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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.