Gree Electric

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Not to be confused with GREE, Inc..
Gree Electric Appliances Inc. of Zhuhai
public
Traded as SZSE: 000651
Industry Electronics, Household appliances
Founded 1989
Headquarters Zhuhai, China
Area served
Worldwide
Key people

Dong Mingzhu (Chairwoman & President)
Products Major appliances, Small appliances
Owner Gree Group (18.22%)
Website www.gree.com.cn
Footnotes / references
[1]
Gree Electric Appliances Inc. of Zhuhai
Simplified Chinese 珠海格力电器股份有限公司
Traditional Chinese 珠海格力電器股份有限公司

Gree Electric Appliances Inc. of Zhuhai is a Chinese major appliance manufacturer headquartered in Zhuhai, Guangdong province. It is the world's largest residential air-conditioner manufacturer.[2] The Company offers two types of air conditioner: household air conditioners and commercial air conditioners. The Company also provides electric fans, water dispensers, heaters, rice cookers, air purifiers, water kettles, humidifiers and induction cookers, among others. The Company distributes its products within China’s domestic market and to overseas markets under the brand name of Gree.

History[edit]

Gree was established in Zhuhai, Guangdong in 1989 with its former name of Zhuhai City Haili Cooling Engineering Company Limited (Chinese: 珠海市海利冷气工程股份有限公司). It was restructured and renamed to Gree Electric Appliances Inc, of Zhuhai in 1994. The company started as a nameless factory with 200 employees and annual production of less than 20,000 units.[2]

It was listed on the Shenzhen Stock Exchange in 1996.[3] The company grew 46% in 2008, notwithstanding the global recession, booking $23 billion in contract sales.[2] The company is a multinational enterprise with 70,000 employees and annual production of 65.5 million units.[2] In April 2011, Gree announced first-quarter net income rose 46 percent from a year earlier to 934.7 million Yuan.[4]

Products[edit]

Gree makes air-conditioners of all types,[5] and small household appliances.

Management[edit]

Gree's Chairwoman is Dong Mingzhu--or "Sister Dong" as she is known in China.[1] She was appointed CEO in 2009.[citation needed] She joined the company in 1990.[citation needed] Dong was the chairwoman of the largest shareholder, Gree Group until November 2016.[6] Gree Group was a subsidiary of Zhuhai Municipal People's Government (the local government of Zhuhai).

Shareholders[edit]

As at 31 December 2015, The largest shareholder of Gree Electric was Gree Group, it was followed by Hebei Jinghai Investment Guarantee (for 8.91%), China Securities Finance (for 2.99%), Central Huijin Investment (for 1.40%). UBS (for 1.21%), Foresea Life Insurance (for 1.14%), Yale University (for 0.95%), Hexie Health Insurance (for 0.80%), chairwoman Dong Mingzhu (for 0.73%) and a private equity fund (for 0.71%).[1]

In 2001 Gree Group owned 50.289% stake of Gree Electric.[7] Gree Group was also the largest shareholder of Gree Real Estate (SSE: 600185) until 2015.

References[edit]

  1. ^ a b c "2015 Annual Report" (PDF). Gree Electric (in Chinese). Shenzhen Stock Exchange. 29 April 2016. Retrieved 10 December 2016. 
  2. ^ a b c d Businessweek.com. "[1]." Guangdong Visions: Forging China's Future. Retrieved on 2016-08-08.
  3. ^ Gree Electric Appliances Inc, of ZhuHai
  4. ^ "China Stocks: Air China, Chalco, Chengde Lolo, Gree Electric - Bloomberg". bloomberg.com. 2011. Retrieved 19 May 2011. 
  5. ^ Brief Introduction Gree Official Site
  6. ^ 评论:董明珠股权没获得又丢掉了格力集团董事长 (in Chinese)
  7. ^ "2001 Annual Report" (PDF). Gree Electric (in Chinese). Shenzhen Stock Exchange. 15 March 2002. Retrieved 10 December 2016. 

External links[edit]