HK Stock Market Move | Midea Group Co., Ltd(00300) rose more than 4%, PortaSplit mobile split air conditioners are selling well in Europe.

Midea Group Co., Ltd (00300) rose more than 4%, rising to 4.36% as of the time of writing, at 86.2 Hong Kong dollars, with a turnover of 725 million Hong Kong dollars. On the news front, Europe has been experiencing continued heatwaves recently, with temperatures exceeding 35C in Spain, France, and Germany. Many Europeans have been sharing the craze for air conditioner purchases on social media. Among them, the Midea PortaSplit portable air conditioner sold out in several offline stores and e-commerce channels, with prices being driven up by local scalpers to 1999 euros, 1.5 times the official price. According to China Securities Journal, Midea Group Co., Ltd responded that sales of PortaSplit have doubled since the beginning of the year compared to the previous year, with shipments exceeding 200,000 units. Citigroup expects that the widespread heatwave in Europe will bring positive surprises to Midea Group Co., Ltd. The bank also expects Midea's group sales for 2026 to achieve a mid to high single-digit year-on-year growth, and the cash return to shareholders (including dividends and share repurchases) is expected to reach 100% of net profit. Citigroup has set a target price of 126.3 Hong Kong dollars for Midea Group Co., Ltd H shares, with a rating of "buy."