Chinese company Gree buys electric vehicle manufacturer

24 August 2016

Gree Electric Appliance Inc, one of China’s largest producers of air conditioning units, plans to acquire electric vehicle manufacturer Zhuhai Yinlong New Energy Co Ltd for 13 billion yuans (US$1.81 billion), the China Daily newspaper reported.

The acquisition will be made by giving shareholders of Zhuhai Yinlong New Energy 835 million shares in Gree Electric Appliances at a unit price of 15.57 yuans, according to a statement issued in Zhuhai, the special economic zone adjacent to Macau.

The statement added that Gree Electric Appliances, based in Zhuhai, which gets 86% of its turnover from sales of air conditioning units, is looking to diversify its business portfolio for sustained growth.

The company’s turnover fell by 1.9% to 49.2 billion yuans in the first half of the year, after falling 28% last year to 99.8 million yuans, according to the company’s accounts.

Zhuhai Yinlong New Energy, which started operating in 2009 producing batteries for electric vehicles, in 2015 became the seventh largest manufacturer of electric vehicles in China producing over 3,000 electric buses, according to the company’s website ( (macauhub/CN)