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Qingdao Haier Co.,Ltd.: Announcement on the Progress of Entrusted Wealth Management by Using Idle Raised Funds

Mittwoch, 13.02.2019 21:00

DGAP-News: Qingdao Haier Co.,Ltd. / Key word(s): Miscellaneous Qingdao Haier Co.,Ltd.: Announcement on the Progress of Entrusted Wealth Management by Using Idle Raised Funds 13.02.2019 / 20:55 The issuer is solely responsible for the content of this announcement.


Announcement on the Progress of Entrusted Wealth Management by Using Idle Raised Funds

Qingdao / Shanghai / Frankfurt, February 12, 2019 - Qingdao Haier Co., Ltd. (ISIN CNE1000031C, "Qingdao Haier" or the "Company") published a mandatory announcement in accordance with applicable trading rules of Shanghai Stock Exchange / applicable PRC laws in relation to the Progress of Entrusted Wealth Management by Using Idle Raised Funds. Important Highlights:

- Trustee of the entrusted wealth management: Bank of China Limited Qingdao Branch and China Construction Bank Corporation Qingdao Haier Road Sub-branch

- Amount of the entrusted wealth management: RMB1,499,995,078

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- Type of the entrusted wealth investment: principal-guaranteed wealth management

- Term of the entrusted wealth management: 12 months, within which the funds can be recycled​

I. Overview of Entrusted Wealth Management

(i)Basic information on entrusted wealth management In order to further increase the efficiency of the utilization of the Company's funds, and reasonably utilize the temporary idle raised funds to increase the revenue of the Company, Qingdao Haier Co., Ltd. (hereinafter referred to as the "Company" or "Qingdao Haier") has signed the Master Agreement on the Wealth Management Products of Instutitional Customers of Bank of China Limited with Bank of China Limited Qingdao Branch (hereinafter referred to as BOC Qingdao Branch) on 30 January 2019 on the condition that the normal implementation of the investment project financed by raised funds will not be affected,with the amount of entrusted wealth management totaling RMB1,390,000,000. The Client Agreements on the Wealth Management Products of Bank of China Limited has been signed with China Construction Bank Corporation Qingdao Haier Road Sub-branch (hereinafter referred to as CCB Haier Road Sub-branch) on 12 February 2019, with the amount of entrusted wealth management totaling RMB105,000,000. The abovementioned entrusted wealth management does not constitute a related party transaction. (ii)Approval procedures to be performed within the Company On 24 January 2019, the Company held the 26th Meeting of the Ninth Session of the Board of Directors and the 22th Meeting of the Ninth Session of the Supervisory Committee, which considered and approved the Proposal on the Use of Idle Raised Funds for Cash Management, and it is agreed that the Company shall use of idle raised funds of no more than RMB1,500,000,000 for cash management to purchase principal-guaranteed wealth management products with high security and liquidity as well as a term of no more than 12 months; the term of the current cash management is valid for 12 months from the date of consideration and approval at the 26th Meeting of the Ninth Session of the Board of Directors; during the aforementioned period, the above funds may be recycled. More information is detailed in the Announcement of Qingdao Haier Co., Ltd. in relation to the Use of Idle Raised Funds for Cash Management (No.: L2019-009) disclosed on 25 January 2019.​

II. Basic Information on Parties of the Entrusted Wealth Management Agreement

The counterparty of the Company's purchase of wealth management products is BOC Qingdao Branch and CCB Haier Road Sub-branch. Except the loan business,the counterparty does not have any other relationships with the Company and its subsidiaries.

III. Main Contents of Entrusted Wealth Management During the period from 29 January 2019 to 12 February 2019, the Company signed the Client Agreements on the Wealth Management Products with BOC Qingdao Branch and CCB Haier Road Sub-branch, respectively, the main contents of the Agreements are as follows:

(i) General information The source of funds for entrusted wealth management is the idle raised funds of the Company, which does not exceed the amount approved by the Company's Board of Directors. The value date of BOC certificates of deposits product is 29 January 2019, and the expected annualized yield ratio of the wealth management product is 2.8%-3%. The value date of BOC principal-guaranteed wealth management is 30 January 2019 and 1 February 2019, and the expected annualized yield ratio of the wealth management product is 4.05%-4.15%. The value date of CCB principal-guaranteed wealth management is 13 February 2019, and the expected annualized yield ratio of the wealth management product is 2.1%-3.5% (the bank may adjust according to market conditions, subject to the public information on the CCB's website at that time). The yield of the above-mentioned product has deducted sales transaction fees, custody fees and other related expenses, and the expected yield (refer to annualized yield ratio) is higher than banks' deposit interest rate in the same period; there is no performance guarantee for the wealth management product invested, and it is principal-guaranteed wealth management products investment.

