68 year old Dong Mingzhu was re elected chairman of the board of directors and will continue to be in charge of Gree Electric Appliances Inc.Of Zhuhai(000651)
9 in favor, 0 against and 0 abstention.
On February 28, Dong Mingzhu was unanimously elected chairman of the new board of directors of Gree Electric Appliances Inc.Of Zhuhai(000651) and President of Gree Electric Appliances Inc.Of Zhuhai(000651) company.
As of the closing of the day, Gree Electric Appliances Inc.Of Zhuhai(000651) shares fell 1.08% to 36.77 yuan.
Dong Mingzhu is still the core
Earlier, when Gree Electric Appliances Inc.Of Zhuhai(000651) announced the list of candidates for the new board of directors, the outside world had analyzed that Dong Mingzhu’s re-election as chairman of Gree Electric Appliances Inc.Of Zhuhai(000651) was “a certainty”. In the new board of directors, in addition to Dong Mingzhu, Zhang Wei, Zhang Jundu, Guo shuzhan and Deng Xiaobo were also elected as non independent directors.
Liu buchen, an analyst in the home appliance industry, told reporters recently that if Gree Electric Appliances Inc.Of Zhuhai(000651) intends to elect a successor, he will put this person in an important position for experience in advance, and then support his strength with performance. However, at present, from the list, there is no better candidate except Dong Mingzhu.
In fact, the question of Gree Electric Appliances Inc.Of Zhuhai(000651) successor has been discussed for many years, but so far there is no clear answer. Wang Jingdong, the former board secretary of Gree Electric Appliances Inc.Of Zhuhai(000651) and Huang Hui, the former chief executive of Gree Electric Appliances Inc.Of Zhuhai(000651) have resigned in August 2020 and February 2021 respectively.
When asked why she didn’t choose to retire, Dong Mingzhu replied in an exclusive interview with the recently broadcast “willing wise man”, according to the common sense, she can provide for the aged at home and live a leisure life at this age, but her successor hasn’t been able to make a decision at last, and she doesn’t dare to put it down.
It is noteworthy that Hillhouse capital behind Gree Electric Appliances Inc.Of Zhuhai(000651) major shareholders still did not send anyone to the board of directors. Judging from the list of the new board of directors and senior executives, Gree Electric Appliances Inc.Of Zhuhai(000651) management team will continue to focus on Dong Mingzhu in the next three years. According to the announcement, the board of directors appointed Deng Xiaobo, Zhuang Pei, Tan Jianming, Shu Lizhi and Fang Xiangjian as vice presidents of the company; Deng Xiaobo is the Secretary of the board of directors of the company; Liao Jianxiong is the financial director of the company; Zhang Zhouhu and Yan Zhangxiang are the securities affairs representatives of the company. Except that Shu Lizhi and Deng Xiaobo joined Gree Electric Appliances Inc.Of Zhuhai(000651) at the end of 2019 and 2020 respectively, other senior executives are Gree Electric Appliances Inc.Of Zhuhai(000651) old employees.
dividend plan implementation
In addition to Dong Mingzhu’s re-election, on February 28, Gree Electric Appliances Inc.Of Zhuhai(000651) shareholders’ meeting also considered and approved the 2021 interim profit distribution plan and the next three years’ shareholder return plan (20222024).
On February 13, Gree Electric Appliances Inc.Of Zhuhai(000651) announced that the net profit in the first half of 2021 was about 7.888 billion yuan. As of June 30, 2021, the profit available for distribution to shareholders was 59.671 billion yuan Gree Electric Appliances Inc.Of Zhuhai(000651) said that in combination with the business situation, relevant laws and regulations and the provisions of the articles of association, the total amount of share capital with profit distribution right on February 11, 2022 was temporarily taken as the base, and the cash dividend of 10 yuan (including tax) was distributed to all shareholders for every 10 shares, without bonus shares and no conversion of reserve fund into share capital, with a total cash dividend of about 5.537 billion yuan. Based on this calculation, Gree Electric Appliances Inc.Of Zhuhai(000651) the cash distributed in this dividend accounts for 70% of the current net profit.
Since the time point of announcing the dividend plan was close to that of the board of directors, many viewpoints considered the two things together and believed that Gree Electric Appliances Inc.Of Zhuhai(000651) dividend was to win the favor of investors to the management.
However, in the A-share market, Gree Electric Appliances Inc.Of Zhuhai(000651) is notoriously generous to shareholders. According to the data, since its listing in 1996, Gree Electric Appliances Inc.Of Zhuhai(000651) has distributed dividends 26 times, with a total amount of 84.318 billion yuan. Among them, Gree Electric Appliances Inc.Of Zhuhai(000651) has the most generous dividend in 2020, with the total amount of two dividends of 22.675 billion yuan, while the Gree Electric Appliances Inc.Of Zhuhai(000651) net profit of that year was 22.175 billion yuan, with a dividend rate of 102.25%.
Gree Electric Appliances Inc.Of Zhuhai(000651) issued the shareholder return plan for the next three years (20222024) on January 24. According to the plan, the company will make profit distribution twice a year from 2022 to 2024, namely annual profit distribution and medium-term profit distribution. On the premise that the company’s cash flow meets the company’s normal operation and long-term development, the total annual cumulative cash dividends of the company from 2022 to 2024 shall not be less than 50% of the net profit of the year. In this regard, Guosen Securities Co.Ltd(002736) said in the relevant research report that Gree Electric Appliances Inc.Of Zhuhai(000651) establishing a stable shareholder return plan will help strengthen market confidence.
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