Stake sale to benefit Gree Electric

The Zhuhai government-backed Zhuhai Gree Group, the parent company of Gree Electric, is considering selling most of its 18 percent stake in the subsidiary in a deal that could be worth up to 41 billion yuan.

It is involved in a variety of businesses covering manufacturing, financial investment, construction investment, construction and installation and island tourism.

Dong Mingzhu, chairwoman of Gree Electric Appliances and a deputy to the 13th National People's Congress, answers questions in Beijing on March 8, 2019. [Photo: Xinhua]

In a statement filed to the Shenzhen Stock Exchange, Gree said its parent will sell a 15 percent stake at a price no less than the company's average stock price of the last 30 trading days.

However, it did not identify the acquirer of the stake in the statement.

For more on this, CRI's Shane Bigham spoke to financial analyst Cao Can.