HAIER SMART HOME(SH:600690) Hua Er Jie Jian Wen·2025-10-21 13:11Core Viewpoint - The ongoing trend of companies considering Hong Kong listings continues, with Haier Smart Home contemplating the spin-off of its IoT platform, Kaos, for a potential listing in Hong Kong next year [1][3]. Group 1: Kaos Listing Plans - Kaos has been preparing for an A-share IPO for over a year, having engaged CICC as its sponsor and filed for guidance with the Shandong Securities Regulatory Bureau [2]. - Despite plans to complete IPO guidance by June this year, there has been no significant progress reported on the IPO [2]. - The potential shift from an A-share IPO to a Hong Kong listing appears logical given the current circumstances [3]. Group 2: Shareholding Structure - Technically, Kaos's listing cannot be strictly classified as a spin-off from Haier Smart Home, as Haier holds only a 9.7% stake, while the controlling shareholder is Haier Group through Haier Kaos Digital Technology Development Co., Ltd., which holds 49.11% [4]. Group 3: Market Reactions and Future Plans - Haier Group confirmed that Kaos's listing preparations are proceeding as planned, with no other significant developments to disclose at this time [5]. - The speculation regarding a potential integration between Kaos and Xinsida may be less likely with the recent focus on Kaos's Hong Kong listing [6]. - Haier acquired control of Xinsida earlier this year, which has expertise in industrial automation hardware, potentially enhancing Kaos's capabilities in hardware development [7]. Group 4: Independence and Management - There were earlier market speculations about a possible integration of Kaos with Xinsida if the A-share IPO faced challenges, but Haier Group emphasized that Kaos is currently adhering to independence requirements for IPO management and operations [8].