German plastics processing machinery maker KraussMaffei Group is expected to list on the Shanghai Stock Exchange before the end of the year, according to a Sunday‘s report of the German magazine Euro am Sonntag.
If listed, it will be the first German company traded on China's equity market.
China National Chemical Corp (ChemChina) acquired KraussMaffei from Canada's Onex Group for 925 million euros (1.01 billion US dollars) in 2016.
ChemChina will integrate KraussMaffei into its listed unit of Qingdao Tianhua Institute of Chemistry Engineering Company Limited. The transaction is subject to approval by Chinese securities regulator.
According to the listed company's Thursday release, the China Securities Regulatory Commission (CSRC) has reviewed its request for issuing new shares to buy assets and asked the company to submit an explanation letter in 30 days.
The company release did not specify what the asset is, but it is highly likely to be the equity interest of KraussMaffei.
KraussMaffei's business would make up roughly 85 percent of the listed company, according to KraussMaffei CEO Frank Stieler. It reported sales of approximately 1.3 billion euros in fiscal 2016 and has more than 5,000 employees.
