(Yicai Global) Aug. 31 -- Gree Electric Appliances has successfully bid for a majority stake in energy storage device manufacturer Yinlong Energy, after a failed takeover attempt in 2016, as the Chinese home appliance giant looks to diversity its product portfolio.

Gree has paid CNY1.83 billion (USD282.9 million) for 30.47 percent equity in Yinlong, which also makes electric buses, electric vehicle charging devices and other energy storage systems, the Zhuhai, southern Guangdong province-based firm said today.

Together with the 17.46 percent stake already held by Gree Chairwoman and President Dong Mingzhu, Gree will have majority voting rights of 47.93 percent.

The deal will help extend Gree’s product range into energy storage and the new energy sector, Gree said. The application of Yinlong technology in Gree’s car products which will also help boost market share, it added.

The shares were put up for sale by a local court as Yinlong’s ex-chairman Wei Yincang is wanted by police for allegedly embezzling CNY1 billion (USD154.8 million) of corporate funds. He fled to the US in December 2018 and has not returned.

Gree offered to acquire Zhuhai-based Yinlong in November 2016 for CNY13 billion (USD2 billion) but was rejected by majority shareholder Zhuhai Yinlong Investment Holding Group. Sticking to her guns, Dong spent CNY2.6 billion of her own funds to become its second largest stakeholder.

Yinlong racked up losses of CNY682 million (USD105.5 million) last year on revenue of CNY4.3 billion (USD669.3 million), it said earlier. The firm’s sales of electric buses ranked fourth in the country in the first seven months.

Gree’s share price [SHE:000651] closed up 0.24 percent at CNY41.10 (USD6.40) today.

Editor: Kim Taylor