Gree Group reaches strategic cooperation with Xiaomi and CITIC

Lynn Lin

On September 3rd, Gree Group signed a strategic cooperation agreement with Xiaomi Group and China CITIC Bank, which would further the cooperation of the three parties in the fields of industrial funds, financial services, industrial investment, project cooperation, and resource sharing.

According to the agreement, Gree Group will invest 3.545 billion yuan to participate in the investment and management of the Xiaomi Industry Fund, initiated by the Xiaomi Group, which focuses on the ecological chain companies and suppliers of Xiaomi in the fields of integrated circuits, artificial intelligence, industrial Internet, core equipment, and cutting-edge technology.

Combined with Xiaomi Group’s accumulated experience in the industrial field and the capital and platform advantages of Gree Group, Gree Group will have further connections with the ecological chain enterprises of Xiaomi.

Wang Xiang, President of Xiaomi Group, said that Gree Group, as a leading state-owned enterprise in Zhuhai City, was an important strategic partner of Xiaomi Group. Both parties have the same development goals in the fields of industrial investment and industry cultivation, and have respective advantages that will guarantee a win-win collaboration.

Yang Yu, vice president of China CITIC Bank, said that the cooperation with Gree Group would provide strong support for Zhuhai City to accelerate the construction of a modern industrial system through capital market.


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