Gree Electric Appliances Inc. of Zhuhaiis a Chinesehome appliancesmanufacturer headquartered inZhuhai,Guangdongprovince. It is the world's largest residentialair-conditionermanufacturer.[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 thebrand nameGree.The company has two joint-ventures withDaikin,Zhuhai Gree Daikin Device Co., Ltd.,andZhuhai Gree Daikin Precision Mold Co., Ltd.[4]
 | |
| Company type | Public |
|---|---|
| SZSE:000651 | |
| Industry | Home appliances |
| Founded | 1991 |
| Headquarters | , China |
Area served | Worldwide |
Key people | Dong Mingzhu(Chairwoman &President) |
| Products | Major appliances Small appliances |
| Revenue | $27.9 billion (2022)[1] |
| $3.7 billion (2022)[1] | |
| Total assets | $44.3 billion (2022)[1] |
| Website | www.gree.com |
| Footnotes / references [2] | |
| Gree Electric Appliances Inc. of Zhuhai | |||||||
|---|---|---|---|---|---|---|---|
| Traditional Chinese | Châu hải cách lực điện khí cổ phân hữu hạn công tư | ||||||
| Simplified Chinese | Châu hải cách lực điện khí cổ phân hữu hạn công tư | ||||||
| |||||||
History
editGree was established inZhuhai,Guangdong,in 1989 under its former name ofZhuhai City Haili Cooling Engineering Company Limited(Chinese:Châu hải thị hải lợi lãnh khí công trình cổ phân hữu hạn công tư). It was restructured and renamedGree Electric Appliances Inc. of Zhuhaiin 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 theShenzhen Stock Exchangein 1996.[5]The company grew 47% in 2008, despite theglobal 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
editGree makes air-conditioners of all types[7]and small household appliances.
Management
editGree Electric's Chairwoman isDong 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 byZhuhai Municipal People's Government(the local government ofZhuhai).
Shareholders
editGree Electric is a majoritystate-owned enterprise,primarily by the city of Zhuhai.[9]As of 31 December 2015, the largest shareholder of Gree Electric wasGree Group;it was followed byHebei 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 ofGree 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
editIn 2022, Gree Electric become one of theAFF Mitsubishi Electric Cup 2022,chosen byMitsubishi Electric,along withMaspion Holdings,Wuling Motors,Mercedes-Benz,Tiger Brokers andYanmar. Real Betis Balompié, known as Real Betis is sponsored by Gree
References
edit- ^abc"Gree Electric Appliances (000651.SZ) - Revenue".Forbes.
- ^abc"2015 Annual Report"(PDF).Gree Electric(in Chinese). Shenzhen Stock Exchange. 29 April 2016. Archived fromthe original(PDF)on 20 December 2016.Retrieved10 December2016.
- ^abcdBusinessweek.com. "[1]."Guangdong Visions: Forging China's Future.Retrieved on 2016-08-08.
- ^"Daikin Industries and Gree Electric Appliances Agree to Establish Joint Venture | News Release | Daikin Industries, Ltd".www.daikin.com.Archived fromthe originalon 2020-09-25.Retrieved2020-06-13.
- ^"Gree Electric Appliances Inc, of ZhuHai".Archived fromthe originalon 2017-07-27.Retrieved2008-11-21.
- ^"China Stocks: Air China, Chalco, Chengde Lolo, Gree Electric - Bloomberg".bloomberg.com.2011.Retrieved19 May2011.
- ^Brief IntroductionArchived2008-12-10 at theWayback MachineGree Official Site
- ^Bình luận: Đổng minh châu cổ quyền một hoạch đắc hựu đâu điệu liễu cách lực tập đoàn đổng sự trường(in Chinese)
- ^Li, David Daokui(2024).China's World View: Demystifying China to Prevent Global Conflict.New York, NY:W. W. Norton & Company.p. 118.ISBN978-0393292398.
- ^"2001 Annual Report"(PDF).Gree Electric(in Chinese). Shenzhen Stock Exchange. 15 March 2002. Archived fromthe original(PDF)on 20 December 2016.Retrieved10 December2016.