Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Forget About 5G, China Says. We’re Already Developing 6G
Alibaba Sued by Home Appliance Maker Over E-Commerce Marketing
WeChat Pay Eyes Foreign Visitors in Race with Alipay
Reporter’s Notebook: Alibaba’s Good Luck Symbols Pay Off on Double 11
Money-Losing Ping An Fintech Unicorn Preparing for U.S. IPO
Hong Kong Unrest Rains on’s Red Carpet
Internet Regulators Shut Down News Site for Defying Desist Order
Luckin Withdraws Lawsuit Against Starbucks As Sales Surge
Chinese Bitcoin-Mining Machine Company Canaan Slashes Its U.S. IPO
Alibaba CEO Strikes Hopeful Tone as E-Commerce Giant Prepares for Hong Kong IPO
WeWork’s China Challenger Eyes U.S. IPO Next Month
Chinese Podcast Startup Ximalaya Seeks $3.5 Billion Value
Weibo Reports 11.5% Drop in Third-Quarter Profit
China to Launch Vaccine-Tracing App Next Year: Report
Chinese Central Bank Denies Digital Currency Issuance Rumors
Chinese EV Maker Xpeng Secures $400 Million Series C Funding With Xiaomi Tie-up
China’s Starbucks Challenger Posts Piping Hot Third-Quarter Sales
Renowned Chinese Tech Veteran Harry Shum to Leave Microsoft
Two Billionaire Hikvision Directors Embroiled in Disclosure Investigation
Alibaba Eyes Nov. 26 Trading Debut for Hong Kong IPO
Vipshop Books Strong Q3 Earnings, But Investors Unimpressed
Embattled Electric Car-Maker Nio Hires Auto Analyst as New CFO
Tesla Gets Permit to Start Mass Production in China
Gree Electric Management May Buy 15% Stake From Zhuhai Government

By Peng Yanfeng, Wang Xiaoshan and Han Wei / Apr 09, 2019 05:58 AM / Business & Tech

Photo: VCG

Photo: VCG

The state-owned controlling shareholder of Gree Electric Appliances Inc. plans to sell a major portion of its holdings in a deal that could lead to an ownership shakeup in the Chinese appliance giant.

Zhuhai city government-backed Zhuhai Gree Group Co. Ltd., which holds 18.22% of the Shenzhen-listed company, will put 15% of Gree Electric up for sale, according to a regulatory filing Monday. The stake could be worth at least 41 billion yuan ($6.1 billion), based on the company’s market value. The deal will require approval from the state assets regulator.

A person close to Gree Electric told Caixin that company Chairwoman Dong Mingzhu and her management team have a “strong intention” to buy the stake. Dong holds 0.74% of Gree Electric as the 10th-largest shareholder.

The city government and Zhuhai Gree have been in talks with Dong on the potential stake sale since early 2018, the person said.

Gree Electric first unveiled the possible ownership change last week in a statement with the Shenzhen Stock Exchange. The company’s stock, which was suspended last Monday, will resume trading Tuesday.

Related: Ownership Shakeup Emerges for Gree Electric as Controlling Shareholder Seeks Sale

Share this article
Open WeChat and scan the QR code