Gree gears up to buy NEV maker

Acquisition of car producer Zhuhai Yinlong will help diversify business, sustain market growth

Gree Electric Appliances Inc - one of China's major air conditioner makers - said it is stepping into the fast-growing new-energy vehicle market by acquiring Zhuhai Yinlong New Energy Co Ltd, a local electric-vehicle producer, for 13 billion yuan ($1.81 billion).

The home appliances giant, which has suspended trading in its shares for nearly half a year, is planning to issue 835 million new shares at 15.57 yuan per share to all shareholders of Zhuhai Yinlong New Energy, Gree announced on Thursday.