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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  Qingdao Haier    600690   CNE000000CG9

QINGDAO HAIER

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Exclusive: Haier Smart Home plans Hong Kong listing to take $7.7 billion unit private - sources

12/12/2019 | 05:53am EST
FILE PHOTO: Haier sign is seen at its booth during the Aquatech China exhibition in Shanghai

Haier, the world's biggest maker of household appliances, is planning a major restructuring that will see its main unit Haier Smart Home list in Hong Kong to take another group company valued at $7.7 billion private, two people with direct knowledge of the matter said.

Under the deal, Haier Smart Home, formerly known as Qingdao Haier and already listed in Shanghai, would offer minority shareholders in unit Haier Electronics Group newly issued Hong Kong stock for their shares, they said.

Financial advisers have been hired to work on the deal, which would give Haier Smart Home access to cash at Haier Electronics, the sources said, declining to be identified as negotiations were private.

Haier Electronics, which makes and sells appliances such as washing machines, held about 20 billion yuan ($2.8 billion) in cash and short term investments as of end-June, according to Refinitiv.

One of the sources added the plan was also part of the Haier group's efforts to streamline its overseas operations.

Haier Smart Home currently owns 45% of Haier Electronics and unlisted parent Haier Group Corp holds 12%, while minority shareholders include Vanguard Group, Norges Bank Investment Management and BlackRock, according to Refinitiv data.

The plan is still preliminary and would be subject to regulatory approval, the sources said, adding that the aim was to complete the deal in the second half of next year.

A representative from Haier Smart Home's investors relations office said the team was not aware of the plan. Haier Group and Haier Electronics did not respond to requests for comment.

The Haier group was founded in 1984 by Chinese businessman Zhang Ruimin who built up a small loss-making factory into a major consumer brand. Major acquisitions have included New Zealand appliances brand Fisher & Paykel in 2012 for NZ$927 million and the $5.6 billion purchase of General Electrics' appliances business https://www.reuters.com/article/us-ge-divestiture-haier-elec-idUSKCN0UT0AG in 2016.

Haier Smart Home, which has a market value of some $15.4 billion, also listed in Germany last year - the first listing of a Chinese company under the D-share program aimed at increasing foreign investment in Chinese firms.

Hong Kong-listed companies have announced a record 24 take-private deals this year, often citing uncertain market conditions or undervalued shares as reasons for the deals.

By Kane Wu and Julie Zhu


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ACCESS CO., LTD. 1.88% 811 End-of-day quote.-15.08%
AT HOME GROUP INC. 1.54% 19.14 Delayed Quote.248.00%
HAIER ELECTRONICS GROUP CO., LTD. -1.06% 37.35 End-of-day quote.53.39%
JUST GROUP PLC 0.79% 57.65 Delayed Quote.-27.03%
LINE CORPORATION 0.19% 5380 End-of-day quote.0.56%
QINGDAO HAIER -3.39% 27.34 End-of-day quote.40.21%
TEAM, INC. -4.68% 9.57 Delayed Quote.-40.08%
WILL GROUP, INC. 0.91% 999 End-of-day quote.-20.21%
WORLD CO., LTD. -0.97% 1324 End-of-day quote.-50.80%
All news about QINGDAO HAIER
11/16HAIER SMART HOME CO.,LTD. : Release according to Article 50 of the WpHG [the Ger..
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11/13HAIER SMART HOME CO.,LTD. : Release according to Article 50 of the WpHG [the Ger..
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11/09HAIER SMART HOME CO.,LTD. : Release according to Article 50 of the WpHG [the Ger..
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11/09HAIER SMART HOME CO.,LTD. : Release according to Article 50 of the WpHG [the Ger..
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11/03HAIER SMART HOME CO.,LTD. : Release according to Article 50 of the WpHG [the Ger..
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10/30HAIER SMART HOME CO.,LTD. : Release according to Article 50 of the WpHG [the Ger..
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10/30HAIER SMART HOME PUBLISHES THIRD QUA : Results far beyond Expectations
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10/27QINGDAO HAIER : quaterly earnings release
10/20HAIER SMART HOME CO., LTD. : Preliminary announcement of the publication of quar..
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10/12HAIER SMART HOME CO.,LTD. : Release according to Article 50 of the WpHG [the Ger..
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Financials
Sales 2020 209 B 31 842 M 31 842 M
Net income 2020 8 572 M 1 304 M 1 304 M
Net cash 2020 11 787 M 1 793 M 1 793 M
P/E ratio 2020 22,4x
Yield 2020 1,29%
Capitalization 186 B 28 308 M 28 324 M
EV / Sales 2020 0,83x
EV / Sales 2021 0,71x
Nbr of Employees 99 757
Free-Float 55,1%
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Mean consensus BUY
Number of Analysts 27
Average target price 27,55 CNY
Last Close Price 28,30 CNY
Spread / Highest target 36,7%
Spread / Average Target -2,65%
Spread / Lowest Target -63,5%
EPS Revisions
Managers
NameTitle
Hua Gang Li Director & General Manager
Hai Shan Liang Chairman & General Manager
Pei Hua Wang Chairman-Supervisory Board
Wei Gong Chief Financial Officer & Deputy General Manager
Guo Qing Ming Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
QINGDAO HAIER40.21%27 358
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