Haier brings white goods operations under Shanghai umbrella

White goods maker Haier is consolidating its home appliance business by integrating its two subsidiaries listed in Shanghai and Hong Kong, said company executives yesterday.

Shanghai-listed Qingdao Haier Co Ltd is planning to buy a 31.93 percent stake in Haier Electronic Group Co Ltd from its parent Haier Group, to increase its holdings in the Hong Kong-listed company to 51.31 percent.

Both the companies are yet to formalize the arrangement, but a preliminary agreement has been reached, Qingdao Haier said in a statement.