Dec 25 2020, 09:14 PM, updated 4 months ago
The consistent growth in China’s home appliance market over the past decades has told the story of China’s rising middle class and urbanization.
As more Chinese people moved to cities and increased their disposable income, per capita expenditure of private households on home appliances and consumer electronics climbed from around RMB 110 (USD 15.70) in 1990, to
RMB 1,629 (USD 232.56) in 2018.
Over that period, a number of local champions have risen, offering affordable products to notoriously price-sensitive Chinese consumers, while also imbuing the latest generation of home appliances with intelligent connectivity to create Internet of Things (IoT) ecosystems within the home.
Here are six of the top Chinese appliance manufacturers.
1. Xiaomi Corp
https://www.barrons.com/market-data/stocks/...?countrycode=hk
(HKG: 1810)
Background
While Beijing-based Xiaomi (HKG: 1810) is well known in China and abroad as one of the world’s largest smartphone makers, the company also boasts a wide array of home appliance products including rice cookers, air and water purifiers, fans, lamps, alarm clocks, smart lighting solutions, and more.
Xiaomi Appliances
As of the first quarter of 2020, Xiaomi’s IoT ecosystem included 252 million connected devices and constituted over 25% of the company’s total revenue for the quarter. Revenue from Xiaomi’s IoT business segment increased 7.8% in the March quarter despite an overall macroeconomic downturn caused by the pandemic. Amid a slumping global smartphone market, Xiaomi may rely even more on its intelligent appliances going forward.
The company has been slowly developing its IoT appliance ecosystem since 2013. Source: Xiaomi
2. Midea
Background
(000333.SZ)
He Xiangjian 何享健 founded Midea (SHE: 000333) in 1968, more than 40 years ago, with a starting capital of RMB 5,000 and has since grown the company into an empire employing nearly 135,000 people with a presence in over 200 countries as of 2019.
He Xiangjian is the 5th richest person in China!!!
Kong after $5.2 billion listing
Midea Group shares rise 9.5% in Hong Kong after $5.2 billion listing
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The Chinese home appliance maker's listing is the largest in Hong Kong in four years.
Chinese home appliances maker Midea’s listing is the largest in Hong Kong in almost four years.
PHOTO: REUTERS
Sep 17, 2024, 03:36 PM
0300.HK
SYDNEY – Chinese home appliances maker Midea Group rose by up to 9.5 per cent on its trading debut in Hong Kong on Sept 17 after raising nearly US$4 billion (S$5.2 billion) in the city’s largest share offering in almost four years, bolstering hopes for a revival in large Chinese issuances.
Midea, also listed in Shenzhen, priced its shares at HK$54.80 each in its Hong Kong float.
It rose as high as HK$60 per share, 9.5 per cent above the offer price, with 34.6 million shares worth HK$2.04 billion changing hands. Midea is the most actively traded stock by turnover on the Hong Kong market so far on Sept 17, exchange data showed.
In 2014, Xiaomi invested in Midea, the world’s largest home appliances manufacturer according to Euromonitor International Limited.
Midea Appliances
Headquartered in Foshan, the company generated USD 40.5 billion in 2019 with main products including commercial and residential air conditioners, along with refrigerators, washing machines, and dishwashers.
Midea’s smart home division focuses on connecting entire sections of the home, with an intelligent health system to monitor air temperature and humidity, formaldehyde concentration, and other environmental factors.
In June, He, one of China’s richest people, was the target of an attempted kidnapping in his hometown of Foshan, Guangdong province.
Some of Midea’s home appliance offerings. Source: Midea website
3.
Haier Smart Home Co Ltd,
6690.HKEX
https://www.barrons.com/market-data/stocks/...?countrycode=hk
formerly Qingdao Haier Co Ltd, is a China-based company principally engaged in research and development, manufacturing and sales of home appliances. The Company operates its businesses through five segments. The Household Food Storage and Cooking Solutions segment is engaged in manufacturing and selling refrigerator/freezers and kitchen appliances. The Air Solutions segment is engaged in manufacturing and selling air conditioners. The Household Laundry Management Solutions segment is engaged in manufacturing and selling washing machines and dryers. The Household Water Solutions segment is engaged in manufacturing and selling water home appliances such as water heaters and water purifiers. The Other business segment mainly includes channel, equipment components, small home appliance business and others. The Company mainly operates its businesses in the domestic and overseas markets. *
(Yicai Global) Dec. 21 -- Haier Electronics Group will delist from the Hong Kong stock exchange on Dec. 23, stepping aside to make way for a secondary listing the same day on the HK bourse by its sister company Haier Smart Home as the two firms prepare to merge their home appliance businesses.
