Shareholders approve Midea plans

GD Midea Holding Co Ltd, a Shenzhen-listed home appliance manufacturing company, gained approval from a majority of its shareholders on April 23 to integrate into the Midea Group and the group will list on the Shenzhen Stock Exchange during the year.

GD Midea Holding is a subsidiary of Midea Group. The integration will be completed through share exchange and shareholders will be granted 0.3582 shares in Midea Group for each share in GD Midea Holding Co Ltd. The issue price of Midea Group is 44.56 yuan ($7.13 ) per share.

Midea Group's overall listing plan is still waiting for approval from the China Security Regulatory Commission and is expected to be completed in second half of 2013.

Midea Group will become the largest A-share listing home appliance manufacturer in China in term of sales after the listing.

Midea Group recorded 102.7 billion yuan in sales in 2012, and projected 15 percent sales growth in the next three to five years. The net profit growth rate is expected to be higher than 15 percent.

Fang Hongbo, chairman of the board of Midea Group， said the company will continue to increase gross profit margins.