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Hisense is a Qingdao-based Chinese corporate group with a mixed-ownership structure. A 2025 regulatory filing identifies the State-owned Assets Supervision and Administration Commission of the Qingdao Municipal Government (Qingdao SASAC) as the ultimate beneficial owner of Hisense Group Co., Ltd. That does not mean the government directly owns every Hisense company outright: private, employee and incentive shareholders participate in intermediate holding companies, and several related businesses are separately listed. Group-level day-to-day leadership is currently headed by CEO Fisher Yu, according to a Hisense announcement dated July 21, 2026.
Hisense is a brand and group, not one company
“Hisense” can mean the consumer brand on a television or refrigerator, the broader corporate group, or one of the legal companies that makes or sells a product. Those are not interchangeable. A Hisense-branded television and a Hisense air conditioner may sit within different subsidiaries and ownership structures.
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Hisense says it was founded in 1969 and is headquartered in Qingdao, Shandong. Its group includes five listed companies—Hisense Visual Technology, Hisense Home Appliances, Sanden Holdings, Qianzhao Optoelectronics and Kelin Electric—and brands including Hisense, Toshiba TV, Ronshen, Kelon, Gorenje and ASKO. The group overview is at Hisense’s official company profile.
How the ownership chain works
The clearest top-level answer comes from a 2025 Hong Kong regulatory filing concerning Hisense Visual Technology. It identifies Qingdao SASAC as the ultimate beneficial owner of Hisense Group. The simplified chain is:
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Qingdao Municipal Government SASAC → Hisense Group Co., Ltd. → affiliated holding companies and operating businesses, including listed subsidiaries
This is a simplified map, not a claim that Qingdao SASAC directly holds shares in every company using the Hisense name. In particular, Hisense Group Holdings is a mixed-ownership intermediate company, and listed subsidiaries have their own shareholder structures. The filing is available at the Hong Kong regulatory disclosure.
Who owns Hisense Group Holdings?
The 2025 filing describes Hisense Group Holdings as having a mixture of corporate and incentive shareholders. The reported interests were:
| Shareholder or group | Reported interest | What the filing says |
|---|---|---|
| Hisense Group | 26.79% | Its stake in Hisense Group Holdings. |
| Qingdao Xinfeng Information Technology | 24.36% | A company associated with Yang Shaopeng. |
| Shanghai Haifeng Shipping | 2.64% | A company associated with Yang Shaopeng. |
| Qingdao Key Main Information Technology | 3.06% | A company associated with Yang Shaopeng. |
| Position-incentive shareholders and related holding vehicles | Approximately 43.15% in aggregate | Employee or management incentive-related interests. |
The three Yang Shaopeng-associated companies acted in concert and together held approximately 30.06%. The filing described Hisense Group Holdings as having no effective controller. That phrase does not erase the separate finding that Qingdao SASAC is the ultimate beneficial owner of Hisense Group; it describes control of the intermediate holding company, not the identity of Hisense Group’s ultimate beneficial owner.
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Who controls Hisense Visual Technology?
Hisense Visual Technology is the listed display and electronics company, not the entire Hisense group. The 2025 filing identifies Hisense Group Holdings as its controlling shareholder, with approximately 30.08% of Hisense Visual. A 30.08% stake is not a majority of all shares, but a substantial block can carry practical influence depending on voting arrangements, board relationships and how dispersed the other shareholders are. The filing’s control description should not be generalized to every Hisense affiliate.
How is Hisense Home Appliances connected?
Hisense Home Appliances is a separate listed company with its own ownership disclosures. Its 2025 annual-report materials report that Qingdao Hisense Air-Conditioning held approximately 37.3% of Hisense Home Appliances; the reported figure varies slightly by document and reporting date. Hisense Hong Kong held approximately 8.99%, and Hisense Communications approximately 2.00%. See the annual-report materials.
A separate 2025 annual-report disclosure says Qingdao Hisense Air-Conditioning became wholly owned by Hisense Group Holdings on March 2, 2026. This connects the intermediate holding company to a major shareholder in Hisense Home Appliances. The ownership-change disclosure is in the Hisense Home Appliances report.
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Is Hisense state-owned, private, or publicly traded?
| Description | Does it fit? | Why |
|---|---|---|
| Entirely privately owned | No | The 2025 filing identifies Qingdao SASAC as ultimate beneficial owner of Hisense Group. |
| Directly 100% government-owned | No | Hisense Group Holdings has private and incentive shareholders, and listed subsidiaries have their own public shareholders. |
| State-linked mixed-ownership group | Yes, with qualification | Qingdao SASAC sits at the top of the disclosed ownership chain for Hisense Group, while other interests participate lower in the structure. |
| Family-owned business | Not supported by the cited disclosures | The filings describe state-linked, corporate, private and employee/incentive interests rather than a family-owned group. |
| One publicly traded company | No | Several related companies are listed separately; there is no single stock representing the whole Hisense group. |
“State-owned” is useful only if the ownership chain is made clear. The relevant authority identified here is Qingdao’s municipal SASAC, not a direct 100% shareholding by China’s central government. The evidence supports municipal state influence at the group level alongside mixed ownership and separately listed businesses.
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Who runs Hisense day to day?
Hisense’s official announcement dated July 21, 2026 identifies Fisher Yu as CEO of Hisense Group and describes his role in the group’s AI-focused growth and global development strategy. The announcement is at Hisense’s official news page. A CEO leads management; that position alone does not make the executive the company’s owner or ultimate beneficial owner.
It helps to keep four concepts distinct:
- Ownership: the direct or ultimate economic stake in an entity.
- Control: the capacity to influence shareholder, board or strategic decisions, which may not require a majority stake.
- Management: executives’ responsibility for operating the business.
- State influence: the role of the municipal state-assets authority and the corporate governance channels through which state ownership may matter.
What the ownership structure means for consumers and investors
For consumers
Group ownership alone does not establish a product’s quality, privacy practices, warranty coverage or security standards. Those questions depend on the product, the legal entity responsible for it, the market where it is sold and the applicable rules. The Hisense name on a product does not by itself identify one universal manufacturer or contracting company.
For investors
A share in Hisense Visual Technology or Hisense Home Appliances is an investment in that particular listed company, not a direct stake in every business in the Hisense group. Hisense’s official profile lists the group’s separate listed companies, while the relevant company filings show their own ownership links. Investors assessing a specific security should use that issuer’s shareholder disclosures rather than treating “Hisense” as a single stock.
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