The new head of Zhuhai Gree Group Co., Ltd. has officially performed his duties. According to the information of official website Group, Kang Hong has officially become the Party Secretary and Chairman of Gree Group. According to public information, Kang Hong, male, born in Sichuan in 1976, previously served as deputy secretary general of Zhuhai Municipal People’s Government.
Gree Group, established in March 1985, is the first state-owned capital investment operation platform in Zhuhai, and its business covers industrial investment, construction investment, urban renewal, construction and installation, service operation and other fields. According to the data of official website, by the end of 2023, the total assets of Gree Group exceeded 113.2 billion yuan and the total owners’ equity exceeded 48.3 billion yuan.
Gree Group is the controlling shareholder of Gree Electric, a listed company. Since 2006, the group has continuously reduced its shareholding in Gree Electric. In 2019, Gree Group signed a Share Transfer Agreement with Zhuhai Mingjun, a subsidiary of Gaochun Capital, stipulating that Zhuhai Mingjun would receive 902 million shares of Gree Electric held by Gree Group at a price of 46.17 yuan per share (accounting for 15% of the total share capital of Gree Electric), with a total transfer price of 41.662 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 board of directors of Gree Electric. No shareholder or investor can actually control the voting rights of listed companies’ shares and decide to appoint more than half of the members of the company’s board of directors, that is, it cannot control the board of directors of listed companies. Therefore, after the transaction is completed, Gree Electric has no controlling shareholder and actual controller.
By the end of the third quarter of 2023, Gree Group held 3.44% of the shares in Gree Electric, making it the fourth largest shareholder of listed companies. By February 8, 2024, the total market value of Gree Electric was 203.5 billion yuan.
According to Gree Electric’s latest financial report, the revenue in the first three quarters of 2023 was 155 billion yuan, a year-on-year increase of 5.1%; The net profit was 20.1 billion yuan, a year-on-year increase of 9.77%; The net profit after deducting non-profit was 19.215 billion yuan, a year-on-year increase of 3.49%.
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