(Yicai Global) April 11 -- Chinese home appliance maker Qingdao Haier Co. [SHA:600690] reiterated yesterday that it plans to float an initial public offering on the D-share market in Germany but has still not confirmed that the listing will occur.
The intention is to issue up to 400 million D-shares on the Frankfurt-based China Europe International Exchange AG to raise up to USD1.2 billion to fund the company's future business development, said the home electronics maker headquartered in Qingdao in China’s eastern Shandong province. The appliance giant first expressed its plan to list in early February, as Yicai Global reported at the time. Listing on CEINEX will help the company tap into the European home device and retail markets, Haier said, adding that the firm will vote on this proposal at its first meeting this year, scheduled for April 27.
D-shares refer to shares issued in Frankfurt by leading Chinese manufacturing companies seeking overseas expansion, which may exercise their right of overallotment and issue up to 15 percent more shares for the underwriters’ discretionary purchase post-IPO.
China Europe International Exchange AG is a joint venture between The Shanghai Stock Exchange Ltd., China Financial Futures Exchange Co. and Deutsche Boerse AG. Haier is a leading Chinese home appliance manufacturer with a host of international brands including Haier and GE Appliances.