Home appliance maker Midea is set to raise about $4bn in a secondary listing in Hong Kong, but the market’s biggest debut in more than three years does not yet signal a broader revival in public offerings, according to analysts.

The amount raised by the manufacturer of fridges and air conditioning units will provide a much-needed boost to some dire numbers, with Hong Kong and Chinese mainland markets mired in one of their worst years for listings in the past decade.

The company, headquartered in the southern province of Guangdong and already listed over the border in Shenzhen, closed its book in Hong Kong a day early on Thursday. Its share offering had been multiple times oversubscribed, according to people familiar with the listing. Shares were priced at the top of the range, at HK$54.80, and the number being offered was increased ahead of its market debut on Tuesday.