Gree Group

Zhuhai Gree Group Co., Ltd. is a Chinese state-owned enterprise based in Zhuhai, Guangdong Province. The enterprise was owned and supervised by the State-owned Assets Supervision and Administration Commission (SASAC) of Zhuhai local government.

Zhuhai Gree Group Co., Ltd.
FormerlyZhuhai Gree Group Corporation
Typestate-owned enterprise
IndustryConglomerate
Founded
  • 28 March 1985 (1985-03-28) (predecessor)[1]
  • 15 December 1990 (1990-12-15) (as Gree Group)
FounderZhuhai Government
Headquarters
Zhuhai
,
China
Key people
Zhou Lewei (Chairman & Party Committee Secretary)
ServicesAirline (via joint venture)
Revenue CN¥202.194 billion (2018)
CN¥004.543 billion (2018)
Total assets CN¥261.436 billion (2018)
Total equity CN¥023.773 billion (2018)
OwnerZhuhai Government (100%)
ParentZhuhai SASAC
Chinese name
Simplified Chinese珠海格力集团有限公司
Traditional Chinese珠海格力集團有限公司
Literal meaningZhuhai Gree Group Limited Company
Chinese short name
Simplified Chinese格力集团
Traditional Chinese格力集團
Websitegree.cn
Footnotes / references
in a consolidated financial statement, in Chinese Accounting Standards[2]

Gree Group was the parent company of publicly traded companies Gree Electric and Gree Real Estate before they were transferred in the late 2010s.

History

Gree Group was an investment vehicle of Zhuhai local government, which Gree Electric and Gree Real Estate were the notable assets of the company. However, in the past, multiple managers of the company was arrested for corruption.[3][4]

The stake of Gree Real Estate that held by the group was transferred to another entity of Zhuhai Municipal People's Government in mid-2015 (along with others assets, such as a management company of Zhuhai checkpoint of Hong Kong–Zhuhai–Macau Bridge).[5] As at 31 December 2015, Gree Group owned just 18.22% stake of Gree Electric,[6] but able to control their board of directors by nominating them for election. Gree Group and Gree Electric also shared the same chairwoman Dong Mingzhu until November 2016. She was replaced by Zhou Lewei (周乐伟). Zhou also became the Party Committee Secretary of the group, replacing Meng Xiangkai (孟祥凯).[7]

In December 2019, the group sold 15% shares of Gree Electric to a private equity fund for CN¥41.7 billion, only retaining 3.22%. The private equity fund became the largest shareholder of Gree Electric.[8]

Subsidiaries

current

former

Joint ventures

former

  • Zhuhai Airlines[9]

References
  1. 珠海格力集团有限公司1985年——2003年大事记 (in Chinese). Gree Group. Retrieved 26 December 2016.
  2. 2018 nián nián dù bào gào 2018年年度报告 [2018 Annual Report] (PDF) (Report) (in Chinese). Gree Group. 2019. Retrieved 15 December 2019 – via East Money.
  3. 格力集团两副总被刑拘　股价昨跌4.58个百分点. 北京娱乐信报 (in Chinese). Beijing. 19 August 2004. Retrieved 29 April 2018 – via People's Daily website.
  4. 格力集团一高管再入牢狱　格力电器仍是国企身. 第一财经日报 (in Chinese). Shanghai. 28 December 2004. Retrieved 29 April 2018 – via People's Daily website.
  5. 珠海格力集团有限公司关于出资人拟无偿划转资产及转让部分股权事项后续进展情况的公告 [News update regarding shareholder transferring some assets of our company] (in Chinese). Gree Group. 22 May 2015. Retrieved 25 December 2016 – via Shanghai Clearing House website.
  6. "2015 Nián nián dù bào gào" 2015年年度报告 [2015 Annual Report] (PDF) (in Chinese). Gree Electric. 29 April 2016. Archived from the original (PDF) on 20 December 2016. Retrieved 10 December 2016 – via Shenzhen Stock Exchange.
  7. 珠海格力集团有限公司关于董事、董事长、法定代表人及党委委员、书记变更的提示性公告 [Announcement on changes in director, chairman, legal representative, member and secretary of party committee of our company] (Press release) (in Chinese). Gree Group. 2 December 2016. Retrieved 25 December 2016 – via Shanghai Clearing House website.
  8. 牛广文 (3 December 2019). 珠海明骏签署股份转让协议 格力开启国企混改现代化治理新局面. 产经频道. people.com.cn (in Chinese). Retrieved 15 December 2019.
  9. "Gé lì diàn qì zēng fā gǒng gù lóng tóu dì wèi" 格力电器　增发巩固龙头地位 [Gree Electric issues new shares in order to strengthen its leading role]. China Securities Journal (in Chinese). Xinhua News Agency. 5 November 2007. Retrieved 29 April 2018 – via People's Daily website.
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