Is ‘Iron Lady’ Dong Mingzhu’s Gree Electric facing an ownership shake-up? Air con giant plans partial stake transfer
- The ‘partial stake transfer’ could result in a change of the ownership structure in the country’s largest air conditioner manufacturer
- The government is the largest shareholder with an 18.22 per cent stake, while Dong is the biggest individual shareholder
Gree Electric Appliances, the air conditioner giant chaired by one of China’s best known and toughest businesswomen, said its state-owned controlling shareholder was planning a “partial stake transfer”, which could result in a change of the ownership structure.
Gree Electric is controlled by the Zhuhai city government, which owns 100 per cent of the Gree Group. Gree Group was the biggest shareholder of Gree Electric with an 18.22 per cent stake as of the end of September.
The company’s biggest individual shareholder and 10th overall is chairwoman Dong Mingzhu, known throughout China for her steely resolve and feared by business rivals. Sometimes referred to as the Iron Lady and well known for her outspoken remarks, she is famed for her inspiring rise through the company’s ranks to become the boss in 2001.
Hebei-based Jinghai Guarantee Investment, owned by Gree Electric’s major distributors, is the second largest stakeholder, with 8.91 per cent.
Other major shareholders include institutional investors like China Securities Finance, Qian Hai Life Insurance, state investment firm Central Huijin Investment, China Life Insurance, and the National Council for Social Security Fund.
