(Yicai Global) Jan. 25 -- Gree Electric Appliances of Zhuhai is offering to pay cash bonuses of at least half the Chinese white household appliance giant’s yearly profits over the next two years to its shareholders to drum up support before the election of its board of directors next month.

Profits will be distributed twice a year from 2022 to 2024 so long as the company’s profit meets the targets, the Zhuhai, southern Guangdong province-based firm said yesterday.

Based on 2020’s net profit of CNY22.2 billion (USD3.5 billion), Gree will need to prepare to shell out at least CNY30 billion (USD4.7 billion). In the first three quarters last year, profit was up 14 percent to CNY15.6 billion.

A general election for the board directors will be held at a shareholders meeting scheduled for Feb. 28. Incumbent chairwoman Dong Mingzhu, who has been president of the firm for 20 years, is expected to be re-elected. 68-year-old Dong has also been chairwoman since 2012.

Since it went public in 1996, Gree has paid out CNY84.3 billion (USD13.3 billion) in 26 profit distributions. The last one was in August last year, when the household goods maker paid a dividend of CNY30 (USD4.70) for every 10 shares, gifting CNY16.8 billion to shareholders.

Gree’s share price [SHE:000651] closed up 0.1 percent at CNY38.89 (USD6) today, giving it a market capitalization of CNY232 billion (USD36.7 billion). Earlier in the day it had nudged up 3 percent to CNY40.09. The Shenzhen Component Index slid 1.78 percent.

Editor: Kim Taylor