Photo/Wen Duo (NBD)

Dec. 3 (NBD) -- Gree Electric Appliances Inc of Zhuhai ("Gree Electric Appliances", 000651.SZ) announced Monday night that its controlling shareholder Gree Group agreed to transfer a 15 percent stake in the listed company to Zhuhai Mingjun Investment Partnership ("Zhuhai Mingjun") for 41.66 billion yuan (5.9 billion U.S. dollars), seven months after the Zhuhai-based appliance maker started a bid for the stake sale in early April.

Zhuhai Mingjun, which is backed by Hillhouse Capital Group, stood out from 25 bidders and will be the largest shareholder of Gree Electric Appliances upon the completion of the transaction. Hebei Jinghai Investment Guarantee Co Ltd and Gree Group will be the second and third largest shareholder with a stake of 8.91 percent and 3.22 percent, respectively.

It is worth noting that after the changes in stockholding, Gree Electric Appliances will have no controlling shareholder and actual controller.

The statement also mentioned Zhuhai Mingjun has agreed to launch an incentive plan to offer no more than 4 percent of the company's equity to the management team and core staff members of Gree Electric Appliances.

The air conditioner maker suspended its stock from trading from noon to evening on Monday. The trading resumed Tuesday, and shares of the company rose by 5.35 percent to 60.8 yuan on the day.

Email: lansuying@nbd.com.cn