5.25 the Gree event: Yale instigated Gree event Insider

This is like a thrilling movie. In fact, it is a movie.
It occurs in the general meeting of shareholders of the Gree.
More exciting than the movie, the protagonist of the film story is often only one or two. The general director of Yale University for the "Gree Event Director, each of the parties involved were the protagonist, and a reputed rivers and lakes: Yale University, Zhu Jianghong, Dong Pearl, Zhuhai SASAC Zhou Shaoqiang, E gold Penghua Fund, Ping Jiyong, Huang Hui.
Institutions after the comments of this general meeting of shareholders of the Chinese corporate governance structure representative said: "of Zhuhai SAC airborne Zhou Shaoqiang was not elected, the next successor to fight this culture to the Gree three years. "This is a terrible conclusion. If was not the result? Gree that powerful Gree? This decline?
Institutions are strongly ramped same vigor: "another meeting, Zhou Shaoqiang again the probability of losing."
Follow the reporter back to the morning of that story.
Yale University prior contact Yi Fonda denied
May 25, Zhuhai City Mountain Rooster Road, Gree conference room. Shareholders' meeting, announced that finished SASAC "airborne" Zhou Shaoqiang unsuccessful, from Yale University, Penghua Fund jointly nominating new directors Feng Jiyong appointed, the minority shareholders in an uproar.
In contrast, institutional shareholders is very calm. Followed by the venue burst into warm applause.
Yale University, was sent only one representative of a temperament, "and no different from ordinary domestic financial men and middle-aged man looks after listening to the result of the vote up and hurry to leave, not even with Penghua Fund on behalf of shaking hands with each other caused He.
One had contact with the representatives of memories, this person was not involved in the meeting room to ask questions, do not want to exchange business cards, the face of the other participants only responded: "I can not say anything."
Frequent a Gree business dealings in the sources, the daily contact with Gree Yale University has been relatively low key, its capital matters relating to the operation by an agency named "Gao Ling capital" (the Hillhouse Capital Management). Gao Ling capital, is the contribution of U.S. $ 8,888,888 to Yale University a few years ago the Chinese Lei founded.
Before 2012, in the top ten shareholders of the Gree can not find the shadow of Yale University. As of the first quarter of 2012, Yale University holds 5281 shares of Gree, is the third largest shareholder. Yi Fang Value Growth Mixed Fund to hold 4181 shares of Gree Electric Appliances, is the fifth largest shareholder.
From the easy to square up the overall holdings in the first quarter of its 14 funds held a total of 14,003 shares of Gree Electric Appliances, accounting for 4.84% of outstanding shares than holding up to all fund companies.
A person familiar with the process of Gree general meeting of shareholders, the financial weekly newspaper reporter revealed that prior to the selection of new directors, the capital of Yale University's Gao Ling who had contact by telephone easy to square up the value of the growth fund managers, expressed the hope that common to recommend a new candidate directors Feng Jiyong but it was easy to square up to refuse. The city of Zhuhai Gree's decision-making have a greater right to speak, easy Fonda have concerns about this. "These frequent contacts with Gree business people confirmed.
However, the date of the shareholders' meetings, E Fund on behalf of a show of hands questions, he made it clear that: "if the final board of directors candidates is less than six people, I am willing to represent easy to square up to the selection of the the Gree former chairman Zhu Jianghong continue to serve as directors." Remark to obtain the scene support for a round of applause.
It is understood that easy to square up in the vote after, Yale University, Penghua Fund nominating new directors Feng Jiyong and has raised no objection.
June 7, the fund industry at the inaugural meeting, the Chairman of the SFC Guo performance of institutional investors in the Gree regarding in particular the recognition. SFC is to support the performance of institutional investors, the agency said these things can be a lot of publicity. "Said a person close to the SFC.
Penghua Fund, as well as several other fund companies participated in the election, after the fact are not very willing to respond to the matter. "They are worried that this views." Said a person close to the bodies.
Later public opinion very good response. "The aforementioned sources familiar with the process of Gree general meeting of shareholders.
Yale also contact the who, why and Peng Hua Dacheng
So many institutions holding Gree, Yale University contact the agency?
Held by the first quarter of 2012 the fund of Gree, 14,002 shares of E Fund, Harvest Fund 10,782 shares, 6228 shares of GF Fund Penghua 5684 shares, 5287 shares of Dacheng Fund, Bank of Shi Luo 4059 shares of the Germany Fund, International Fund 3877 shares, 3622 shares of the financing fund, Invesco Great Wall Fund 3605 shares, 3281 shares of the Great Wall Fund, Boshi 3067 shares. There are many fund companies holding less than 3,000 shares.
However, Harvest Fund Guangdong Development Fund, Dacheng Fund, International Fund, the investment and research facility funds, many fund companies who are confirmed to reporters that had not received an invitation to Yale University jointly recommend a director candidate.
