On the evening news of December 15, Gree Electric Appliance issued a notice again, which pointed out that Gree Group had received the reply of Zhuhai Municipal People's Government on Approving the transfer of 15% shares of Zhuhai Gree Electric Appliance Co., Ltd. held by Zhuhai Gree Group Co., Ltd. and signing the share transfer agreement issued by the state owned assets supervision and Administration Commission of Zhuhai Municipal People's Government on December 13, 2019《 Reply on agreeing to transfer 15% shares of Gree appliances held by Gree Group and signing the share transfer agreement.
Prior to this, Gree Electric said that Gree Group and Zhuhai Mingjun have officially signed the share transfer agreement between Zhuhai Gree Group Co., Ltd. and Zhuhai Mingjun investment partnership (limited partnership) on 15% shares of Zhuhai Gree Electric Co., Ltd. (hereinafter referred to as the "share transfer agreement"). However, according to the process, after both parties sign the relevant agreement, the approval or confirmation of the relevant competent department is still required. Therefore, the announcement also means that the equity transfer agreement signed by Gree Group and Zhuhai Mingjun has come into force, and the eight month mixed reform transaction has come to an end.
On December 3, after Gree Electric announced that the controlling shareholder Gree Group and the ultimate transferee Zhuhai Mingjun had signed the share transfer agreement, Wang Jingdong, director and vice president of Gree Electric, said: "Gree welcomes the participation of Hillhead capital, which is a milestone event in the development history of Gree Electric. Hillhouse capital is not new to Gree Electric appliances. In the past ten years with Hillhouse capital, we found that as a specialized and market-oriented investment institution, Hillhouse capital has long-term research and in-depth insight into home appliances and advanced manufacturing industries. Hillhouse capital can participate in the mixed reform. In the long run, it will help Gree Electric to further optimize its equity structure, stimulate its transformation vitality and market competitiveness, and realize the overall leap of its value chain. "
However, Yi Qingqing, a partner of Hillhouse capital, a representative of Zhuhai Mingjun, said that Hillhouse was lucky to embark on a new journey with Gree Electric, an "old friend", through an open equity transfer, and continue to take root and serve the strategic development of Zhuhai. In the future, we will give full play to our experience of long-term investment, global research and helping the transformation and upgrading of the real economy, make in China, actively introduce strategic resources, and work with excellent enterprises, including Gree Electric, to realize the historical leap from "advanced manufacturing" to "intelligent manufacturing" driven by technological innovation. "