(Yicai) Jan. 9 -- Shares of China International Capital dropped after home appliance giant Haier Group said it will reduce its shareholding in the country’s largest investment bank again following new acquisition plans for RAAS Blood Products.

CICC [SHA: 601995] closed down 1 percent down at CNY33.96 (USD5), after slumping by 5.9 percent yesterday following the stake cut announcement.

Haier’s investment platform will sell up to 96.5 million shares of CICC, or 2 percent of the total, on the Shanghai Stock Exchange via block trade in the next three months, the Beijing-headquartered financial services company announced recently. The Qingdao-based maker of white goods and consumer electronics owns 4.2 percent of CICC before the annoucement.

On Dec. 29, Haier said it would buy RAAS, which makes human albumin and immunoglobulin, for CNY12.5 billion (USD1.8 billion) from Spanish pharmaceutical group Grifols as part of its healthcare strategy. The home appliance manufacturer needs to raise money for the acquisition of the Shanghai-based producer of blood products by multiple means, industry insiders told Yicai.

The acquisition of RAAS can have a highly synergetic effect on Haier’s existing home appliance and medical refrigeration businesses, Lin Jiayi, chief executive of Xuanjia Information Technology, said to Yicai. Haier probably needs to sell other assets to raise money because of a high premium on the controlling stake.

Haier purchased nearly 8.3 percent of CICC before the latter was listed on the SSE in November 2020. It first said it would sell some shares in June 2022 and through three subsequent reductions it sold nearly 200 million units, earning around CNY8 billion (USD1.1 billion). After the fourth cut, the sum is likely to exceed CNY10 billion.

Haier has been investing in comprehensive healthcare services in recent years, Pan Jun, an investment manager at Cheese Fund, said to Yicai. After becoming RAAS' actual controller, it will use its experience and advantages in manufacturing and management to hike RAAS’ competitiveness, Pan added.

Editors: Tang Shihua, Emmi Laine