For financing, Haier was counting on promised bank loans of RMB 1.6 billion, but within a month of the land purchase, the Chinese central government tightened credit nationally in an effort to half real estate speculation. Finding no other option, Haier turned to China's nascent stock market, listing 43.7% of its Qingdao Haier refrigerator division on the Shanghai Stock Exchange in November 1993. The IOP, of A shared (limited to investors from mainland China) raised RMB 369 million. "It was the first time Haier had done such a risky thing,"recalled Zhang" If we had not been successful with our IPO, Haier would have disappeared." Hair electronic group Co., a subsidiary of Haier Group that manufactured and sold washing machines and water heaters, was later listed on the Hong Kong Stock Exchange in 2005. Overall, listed entities accounted for 60% of the book value of Haier's assets.