China's biggest air-con maker bets $2bn on electric cars

Gree Electric Appliances Inc., China’s largest air-conditioner maker, is diving into the fast-growing electric vehicle market with its 13 billion yuan ($2 billion) acquisition of Zhuhai Yinlong New Energy Co. According to Bloomberg, the appliance maker, which announced its intention to buy closely-held Yinlong in March, will fund the purchase by selling 834.9 million new shares at 15.57 yuan apiece, about 19 percent lower than the stock’s last traded price, according to a filing to the Shenzhen stock exchange Thursday. Gree is among the dozens of startups and industrial companies venturing into the field of electric vehicles. China has designated new-energy vehicles a strategic industry as part of a broader push to upgrade its manufacturing sector.