On the evening of December 18, Qingdao Haier announced that it intends to increase its investment in Haier US Appliance Solutions, Inc. ("US Solutions"), a wholly foreign-owned subsidiary, through its subsidiaries, with a capital increase of 500 million U.S. dollars. Holding 100% shares of US Solutions. After this capital increase, the Company holds the proportion of its indirect shareholdings unchanged.
As of the date of this announcement, the basic information for Haier US Appliance Solutions, Inc. is as follows:
According to the announcement, US Solutions has total assets of RMB 45,949.3 million and net assets of RMB 130.3292 billion and net profit of RMB 474.55 million as of December 31, 2016 (the above financial data have been audited and the Company has completed the audit in June 2016 On the 7th, the United States General Electric Appliances business (hereinafter referred to as 'GEA') into the consolidated statements, US Solutions to undertake the GEA US business).
Qingdao Haier said in a statement that the company intends to increase the capital of US Solutions through the replenishment of funds by Haier (Hong Kong) Co., Ltd. to repay part of the principal and interest of foreign-currency loans of the Company due to the acquisition of GEA in 2016 so as to optimize corporate financing Structure, reduce corporate financing costs, and further support US Solutions production and operation activities to speed up the release of GEA synergies.