Gree Group ushered in a new boss, and Dong Mingzhu is still active
Some time ago, Gree Group announced that Kang Hong served as Secretary of the Party Committee and Chairman of Gree Group. A lot of people say,"Dong Mingzhu is officially retiring", because the Gree Group has changed bosses.
But in fact, the Gree Group has changed hands, and Dong Mingzhu's influence has nothing to do with Dong Mingzhu, and she has not yet retired.
Dong Mingzhu is the chairman and president of Gree Electric Appliances and the head of Gree Electric Appliances.
On the other hand, Gree Electric is not the same as Gree Group. Gree Group is a company controlled by the Zhuhai SASAC, which is one of the shareholders of Gree Electric Appliances.
Before 2029, the Gree Group will actually have to listen to Gree's opinion, because Gree is the majority shareholder of the Gree Group. But after 2019, Gree Group transferred 15% of its stake to Gotham Capital.
Later, Gree Group slowly took the shares of Gree Electric Appliances, and currently Gree Group holds 347% of the shares, only the fourth largest shareholder, no control.
At the same time, because the equity of Gree Electric Appliances is also relatively dispersed, there are no shareholders or investors who can control the voting rights of listed companies, so Gree Electric Appliances has no controlling shareholders or actual controllers.
The chairman of Gree Electric Appliances is elected by the board of directors, and Gree Group has no right to interfere with the appointment and dismissal of Dong Mingzhu.
As a result, Gree Group changed hands, and Dong Mingzhu has nothing to do with Dong Mingzhu for the time being, and Dong Mingzhu will definitely not retire.
Seriously, although the performance of Gree Electric Appliances has not been strong in recent years, whether it is market performance or capital market, Midea has completely surpassed Gree.
Gree Electric Appliances currently has a market value of just over 280 billion, while Midea has a market capitalization of more than 420 billion, which is about 140 billion higher than Gree, which is equivalent to a 50% increase.
In 2019, Gree's revenue was roughly the same as Xiaomi's, both around 200 billion yuan.
But by 2023, Gree expects revenue to be between 205 billion and 210 billion yuan, while Xiaomi's revenue has reached about 200 billion yuan in the first three quarters and may be close to 300 billion yuan for the whole year.
In business, Xiaomi is involved in various home appliances, mobile phones, Internet of Things products, and now it has started to make cars again, and the gap with Gree has become bigger and bigger, so Dong Mingzhu really has to applaud, otherwise, if he continues to do this, he will really retire.