Real estate is too profitable, so Gree never touches real estate. Because it is too easy to make money, no one wants to engage in manufacturing, thus losing the spirit of challenge. I have always thought that corporate profits are inevitable, but they are not the purpose. So even if we lose money, we will continue to do manufacturing. -Dong Mingzhu

Dong Mingzhu has an enigmatic insistence on manufacturing. On Gree’s official website, the slogan "Let the world fall in love with Made in China" is impressively written.

During the years when Dong Mingzhu took the helm of Gree, Gree gradually emerged. As one of the best manufacturing enterprises in China, Gree has been practicing the power of science and technology with quality.

Although the cross-border of Gree has not been successful in recent years, as one of the most generous companies, Gree has created the greatest benefits for shareholders.

In 2016, Dong Mingzhu decided to enter the automotive field, as the world’s largest outlet. Later, the popularity of Tesla also proved Dong Mingzhu’s foresight.

What Dong Mingzhu didn’t expect was that Gree Electric’s proposal to buy Zhuhai Yinlong was rejected by a group of small and medium-sized shareholders. In order to cut into the field of car manufacturing, Dong Mingzhu paid 1 billion yuan, and then Wang Jianlin and Liu Qiangdong jointly invested 3 billion yuan to acquire 22.388% of Zhuhai Yinlong’s equity. Later, she personally increased her shareholding all the way to 17.46%.

However, Dong Mingzhu’s luck is really bad. With the decline of subsidies for new energy vehicles and the contradiction with Wei Yincang, the founder of Zhuhai Yinlong, this enterprise gradually lost its "voice" in the market.

Since July last year, Yinlong’s equity auction has been going on, and the unit price of equity has also dropped from 35 yuan/share, but there are still very few people concerned.

On the evening of August 31st, an announcement in Gree Electric brought Zhuhai Yinlong back to the stage. Gree said that the company acquired a 30.47% stake in Zhuhai Yinlong at a price of 1.828 billion through public bidding through judicial auction. At the same time, Dong Mingzhu also entrusted Gree with the voting rights corresponding to his 17.46% equity.

After the completion of this transaction, Gree Electric will become the controlling shareholder of Zhuhai Yinlong.

According to the contents of Gree’s announcement, Gree Electric held a seven-member board of directors chaired by Dong Mingzhu on August 30th, and all the other six directors agreed to the above transactions except Dong Mingzhu who abstained from voting because of related party transactions.

And the transaction does not constitute a major asset restructuring, so it does not need to be submitted to the shareholders’ meeting for consideration.

Regarding the acquisition, Gree Electric said in the announcement that in order to actively respond to the national "double carbon" goal and related policies, we should accelerate the diversified development.

In fact, Gree has been trying to diversify in recent years, but it has not been very successful. In addition to the mobile phone business, the pressure on new energy projects is also relatively large. However, in recent years, the fire of new energy has driven the whole industrial chain, and the energy storage-related sectors are also a development direction in the future.

Therefore, I think that after Gree holds Yinlong, Yinlong will have three development directions in the future:

First, get rid of the baggage and start again. In the past two years, Yinlong has been listed as an executor for many times, and it has been executed for six times in the first half of this year. The latest execution target is about 240 million yuan. At present, the company has no property available for execution;

Second, get "blood transfusion" and increase production capacity. In the past two years, due to the reconstruction of the value of the new energy vehicle industry, Weilai Automobile and Xpeng Motors have achieved good results in the capital market. If Yinlong can increase production capacity and complete the upgrade, it is not counted that the current price wins the controlling stake of Yinlong;

Third, strengthen the cooperative relationship between Gree and Yinlong, for example, equip Yinlong new energy vehicles with Gree air conditioners, and take the opportunity to open the car air conditioning market. At present, air conditioning is still Gree’s main income, accounting for more than 70% of its revenue. As long as Gree can take the opportunity to open up new markets, then the acquisition is successful.

On the whole, Yinlong has reached an important juncture. If Gree does not help, the road of Yinlong will become more and more difficult. After Gree enters the market, its dream of new energy may be "rekindled".

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