Gree Electric Appliances, Inc. of Zhuhai

Corporate brand

A Chinese technology and manufacturing group best known for residential and commercial air-conditioning systems and an expanding portfolio of appliances, industrial equipment, and energy products.

Last updated October 9, 2026

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Overview

Gree Electric Appliances, Inc. of Zhuhai is a Chinese manufacturer and technology group headquartered in Zhuhai, Guangdong. The company is best known internationally for Gree-branded residential air conditioners, but its activities extend across commercial heating, ventilation and air-conditioning, refrigerators, washing machines, water heaters, kitchen and environmental appliances, smart-home products, industrial equipment, core components, and selected new-energy businesses. The company developed from a Zhuhai air-conditioning enterprise into one of China’s most prominent appliance manufacturers. Its public materials identify 1991 as the company’s founding year, while some corporate and financial databases trace the legal predecessor to 1989. The business adopted a focused air-conditioning strategy during the 1990s, emphasizing product quality, proprietary technology, manufacturing scale, and a distinctive distribution and after-sales-service system. It was listed in Shenzhen in 1996 under ticker 000651.SZ. Air conditioning remains the center of the business. Gree sells window, split, floor-standing, mobile, ceiling, light-commercial, and large commercial systems, as well as chillers, variable-refrigerant-flow systems, heat pumps, and related HVAC equipment. The company also develops compressors, motors, controllers, molds, capacitors, enameled wire, chips, and other components, allowing it to internalize parts of the industrial chain and support product research and manufacturing. Gree broadened beyond air conditioning through small appliances and major-appliance categories. Its consumer portfolio includes refrigerators, washing machines, electric fans, electric heaters, rice cookers, kettles, dehumidifiers, air purifiers, kitchen appliances, personal-care appliances, and air-source water heaters. The group presents Gree, TOSOT, and KINGHOME as consumer brands and identifies LANDA, Kaibang, and Xinyuan among its industrial brands. The company has also pursued smart manufacturing and energy-related businesses. Its industrial activities include CNC machine tools, precision molds, robots, intelligent equipment, and refrigeration components. Its new-energy activities have included photovoltaic-storage direct-current air-conditioning systems, industrial and commercial energy storage, energy-management systems, new-energy vehicle thermal-management components, and battery-related manufacturing. The company’s investment in Gree Altairnano expanded its exposure to batteries, energy storage, and new-energy transportation technologies. Gree’s brand positioning combines Chinese manufacturing, independent innovation, energy efficiency, quality control, and service. Its public mission has evolved from air-conditioner-focused claims toward broader ideas such as core-technology leadership, “Made in China, Loved by the World,” and the creation of a healthier, smarter living environment. The company reports that its products reach hundreds of millions of users globally. Current operations continue to combine consumer appliances with industrial technology, components, smart-building systems, and energy solutions.

History

Gree traces its modern corporate development to Zhuhai, where it established an air-conditioning manufacturing business in the late 1980s and early 1990s. The company’s own international materials generally use 1991 as the founding year, although some databases cite a predecessor founded in 1989. It changed its name to Gree Electric Appliances, Inc. of Zhuhai in 1994 and listed on the Shenzhen Stock Exchange in 1996. During the 1990s, Gree concentrated on residential air conditioners rather than pursuing an immediately broad appliance portfolio. This specialization helped the company build a recognizable consumer identity around reliability, cooling performance, quality management, and service. Its distribution model and investment in manufacturing and research supported rapid expansion in China. By the 2000s, Gree had become a major domestic air-conditioner producer and began developing a wider international presence. The company gradually extended its capabilities from finished products to core components and industrial equipment. It developed or acquired activities involving compressors, motors, controllers, molds, capacitors, enameled wire, CNC equipment, robots, and other manufacturing technologies. This vertical and horizontal integration was presented as a way to strengthen control over quality, supply, cost, and technological development. Gree’s diversification accelerated in the 2000s and 2010s. It entered small household appliances, introduced products such as electric fans, heaters, rice cookers, kettles, dehumidifiers, air purifiers, and clothes dryers, and expanded into refrigerators and other major appliances under brands including KINGHOME. The company also developed commercial HVAC, central air-conditioning, heat-pump, water-heating, and smart-building solutions. In 2016, Gree proposed acquiring Zhuhai Yinlong New Energy, a battery and electric-vehicle company. The proposed transaction was later cancelled after failing to secure the required approvals. Gree nevertheless continued to build exposure to energy storage, batteries, new-energy vehicle thermal management, and photovoltaic-storage air-conditioning systems. Its later acquisition of additional Gree Altairnano interests reinforced this direction. A major ownership transition occurred in 2019–2020, when Zhuhai Gree Group transferred a 15% stake to Zhuhai Mingjun Investment Partnership, associated with Hillhouse Capital. The transaction changed the company’s controlling-shareholder structure and marked a shift away from the previous municipal state-owned shareholder arrangement. In the 2020s, Gree continued presenting itself as both a consumer-appliance company and a technology manufacturer. Its product architecture includes residential and commercial HVAC, refrigerators, washing machines, environmental appliances, smart-home systems, industrial equipment, and energy products. The company’s recent strategy emphasizes independent innovation, digitalized retail, autonomous channel management, high-end quality, energy efficiency, and the international development of Chinese manufacturing.

