Haier Group plans to go public on the China Europe International Exchange's D share market, the Shanghai-listed home appliance giant said today.
Not more than 400 million D shares will be issued, Haier said in a statement to the Shanghai Stock Exchange. The funds raised will be used in Haier's global expansion, including projects in the Belt and Road initiative, the company said.
The China Europe International Exchange, a joint venture company established by Shanghai Stock Exchange (40 percent), Deutsche Boerse Group (40 percent) and China Financial Futures Exchange (20 percent), allows international, especially European, investors to invest in Chinese shares, bonds and related products.
Approval for the listing still needs to be obtained from the stock exchanges in Shanghai and Frankfurt as well as other regulators.
In 2017, Qingdao-based Haier predicted a revenue growth of 33.7 percent from a year ago to 59.3 billion yuan (US.3 billion) and a 37.3 percent jump year on year in net profit set to 6.93 billion yuan.