Gree energy: Gree Electric boss Dong Mingzhu is finding
time amid the bidding war for her company’s shares held by the city government
to chair another joint-venture, this one involved in new-energy industries.
Read more on Yicai Global.
Keep calm and Carrie on: Hong Kong CE Carrie Lam welcomed
more than 5,000 delegates to the city’s Belt and Road Initiative Forum today,
saying the “Hong Kong spirit” will overcome the current turmoil. This followed
an evening of protesters singing their own anthem in shopping malls and soccer
fans booing the national anthem. Read the SCMP’s wrap.
No more panic: China must stay alert to the possibility of a
severe market disruption in case the trade war deteriorates further, as a
repeat of the 2015 sell-off will shatter the confidence of international
investors, Jessie Pak, managing director for Asia at FTSE Russell, tells the SCMP.
Gree Electric Appliances, the air conditioner giant chaired by one of China’s best-known female business leaders, has been approved to go completely private. The company said in an announcement this week that the State-owned Assets Supervision and Administration Commission has agreed in principle for the city government to transfer most of its stake in the company through a public tender.
Continue reading Gree gets nod to sell Zhuhai govt stake
Gree Electric boss Dong Mingzhu has clearly never seen a challenge she didn’t relish. Despite doubts about her plans to self-develop microchips for the Zhuhai-based home-appliance giant, she is pushing ahead with a RMB50 billion (US$7.3 billion) investment project over the next three years.
The company told Caixin Global it has already started using self-developed chips in some of its air conditioners, and it plans to have them installed in all of them by the end of the year. This is less of a gamble and more of a prudent diversification strategy than it might at first appear. Gree is currently spending RMB4 billion a year on microchip purchases. Developing its own chips is clearly a response to the U.S. attack on ZTE and Huawei.
Investors in the Shenzhen-listed company (SHE: 000651) appear to be of two minds about Gree’s plan, bouncing the stock up and down over the past month. However, since the start of the year, it has made a robust 57% return. Read more.
Zhuhai-based home appliance giant Gree Electric is expanding its presence in the automotive industry, supplying air conditioner systems for Geely Auto and FAW-Volkswagen, according to Securities Daily.
Geely is using Gree’s air conditioning system in all of its planned plants, employee dormitories, and other areas that require air conditioning. Besides Geely, Gree is cooperating with many Chinese auto firms like FAW-Volkswagen and Dongfeng Honda. The company is expanding quickly into the field with electrical and appliance manufacturing. Given the stated ambitions of its high-profile chairperson, Dong Mingzhu, no one should be surprised to see Gree launching its own electric cars in the future. She has tried to buy her way in, but could not acquire Zhuhai’s leading new energy vehicle company, Yinlong, three years ago.
Read more (in Chinese).