Zhuhai Gree Group will closely cooperate with Xiaomi Corp and China CITIC Bank in matters of industrial funding and investment, financial services, project cooperation, and resource sharing under a strategic agreement signed Sept 3.

Gree will take part in the investment and management of the 12-billion-yuan ($1.8-billion) Xiaomi Industrial Fund relying on all-round financial services provided by China CITIC Bank, said Gree chairman Zhou Lewei.

The enterprise will plot a layout centered on Xiaomi ecological chains and high-quality suppliers in the integrated circuit (IC), artificial intelligence (AI), Industrial Internet, core equipment, and other cutting-edge sectors. 

Gree chairman Zhou Lewei delivers a speech [Photo by Chen Jiazhe / Guanhai App]

Gree and Xiaomi will increase investment in high-quality projects related to new technologies, applications, and upgrades of intelligent manufacturing sectors, while introducing additional advanced industries to Zhuhai.

Xiaomi president Wang Xiang said the core focus of the company will be on "Cellphone X AIoT (AI+ Internet of Things)" over the next 10 years. During the process, a systematic layout in the Chinese manufacturing sector will be a core component.

Gree can complement Xiaomi's industrial resources with its State-owned capital investment and operations. They share development goals in industrial investment and incubation, added Wang. 

Currently, Gree is forming an integrated "Capital + Innovation + Industry + Construction + Operation" development mode. It has invested more than 11.1 billion yuan ($1.6 billion) of its own capital and pooled funds in 132 projects, and brought 16 projects to Zhuhai with total investment of over 2.7 billion yuan ($395 million). These projects cover IC, high-end manufacturing, biomedicine, AI, and digital economy and internet security.