What is the relationship between Gree Group and Gree Electric?

The full name of Gree Electric is Zhuhai Gree Electric Co., Ltd., a subsidiary of Gree Group.

Zhuhai Gree Electric Co., Ltd. was established in 199 1. It is an international household appliance enterprise integrating R&D, production, sales and service. It owns three brands: Gree, TOSOT and Jinghong, and mainly deals in household air conditioners, central air conditioners, air energy water heaters, mobile phones, household appliances, refrigerators and other products.

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Gree Group has been the controlling shareholder of Gree Electric since its establishment. In 2004, Zhu Jianghong, then chairman of Gree Electric, said that Gree Electric would introduce strategic investors instead of monopolizing state-owned shares. Since 2006, Gree Group has continuously reduced its shareholding in Gree Electric, from the initial absolute holding of 50.28% to the current 18.22%.

Gree Electric's third quarterly report of 20 18 shows that apart from Gree Group, the second largest shareholder among the top ten shareholders is Hebei Jinghai Guarantee Investment Co., Ltd., which is owned by the main distributor in Gree Electric and holds 8.9 1% in Gree Electric. The third to ninth shareholders are all institutional investors, and the largest shareholder of 10 is Dong Mingzhu, with a shareholding ratio of 0.74%.