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Gree Electric

Not to be confused with GREE, Inc..
Gree Electric Appliances Inc. of Zhuhai
Company typePublic
SZSE: 000651
IndustryHome appliances
Founded1991; 33 years ago (1991)
Headquarters
Zhuhai, Guangdong
,
China
Area served
Worldwide
Key people
Dong Mingzhu (Chairwoman & President)
ProductsMajor appliances
Small appliances
Revenue$27.9 billion (2022)[1]
$3.7 billion (2022)[1]
Total assets$44.3 billion (2022)[1]
Websitewww.gree.com
Footnotes / references
[2]
Gree Electric Appliances Inc. of Zhuhai
Traditional Chinese珠海格力電器股份有限公司
Simplified Chinese珠海格力电器股份有限公司
Transcriptions
Standard Mandarin
Hanyu PinyinZhūhǎi Gélì diànqì gǔfèn yǒuxiàn gōngsī
Store in Nanchang.

Gree Electric Appliances Inc. of Zhuhai is a Chinese home appliances manufacturer headquartered in Zhuhai, Guangdong province. It is the world's largest residential air-conditioner manufacturer.[3] The company offers two types of air conditioners: household air conditioners and commercial air conditioners. The company also produces electric fans, water dispensers, heaters, rice cookers, air purifiers, water kettles, humidifiers and induction cookers, among other products. It distributes its products in China and abroad under the brand name Gree. The company has two joint-ventures with Daikin, Zhuhai Gree Daikin Device Co., Ltd., and Zhuhai Gree Daikin Precision Mold Co., Ltd.[4]

History

Gree was established in Zhuhai, Guangdong, in 1989 under 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 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.[3]

It was listed on the Shenzhen Stock Exchange in 1996.[5] The company grew 47% in 2008, despite the global recession, booking $23 billion in contract sales.[3] The company is a multinational enterprise with 70,000 employees and annual production of 65.5 million units.[3] In April 2011, Gree announced that first-quarter net income rose 47 percent from a year earlier to 934.7 million Yuan.[6]

Products

Gree makes air-conditioners of all types[7] and small household appliances.

Management

Gree Electric's Chairwoman is Dong Mingzhu, or "Sister Dong" as she is known in China.[2] She was appointed CEO in 2009.[citation needed] She joined the company in 1990.[citation needed] Dong was also the Chairwoman of its largest shareholder at the time, Gree Group, until November 2016.[8] Gree Group was owned by Zhuhai Municipal People's Government (the local government of Zhuhai).

Shareholders

Gree Electric is a majority state-owned enterprise, primarily by the city of Zhuhai.[9] As of 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%).[2]

In 2001 Gree Group owned a 50.289% stake in Gree Electric.[10] Gree Group was also the largest shareholder of Gree Real Estate (SSE: 600185) until 2015.

In December 2019, Gree Group sold most of the stake they owned in Gree Electric, to a private equity fund.

Sponsorships

In 2022, Gree Electric become one of the AFF Mitsubishi Electric Cup 2022, chosen by Mitsubishi Electric, along with Maspion Holdings, Wuling Motors, Mercedes-Benz, Tiger Brokers and Yanmar.

References

  1. ^ a b c "Gree Electric Appliances (000651.SZ) - Revenue". Forbes.
  2. ^ a b c "2015 Annual Report" (PDF). Gree Electric (in Chinese). Shenzhen Stock Exchange. 29 April 2016. Archived from the original (PDF) on 20 December 2016. Retrieved 10 December 2016.
  3. ^ a b c d Businessweek.com. "[1]." Guangdong Visions: Forging China's Future. Retrieved on 2016-08-08.
  4. ^ "Daikin Industries and Gree Electric Appliances Agree to Establish Joint Venture | News Release | Daikin Industries, Ltd". www.daikin.com. Archived from the original on 2020-09-25. Retrieved 2020-06-13.
  5. ^ "Gree Electric Appliances Inc, of ZhuHai". Archived from the original on 2017-07-27. Retrieved 2008-11-21.
  6. ^ "China Stocks: Air China, Chalco, Chengde Lolo, Gree Electric - Bloomberg". bloomberg.com. 2011. Retrieved 19 May 2011.
  7. ^ Brief Introduction Archived 2008-12-10 at the Wayback Machine Gree Official Site
  8. ^ 评论：董明珠股权没获得又丢掉了格力集团董事长 (in Chinese)
  9. ^ Li, David Daokui (2024). China's World View: Demystifying China to Prevent Global Conflict. New York, NY: W. W. Norton & Company. p. 118. ISBN 978-0393292398.
  10. ^ "2001 Annual Report" (PDF). Gree Electric (in Chinese). Shenzhen Stock Exchange. 15 March 2002. Archived from the original (PDF) on 20 December 2016. Retrieved 10 December 2016.
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