24 December 2020

King & Wood Mallesons advises HSH on privatization of Hong Kong-listed HEG and listing on HKEx by way of introduction

On 23 December 2020, Haier Smart Home Co., Ltd. (HSH, stock code: 600690.SH / 690D.DE / 6690.HK) was listed on the Main Board of The Stock Exchange of Hong Kong Limited (HKEx) by way of introduction and simultaneously completed the privatization of Haier Electric Group Co., Ltd. (HEG, stock code: 1169.HK) by way of a scheme of arrangement. HSH issued a total of 2,448,279,814 H shares with the stock code 6690.HK. This is the largest H-share privatization transaction in the history of the home appliance industry, the largest H-share privatization transaction of a Chinese company so far this year, and the largest H-share listing by introduction in history.

HSH (formerly known as "Qingdao Haier"), headquartered in Qingdao China, is a smart home ecological brand that provides customized better life solutions for global clients. The company is mainly engages in the research, development, production and sales of smart home scenario solutions and smart home appliances such as refrigerators/freezers, washing machines, air conditioners, water heaters, kitchen appliances, small home appliances. This is another major pioneering deal in the capital markets following HSH’s IPO and listing on the D-share market of China Europe International Exchange, creating an “A+D+H” triple listing model. After the completion of this listing, HSH will build a global capital platform synchronized with its global operation.

As the PRC legal counsel for HSH, King & Wood Mallesons (KWM) provided professional and efficient legal services throughout the deal, receiving recognition and appraisal from the client and other intermediary teams.

This deal was led by partners Zhang Yongliang, Song Yanyan, and Li Qiang, and supported by counsel Zhang Ruoran and other core team members.

Partner Zhang Yongliang said: "Congratulations to HSH for this significant deal. Over the recent decade, KWM has helped HSH to build its presence in the global capital markets. We feel honored to stay with HSH in its every step taken in China and abroad and witness the international and ecological growth of this national brand. Despite the impact of COVID-19 on cross-border transactions this year, by leveraging our unique international perspective, extensive experience in the global capital markets and digital office platform, our team proceeded with the deal, helping achieve the core business needs of the client at different stages while growing with it."

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