Qingdao Haier announces price range of D-Share listing on Frankfurt Stock Exchange at EUR 1.00 to EUR 1.50

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DGAP-News: Qingdao Haier Co.,Ltd. / Key word(s): IPO

12.10.2018 / 02:50
The issuer is solely responsible for the content of this announcement.


Not for distribution, directly or indirectly, in the United States, Australia, Canada or Japan.

 

Qingdao Haier announces price range of D-Share listing on Frankfurt Stock Exchange at EUR 1.00 to EUR 1.50

 

- Qingdao Haier intends to use the proceeds from the sale of the D-Shares to promote the Haier brand and to support the growth of the Company's business internationally with a focus on Europe.

- The Company also intends to use some of the proceeds to fund the planned EUR 475 million acquisition of Candy S.p.A., a European household appliance manufacturer.

- Price range of EUR 1.00 to EUR 1.50 per D-Share share.

- The Company is offering 265 million new shares (excluding the over-allotment option), and an additional potential over-allotment of up to 39.75 million new shares.

- The Company expects the offer period to begin on 15 October 2018, subject to regulatory approval, and end on 18 October 2018.

- The final offer price of the D-Shares (the 'Offer Price') is expected to be communicated on 18 October 2018.

- The shares are expected to start trading on 24 October 2018.

- The Company has secured cornerstone orders from (i) Silk Road Fund Co. Ltd. in the size of 55 million shares at the Offer Price, (ii) Camry Investment S.à r.l., a subsidiary of SINO-CEE Investment S.à r.l, for an aggregate maximum purchase price of EUR 60 million and (iii) Rechi Precision Co. Ltd. for an aggregate maximum purchase price of EUR 20 million.

- The company's D-Shares will be denominated in Euro.

- Holders of D-Shares will have full dividend entitlement for the financial year beginning on 1 January 2018.The Prospectus will be available on the company website under www.haier.net following its approval by the German Financial Supervisory Authority (BaFin), which is expected to occur on or around 12 October 2018.

Qingdao / Shanghai, 12 October 2018 - Qingdao Haier Co., Ltd. (SHA: 600690, 'Qingdao Haier' or 'the Company'), a Chinese household appliance producer that ranks as the No.1 major household appliances company in the world by retail volume[1] and is already listed in Shanghai (A-Shares), today announced the price range for the offering and related listing of D-Shares on the Frankfurt Stock Exchange.

The D-shares will be offered at Euro 1.00 to Euro 1.50 per share.

Qingdao Haier plans to list its D-Shares on the China Europe International Exchange AG D-Share Market (the 'CEINEX D-Share Market') through admission to trading on the regulated market segment of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) and, simultaneously, on the sub-segment of the regulated market with additional post-admission obligations (Prime Standard).

The Company expects the offer period to begin around Monday, 15 October 2018 and end on Thursday, 18 October 2018, subject to regulatory approval. The Company is offering 265 million new shares (excluding the over-allotment option), and an additional potential over-allotment of up to 39.75 million shares.

Trading in the shares is expected to commence on Wednesday, 24 October 2018. The company's D-Shares will be denominated in Euro.

A European capital markets listing is an important part of Qingdao Haier's globalisation strategy. By having a presence in Germany via a listing of D-Shares, Qingdao Haier intends to draw on capital markets to diversify its funding sources, optimise its capital structure and expand its investor base. Qingdao Haier also expects to leverage the D-Share listing to promote global recognition of its brand and to support the further expansion of its global footprint, including in the European home appliances market.

In 2017 and the first half of 2018, Qingdao Haier generated overseas revenues totalling RMB 67.4 billion and RMB 35.8 billion respectively, accounting for 42% and 40% of its total revenues respectively. Qingdao Haier intends to use its proceeds from the sale of the D-Shares to promote the Haier brand and to support the growth of the Company's business internationally with a focus on Europe. In particular, the Company intends to use some of the proceeds to part-fund the planned acquisition of Candy, for the expansion of production capacity for smart appliances, as well as for the expansion of marketing channels in order to promote brand recognition with a focus on Europe. Another part of the proceeds is intended to be used on research and development, particularly in Europe. Any excess proceeds, or proceeds not used in line with the above estimates, will be used for general corporate purposes.

The Company has secured cornerstone orders from (i) Silk Road Fund Co. Ltd. in the size of 55 million shares at the offer price, (ii) Camry Investment S.à r.l, a subsidiary of SINO-CEE Investment S.à r.l, for an aggregate maximum purchase price of EUR 60 million and (iii) Rechi Precision Co. Ltd. for an aggregate maximum purchase price of EUR 20 million.

