QINGDAO, China — Feb. 16, 2025 — Haier Group has acquired a 10% equity stake and 19.24% voting rights in Shanghai STEP Electric Corporation. The transaction makes Haier the indirect controlling shareholder of STEP. Additionally, Haier plans to subscribe to newly issued shares by STEP, bringing its total stake to 26.83% of the company’s post-issuance capital.
As a global leader in intelligent manufacturing, Haier remains committed to industrial innovation, prioritizing user-centric solutions and original technology. The company continues to expand across three strategic areas: smart home ecosystems, comprehensive health solutions, and the digital economy. In the digital sector, Haier’s COSMOPlat Industrial Internet platform leverages 40 years of expertise in intelligent manufacturing to drive mass customization and full-process user participation. The platform supports digital transformation across 15 industries, including home appliances, automotive, electronics, and chemicals, serving more than 160,000 enterprises worldwide.
Founded in 1995, STEP specializes in industrial automation, focusing on control algorithms and software. The company operates in three key segments: control and drive systems, robotics, and elevator control solutions. According to its 2024 semi-annual report, STEP ranks second globally in elevator controller shipments and fourth in Selective Compliance Assembly Robot Arm (SCARA) shipments. As one of China’s earliest robotics manufacturers, STEP has developed fully autonomous and proprietary control technology, securing its leadership in the industrial automation sector.
Industrial automation is a cornerstone of the Industrial Internet. Through this investment, Haier will integrate its global supply chain, digital marketing, lean management, and brand resources with STEP’s expertise, accelerating STEP’s market leadership. At the same time, Haier’s COSMOPlat platform, with its advanced capabilities in big data, connectivity, and AI-driven models, will enhance STEP’s automation solutions. Together, the two companies aim to deliver more comprehensive intelligent manufacturing solutions and drive Industry 4.0 adoption.
China’s Industrial Internet sector has entered a phase of high-quality growth and large-scale application. According to the China Industrial Internet Industry Economic Development Report (2024) by the China Federation of Industrial Economics, the core industry’s added value is projected to reach 1.53 trillion yuan in 2024, a 10.65% increase from the previous year. Haier’s strategic investment in STEP will further strengthen COSMOPlat’s position as a leader in the Industrial Internet ecosystem.
The transaction has completed internal approvals from the involved parties and is subject to customary closing conditions and regulatory approvals.
