian and four other individuals, and in October 2002 He Xiangjian transferred all his equity interest in the company to Midea Holding Co., Ltd., of which he is the controlling shareholder and ultimate beneficial owner. ^{1 2 3 4 5 6}

analysisMidea Group's summary of the draft report on its 2013 share-swap merger with Guangdong Midea Electric, dated March 2013 and reprinted in a securities newspaper on 1 April 2013, describes Midea Group Co., Ltd. (美的集团有限公司), a limited liability company, as the predecessor of the joint stock company and lists its former names as Shunde Meituo Investment Co., Ltd. (顺德市美托投资有限公司), Foshan Shunde District Meituo Investment Co., Ltd. (佛山市顺德区美托投资有限公司) and Foshan Midea Group Co., Ltd. (佛山市美的集团有限公司); it gives GD Midea Group Co., Ltd. as the former name of Guangdong Midea Electric. A commercial company-data service lists the same four names as former names of Midea Group. Both retained copies come from non-official hosts, and the English forms of the two intermediate names are translations; official records confirm the first name (the prospectus), the limited-liability Midea Group Co., Ltd. converted in 2012 (the articles of association) and the 2004 renaming of Guangdong Midea Electric (the Shenzhen Stock Exchange). A media report of 6 September 2024 stated that Shunde Meituo Investment was renamed Foshan Shunde District Meituo Investment in July 2003 and then Foshan Midea Group, that the latter became Midea Group Co., Ltd. in April of the following year, and that the company was converted into a joint stock company in August 2012. The same report dates the second renaming to 'March of the same year', which would precede the July 2003 change it is said to follow, so the dates of the intermediate renamings are unclear; no official record in the case dates them, while the company's reports confirm the August 2012 conversion. ^{7 8 9}

analysisMidea's 2025 annual results announcement and 2026 interim report state that the company was converted into a joint stock company on 30 August 2012, and the H-share prospectus states that it completed all procedures for the conversion from a limited liability company in August 2012. Under Article 2 of the articles of association, the joint stock company was established by full conversion of Midea Group Co., Ltd. (美的集團有限公司) under approval document Yue Wai Jing Mao Zi Zi [2012] No. 203 issued by the Department of Foreign Trade and Economic Cooperation of Guangdong Province, was registered with the Market Safety Supervision Bureau of Shunde District, Foshan, and obtained a business licence with registration number 440681000038581. The articles add that the shares were converted from audited net assets at 31 December 2011 at a ratio of 1:0.631212. Fourteen promoters, with capital contributions dated 29 May 2012, held the resulting 1,000 million shares; the largest, with 59.85%, was Midea Holding under its former name Foshan Shunde District Midea Investment Co., Ltd. ^{1 2 3 4 5}

analysisMidea's 2025 annual results announcement and 2026 interim report state that on 29 July 2013 the company was approved to absorb by merger Guangdong Midea Electric Co., Ltd. (广东美的电器股份有限公司), then listed on the Shenzhen Stock Exchange. Article 3 of the articles of association states that, pursuant to approval by the China Securities Regulatory Commission (CSRC) on 29 July 2013, Midea Group was listed on the Shenzhen Stock Exchange on 18 September 2013 by issuing 686,323,389 RMB-denominated ordinary shares to the public shareholders of the absorbed company other than Midea Group itself, absorbing and merging that company through a share swap. The H-share prospectus states that these A shares made up 40.7% of the company's share capital immediately after the listing, that Midea Holding owned about 35.5% after the listing and that Midea Electric was subsequently delisted. The English version of the articles names the absorbed company 'GD Midea Holding Co., Ltd'; the other official records, and the identical share count in the prospectus, identify it as Guangdong Midea Electric Co., Ltd., and that English name does not refer to Midea Holding Co., Ltd., the controlling shareholder. ^{1 3 2 4}

analysisThe exchange terms appear in two versions. The March 2013 summary of the draft merger report, as reprinted in a securities newspaper, set Midea Group's issue price at RMB 44.56 per share, the exchange price at RMB 15.96 per Midea Electric share, the exchange ratio at 0.3582:1, the issue at 713,202,895 shares and the cash-option price for dissenting Midea Electric shareholders at RMB 10.59, and provided for adjustment if either company paid dividends before the exchange. Media reports published on 30 July 2013 and 6 September 2024 stated adjusted terms: each Midea Electric share held by shareholders other than Midea Group was exchanged for 0.3447 Midea Group A shares. The July 2013 report, published after the CSRC approval, gave the issue price as RMB 44.56, Midea Electric's adjusted exchange price as RMB 15.36, the number of new shares as 686 million and the cash-option price as RMB 9.99 per share. The September 2024 report stated that the merger was completed on 18 September 2013, when the stock code became 000333, and that Midea Group took over all assets, liabilities, rights, obligations, business and personnel of Midea Electric, which was to be deregistered. The articles of association confirm the final issue of 686,323,389 shares; the final ratio and prices are not confirmed by an official record in the case. ^{6 7 5 3 4}