(ii) Description of product

Principal Trustee Product Type of wealth management Amount of entrusted wealth management (RMB) Value date Expiry date Expected annualized yield ratio
Qingdao Haier Co., Ltd. Bank of China Limited Qingdao Branch Certificates of deposits Certificates of deposits 37,418,078 29 January 2019 On demand 2.80%-3%
Qingdao Haier Co., Ltd. Bank of China Limited Qingdao Branch BOC principal-guaranteed wealth management- RMB On Schedule Open Wealth Management Product Principal-guaranteed wealth management 76,551,000 30 January 2019 6 May 2019 4.05%
Qingdao Haier Co., Ltd. Bank of China Limited Qingdao Branch BOC principal-guaranteed wealth management-RMB On Schedule Open Wealth Management Product Principal-guaranteed wealth management 597,656,000 30 January 2019 2 August 2019 4.15%
Qingdao Haier Co., Ltd. Bank of China Limited Qingdao Branch BOC principal-guaranteed wealth management-RMB On Schedule Open Wealth Management Product Principal-guaranteed wealth management 683,170,000 1 February 2019 7 August 2019 4.15%
Qingdao Haier Co., Ltd. China Construction Bank Corporation Qingdao Haier Road Sub-branch Qianyuan-zhouzhouli open principal-guaranteed wealth management Principal-guaranteed wealth management 105,200,000 13 February 2019 On demand 2.1%-3.5%

(iii) Sensitivity analysis With regard to the Company's use of idle raised funds for entrusted wealth management, under the premise of complying with national laws and regulations and ensuring that the normal operation and capital needs of the Company is not affected, the Company and its subsidiaries use idle raised funds to purchase wealth management products for proper wealth management, which can improve the efficiency of fund use, obtain certain return on investment, and gain more investment returns for the Company's shareholders. (iv) Risk control analysis The Company and its subsidiaries have adopted the following risk control measures for idle raised funds for entrusted wealth management: 1. The Company and its subsidiaries strictly screen investment targets, and select products issued by institutions with good reputation, large scale, ability to guarantee the security of the fund, sound operational efficiency and strong capital operation capability. 2. The Company and its subsidiaries will analyze and track changes in the net value of the product in real time. If risk factors that may affect the safety of funds are identified in the evaluation, corresponding measures will be taken in time to control the investment risks. 3. The independent directors and Supervisory Committee have the right to supervise and inspect the use of funds, and may engage professional institutions for auditing when necessary. 4. The Company will fulfill its information disclosure obligations in a timely manner in accordance with the relevant provisions of the Rules Governing the Listing of Stocks on Shanghai Stock Exchange.

(v) Opinions of the Independent Directors For the proposed use of idle raised funds for cash management, the independent directors of the Company has clearly agreed that the decision-making process for the use of idle raised funds for cash management is in compliance with the provisions of the Rules Governing the Listing of Stocks on Shanghai Stock Exchange, the Measures for the Management of Raised Funds of Listed Companies on the Shanghai Stock Exchange, the Supervisory Guidelines No. 2 for Listed Companies-Supervisory Requirements for Management and Use of Raised Funds of Listed Companies of the China Securities Regulatory Commission and other regulations. Under the premise of ensuring the normal operation of the Company, the security of the raised funds and the normal implementation of the investment project financed by the raised funds, the purchase of principal-guaranteed wealth management products with high liquidity and safety and a term of no more than 12 months by using idle funds can improve the utilization efficiency of idle funds of the Company, increase the investment returns of the Company, and conforms to the interests of the Company and the shareholders as a whole without jeopardizing the interests of the Company and its shareholders. It is agreed that the Company shall use the idle raise funds of no more than RMB1,500,000,000 for investment and wealth management. More information is detailed in the Announcement of Qingdao Haier Co., Ltd. in relation to the Use of Idle Raised Funds for Cash Management (No.: L2019-009) disclosed on 25 January 2019.

IV. Accumulated Amount of the Company's Entrusted Wealth Management as of the Date of the Announcement As of the date of disclosure of the announcement, the accumulated amount of the Company's use of idle raised funds for entrusted wealth management is RMB1,499,995,078.

 

It is hereby notified the above.

The Board of Directors of Qingdao Haier Co., Ltd. 13 February 2019 IR contact: Yao Sun (Sophie) - Qingdao Haier Germany T: +49 6172 9454 143 F: +49 6172 9454 42143 M: +49 160 9469 3601 Email: y.sun@haier.de


13.02.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de


Language: English
Company: Qingdao Haier Co.,Ltd.
Haier Industrial Park, Laoshan District
266101 Qingdao
China
Phone: +86 532 8893 1670
E-mail: finance@haier.com
Internet: www.haier.net
ISIN: CNE1000031C1
WKN: A2JM2W, 690D
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
 
End of News DGAP News Service

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