On 24 October 2018, King & Wood Mallesons (“KWM”) advised Qingdao Haier Inc. (“Qingdao Haier”, SSE: SH600690, CEINEX: 690D) on its IPO and listing on the D-Share Market of China Europe International Exchange (“CEINEX”). In its global offering, Qingdao Haier issued 265 million shares (before exercising over-allotment) at a price of EUR 1.05 per share. Qingdao Haier is the first Chinese public company to directly float its shares on Frankfurt Stock Exchange. It’s also the first Chinese public company to trade and raise capital on a European exchange, creating the “A+D” dual-listing model.
Qingdao Haier, the world’s leading manufacturer of home appliance, was listed on the Shanghai Stock Exchange in 1993. This offshore listing in Frankfurt is an important step for Qingdao Haier’s globalization. With access to both Chinese and European capital markets, Qingdao Haier would benefit from diversified funding channels, optimized capital structure, enlarged investor base and enhanced international branding. It will also provide support to its business strategy and global presence, thus has far-reaching significance for Qingdao Haier.
In this transaction, KWM acted as legal counsel to Qingdao Haier and provided professional and efficient legal services throughout the IPO, winning full recognition and high praise from the client and other intermediaries. The KWM China team was led by partners Zhang Yongliang, Zhao Xiaohong, Song Yanyan, Wang Ningyuan, and assisted by associates Zhang Ruoran, Jiang Luming, Miao Yuqian, Wu Jingze, Tang Yiwen, Li Shenglan, Li Ruojin, Yang Bo and Zhu Xiao; the KWM Germany team was led by partner Rudolf Haas, and assisted by associate Li Xia.
Partners Xu Ping (the second lady from left ) and Rudolf Haas (the fourth gentleman from left ) presented IPO at the Stock Exchange
Partner Zhang Yongliang noted, “We are honored to have completed this landmark ‘A+D’ debut for Qingdao Haier. Leveraging our extensive onshore and offshore experience and global resources in corporate securities and capital markets, KWM can provide innovative legal solutions and assist Chinese enterprises to explore new offshore financing models and capitalize opportunities around the world. ”