(Yicai Global) Sept. 3 -- Two units under investment management firms Hillhouse Capital Group and Hopu Investment Management have entered the last stage of bidding for a 15 percent stake in leading Chinese home appliance maker Gree Electric Appliances.

Zhuhai Mingjun Investment Partnership, under Hillhouse, and the consortium of Gewu Houde Equity Investment Partnership and Genesis Financial Investment led by Hopu Investment, have filed share purchase applications and paid the required deposits, Gree Electric said yesterday.

The stake will cost the winning bidder at least CNY45.67 (USD6.36) a share, higher than an initial pricing of no less than CNY44.17, due to the distribution of a cash dividend on Aug. 6, Gree Electric added. The firm's share price [SHE:000651] rose 0.6 percent today to close at CNY57.80.

Zhuhai-based Gree Electric said in April that its state-owned parent company and controlling shareholder Gree Group planned to sell almost its entire stake in the firm worth CNY42 billion (USD5.8 billion). Successful bidders would have the chance to gain control of the world's largest maker of home air-conditioners.

At an investors' meeting in May, 25 candidates including Hopu Investment, Hillhouse Capital, internet giant Baidu, Singapore's Temasek Holdings and members of Gree's top management showed interest.

Founded in May 2017, Zhuhai Mingjun's shareholders include Hillhouse Capital's Shenzhen base, the Shenzhen Gaoling Hanying Investment Consulting Center, and Zhuhai Xianying Equity Investment Partnership, according to business data platform Tianyancha. Hillhouse Capital is one of Asia's largest asset managers and is the ninth-biggest shareholder of Gree Electric, with a 0.72 percent stake.

Zhuhai-based Gewu Houde was set up in May by Hopu Investment and Gewu Houde Investment Holdings. Hong Kong-based Genesis Financial was set up in June. The consortium is controlled by Hopu Investment, as Gree Electric's mixed ownership plan requires that the two companies have the same representative and controlling shareholder.