Fridge Giant Haier Gets Cold Shoulder From German Investors
New German depositary receipts (GDRs) issued by appliance giant Qingdao Haier Co. Ltd. received a chilly reception from local investors ahead of a Wednesday trading debut when they will become the inaugural listing under a new program for Chinese companies in Germany.
Haier, one of China’s most successful global brands, priced its GDRs at 1.05 euros ($1.21) apiece, near the bottom of its previously announced range of 1 euro to 1.50 euros, according to a company announcement provided to Caixin by the China Europe International Exchange AG (CEIEX), which is hosting the listing. It raised about 278 million euros through the offer, or about half of the amount it had previously targeted.
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