 | |
| Company type | Public |
|---|---|
| SZSE:000651 CSI A100 | |
| Industry | Home appliances |
| Founded | 1991; 35 years ago (1991) |
| Headquarters | , China |
Area served | Worldwide |
Key people | Dong Mingzhu (Chairwoman &President) |
| Products | Major appliances Small appliances |
| Revenue | $27.9 billion (2022)[1] |
| $3.7 billion (2022)[1] | |
| Total assets | $44.3 billion (2022)[1] |
| Website | global greecomfort |
| Footnotes / references [2] | |
| Gree Electric Appliances Inc. of Zhuhai | |||||||
|---|---|---|---|---|---|---|---|
| Traditional Chinese | 珠海格力電器股份有限公司 | ||||||
| Simplified Chinese | 珠海格力电器股份有限公司 | ||||||
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GREE Electric Appliances Inc. of Zhuhai, branded asGREE, is a Chinesehome appliances manufacturer headquartered inZhuhai,Guangdong province. It is the world's largestair-conditioner manufacturer.[3] 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 thebrand nameGREE. The company has two joint-ventures withDaikin,Zhuhai GREE Daikin Device Co., Ltd., andZhuhai GREE Daikin Precision Mold Co., Ltd.[4]
GREE was established inZhuhai,Guangdong, in 1989 under its former name ofZhuhai City Haili Cooling Engineering Company Limited (Chinese:珠海市海利冷气工程股份有限公司). It was restructured and renamedGREE 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.[3]
It was listed on theShenzhen Stock Exchange in 1996.[5] The company grew 47% in 2008, despite the2008 financial crisis, booking $23 billion in contract sales.[3] The company is a multinational enterprise with 70,000 employees and annual production of 65.5 million units.[3] In April 2011, GREE announced that first-quarter net income rose 47 percent from a year earlier to 934.7 million Yuan.[6]
GREE makes air-conditioners of all types[7] and small household appliances. Between 2015 and 2021, Gree Electric also introduced severalmobile phone models.[8][9]
GREE Electric's Chairwoman isDong Mingzhu, or "Sister Dong" as she is known in China.[2] She was appointed CEO in 2009.[citation needed] She joined the company in 1990.[citation needed] Dong was also the Chairwoman of its largest shareholder at the time,GREE Group, until November 2016.[10] GREE Group was owned byZhuhai Municipal People's Government (the local government ofZhuhai).
GREE Electric is a majoritystate-owned enterprise, primarily by the city of Zhuhai.[11] As of 31 December 2015, the largest shareholder of GREE Electric wasGREE Group; it was followed byHebei Jinghai Investment Guarantee (for 8.91%),China Securities Finance (for 2.99%),Central Huijin Investment (for 1.40%).UBS (for 1.21%),Foresea Life Insurance (for 1.14%),Yale University (for 0.95%),Hexie Health Insurance (for 0.80%), chairwoman Dong Mingzhu (for 0.73%) and a private equity fund (for 0.71%).[2]
In 2001 GREE Group owned a 50.289% stake in GREE Electric.[12] GREE Group was also the largest shareholder ofGREE Real Estate (SSE:600185) until 2015.
In December 2019, GREE Group sold most of the stake they owned in GREE Electric, to a private equity fund.
In 2022, GREE Electric become one of theAFF Mitsubishi Electric Cup 2022, chosen byMitsubishi Electric, along withMaspion Holdings,Wuling Motors,Mercedes-Benz, Tiger Brokers andYanmar.Real Betis Balompié, known as Real Betis is sponsored by GREE.
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