Former Gree Group Chairman Zhou Lewei Caught in Anti-Graft Sweep
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A widening anti-corruption campaign in southern China has ensnared the former head of one of the region’s most prominent state-owned enterprises, following a period of aggressive, debt-fueled expansion and a landmark asset sale.
Zhou Lewei, former chairman of Zhuhai Gree Group Co. Ltd. and current Communist Party chief of the Zhuhai Economic and Technological Development Zone, has turned himself in to authorities. He is under disciplinary review and supervisory investigation for suspected serious violations of discipline and law, according to a Tuesday official statement.
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- Zhou Lewei, ex-chairman of Zhuhai Gree Group, surrendered for disciplinary probe amid Zhuhai anti-corruption campaign.
- Gree Group sold 15% Gree Electric stake for 41.6B yuan (2019), invested in 63 funds (131.48B yuan scale), debt rose to 67.15B yuan by Mar 2025.
- Probes linked to Guo Yonghang, Li Wenji, Li Congshan; 2025 reforms reversed Gree expansion.
- Zhuhai Gree Group Co. Ltd.
- Zhuhai Gree Group Co. Ltd., a key Zhuhai SOE, expanded aggressively under ex-chairman Zhou Lewei (2016-Feb 2024). Sold 15% Gree Electric stake for 41.6B yuan in 2019, pivoting to investments: 63 funds (131.48B yuan scale) and 7.15B direct by Mar 2025. Debt surged to 67.15B yuan amid negative cash flow. Assets absorbed by new Zhuhai Technology Industry Group in 2025 reforms. Zhou under investigation.
- Gree Electric Appliances
- Gree Electric Appliances is the flagship listed unit of Zhuhai Gree Group, accounting for most of the group's revenue and profits. In 2019, Gree Group sold a 15% stake to a Hillhouse Capital-led consortium for 41.6 billion yuan ($6.1B), reducing its stake to 3.22% and shifting to a financial investor role.
- Hillhouse Capital
- In 2019, Gree Group sold a 15% stake in Gree Electric to a consortium led by Hillhouse Capital for 41.6 billion yuan ($6.1 billion), reducing Gree Group's stake to 3.22%.
- China Chengxin International
- China Chengxin International issued a 2025 credit report stating that by March 2025, Gree Group had invested in 63 funds with a combined scale of 131.48 billion yuan and paid-in capital of 21.32 billion yuan.
- Zhuhai Technology Industry Group
- Zhuhai Technology Industry Group, newly established in 2025 with 50 billion yuan registered capital, absorbed over 55.66 billion yuan of Gree Group’s fund stakes, equity assets, and industrial parks. This reversed Gree’s debt-fueled expansion amid Zhuhai’s state-owned asset reforms.
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