Shareholders' meeting that day, intermediation, Invesco Great Wall Fund managers are to attend the general meeting of shareholders, the culmination of Bo sent only when the researcher. One fund investment manager, told reporters: "had not previously noticed Feng Jiyong.
The data show that the Ping Jiyong was born in 1971, is a partner of the Beijing Zhong Lun Law Firm. He is currently a member of the All China Lawyers Association, the Beijing Bar Association, also serves as the Committee of Beijing Lawyers' Association, private equity and venture capital, deputy director of the Institute of Ko Lai-Secretary-General of the Renmin University of China, Renmin University of China Law School Visiting Professor.
Yale University, why should recommend Ping Jiyong? June 5, the reporter called Ping Jiyong phone, but the Secretary has responded, Feng is outside the meeting. Feng Jiyong I carry a BlackBerry access to e-mail, he can be contacted by mail. As of noon on June 7, the reporter yet to receive the the Feng response.
Shareholders' meeting that day, Feng Jiyong began quite disturbed, and later successfully elected, said in an interview: "This is a historic day."
Why, then, Gao Ling Capital Yale University, he choose Penghua Fund as a partner, Penghua Fund endorsed recommend?
It is reported that in mid-April, Penghua Fund researcher to Gree research, who happens to encounter the capital of Gao Ling of Yale University. Subsequently, the Yale University Penghua value of the preferred fund managers to jointly recommend Ping Jiyong Gree Board of Directors. Peng Value Advantage Fund manager, this is quite a consensus, in consultation with the views of the Penghua investment decision will, the two sides finalized which means that.
Peng, China's promise, there is a very important reason for the investment style of the two institutions in the field of home appliances is highly consistent. Anonymity of investors in the United States after the issuance of the event, both researcher and from for the close.
Yale University in 2006, has been heavily loaded with Midea, after Gree jiacang to. These two appliance stock is a Penghua Fund favorite, Awkwardness.
Both sides most distinctive understanding the performance of additional case in the United States offer nearly the same. In accordance with the announcement of the United States, Penghua Fund was raised, two declare declared price of 17.51 ​​yuan and 17.11 yuan respectively 5100 shares, 7250 shares. Yale University, were reported to the price of 17.51 ​​yuan, 17.11 yuan and 16.11 yuan respectively 2870 shares, 3220 shares, 4340 shares.

By reporting the price a large extent, reference researcher suggested that the quote is also once again confirmed that Yale University and Peng Hua Foundation Fellow in the home appliance stocks investment is quite speculative. The issuance of Penghua Fund allocated 7513 shares, Yale University, with 3337 shares.
Wind data, as of the first quarter of 2012, Peng Value Advantage holds 3400 shares of Gree Electric Appliances, Yale University holds 5281 shares of Gree. As of 2011, Peng Value Advantage holds 6495 shares of Midea, Yale University, also held 3337 shares of Midea.
Accordance with the voting results the same day, the "new" Ping Jiyong unexpected winner to receive 2.268 billion votes, accounting for 113.66%. "Airborne Zhoushao Jiang only 730 million support tickets, accounting for 36.60%. The Gree general meeting of shareholders to adopt a cumulative voting system, each share has one vote, this voting system weakened the dominance of large shareholders on the results.
Because of Yale University, Penghua Fund jointly elect a candidate for director Feng Jiyong get a lot of votes, the market believes that with Zhoushao Jiang's unsuccessful.
After the the Gree former chairman Zhu Jianghong said in an interview, Yale University Foundation and the Penghua Fund candidates for the nomination of directors, company secretaries understand this process, Gree also intends to set up an outside directors can be described as consensual, hit it off.
Zhu Jianghong leave very unexpected
May 25, the main motion of the general meeting of shareholders in a vote of nine candidate directors. According to the the Gree announcement, the nine candidates directors, Zhuhai Gree Group recommended Pearl Dong, Zhou Shaoqiang, Lu Jun, four, Huang Hui 4 people. River Sea guaranteed investment company recommended a Zhang Governor, Yale University, Penghua Fund recommended Feng Jiyong. And three independent directors, were the Zhu Hengpeng money Aimin, He Xiaoyong.
A source close to the Gree executives sources, the the Gree former chairman Zhu Jianghong I was surprised he did not enter the candidate list of directors, his own feelings of deep Gree, never before had to leave to retire from signs.
It is reported that the Gree Italian successors as Huang Hui, Zhou Shaoqiang completely outside of the plan.
On the date of general meeting of shareholders, the current chairman of Gree Dong Pearl said: "Premier Zhu this time, outgoing, and indeed we did not expect. Gree science and technology as the core strategy will not change, a company's most important personnel, others are floating on the surface. "
The reporter has learned, after the Zhuhai Municipal SASAC in drawing up the new list of directors, told Zhu Jianghong provide an "honorary chairman" positions. However, Zhu Jianghong not acceptable. Since then, four director candidates prepared by the Zhuhai Municipal Government finalized, no further with Zhu Jianghong more communication.