The company has received approval from the Bermuda authorities, where it is registered, to go private, Haier Electronics said yesterday.
Parent firm Haier Group plans to merge the household goods business of Haier Electronics, which manufactures washing machines, hot water dispensers and water purifiers, with that of Haier Smart Home, which makes refrigerators, air conditioners and kitchen appliances. Both firms do many deals together and their management overlaps. Merging will enhance their managerial and operational efficiency and better equip them to go toe-to-toe with China’s two other big appliance makers Midea Group and Gree Electric Appliance, an analyst said.
Background
Another Chinese appliance company with a long history, Haier, was founded in 1984 in Qingdao, Shandong province, as Qingdao Refrigerator Co. The firm has evolved into a global giant with annual revenue of USD 27.7 billion in 2019. In June 2016, Haier bought General Electric’s (GE) appliance business in an acquisition worth USD 5.6 billion.
Haier Appliances
Haier’s main products include refrigerators, kitchen appliances, and laundry machines, among others.
Haier Group spun off Haier Smart Home (SS:600690) subsidiary, which is pursuing an initial public offering in Hong Kong, according to a Reuters report. Haier’s Smart Home business was a key participant in the 127th Canton Fair last month, the first time China’s largest trade show was held online, as the company has attended the Canton Fair since 1988. Haier leveraged livestreaming from its showrooms across the world to connect with customers.
Haier’s IoT ecosystem earned them a place in BrandZ’s Top 100 Global Brands in 2019. In 2019, Haier Smart Home’s revenue from its ecosystem increase 68% year-on-year while net profit increased.
GE Appliances, now a Haier company
2016
, just announced a USD 62 million investment to expand appliance production at its 750-acre manufacturing complex in the US.
Haier Smart Home at CES 2020 Source
GE Appliances
Haier To Buy GE Appliances For $5.4B In China's 2nd Big U.S. Acquisition This Week
Qingdao Haier Co., a Shanghai-listed company that is 41% owned by white goods giant Haier Group, said today it will acquire GE Appliances business from General Electric for $5.4 billion, the latest in a series of large overseas acquisitions by Chinese businesses.
Haier Group and General Electric also today announced a preliminary agreement to cooperate globally and work together in areas where both companies can increase competitiveness such as the industrial Internet, healthcare and advanced manufacturing.
“We are pleased to be selling our appliances business to Haier and to launch this new partnership,” GE CEO Jeff Immelt said in a statement. “Haier has a stated focus to grow in the U.S., build their manufacturing presence here, and to invest further in the business. Innovation, new product introduction, and brand management are fundamental to their overall strategy. GE Appliances provides Haier with great products, state-of-the-art manufacturing facilities, and a talented team. In addition, we see the opportunity to work together to build the GE brand in China.”
4.
Gree Electric Appliances,Inc.of Zhuhai
000651.SZ
Background
Founded in 1985, Gree Electric Appliances (SHE: 000651) is the world’s largest residential air conditioner manufacturer. Based in Zhuhai, Guangdong province, the company has grown to generate RMB 198 billion (USD 28.27 billion) under the leadership of chairwoman Dong Mingzhu, who has been influential at Gree since 1996 when the company went public.
Gree’s products reach over 160 countries across the world and the company has won contracts for many international events including the 2008 Beijing Olympic Games, 2010 FIFA World Cup in South Africa, 2010 Asian Games in Guangzhou, and 2014 Winter Olympic Games in Sochi, Russia.
Gree Appliances
Dong is massively popular in China and recently began livestreaming on ByteDance’s short-video app Douyin, and rival Kuaishou, in a bid to leverage e-commerce livestreaming sales channels. In one session on Kuaishou, Dong sold an impressive USD 44 million worth of products, while pledging to open a regular livestreaming channel to connect with customers and promote the company’s products.
The company’s IoT products include door sensors and smart air conditioners which can be controlled via smartphone. Dong also has larger ambitions for her smart devices ecosystem, as she told Nikkei Asian Review that Gree needed to develop its own computing chips for self-sufficiency in IoT development. In December 2019, the company announced an investment of RMB 3 billion in Chinese chipmaker Anshi.
Gree’s chairwoman Dong Mingzhu set a sales target of RMB 600 billion by 2023. Source: KrASIA
5.
Hisense Home Appliances Group Co Ltd
0921.hk
https://www.barrons.com/market-data/stocks/...?countrycode=hk
Background
Hisense Group (SSE:600060), also based in Qingdao, Shandong province, specializes in consumer electronics and home appliances. Hisense was founded in 1969 as Qingdao No. 2 Radio Factory by city authorities and has grown into a sprawling enterprise that generated RMB 33.8 billion (USD 4.83 billion) in 2019. While Hisense is a state-owned enterprise, its many subsidiaries are publicly traded.
