At 2:30 pm today, Gree Electric's 2017 Shareholders' Meeting was held at the headquarters of Jinji West Road, Zhuhai City.
On May 31, the tenth board of directors and the board of supervisors of Gree Electric Appliances expired. Earlier in the morning, there were media reports that insiders of Gree Electric said that the shareholders meeting should discuss the candidate of the candidate (chairman). At the same time, insiders informed that Dong Mingzhu had been nominated by the director before the shareholders meeting. The re-election of Pearl (the chairman of Gree Electric Appliances) is not suspenseful.
However, the latest news shows that the highly regarded board elections are not within the scope of this motion. The answer to the re-election of Chairman Dong Mingzhu of Gree Electric Appliances was not disclosed at this meeting.
More than 100 hundred minority shareholders attended the meeting
Gree Electric Director Dong Jing Wang Jingdong introduced more than 500 individual investors and 108 institutions participating in the shareholders' meeting.
At the meeting, Dong Mingzhu said that the minority shareholders holding 100 shares of Gree Electric Appliances have come to more than 100 today. It can be seen that Gree Electric has received unprecedented attention.
According to Wind data, as of March 31, 2018, Gree Electric had a total of approximately 435,200 shareholders, and institutional investors held approximately 325,300 shares, with a shareholding ratio of 54.5%, of which the fund held 7.65% and the insurance held 3.91%.
According to a quarterly report, Gree Electric's top ten shareholders are luxurious, including “national teams†such as securities, Huijin, and social security, as well as Lu Yingtong, insurance capital and well-known investment institution Gaochun Capital. The National Social Security Fund's 101 combination is a new one.
Not paying dividends is to make Gree more powerful
At the shareholders meeting, Dong Mingzhu responded to Gree's non-profit in 2017, hoping that everyone understands why not pay dividends, in order to make Gree more powerful.
On April 25, Gree released the 2017 annual report. The profit distribution plan shows that no bonuses will be distributed, no bonus shares will be distributed, and no share capital will be transferred to the share capital.
The annual report shows that Gree Electric's revenue in 2017 was 148.29 billion yuan, up 36.92% year-on-year; net profit was 22.4 billion yuan, up 44.87% year-on-year; basic earnings per share was 3.72 yuan. For "having money and not paying dividends", the Gree annual report explains that the retained funds should be developed and marketed for smart appliances and integrated circuits.
On April 26, Gree Electric Appliances shares jumped to open, falling 9.89% to close to the limit, reported 45.12 yuan. At the close of the day, Gree's share price was 45.58 yuan, down 8.97%. The market value evaporated by about 27 billion.
The wind data shows that since its listing in 1996, Gree Electric has distributed a total of 19 dividends, with a cumulative dividend of 41.792 billion yuan and a dividend payout ratio of 40.96%. In 2016, Gree Electric also distributed a cash red envelope of up to 10.828 billion yuan.
Holding Gree shares is better than buying LeEco stocks
At the shareholders meeting, Dong Mingzhu expressed the hope that investors will hold Gree stocks, but if they earn a little, it doesn't matter if they sell them, it is better than buying LeTV stocks.
Dong Mingzhu said to the shareholders on the spot that I hope that you will hold Gree stocks for life. I believe this is the best choice. Others I dare not speak, at least not to choose LeTV. How much is the listed company of the hype concept given to you? No.
For the problem of barbarians, Dong Mingzhu said: First, in the country, we should improve the system. Second, we have 90,000 employees. Before retirement, I want all Gree employees to hold Gree stocks to solve the barbarians. problem.
Six years ago, Zhu Minghong, who was retired by Dong Mingzhu, served as chairman of Gree Electric. The annual report shows that the term of Chairman Dong Mingzhu began on May 25, 2012.
On the first trading day after Dong Mingzhu took office, on May 28, 2012, Gree Electric opened at 7.98 yuan (pre-recovery price, no price of 21.37 yuan), and today Gree Electric's latest closing price is 47.76 yuan. That is to say, during the period of Dong Mingzhu's tenure, Gree's share price has turned about six times.
In May 2015, LeTV had a market value of 152.7 billion at the peak, and today it is only 13.4 billion.
Gree air conditioners all use their own chips next year.
At the shareholders meeting, Dong Mingzhu said that this year I want to engage in chips, and stocks will fall. Why do other people engage in chip stocks, and Gree's chip stocks fall? Because we are really doing it. Dong Mingzhu also said that the company's air conditioners will all use their own chips next year.
Earlier in the conference call after the release of the annual report, Gree Dong secret secretary Jing Dong said that to increase investment in integrated circuits, the main chip of the air conditioner inside the machine should be done as an industry.
In April, the strong rise in the A-share domestic chip sector, Gree’s appearance in the chip field was poured into a cold water, and the stock price fell.
Some netizens commented on this: The quality company announced that it is a chip, and the stock price has fallen. On weekdays, the company did not see the company announced to be a chip, the stock price limit. Some companies just talk about the concept of speculation, and high-quality companies are really planning to do, very burning money and uncertainty, the risk is great.
In fact, as early as 2016, Gree has established a microelectronics division to build its own chips. However, before the ZTE incident, Gree did not raise the chip to the level of "industrialization." From the point of view of Dong Mingzhu at the shareholders meeting, Gree really wants to make chips.
In response to questions about how the chip business was conducted, Dong Mingzhu said that the chip has been studied for three years and it has been a small achievement, but it seems to me to be a fur. I only came back from business last night, but also for the chip. As for how to make chips, I can't tell you now. But we will definitely do it, and we will continue to do it.
Private placement, but Bin Weibo likes
Private placement but Mr. Bin posted a comment on Weibo:
Ms. Dong Mingzhu spoke, and she is full of domineering, giving confidence and strength. If there are 1,000 or 10,000 entrepreneurs like Ms. Dong Mingzhu in China, China will definitely be better! I voted in favor of all the issues! I hope that Ms. Dong Mingzhu can work as Mrs. B to 108 years old! Of course Under the conditions allowed by the rules. Today, at the Gree Shareholders' Meeting, I was deeply impressed: in the context of the trade war and the "ZTE event," we should have confidence in China's best companies!
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