On February 13th, the Foshan Court in Guangdong Province ruled to accept the bankruptcy liquidation application of Guangdong Zhigao Air Conditioning Co., Ltd. The company is the parent company of Zhigao Air Conditioning, which was once one of the “Four Little Dragons” in the Chinese air conditioning industry. During its peak, Zhigao had Hong Kong movie star Jackie Chan as its spokesperson, openly challenging Gree. Now, as the parent company officially enters the liquidation process, it has drawn attention from the industry.
According to reports from media such as “Daily Economic News” and “Fast Technology,” on February 13th, the National Enterprise Bankruptcy Reorganization Case Information Network announced that the Nanghai District Court in Foshan City had ruled on February 12th to accept the bankruptcy liquidation of Guangdong Zhigao Air Conditioning Co., Ltd., marking the official commencement of related procedures.
Public records show that Guangdong Zhigao was established in 1997 with a registered capital of approximately 996 million yuan. It is the core operating entity of the Zhigao Air Conditioning brand and was also the primary asset company under Zhigao Holdings, which was once listed on the main board of the Hong Kong Stock Exchange. Zhigao Holdings was delisted in 2019 due to consecutive losses.
Based on information previously disclosed by the court, Guangdong Zhigao’s main assets include three real estate properties in the Nanghai District of Foshan City, nearly 700 trademarks, and over 200 patents. However, the company has a large debt scale, with the target unachieved amounting to about 3 billion yuan, while self-reported liabilities are around 3.2 billion yuan. The court has appointed an administrator and plans to hold the first creditors’ meeting in May 2026.
Zhigao Air Conditioning was founded in 1994 and competed with brands like Gree, Midea, and Haier, being referred to as one of the “Four Little Dragons” in the Chinese air conditioning industry.
In 2008, Zhigao held the fourth position in the market share, and by 2010, it briefly rose to third place, entering the ranks of mainstream domestic brands. However, with intensifying industry competition, the company’s operational situation gradually deteriorated.
Financial reports indicate that Zhigao Holdings incurred losses of 480 million yuan in 2018, which expanded to 1.4 billion yuan in 2019, ultimately leading to delisting and the company entering a period of deep adjustment.
From its peak to delisting, Zhigao’s development trajectory has become a typical case in the household appliance industry, reflecting the fierce changes in the industry landscape.
During Zhigao’s most high-profile period of development, the company expanded its brand influence through celebrity endorsements.
In 2014, according to a report by “Rule of Law Weekend,” Zhigao signed a contract with Hong Kong movie star Jackie Chan for endorsement, targeting the high-end market and proposing a strategy to push for a billion-dollar scale. Industry insiders at the time described this move as a clear challenge aimed at Gree.
Previously, Jackie Chan had long been an endorser for Gree Air Conditioning. Zhigao’s recruitment of Jackie Chan was seen as a direct challenge to the industry leader.
Zhigao’s founder, Li Xinghao, had publicly stated his ambition to create the “world’s best air conditioning,” engaging in indirect competition with Dong Mingzhu, the head of Gree, in media appearances. These high-profile actions briefly made Zhigao the focus of the industry.
However, as the company’s operational situation deteriorated, its brand influence gradually declined, and its market competitiveness significantly weakened.