(Yicai Global) Sept. 10 -- Dong Mingzhu, the legendary chairwoman of Gree Electric Appliances, has also become the head a new joint venture formed by Gree, Yinlong Energy and four other companies, The Paper reported.
Guochuang Energy Internet Innovation Center Guangdong was set up in Zhuhai, Guangdong province, on Aug. 20 with a registered capital of CNY100 million (USD14.1 million), according to corporate information platform Tianyancha. The new firm will mainly research, develop and sell energy routers, photovoltaic gear and new energy equipment in the local area.
Zhuhai-based Gree is the JV's biggest shareholder with a 75 percent stake. CRRC Zhuzhou Electric Locomotive owns 8 percent; Yinlong Energy, Dongguan Zhongrui Intelligent Equipment and Zhejiang Sanhua Intelligent Controls have 5 percent each; Nanjing Guochen DC Power Distribution Technology owns the remaining 2 percent.
Gree and Yinlong, which is controlled by Dong, frequently team up in the new energy field. Gree moved to acquire electric bus maker Yinlong for CNY13 billion (USD1.83 billion) in 2016 but it faced unexpected opposition from small- and medium-sized investors. Dong then took a stake in Yinlong in her own name, becoming its second-largest shareholder. She later took control after its largest shareholder was taken to court for embezzling the firm.
A wholly-owned Gree unit, Yinlong and Huatai Huineng Beijing Energy Technology jointly invested CNY30 million to set up Zhuhai Hengqin Gree Huatai Energy Development on Aug. 28. Holding 51 percent, 25 percent and 24 percent of it respectively, the JV will develop technologies for new energy, energy conservation, and energy storage systems. Wang Jingdong, Gree's board secretary, is its chairman.