"I am grateful to the Zhuhai Municipal Government, and they heart care and thought." Zhu Jianghong said the date of general meeting of shareholders, the honorary board of directors is a living Buddha, the Buddha used to worship, can not speak can not be the Director-General, I still go for the meter . "
The agency strongly questioned the scene silent 38 seconds
Zhuhai Gree Group, the largest shareholder holding 19%, but recommended a half of the candidates for directors, which "airborne" nor any experience in business management, an opening by the institutional investors in the shareholders' meeting. Difficulty.
"Gree atmosphere of the general meeting of shareholders, little to do with the usual bureaucratic shareholders of listed companies Assembly. Speech is relatively straightforward, and tense." One attended the general meeting of shareholders, company sources said.
Zhou Shaoqiang Zhuhai Municipal SASAC "airborne." The data show that Zhoushao Jiang was born in 1972, worked in Zhuhai Construction Bank, Shenzhen Development Zhuhai Sub-Branch, 1999 to April 2012 has been worked in Zhuhai SASAC. In May 2012, the proposed Zhuhai Gree Group Co., Ltd. party secretary and president.
"Zhou Shaoqiang no business experience, has been in the SAC, the relevant state departments, so young to be an important successor, can incapable Gree directors?" An investor shareholders will be the scene questioned.
In this regard, the the Gree former chairman Zhu Jianghong response is: "You worry, I worry."
Zhu Jianghong mentioned in the subsequent meeting: "Can Zhou Shaoqiang well do not know, the city did not notify me hope that he will think more about this issue. Zhuhai City, recommended a list of the board of directors did not discuss with us."
The remark stirred up the emotions of many institutional investors, a QFII shareholders representative said: "The new list of the board of directors ahead of the release to communicate with you, if this is the case, I feel very surprised, holding 19% of the shareholders This approach is very unreasonable. "
The agency questioned the "airborne" escalating Gree general meeting of shareholders face several times a long time embarrassed cold market, the conspiracy of silence is the longest time up to 38 seconds.
Zhou Shaoqiang out
The Zhuhai SASAC respect results
Gree Electric Appliances Zhuhai, one of the core enterprise, the tax accounted for one third of the entire City of Zhuhai, Zhuhai the SASAC natural wish to appoint directors to the Gree.
The day appoint directors Zhoushao Jiang did not attend the meeting, SAC sent surnamed Chen, Zhuhai City supervisors as a representative, the question and answer session was suspended, and institutional investors hot: can not call him to come? An annual general meeting of shareholders, how can not come? candidate directors do not have faith? "
At this point, the front row Zhu Jianghong said: "candidate directors out pleasure of seeing you, Chou Xifu should also see her in-laws."
Subsequently, from the facilities fund, E-gold, peace delegates have raised their hands, did not show a candidate for director Zhou Shaoqiang can not vote "or" vote no ", and expressed willingness to support Zhu Jianghong reappointment. But Zhu Jianghong declined. At this point, the tacit understanding of institutional investors on the "airborne vote the Board" has been very strong.
The reporter was informed that the end of the shareholders' meeting the next day, the institutional investors mentioned in the e-mail sent to each other: "The director general is very smooth, the State-owned airborne Zhou Shaoqiang not get elected, and cultivate the next successor to the Gree fought for about three years time. "
Shenzhen, a participating Fund Fellow of the vote, in reporting the matter to the executives said: "Recently the media reported that there may once again convene an extraordinary view from our current understanding of the situation, re-convene the general meeting of shareholders may little, even if held, Zhou Shaoqiang is also likely to once again unsuccessful.
In fact, the After Gree release the vote announcement, the Zhuhai municipal SASAC has made it clear response: "respect for the general meeting of shareholders voting results.
The routes do not change on hand to vote "
Shareholders' meeting to announce the voting results, the minority shareholders is very shock, institutional shareholders and the results expected. Then the audience burst into warm applause, minority shareholders have around to Zhu Jianghong, Dong Pearl congratulate.
In accordance with the voting results, in addition to the SASAC "airborne" Zhou Shaoqiang outside directors of the remaining eight candidates by voting the future Gree chairman, CEO posts by Dong Pearl as.
"Defeated defeated at the shareholders will be voting system, the Gree American cumulative voting system, which is detailed by the Zhuhai Municipal SASAC Zhou Shaoqiang and adverse." A source close to the shareholders who voted said.
News that the Zhuhai Municipal SASAC certainly does not understand the voting rules, the day seems interested in compromise.
"We are still satisfied with this result of the board of directors." Shenzhen one to participate in the shareholders' meeting to vote on the agency said.
"The future should pay more attention to the management and operation of the Gree. As long as the company's operations there will be no deviation, we will not vote with their feet." Held by Beijing-based Gree more fund investment research who respond.
Gree Electric Appliances as an investment target, who bring very good returns to investors. Early 2006 to May 24, 2012, Gree's stock price doubled almost 26 times that of institutional investors on the management performance of two chairman of Gree Zhu Jianghong, Dong Pearl very much agree.