Haier D-share offer breaks new ground

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Qingdao Haier, the first company to conduct an IPO in the D-share market, has opened a new chapter for Chinese companies’ ongoing efforts to go global, a legal expert says.

Linklaters advised Qingdao Haier, a global manufacturer of household appliances, on its IPO and listing on the D-share market of the Frankfurt-based China Europe International Stock Exchange (CEINEX). The listing marks the first IPO in the CEINEX D-Share Market. Haier was a Shanghai-listed A-share company since 1993, and so the deal also marked the first example of the “A+D” dual-listing model.

“The IPO listing of Qingdao Haier in the CEINEX D-share market is a milestone in the capital market in recent years,” Michael Ng, a partner at Linklaters Hong Kong, told Asia Business Law Journal. “It signals that Chinese companies, after decades of competition since the country’s opening up, have obtained a more mature and improved system for internal control and supervision.

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