ChemChina to list German machinery unit in Shanghai
ChemChina will accomplish the listing by injecting KraussMaffei’s nearly 6 billion yuan ($910 million) of assets into ChemChina’s Shanghai-listed subsidiary, Qingdao Tianhua Institute of Chemistry Engineering Co. Ltd., according to statements from both KraussMaffei and Qingdao Tianhua.
The German machinery giant will make up around 85% of the listed company, said Frank Stieler, CEO of KraussMaffei.
Read more at Caixin Global (Coco Feng)