Midea Group acquires Clou Electronics to expand into energy storage industry

In June 2023, Midea Group subscribed 252 million shares issued by Clou Electronics at a price of RMB 3.28 per share, becoming the company's controlling shareholder. Clou Electronics is a company focusing on smart grid business, with comprehensive energy storage technology and project application capabilities. After taking over Clou Electronics, Midea Group will focus on developing energy storage business, reducing the company's asset-liability ratio, and deploying new power systems and energy management solutions globally.