In 2005, Hisense Air Conditioning reached an agreement with Greencool Company, agreeing to buy 26.43% shares of Kelon Electric Appliances held by Guangdong Greencool for 900 million yuan, and Hisense Air Conditioning became the largest shareholder and actual controller of Kelon Electric Appliances. Kelon was acquired by Hisense because Kelon had a financial crisis and it was difficult to maintain its normal operation.
Kelon Electric Appliance Co., Ltd. is a household appliance enterprise headquartered in Shunde, Guangdong, China, which was established in 1984. Its main products are refrigerators, air conditioners and washing machines. Kelon has always paid attention to the leading position of science and technology. In March 2002, Kelon independently developed an epoch-making multi-cycle refrigeration technology for refrigerators.