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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 grew overseas revenue by 1,247 per cent through three deals, while Asahi earned 551 per cent overseas more from eight deals from 2012 to 2021
- 22 Chinese companies included in the study saw overseas revenue surge 49 per cent to US$58 trillion in 2021, compared with four years earlier
For new-energy vehicles, China will ‘optimise purchase and usage policies’ to further tap the market and drive consumption, especially in rural areas, Li vows during his inspection tour in Shandong province.
The report underscores the role of Guangdong province as China’s manufacturing hub, where everything from high-tech gadgets to household appliances are made.
Mergers and acquisitions have more than doubled so far this quarter from the preceding three months, while concerns surrounding US-China economic decoupling could drive even more deals in the final months of 2020.
Hisense Group, one of China’s largest appliance manufacturers, is the latest company undergoing job cuts as the economic impact of the coronavirus pandemic continues.
Most smart TVs from leading brands show ads, including those from Samsung, LG, Vizio, Xiaomi, and Sharp
Haier Electronics plans new acquisitions to bolster its fast-growing logistics service business, after the company posted a 19 per cent year-on-year increase in first-half net profit.
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.
