The new head of Zhuhai Gree Group has officially assumed his duties. According to the information on the group's official website, Kang Hong has officially served as the secretary of the Party committee and chairman of Gree Group. According to public information, Kang Hong, male, born in 1976, from Sichuan, was the former deputy secretary-general of the Zhuhai Municipal People's Government.
Founded in March 1985, Gree Group is the first state-owned capital investment and operation platform in Zhuhai, and its business covers industrial investment, construction investment, urban renewal, construction installation, service operation and other fields. According to the official website, as of the end of 2023, the total assets of Gree Group exceeded 113.2 billion yuan and the total owner's equity exceeded 48.3 billion yuan.
Gree Group is the controlling shareholder of Gree Electric Appliances, a listed company, and since 2006, the Group has continuously reduced its shareholding in Gree Electric Appliances. In 2019, Gree Group signed the Share Transfer Agreement with Zhuhai Mingjun, a subsidiary of Hillhouse Capital, stipulating that Zhuhai Mingjun will pay 4617 yuan per share of ** to acquire 90.2 billion shares (accounting for 15% of the total share capital of Gree Electric Appliances), with a total transfer price of 4166.2 billion yuan.
After this transaction, Zhuhai Mingjun has the right to nominate three directors of Gree Electric, which cannot reach more than half of the number of directors of Gree Electric. No shareholder or investor can actually control the voting rights of the shares of the listed company to determine the election of more than half of the members of the board of directors of the company, that is, it cannot control the board of directors of the listed company. Therefore, after the completion of the transaction, Gree Electric is in the absence of a controlling shareholder and actual controller.
As of the end of the third quarter of 2023, Gree Group held 344%, is the fourth largest shareholder of the listed company. As of February 8, 2024, the total market value of Gree Electric is 203.5 billion yuan.
According to the latest financial report of Gree Electric Appliances, the revenue in the first three quarters of 2023 will be 155 billion yuan, a year-on-year increase of 51%；net profit was 20.1 billion yuan, a year-on-year increase of 977%；The net profit after deducting non-profits was 1921.5 billion yuan, a year-on-year increase of 349%。