analysisMidea Group's A shares have been listed on the Shenzhen Stock Exchange since 18 September 2013 under stock code 000333, and its H shares on the Main Board of The Stock Exchange of Hong Kong Limited since 17 September 2024 under stock code 0300. The articles of association state that the H shares were issued after a filing with the CSRC on 23 July 2024 and comprised 565,955,300 overseas listed foreign shares before the full exercise of the over-allotment option. A media report of 30 April 2024 stated that Midea's shareholders' meeting had passed a proposal on the issuance of H shares and a listing in Hong Kong in October 2023, when the company submitted its prospectus, and that on 29 April 2024 the company resubmitted its prospectus to the Hong Kong Stock Exchange, mainly to update its 2023 financial data. The October 2023 shareholder resolution and the April 2024 resubmission are not themselves among the retained records; the listing itself took place on 17 September 2024. ^{1 2 3 4}

analysisThe articles of association in the version approved at the second extraordinary general meeting of 2025 are formulated under the PRC Company Law, the PRC Securities Law, the listing rules of the Shenzhen Stock Exchange and the Hong Kong Listing Rules. They are written in Chinese: in case of inconsistency, the latest Chinese version approved by and registered with the administration for market regulation prevails over versions in other languages, and the laws, regulations and rules of the places where the shares are listed prevail over the articles. Shareholders approved further amendments by special resolution at the 2025 annual general meeting, held on 5 June 2026, and the amended articles took effect on the conclusion of that meeting. ^{1 2}

analysisArticle 13 sets the scope of business: the production and operation of home appliances, motors and their components; research and development, manufacturing, sales, installation, maintenance and after-sales service of central air-conditioning, heating, ventilation, heat-pump, lighting, gas and compressor equipment, related general and specialised equipment, and household air-conditioning equipment and components; import, export, wholesale and processing of home appliances, appliance raw materials and spare parts, without shops, without goods under state-trading administration and with goods under quota or licence control handled under state rules; information technology services; investment consulting and management services for enterprises; computer software and hardware development; industrial product design; hotel management; advertising agency; property management; engineering and technology research and development for enterprises and its sale and promotion; and investment in the finance industry. Items involving administrative licensing may be operated only with a valid licence or approval. ¹

analysisIn its H-share prospectus Midea Group stated that it had appointed Huatai Financial Holdings (Hong Kong) Limited as its compliance adviser under Rule 3A.19 of the Hong Kong Listing Rules, to advise it on compliance with the applicable laws and regulations and the Listing Rules, including corporate-governance requirements. The appointment was to start on the listing date and was expected to end when the company complied with Rule 13.46 for its financial results for the first full financial year after listing, subject to extension by mutual agreement. The prospectus also states that Jiang Peng and Lai Siu Kuen had been appointed joint company secretaries, and describes Lai Siu Kuen as a director of Company Secretarial Services of Tricor Services Limited, a professional services provider, with more than 25 years of experience in corporate secretarial work and the post of company secretary at several other companies listed on the Hong Kong Stock Exchange. The prospectus describes the position at the time of the H-share listing, gives no appointment dates and does not state that Midea engaged Tricor; later changes to the board-secretary and company-secretary posts belong to the board and management record. ^{1 2}

analysisMidea's announcement of the poll results of its 2025 annual general meeting, held on 5 June 2026, names Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, as the company's H-share registrar, which also acted as scrutineer for the H-share vote at that meeting, and states that the company appointed Bank of China (Hong Kong) Limited as its receiving agent in Hong Kong to pay the 2025 final dividend to H-share holders. The same announcement reports the legal opinion of Jia Yuan Law Offices, the company's legal adviser, that the meeting was lawfully convened and held, that the attendees' qualifications and the voting results were lawful and valid, and that the voting procedure conformed to the relevant laws, regulations and the articles of association. The circular of 27 September 2026 again names Computershare as H-share registrar at the same address, directs H-share proxy forms to it at 17M Floor, Hopewell Centre, and sets out the conclusion of Beijing Jia Yuan Law Offices, as legal adviser, that the proposed repurchase and cancellation of certain restricted shares under the 2022 and 2023 restricted share incentive schemes had the necessary authorisations and approvals at that stage, remained subject to approval by the general meeting, and complied with the Administrative Measures for Equity Incentives of Listed Companies, the articles and the two schemes. ^{3 4}