Haier Electrical Appliances International is planning an initial B-share sale in Shanghai next month amid cautious market sentiment. To generate interest, a restructuring is taking place which will see it buy control of a Shanghai-listed A-share company, Qingdao Haier Refrigerator, from parent Haier Group, sources said. Haier Electrical now holds 20 per cent of Qingdao Haier, and plans to buy another 40 per cent, sources said. No acquisition amount has been revealed. The mainland public hold about 40 per cent in Qingdao Haier, listed in 1993. On completion of the overhaul, Haier Group would retain control - albeit indirect - in listed Qingdao Haier through the B-share company. In addition to the home electrical appliances manufacturing business run by Qingdao Haier, the B-share candidate would start a new division supplying household appliances for furnished flats, to meet rising demand. Haier Group chairman Zhang Ruimin had said the issue would raise between US$100 million and $150 million. The aim of the restructuring is to enable foreign investors - in theory restricted to B shares - to have exposure in the mainlanders-only A-share market, sources said. 'That's the first of its kind by a B share,' a source said. The move will also skirt around Beijing's ban on mainland-based firms - either listed at home or abroad - from issuing more than one class of shares. The sources said the listing application was being reviewed by the China Securities Regulatory Commission, and they believed the mainland regulator would have 'no major objection' to the proposal. Sources said a promotional tour would begin next month in Hong Kong, Singapore and Europe, with the launching of the issue by the end of next month.