According to Tianyancha, Gree changed from a local state-owned enterprise to a state-owned listed company after being listed on 1996 through share exchange. With its relatively market-oriented governance structure, rules and regulations and management level, Gree Electric gradually opened the gap with Gree Group, a colorful administrative institution, and successfully became the industry leader. Since the listing of Gree Electric, under the requirements of mixed ownership reform and the gradual withdrawal of state-owned enterprises from competitive industries, Gree Group has experienced several market-oriented strategic reductions, each of which has brought about the optimization of corporate governance structure and the improvement of resource allocation capacity in Gree Electric. These changes have gradually transformed Gree Electric into a market-oriented state-owned listed company in the process of state-owned enterprise reform.