Gree air conditioners on sale in a Beijing store. Citi said the company’s first-quarter earnings would be sluggish as its domestic air conditioner shipment volumes were slower than that of major rival Midea Group, as well as the industry average. Photo: Alamy

Citigroup’s downgrade of Gree, China’s biggest home appliances maker, could cool bull run

  • US bank cuts its recommendation to sell from buy, lowers earnings estimate
  • Gree’s annual earnings growth rate slowest since 2015, dividend less generous than previous years’
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Gree air conditioners on sale in a Beijing store. Citi said the company’s first-quarter earnings would be sluggish as its domestic air conditioner shipment volumes were slower than that of major rival Midea Group, as well as the industry average. Photo: Alamy
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