Hong Kong’s biggest share sale in more than three years is fueling hopes China’s dormant billionaire deal pipeline may come back to life.

Hong Kong-listed CSPC Pharmaceutical said on Thursday it would buy back shares worth up to HK$5 billion ($640 million) in the next two years.

Shares of Chinese appliance maker Midea Group Co. rose in their Hong Kong debut after the city’s biggest listing in three years saw robust demand and revived hopes of a turnaround for its struggling market.

Midea Group rose as much as 9.5% on its Hong Kong trading debut after the Chinese home appliances maker raised nearly $4 billion in the city's largest share offering in almost four years, boosting hopes for a revival in large Chinese issuances.