格力电器：混改股权设计与治理安排

On the evening of December 2, 2019, Gree Electric Appliances Inc. of Zhuhai (hereinafter "Gree Electric") announced that its state-owned parent, Gree Group, would sell a 15% stake to Zhuhai Mingjun Investment Partnership (hereinafter "Zhuhai Mingjun"), a Hillhouse-backed private firm. This announcement marked the conclusion of Gree Electric's eight-month mixed-ownership reform, indicating that Gree Group would no longer be the controlling shareholder of Gree Electric. In effect, Gree Electric became a mixed-ownership enterprise without an actual controller. During this mixed-ownership reform, the management of Gree Electric, especially the chairwoman Dong Mingzhu, took a strong stance. Despite initial market speculation about the reform plan and delay in signing of the share transfer agreement, Gree Electric's management team eventually became a financier of Zhuhai Mingjun and the largest shareholder of Zhuhai Yuxiu, the controlling entity of Zhuhai Mingjun, with the authority to appoint board members. This reform also brought multiple challenges to Gree Electric. The capital markets were waiting to see whether Hillhouse Capital, Zhuhai Mingjun's financial backer, could help Gree Electric optimize its governance structure, diversify its operations, and expand its global footprint – and more importantly, whether Dong would stay in a powerful position and how power struggles between Gree Electric and Hillhouse Capital would unfold. The intricate web of control relationships that existed within Zhuhai Mingjun might hint at future competition between the two entities. In one sense, this share transfer was not just a restructuring of Gree Electric' ownership but a landmark decision with profound implications for the company's future direction.