2023
Additional Altairnano interest acquired
[16]Additional Altairnano interest acquiredmarketscreener.com
Gree completed the acquisition of an additional 24.54% stake in Gree Altairnano New Energy.
2020
Share transfer registered
[3]Gree Electric Appliances 2020 Annual Reportglobal.gree.com
The 15% share transfer was registered, changing the company’s controlling-shareholder structure.
2019
Ownership restructuring agreed
[2]Gree Electric Appliances 2023 Annual Reportgree.com.cn
Zhuhai Gree Group agreed to transfer a 15% stake to Zhuhai Mingjun Investment Partnership.
2016
Yinlong New Energy transaction proposed
[15]Yinlong New Energy transaction proposedmarketscreener.com
Gree proposed acquiring Zhuhai Yinlong New Energy, but the transaction was subsequently cancelled.
2004
Entry into small household appliances
[14]Entry into small household appliancesatlantis-press.com
Gree acquired a majority interest in a Zhuhai small-appliance business and broadened beyond air conditioners.
1996
Shenzhen listing
[13]Shenzhen listingwisesheets.io
Gree shares began trading on the Shenzhen Stock Exchange under ticker 000651.SZ.
1994
Adopted the Gree Electric Appliances name
[12]Adopted the Gree Electric Appliances namedcfmodeling.com
The predecessor changed its corporate name to Gree Electric Appliances, Inc. of Zhuhai.
1991
Company established
[11]Company establishedlinkedin.com
Gree identifies 1991 as the founding year of its Zhuhai-based appliance business.

Products and positioning

Technology-led, quality-focused Chinese appliance and industrial-equipment group, with air conditioning as its core category and independent innovation, energy efficiency, manufacturing integration, and after-sales service as central brand attributes.

HVAC
Gree residential air conditioners
The company’s core consumer line includes window, split, floor-standing, mobile, and ceiling air conditioners. Gree positions these products around proprietary technology, energy efficiency, strict quality control, and service. Residential air conditioning remains the principal foundation of the brand’s domestic and international reputation.
HVAC
Gree commercial and central HVAC
Commercial offerings include chillers, variable-refrigerant-flow systems, scroll and screw systems, centrifugal chillers, packaged units, light-commercial equipment, and related building solutions. These products serve commercial, industrial, institutional, and large-building applications.
Consumer appliances and HVAC
TOSOT
TOSOT is one of the group’s consumer brands, covering air conditioners and selected household-appliance products. It supports Gree’s multi-brand approach across domestic and international markets.
Major appliances · 2012
KINGHOME
KINGHOME is associated with Gree’s refrigerator and broader major-appliance activities. The brand formed part of the company’s effort to enter categories beyond its established air-conditioning specialization.
Small appliances · 2004
Small household appliances
Gree’s small-appliance range has included electric fans, electric heaters, rice cookers, kettles, pressure cookers, dehumidifiers, air purifiers, and clothes dryers. These products extend the brand into everyday household comfort, cooking, and environmental management.
Industrial technology
Industrial equipment and components
The industrial portfolio includes compressors, motors, controllers, molds, capacitors, enameled wire, CNC machine tools, robots, intelligent equipment, and refrigeration components. These activities support internal manufacturing and are also developed as industrial businesses in their own right.
Energy technology
New-energy systems
Gree has developed photovoltaic-storage direct-current air-conditioning systems, energy-management systems, industrial and commercial storage, new-energy DC appliances, and related components. The business connects the group’s HVAC expertise with renewable-energy and electrification applications.

