9 , ▁Ha ier ▁Sm art ▁Home ▁ranked ▁ 4 4 8 ▁on ▁Fort une ' s ▁Global ▁ 5 0 0 ▁list ▁with ▁a ▁re venue ▁of ▁$ 2 7 . 7 ▁billion . ▁ ▁Ha ier ▁Group ▁also ▁consisted ▁of ▁two ▁listed ▁subs idi aries ▁in ▁three ▁ex changes : ▁Ha ier ▁Sm art ▁Home ▁( ; ▁ex - Q ing da o ▁Ha ier ▁Co ., ▁Ltd , ▁), ▁Ha ier ▁Electron ics ▁Group ▁Co ., ▁Ltd . ▁( ), ▁and ▁" D - share " ▁listing ▁of ▁Ha ier ▁Sm art ▁Home ▁in ▁China ▁Europe ▁International ▁Exchange ▁of ▁Frankfurt . ▁ ▁History ▁▁ ▁The ▁orig ins ▁of ▁Ha ier ▁date ▁back ▁long ▁before ▁the ▁actual ▁found ing ▁of ▁the ▁company . ▁In ▁the ▁ 1 9 2 0 s , ▁a ▁re fr iger ator ▁factory ▁was ▁built ▁in ▁Q ing da o ▁to ▁supply ▁the ▁Chinese ▁market . ▁After ▁the ▁ 1 9 4 9 ▁establishment ▁of ▁the ▁People ' s ▁Republic ▁of ▁China , ▁the ▁factory ▁was ▁then ▁taken ▁over ▁and ▁turned ▁into ▁a ▁state - owned ▁enter prise . ▁ ▁By ▁the ▁ 1 9 8 0 s , ▁the ▁factory ▁had ▁deb t ▁of ▁over ▁C N Y ▁ ¥ 1 . 4 ▁million ▁and ▁suffered ▁from ▁dil ap id ated ▁infrastr ucture , ▁poor ▁management , ▁and ▁lack ▁of ▁quality ▁controls , ▁resulting ▁from ▁the ▁planned ▁economic ▁system ▁and ▁relevant ▁policies . ▁Production ▁had ▁slow ed , ▁rarely ▁sur pass ing ▁ 8 0