The D-Shares will have full dividend entitlement for the financial year beginning on 1 January 2018.

Deutsche Bank AG is acting as Sole Global Coordinator and Joint Bookrunner. UBS Limited, J.P. Morgan Securities plc and China International Capital Corporation Hong Kong Securities Limited are acting as Joint Bookrunners. Baader Bank Aktiengesellschaft, Banca IMI, BOCI Asia Limited, CLSA Limited, Essence International Securities (Hong Kong) Limited, Haitong Bank S.A., Hauck & Aufhäuser Privatbankiers AG, ICBC International Securities, ING Bank N.V. and Shenwan Hongyuan Securities (H.K.) Limited are acting as Co-Lead Managers.

The Prospectus in connection with the offering of the D-Shares will be available on the company website under www.haier.net following its approval by the German Financial Supervisory Authority (BaFin), which is expected to occur on or around 12 October 2018.

________________
[1] According to retail sales statistics on the major appliances by Euromonitor, Haier had a global market share of 13.3% in terms of retail volume in 2017, making it the top selling household appliances company in the world for the seventh consecutive year.
 

About Qingdao Haier Co., Ltd. (SSE: 600690):

Qingdao Haier is a leading global household appliance manufacturer with a focus on smart home and mass customisation solutions for consumers. Qingdao Haier designs, manufactures and sells a wide range of household appliances including refrigerators, freezers, washing machines, air-conditioners, water heaters, kitchen appliances and small household appliances under a global portfolio of leading household appliance brands including Haier, GE Appliances, Fisher & Paykel, AQUA, Casarte and Leader. In addition, Qingdao Haier operates a logistics business focused on the distribution of large format items across China. As the leading smart home solutions provider, Qingdao Haier has developed three platforms; U+ Smart Life (a cloud-based provider of integrated smart home solutions), COSMOPlat (a customer-oriented industrial internet platform that allows for mass customisation) and Shunguang (a platform that facilitates the integration of Haier's online, offline and micro-store businesses and promotes user interaction to further enhance the user experience).

Qingdao Haier has been the top selling major household appliances company in the world in terms of total global retail volume for seven consecutive years from 2011 to 2017, with a global market share of 13.3% in terms of retail sales volume in 2017, according to Euromonitor. According to the same source, Qingdao Haier was also the top seller in refrigeration appliances, home laundry appliances and interconnected air-conditioners in terms of global retail volume in 2017.


Investor relations contact:

Yao Sun (Sophie)
Qingdao Haier Germany
M: +49 160 9469 3601
Email: y.sun@haier.de


Media contact:

David Stürken
Maitland / AMO
T: +44 (0) 207 379 5151
M: +44 (0) 7990 595 913
Email: dsturken@maitland.co.uk


Not for distribution, directly or indirectly, in the United States, Australia, Canada or Japan.

These materials are not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada or Japan. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States, Australia, Canada or Japan. The securities mentioned herein have not been, and will not be, registered under the US Securities Act of 1933, as amended (the 'Securities Act').

The securities may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of the securities in the United States.

This communication is only being distributed to and is only directed at (i) persons who are outside the European Economic Area or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as 'relevant persons'). The Securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

This publication constitutes neither an offer to sell nor a solicitation to buy securities. The offer will be made solely by means of, and on the basis of, a securities prospectus which is to be published. An investment decision regarding the publicly offered securities of Qingdao Haier Co., Ltd. should only be made on the basis of the securities prospectus. The securities prospectus will be published promptly upon approval by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and will be available free of charge from Qingdao Haier Co., Ltd., Hewlett-Packard-Str. 4. 61352 Bad Homburg, Germany and on www.haier.net.
This document is not a prospectus for the purposes of Directive 2003/71/EC, as amended by Directive 2010/73/EU (the 'Prospectus Directive'), but an advertisement and as such does not constitute an offer to sell or the solicitation of an offer to purchase shares of Qingdao Haier Co., Ltd. Investors should not subscribe for any shares referred to in this document except on the basis of the information contained in the prospectus relating to the shares.

In any EEA Member State other than Germany and Luxembourg that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at 'qualified investors' in that Member State within the meaning of Article 2(1)(e) of the Prospectus Directive.

MiFID II

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ('MiFID II'); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the 'MiFID II Product Governance Requirements'), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any 'manufacturer' (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the 'Target Market Assessment'). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares may decline and investors could lose all or part of their investment; the shares offer no guaranteed income and no capital protection; and an investment in the shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the offering.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares and determining appropriate distribution channels.



12.10.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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