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Gree Denies Buying Shandong Xiaoya

Posted on: Wed, 18 Nov 2009 06:20:00 EST

Symbols: ZHUHF

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SHENZHEN, Nov 18, 2009 (SinoCast Daily Business Beat via COMTEX) --
ZHUHF | Quote | Chart | News | PowerRating -- Wang Jingdong, secretary to president of Gree Electric Appliances Incorporation of Zhuhai (SHSE: 600651), denied on November 17 that Gree was attempting to take over home appliance maker Shandong Xiaoya Group Co., Ltd.

Some reports said lately that the Chinese air conditioner maker Gree was looking for a way to diversify its business by making acquisitions of smaller freezer and washing machine brands. The biggest purchase target would be Shandong Xiaoya.

Listed in 1999, Shandong Xiaoya slipped into the red later as a result of its blind and diversified expansion. The cash-strapped company became China's first publicly-traded home appliance maker that has been delisted from the stock market.

Since early 2008, Shandong Xiaoya has stopped production and sales. It pinned high hopes on a campaign kicked off by the Chinese government's consumer electronics subsidy program in the rural areas to boost domestic demand as the global recession lowered China's exports. Due to lack of capital, Shandong Xiaoya ended up merely running at one-tenth capacity, a level that is not enough to help it break even.

Source: www.hexun.com (November 18, 2009)

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