Gree Electric

Source: Wikipedia, the free encyclopedia.
Not to be confused with
GREE, Inc.
.
Gree Electric Appliances Inc. of Zhuhai
Revenue$27.9 billion (2022)[1]
$3.7 billion (2022)[1]
Total assets$44.3 billion (2022)[1]
Websitewww.gree.com
Footnotes / references
[2]
Gree Electric Appliances Inc. of Zhuhai
Hanyu Pinyin
Zhūhǎi Gélì diànqì gǔfèn yǒuxiàn gōngsī
Store in Nanchang.

Gree Electric Appliances Inc. of Zhuhai is a Chinese

brand name Gree. The company has two joint-ventures with Daikin, Zhuhai Gree Daikin Device Co., Ltd., and Zhuhai Gree Daikin Precision Mold Co., Ltd.[4]

History

Gree was established in Zhuhai, Guangdong, in 1989 under its former name of Zhuhai City Haili Cooling Engineering Company Limited (Chinese: 珠海市海利冷气工程股份有限公司). It was restructured and renamed Gree Electric Appliances Inc. of Zhuhai in 1994. The company started as a nameless factory with 200 employees and annual production of less than 20,000 units.[3]

It was listed on the

global recession, booking $23 billion in contract sales.[3] The company is a multinational enterprise with 70,000 employees and annual production of 65.5 million units.[3] In April 2011, Gree announced that first-quarter net income rose 47 percent from a year earlier to 934.7 million Yuan.[6]

Products

Gree makes air-conditioners of all types[7] and small household appliances.

Management

Gree Electric's Chairwoman is Dong Mingzhu, or "Sister Dong" as she is known in China.[2] She was appointed CEO in 2009.[citation needed] She joined the company in 1990.[citation needed] Dong was also the Chairwoman of its largest shareholder at the time, Gree Group, until November 2016.[8] Gree Group was owned by Zhuhai Municipal People's Government (the local government of Zhuhai).

Shareholders

Gree Electric is a majority

Hexie Health Insurance (for 0.80%), chairwoman Dong Mingzhu (for 0.73%) and a private equity fund (for 0.71%).[2]

In 2001 Gree Group owned a 50.289% stake in Gree Electric.[10] Gree Group was also the largest shareholder of Gree Real Estate (SSE: 600185) until 2015.

In December 2019, Gree Group sold most of the stake they owned in Gree Electric, to a private equity fund.

Sponsorships

In 2022, Gree Electric become one of the AFF Mitsubishi Electric Cup 2022, chosen by Mitsubishi Electric, along with Maspion Holdings, Wuling Motors, Mercedes-Benz, Tiger Brokers and Yanmar.

References

  1. ^ a b c "Gree Electric Appliances (000651.SZ) - Revenue". Forbes.
  2. ^ a b c "2015 Annual Report" (PDF). Gree Electric (in Chinese). Shenzhen Stock Exchange. 29 April 2016. Archived from the original (PDF) on 20 December 2016. Retrieved 10 December 2016.
  3. ^ a b c d Businessweek.com. "[1]." Guangdong Visions: Forging China's Future. Retrieved on 2016-08-08.
  4. ^ "Daikin Industries and Gree Electric Appliances Agree to Establish Joint Venture | News Release | Daikin Industries, Ltd". www.daikin.com. Archived from the original on 2020-09-25. Retrieved 2020-06-13.
  5. ^ "Gree Electric Appliances Inc, of ZhuHai". Archived from the original on 2017-07-27. Retrieved 2008-11-21.
  6. ^ "China Stocks: Air China, Chalco, Chengde Lolo, Gree Electric - Bloomberg". bloomberg.com. 2011. Retrieved 19 May 2011.
  7. ^ Brief Introduction Archived 2008-12-10 at the Wayback Machine Gree Official Site
  8. ^ 评论：董明珠股权没获得又丢掉了格力集团董事长 (in Chinese)
  9. ISBN 978-0393292398
    .
  10. ^ "2001 Annual Report" (PDF). Gree Electric (in Chinese). Shenzhen Stock Exchange. 15 March 2002. Archived from the original (PDF) on 20 December 2016. Retrieved 10 December 2016.

External links

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