Hiconics to Issue A-Shares to Midea Group for New Energy Expansion
Beijing Hiconics Eco-energy Technology Co., Ltd. plans to issue A-shares not exceeding RMB 1.65 billion to Midea Group. The sole subscriber, Midea, will acquire up to 288 million shares, enhancing its stake beyond 18.5%. Proceeds will fund five projects in electrical equipment and new energy sectors, including high-voltage inverters and residential energy storage systems, aimed at strengthening competitiveness and accelerating growth in the global PV market.
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On February 27, Hiconics announced a plan to issue A-shares to raise up to RMB 1.651 billion, with Midea Group as the sole subscriber. This issuance will allow Midea to increase its stake in Hiconics, which currently stands at 18.5%.
The funds raised will be allocated to five projects, including RMB 438.5 million for high-voltage inverter R&D and RMB 292.3 million for residential energy storage systems. Hiconics aims to enhance its competitiveness in high-end markets and transition to a smart energy operator by leveraging Midea's resources. This initiative reflects Midea Group's strategic expansion into the green energy sector.
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