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.

Trending in China: Macau Eases Travel Restrictions but Will Covid-19 Tests Kill People’s Travel Bug?
Alibaba Subsidiary Cainiao Pushes Into Malaysia With Cross-Border Delivery Service
Trending in China: School Throws Away Students’ Food Deliveries To Force Use of Canteen
Chinese Electric Carmaker Li Auto Teams Up With U.S. Chipmaker Nvidia Recycling Operator Wanwu Xinsheng Nets Over $100m
HSBC Shares Fall to Lowest Since 2009 As Investors Fret About Financial Crimes Report
Huawei Cuts R&D Investment and Jobs in Australia Amid Tech War
Tencent’s Navigation App Plans to Add Taxi-Hailing Feature to Compete with Baidu Maps, Alibaba-Backed Amap Healthcare Unit Plans Hong Kong IPO
Hong Kong-Headquartered Plant-Based Food Producer Green Monday Closes $70 Million Funding Round
China-focused IDG Capital in Market For New $550m Venture Fund
Students at a Xi’an University Scream Over Quarantine Conditions
Industrial Drone-Maker Jouav Navigates Tech Tensions With IPO Plans
Trending in China: Reality TV Goes Viral for All the Wrong Reasons as Star Picks Endangered Flower
Can Baidu Make ‘Traffic Jams a Thing of The Past’ and Turn Finances Around?
Will Beijing’s Crackdown on E-Commerce Illegal Sales Save Yangtze River Wildlife?
China-focused Northern Light Looks to Raise $375m for New VC Fund
China Looks to Overhaul State Health Insurance System
Gree’s E-Commerce ‘New Retail Strategy’ Goes From Strength to Strength as $175m Worth of Products Sold in Single Event
Trending in China – Clothing Company Picks Fight With Shaolin Kung Fu Monastery
Gree to Invest $290 Million in Another Chipmaker

By Peng Yanfeng and Denise Jia / Nov 12, 2019 06:11 AM / Business & Tech

Photo: VCG

Photo: VCG

Chinese air conditioner giant Gree Electric Appliances Inc. is continuing to push forward its chipmaking ambition by investing 2 billion yuan ($290 million) in another domestic chipmaker.

Gree announced a plan to subscribe for a 4.76% stake in the private placement of San’an Optoelectronics Co. Ltd., China’s largest LED chips producer. The investment is Gree’s second chip investment this year, part of an ambitious plan to invest 50 billion yuan over three years to develop chips.

Shanghai-listed San’an Optoelectronics said it will issue as many as 816 million shares to raise as much as 7 billion yuan in the private placement. The company said it will use the proceeds for semiconductor research and industrialized projects, which will require a total of 13.8 billion yuan of investment.

Earlier this month, Gree bought a 12.33% stake in smartphone-maker Wingtech Technology Co. Ltd., to fund the company’s acquisition of a Dutch semiconductor manufacturer.

The Zhuhai-based home appliance maker has started using self-developed chips in some of its air conditioners, said Huang Hui, Gree’s executive president, at a shareholders meeting in June.

Contact reporter Denise Jia (

Share this article
Open WeChat and scan the QR code