Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

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.

TRENDING
Chinese Coffee Lovers Can Now Order Starbucks Through Alibaba’s Smart Speaker
Chinese Autonomous Truck Startup Raises $120 Million From UPS, Others
China to Release 10,000 Tons of Pork From Reserves Amid Short Supply
LATEST
World’s Highest Grid Project Takes Shape on ‘Roof of the World’
Battery Giant CATL in $1.4 Billion Fund-Raising Plan
Alibaba Recruits Big-Hitters for AI Research Labs
Zhejiang Regulators May Struggle to Implement Consumer Loan Rules
Is This Chinese Local Government Using a Journalist’s Trial to Quash Dissent?
ABB Bulks Up With Huawei on Industrial Cloud
China Biologic Receives $4.6 Billion Buyout Offer
Henlius Biotech Raises $410 Million in Hong Kong IPO
Mobile Game Revenue Steadily Recovering, Report Says
China’s Cybersecurity Industry Expected to Grow 23% to $8.9 Billion
Airbus to Launch On-Demand Helicopter Services in China’s Greater Bay Area
China Oil Giants Face Uncertainties After Saudi Attacks: Sources
Chinese Coffee Lovers Can Now Order Starbucks Through Alibaba’s Smart Speaker
Tencent, Xiaomi Discover Not All Buybacks Created Equal
Huawei Launches ‘World’s Fastest AI Training Cluster’
Huawei Executive Says U.S. Government Should Include Company in Trade Talks
China Spending on Planes and Services to Total $2 Trillion by 2038, Boeing Says
Chinese Autonomous Truck Startup Raises $120 Million From UPS, Others
China to Release 10,000 Tons of Pork From Reserves Amid Short Supply
Appliance Company’s Husband-and-Wife Executives Punished for Stock Price Manipulation
More Bidders Join the Race for $5.79 Billion Gree Stake

By Peng Yanfeng and Han Wei / May 23, 2019 03:00 AM / Business & Tech

Photo: VCG

Photo: VCG

A stake sale in home appliance giant Gree Electric Appliances is likely to turn into a heated competition.

One month after Gree Electric’s state-backed controlling shareholder Zhuhai Gree Group announced a plan to sell a 15% interest in the company, 25 potential bidders gathered Wednesday at Gree Electric’s headquarters in Zhuhai for a briefing on the deal.

Deep-pocketed investors including Singapore’s Temasek Holdings, Chinese private equity firm Hopu Investments, Hillhouse Capital Group and tech giant Baidu Inc. were among the participants.

The deal could amount to more than 40 billion yuan ($5.79 billion), based on Gree Electric’s current market value. In 2018, Gree Electric reported 198 billion yuan of revenue and 26 billion yuan of net profit.

Caixin learned earlier that Dong Mingzhu, Gree Electric’s powerful chairwoman, was also interested in buying the stake.

Gree Electrics said it is still studying detailed plans for the stake transfer, which will be subject to review by the state asset regulator.

Related: Exclusive: Private Equity Firm Hopu May Bid for Gree Stake


Share this article
Open WeChat and scan the QR code