Haier eyes Shanghai for computer spin-off
Haier Group, the mainland's largest home-appliance maker, is seeking to spin off its computer division as early as 2009 and will probably choose a listing in Shanghai rather than Hong Kong, according to a report.
The Qingdao-based company yesterday declined to comment.
A spokesperson for Hong Kong-listed Haier Electronics Group also did not comment as the unit represents only the parent's washing-machine and water-heater businesses.
A senior manager with Haier Group said the company would spin off its computer business in 2009 or 2010 for a listing in the A-share market, according to a China Business News report yesterday.
The separate listing of the computer division, a venture between Haier Group and a Taiwanese partner, would not include assets of the group's television division, the manager was quoted as saying.
In 2003, Haier formed a US$20 million equal joint venture with Global Brands Manufacture, a Taiwanese printed circuit board maker that is a subsidiary of Pouchen Group, to make computers in Shanghai.
Haier in September last year also took a 51 per cent stake in a US$40 million joint venture with Global Brands to make computers in Shenzhen.
The Haier manager said the company would first spin off the Shenzhen venture then inject into it the Shanghai-based assets. The company would also build a global operations centre in Beijing to manage the computer business, the report said.
In May, mainland press said Haier was considering combining its computer and television businesses for an initial public offering in Hong Kong.
The company, the mainland's fourth-largest computer maker, sold 900,000 personal computers last year.
In May, Haier raised the sales target for this year to 1.6 million units and said it would tap into the corporate market and the server sector.
Haier unit Qingdao Haier is listed in Shanghai and handles the air-conditioner and refrigerator business.
