White goods maker Haier is consolidating its home appliance business by integrating its two subsidiaries listed in Shanghai and Hong Kong, said company executives yesterday.

Shanghai-listed Qingdao Haier Co Ltd is planning to buy a 31.93 percent stake in Haier Electronic Group Co Ltd from its parent Haier Group, to increase its holdings in the Hong Kong-listed company to 51.31 percent.

Both the companies are yet to formalize the arrangement, but a preliminary agreement has been reached, Qingdao Haier said in a statement.