Hisense Appliances
With products ranging from televisions to refrigerators available in over 200 countries around the world, Hisense boasts 13 manufacturing facilities in China and also has production operations in Hungary, South Africa, Egypt, Algeria, Slovenia Serbia, France, and Mexico. In June, the firm established a global research and development (R&D) center for cooking and dishwashing appliances in Slovenia’s Velenje, where its local subsidiary Gorenje is based.
Hisense has looked to increase the connectivity of its appliances, launching a line of smart home products in 2017 that are compatible with Amazon’s voice assistant Alexa, including refrigerators, washing machines, and air conditioners.
Some of the smart features with Hisense’s air filtration appliances. Source: Hisense website
6. Skyworth
创维集团
HKG: 0751
https://www.barrons.com/market-data/stocks/...?countrycode=hk
Background
Founded in 1988, Skyworth (HKG:0751) is an electronic appliance maker based in Shenzhen, Guangdong province, that employs over 40,000 people around the world. In 2019, the company generated RMB 37.3 billion (USD 5.33 billion) in total revenue, with its major products including kitchen appliances, refrigerators, air purifiers, televisions, and more.
Skyworth Appliances
Sktyworth’s major products include kitchen appliances, refrigerators, air purifiers, televisions, and more. The company’s overseas revenue for its smart appliances business, not including TVs, increased by 55.4% during 2019. Skyworth also offers commercial solutions like security cameras and locks, air conditioning control systems, and lighting solutions. At the 127th Canton Fair, Skyworth used digital tools like livestreaming and virtual reality to launch new TV products.
Skyworth’s smart living products were also on full display at CES 2020, where it gained notoriety for its Swaoit Panel, which aims to be a detachable screen that adapts its function depending on which appliance it is connected to.
Skyworth TV Spring Product Launch 2019 Source: Skyworth
7) TCL Electronics Holdings Ltd.
1070.HK
https://www.barrons.com/market-data/stocks/...?countrycode=hk
TCL Technology (originally an abbreviation for
Telephone Communication Limited)
is a Chinese multinational electronics company headquartered in
Huizhou, Guangdong Province.
It designs, develops, manufactures and sells products including television sets, mobile phones, air conditioners, washing machines, refrigerators and small electrical appliances.
In 2010 it was the world's 25th-largest consumer electronics producer.
Since 2015, it remains the third-largest television manufacturer by market share.
TCL comprises 4 listed companies:
TCL Technology Group Corp
( 000100.SZ )
which is listed on the Shenzhen Stock Exchange,
and
TCL Electronics Holdings, Ltd. (SEHK: 1070),
TCL Communication Technology Holdings, Ltd. (former code SEHK: 2618; delisted in 2016),
China Display Optoelectronics Technology Holdings Ltd. (SEHK: 0334)
and
Tonly Electronics Holdings Ltd. (SEHK: 1249)
which are listed on the Hong Kong Stock Exchange.
TCL's corporate slogan is "The Creative Life".
On 7 February 2020, TCL Corporation changed its name to TCL Technology.
TCL has been working with US partners for many years. In fact, the Company
began working with Roku as early in 2014 and becomes Roku's largest TV partner
around the world. In 2019, it began working with Google in Europe, Latin
America and other regions.
TCL brand TV sales volumes ranked among the Top 3 around the world and Top 5 in 19 countries.
According to the third quarter financial report disclosed by TCL Electronics, sales volume of TCL brand TV reached 7.24 million sets in the third quarter of 2020,
surging by 49.7% YoY and 24.7% QoQ;
Overall sales volume in the first three quarters reached 17.32 million sets, up 14.4% YoY.
According to the latest report by Sigmaintell, the market share of TCL brand TV in terms of sales volume increased by 2.7 percentage points YoY, from 8.6% to 11.3% in the third quarter of 2020, ranking global Top 3.
| No. | Company | HKEX Code | China A-share Code |
| 1 | Xiaomi Corp | 1810.HK | – |
| 2 | Midea Group | 0300.HK | 000333.SZ |
| 3 | Haier Smart Home Co., Ltd. | 6690.HK | 600690.SH |
| 4 | Gree Electric Appliances | – | 000651.SZ |
| 5 | Hisense Home Appliances Group Co., Ltd | 0921.HK | 000921.SZ |
| 6 | Skyworth Group Ltd. | 0751.HK | – |
| 7 | TCL Electronics Holdings Ltd. | 1070.HK | 000100.SZ |
This post has been edited by plouffle0789: Aug 29 2025, 04:11 AM
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