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Private Equity Firm Hopu May Buy Into $6 Billion Gree Stake Sale

By Qu Yunxu, Peng Yanfeng and Mo Yelin / Apr 10, 2019 06:04 PM / Business & Tech

Photo: VCG

Photo: VCG

Chinese private equity firm Hopu Investments may be hungry to buy up some of Gree Electric Appliances, as the state-owned controlling shareholder of the home appliance giant seeks to sell almost all of its stake in the firm, Caixin has learned.

Hopu intends to join hands with a financial investment institution in Macau to purchase the Gree stake, sources familiar with the matter told Caixin.

Earlier this week, Shenzhen-listed Gree Electric said its largest shareholder – Zhuhai city government-backed Zhuhai Gree Group – would put 15% out of 18.22% in Gree Electric up for sale in a deal that could be valued at over 41 billion yuan ($6.1 billion).

A person close to Gree Electric earlier told Caixin that company Chairwoman Dong Mingzhu and her management team were also interested in buying the stake. Dong holds 0.74% of Gree Electric as the 10th-largest shareholder.

Hopu is one of China’s top private equity firms, established in 2007 by Chinese investment banker Fang Fenglei, and former KPMG Chairman Dominic Ho.

Related: Gree Electric Management May Buy 15% Stake From Zhuhai Government

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