Dong Mingzhu, dubbed the "female version of Old Xi", has been intensively relinquishing power since August 2024, stepping down from at least six positions within two years, including at Chengdu Medical Equipment and Lingbianjie Company.
Zhuhai State-owned Assets transferred its 15% stake in Gree Electric to Hillhouse Capital for 41.66 billion yuan, and Dong Mingzhu and the management team established absolute control over the listed company through various interest arrangements.
Xi Jinping traveled south to Guangdong for an inspection, with his motorcade entering the Gree headquarters in Zhuhai. His remarks during the visit regarding manufacturing innovation and self-reliance effectively provided a political endorsement for Gree's subsequent state-owned mixed-ownership reform and its 'chip-making' initiative.