FRANKFURT (Reuters) - Shareholders of Chinese white goods maker Qingdao Haier Co Ltd (600690.SS) have backed plans to list on the regulated market of the Frankfurt Stock Exchange, becoming the first Chinese company to do so.
The Haier listing will kick off the D-share project - D is for Deutschland - on the infant China Europe International Exchange based in Frankfurt.
“The listing will improve Qingdao Haier’s current asset-liability ratio and financial strength,” the company said in a statement on Saturday.
It will also “lay a good foundation for sustained growth in earnings for all of Qingdao Haier’s shareholders and provide a convenient way for European and overseas investors to invest in the growth prospects of the company”.
CEINEX was set up with the blessing of Beijing and Berlin in 2015 and is mostly owned by Shanghai Stock Exchange (SSE) and Deutsche Boerse (DB1Gn.DE).
Qingdao Haier has said it plans to list up to 400 million D-shares in Frankfurt, which based on its Shanghai share price would be worth around $1.1 billion (797.97 million pounds).
Reporting by Douglas Busvine; Editing by Andrew Bolton