(Yicai Global) Dec. 3 -- Shares in Zhuhai Gree Electric Appliances opened 4 percent higher today after announcing yesterday that its state-owned stakeholder Gree Group had finally agreed terms to sell a 15 percent stake to Hillhouse Capital Group.
Its stock [SHE:000651] has since slid slightly, but sat at CNY59.47 (USD8.45), a near 3.1 percent gain over the close on Nov. 29, as of 11.02 a.m. That puts its market cap at CNY357 billion (USD50.7 billion). The firm suspended share trading yesterday.
Gree identified Hillhouse subsidiary Zhuhai Mingjun Investment Partnership as the successful bidder of the stake in October after putting it up for sale in April -- but did not close the deal until yesterday. Other bidders included tech giant Baidu and Singapore's Temasek Holdings.
New York-founded Hillhouse is one of Asia's biggest investment funds by asset managed. It now runs out of its Singapore headquarters and has China offices in Shanghai and Beijing.
Editor: James Boyton