Gree Electric Appliances Inc. of Zhuhai is a Chinese

major appliance A major appliance, also known as a large domestic appliance or large electric appliance or simply a large appliance, large domestic, or large electric, is a non-portable or semi-portable machine used for routine housekeeping tasks such as cookin ...

manufacturer headquartered in

Zhuhai Zhuhai (, ; Yale: ''Jyūhói''), also known as Chuhai is a prefecture-level city located on the west bank of Pearl River estuary on the central coast of southern Guangdong province, People's Republic of China, on the southeastern edge of P ...

Guangdong Guangdong (, ), alternatively romanized as Canton or Kwangtung, is a coastal province in South China on the north shore of the South China Sea. The capital of the province is Guangzhou. With a population of 126.01 million (as of 2020 ...

province. It is the world's largest residential

air-conditioner Air conditioning, often abbreviated as A/C or AC, is the process of removing heat from an enclosed space to achieve a more comfortable interior environment (sometimes referred to as 'comfort cooling') and in some cases also strictly controlling ...

manufacturer.Businessweek.com.

" ''Guangdong Visions: Forging China's Future.'' Retrieved on 2016-08-08. 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 A brand is a name, term, design, symbol or any other feature that distinguishes one seller's good or service from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create an ...

Gree. The company has two joint-ventures with

Daikin is a Japanese multinational air conditioning manufacturing company headquartered in Osaka. It has operations in Japan, China, Australia, the United States, India, Southeast Asia, Europe, the Middle East, Latin America, and Africa. Daikin is th ...

, ''Zhuhai Gree Daikin Device Co., Ltd.'', and ''Zhuhai Gree Daikin Precision Mold Co., Ltd.''

History

Gree was established in

, in 1989 under its former name of Zhuhai City Haili Cooling Engineering Company Limited (). 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. It was listed on the

Shenzhen Stock Exchange The Shenzhen Stock Exchange (SZSE; ) is a stock exchange based in the city of Shenzhen, in the People's Republic of China. It is one of three stock exchanges operating independently in Mainland China, the others being the Beijing Stock Exch ...

in 1996. The company grew 47% in 2008, despite the

global recession A global recession is recession that affects many countries around the world—that is, a period of global economic slowdown or declining economic output. Definitions The International Monetary Fund defines a global recession as "a decline i ...

, booking $23 billion in contract sales. The company is a multinational enterprise with 70,000 employees and annual production of 65.5 million units. In April 2011, Gree announced that first-quarter net income rose 47 percent from a year earlier to 934.7 million Yuan.

Products

Gree makes air-conditioners of all typesBrief Introduction
Gree Official Site and small household appliances.

Management

Gree Electric's Chairwoman is

Dong Mingzhu Dong Mingzhu (; born August 1954) is a Chinese businesswoman who serves as Chairwoman of Gree Electric. Early life Dong Mingzhu was born the youngest of seven children in a working-class family in Nanjing, capital of east China's Jiangsu prov ...

, or "Sister Dong" as she is known in China. She was appointed CEO in 2009. She joined the company in 1990. Dong was also the Chairwoman of its largest shareholder at the time, Gree Group, until November 2016. Gree Group was owned by

Zhuhai Municipal People's Government Zhuhai (, ; Yale: ''Jyūhói''), also known as Chuhai is a prefecture-level city located on the west bank of Pearl River estuary on the central coast of southern Guangdong province, People's Republic of China, on the southeastern edge of Pearl ...

(the local government of

Shareholders

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 Central Huijin Investment Co., Ltd. is a Chinese investment company owned by the government of the People's Republic of China. Established in 2003, it became a wholly owned subsidiary of China Investment Corporation, with its own Board of Dire ...

(for 1.40%).

UBS UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swi ...

(for 1.21%),

Foresea Life Insurance The China Evergrande Group is the second largest property developer in China by sales. It is ranked 122nd on the ''Fortune'' Global 500. It is incorporated in the Cayman Islands, a British Overseas Territory, and headquartered in the Houhai ...

(for 1.14%),

Yale University Yale University is a private research university in New Haven, Connecticut. Established in 1701 as the Collegiate School, it is the third-oldest institution of higher education in the United States and among the most prestigious in the w ...

(for 0.95%),

Hexie Health Insurance Anbang Insurance Group () was a Chinese holding company whose subsidiaries mainly deal with insurance, banking, and financial services based in Beijing. As of February 2017, the company had assets worth more than (US$301 billion). The ''Financi ...

(for 0.80%), chairwoman Dong Mingzhu (for 0.73%) and a private equity fund (for 0.71%). In 2001 Gree Group owned a 50.289% stake in Gree Electric. Gree Group was also the largest shareholder of

Gree Real Estate GREE (derived from an abbreviation of the "Six degrees of separation" concept) is a Japanese social networking service founded by Yoshikazu Tanaka and operated by GREE, Inc. GREE focuses primarily on mobile games and over ninety percent of its ...

() 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 that chosen by

Mitsubishi Electric , established on 15 January 1921, is a Japanese multinational electronics and electrical equipment manufacturing company headquartered in Tokyo, Japan. It is one of the core companies of Mitsubishi. The products from MELCO include elevators an ...

, along with Maspion Holdings,

Wuling Motors Liuzhou Wuling Automobile Industry Co., Ltd. (doing business as Wuling Motors; ) is a Chinese manufacturer of automobiles, officially established as a joint venture by Liuzhou Wuling Motors Co., Ltd. (shortened "Wuling Group") and Wuling Automobi ...

Mercedes-Benz Mercedes-Benz (), commonly referred to as Mercedes and sometimes as Benz, is a German luxury and commercial vehicle automotive brand established in 1926. Mercedes-Benz AG (a Mercedes-Benz Group subsidiary established in 2019) is headquarte ...

, Tiger Brokers and

Yanmar is a Japanese diesel engine, heavy machinery and agricultural machinery manufacturer founded in Osaka, Japan in 1912. Yanmar manufactures and sells engines used in a wide range of applications, including seagoing vessels, pleasure boats, cons ...

References

External links

* {{DEFAULTSORT:Gree Electric Companies in the CSI 100 Index Companies listed on the Shenzhen Stock Exchange Chinese companies established in 1989 Electronics companies established in 1989 Home appliance brands Companies based in Zhuhai Home appliance manufacturers of China Heating, ventilation, and air conditioning companies Chinese brands Privatization in China 1996 initial public offerings Multinational companies headquartered in China Electronics companies of China