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Daily News

Haier to Make Hong Kong Unit its Flagship
May 27, 2005
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Chinese home appliance giant Haier Group is to transfer its white goods business to its Hong Kong-listed mobile phone maker and make that its flagship unit to increase its fundraising ability, the South China Morning Post reported.

The newspaper, quoting Haier Electronics executive director Cui Shaohua, said the move would "spur the globalization of Haier Group" as it would be easier for the group to tap international capital markets from Hong Kong.

Cui said that was necessary for it to become one of the world's top three white-goods makers.

Haier Group will transfer its entire 42-percent holding in Shanghai-listed white goods unit Qingdao Haier Refrigerator Co. Ltd. , said to be the world's fourth largest home appliance maker, to its 50.32 percent-owned Haier Electronics Group Co. Ltd., the newspaper said.

Haier officials were not immediately available for comment. (Reuters)

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