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Haier was founded as Qingdao Refrigerator Co in 1984, although the company’s roots date back to the 1920s. It is the dominant whiteware manufacturer in China and has been expanding offshore. In 2005, Haier made a US$1.28 billion, or US$16 per share, bid for Maytag, which was ultimately bought by Whirlpool Corp for US$1.7 billion. In 2009, it bought 20 per cent of New Zealand whiteware firm Fisher & Paykel (F&P) at the height of the global financial crisis, and won control of F&P in October 2012.
Haier’s listing on the CEINEX, if went ahead, represents another significant step in China’s globalisation drive. Offshore yuan-denominated products will also be traded on the CEINEX
Shares in Haier Electronics rose as much as 15 per cent yesterday after its Goodaymart logistics arm agreed to sell a strategic 10 per cent stake to mainland e-commerce giant Alibaba for HK$1.86 billion, in yet another example of mainland appliance manufacturers and e-commerce operators reshaping the competitive landscape before an expected boom in online shopping.
Shares in Haier Electronics rose as much as 15 per cent yesterday after its Goodaymart logistics arm agreed to sell a strategic 10 per cent stake to mainland e-commerce giant Alibaba for HK$1.86 billion, in yet another example of mainland appliance manufacturers and e-commerce operators reshaping the competitive landscape before an expected boom in online shopping.