Caixin has a gripping story about the bidding process for the Zhuhai government’s stake in Gree Electric, the city’s biggest and most famous privately owned company. From a starting field of around 25 bidders, only two remain, as the air conditioner giant inches closer to a deal that has captured the market’s attention for months.
A Zhuhai-based private equity fund backed by Hillhouse Capital Group, and a consortium of two companies controlled by Hopu Investment Management Co. Ltd., both filed application materials and paid deposits ahead of a deadline on Monday, according to a Gree Electric Appliances Inc. statement (link in Chinese) to the Shenzhen Stock Exchange.
Both companies paid an eye-watering 6.3 billion yuan ($879 million) to be in the running to buy 15% of Gree Electric and become its largest shareholder.
Read the full story on Caixin.