Haier Smart Home named among China's top 10 most valuable home appliance companies
Haier Smart Home ranked third among China's top 10 most valuable home appliance companies, according to a list by the Hurun Research Institute on Oct 14.
It is the first time that the Hurun Research Institute has released the list, which includes private companies in Chinese mainland. The list was made based on the market value or valuation of companies.
The top 10 home appliance enterprises mainly focus on air conditioners, refrigerators, washing machines, soybean milk machines, range hoods, microwave ovens as well as sweeping robots.
Midea Group has become the most valuable home appliance company in China with a value of 510 billion yuan ($75.63 billion), followed by Gree with a value of 321 billion yuan.
Qingdao-based Haier Smart Home ranked third in China with a value of 186 billion yuan. Haier Smart Home, a listed subsidiary of Haier Group, controls the Hong Kong-listed subsidiary Haier Electrical Appliances.
The company recently acquired Fisher & Paykel in New Zealand, Candy in Italy and the appliances business of General Electric Co (GE).
The revenue of Haier Smart Home last year totaled 200.7 billion yuan. As of Sept 15, the company's market value totaled 186 billion yuan and is expected to further increase.
The total market value of the top three companies – Midea, Gree and Haier Smart Home –accounts for 80 percent of the total of the top ten, said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.
He said that the advent of 5G, Internet of Things and big data have led to huge development opportunities within the home appliance industry.