Gree Drops as Hillhouse Plans to Cut Its Stake in Chinese White Goods Giant for First Time
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Shares of Gree Electric Appliances fell 2.3% to CNY37.59 after Hillhouse Capital announced plans to cut its stake for the first time in six years. Hillhouse's Zhuhai Mingjun Investment Partnership will sell up to 112 million shares, raising approximately CNY4.2 billion to repay bank loans. Gree's financials show a 2.3% decline in net profit and a 6.6% drop in revenue amid a downturn in the air conditioning market.
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