Haier Consolidates Control Over New Times Technology
Haier Smart Home Co Ltd has made a strategic move to further solidify its control over New Times Technology Co Ltd, with the latter’s shares now held by Haier’s subsidiary, Qingdao Haier Kao’s Industrial Intelligent Co Ltd. This development marks a significant milestone in Haier’s efforts to consolidate its position as the actual controller of New Times Technology.
The company’s plans to increase its stake in New Times Technology through a stock issuance are currently being reviewed by the Shenzhen Stock Exchange. This move is expected to further strengthen Haier’s grip on the company, positioning it for future growth and expansion.
Regulatory Challenges for Haier’s Consumer Finance Arm
However, Haier’s consumer finance arm, Haier Consumer Finance Co Ltd, has faced regulatory penalties and consumer complaints in recent times. The company has been fined a total of 230 million yuan for violating consumer finance regulations, including allegations of high interest rates and unfair fees.
As a result, Haier Consumer Finance Co Ltd’s former CEO has been suspended for two years, a move aimed at addressing the company’s governance and compliance issues. This development serves as a reminder of the importance of regulatory compliance in the consumer finance sector.
Key Takeaways
- Haier Smart Home Co Ltd has consolidated its control over New Times Technology Co Ltd through its subsidiary, Qingdao Haier Kao’s Industrial Intelligent Co Ltd.
- The company plans to increase its stake in New Times Technology through a stock issuance, currently being reviewed by the Shenzhen Stock Exchange.
- Haier Consumer Finance Co Ltd has faced regulatory penalties and consumer complaints, including allegations of high interest rates and unfair fees.
- The company’s former CEO has been suspended for two years, a move aimed at addressing governance and compliance issues.