Controversies

2021
Criminal deferred prosecution agreement reached over failure to timely report hazardous dehumidifiers
In October 2021, the U.S. Department of Justice announced that Gree-related companies would pay a total of $91 million in fines and other penalties for failing to timely report hazardous dehumidifier issues to the Consumer Product Safety Commission. The Chinese parent company and Hong Kong company entered into a deferred prosecution agreement, and the U.S. subsidiary pleaded guilty; in 2023, the subsidiary received a criminal penalty.
Source
2020
China Mobile procurement project: bid-winning qualification canceled over application materials issue
In 2020, China Mobile determined in a procurement project that Gree's application materials contained falsifications and canceled the relevant winning bid qualification. Gree responded that it was due to staff compiling materials submitting erroneous information, stating that it did not falsely label technical parameters to win the bid. This entry records the purchaser's handling and the company's explanation.
Source
State ownership dilution via private equity sale
Source

2024Smart life, Created by Gree
China · International markets
The company described a move from an air-conditioner-centered identity toward a connected portfolio of home appliances, smart-home systems, and healthy living technologies.
Outcome. The campaign broadened the brand promise from individual appliances to an integrated living environment.
Source
2023Gree Innovation, Green Life
China · International markets
Gree presented energy-efficient appliances, HVAC products, and related technologies under a theme linking innovation with lower-impact living.
Outcome. The message supported the company’s expansion into sustainability and energy-management narratives.
Source
2022Made in China, Loved by the World
Global
Gree used a global brand narrative centered on independent innovation, core technology, quality, service, and the international recognition of Chinese manufacturing.
Outcome. The campaign reinforced Gree’s international, technology-led positioning.
Source
2020Digitalized retail and marketing transformation
China · International markets
During the COVID-19 period, Gree expanded digital promotion, online retail, and new channel-management methods as exhibitions, visits, and other offline marketing activities were disrupted.
Outcome. The company continued developing an independently controlled, digitally enabled retail system.
Source
1990Specialist air-conditioning positioning
China
Gree built its early brand around focused air-conditioner specialization, product quality, technology, and service rather than presenting itself immediately as a general appliance conglomerate.
Outcome. The strategy helped establish Gree as a leading Chinese air-conditioning brand.
Source

Brand decisions

2023
Additional investment in Gree AltairnanoM&A
Background
Gree continued developing its energy-storage and battery-related activities after earlier expansion into new-energy businesses.
Action taken
The company acquired an additional 24.54% interest in Gree Altairnano New Energy from a group of shareholders.
Aftermath
The transaction strengthened Gree’s position in battery, energy-storage, and related new-energy activities.
Source
2019
Change in controlling-shareholder structureM&A
Background
Zhuhai Gree Group decided to transfer part of its listed-company holding as part of an ownership restructuring.
Action taken
A 15% stake was agreed for transfer to Zhuhai Mingjun Investment Partnership, associated with Hillhouse Capital.
Aftermath
The transfer was registered in January 2020, and Zhuhai Gree Group ceased to be the controlling shareholder.
Share transfer consideration. RMB 46.17 per share (Agreement signed December 2019; registration completed January 2020)
Source
2016
Proposed acquisition of Yinlong New EnergyM&A
Background
Gree sought to diversify into batteries and new-energy vehicles through a proposed acquisition of Zhuhai Yinlong New Energy.
Action taken
The transaction, announced at a proposed consideration of approximately RMB 16 billion, was submitted for required corporate and regulatory approvals.
Aftermath
The proposed acquisition was cancelled after the required approvals were not obtained.
Source

Recent events

2021.05.13
Reported2021.05.14
Hunan government and Gree sign strategic cooperation framework agreement[22]湖南省政府与格力电器签署战略合作框架协议hunan.voc.com.cn
The Hunan provincial government and Gree Electric signed a strategic cooperation framework agreement covering production investment, technological innovation and talent development. The agreement includes developing Gree's Changsha base into its second-largest domestic production base after its Zhuhai headquarters.
2019.11.11
Reported2019.11.11
Gree Electric's share subscription in Sanan Optoelectronics approved[23]格力电器认购三安光电股份获审议通过finance.sina.com.cn
Sanan Optoelectronics' board approved a share subscription contract under which Gree Electric would subscribe in cash for A shares in the company's non-public offering.

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