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About GomeGOME Electrical Appliances Holding Limited

GOME Electrical Appliances Holding Limited is one of the largest privately-owned electrical appliance retailer in Mainland China and Hong Kong. It was founded by Wong Kwong Yu (Huang Guangyu) in Beijing in 1987. It was listed on the Hong Kong Stock Exchange in 2004. The Group's principal activity is retailing electrical appliances and consumer electronic products. Other activity includes property development and investment. The Group operates in mainland and Hong Kong. As of December 31, 2008, the Company operated 859 chain stores, including 76 flagship stores, 739 standard stores (including supermarkets) and 44 specialized stores.

As of 2008 Wong is the chairperson, the controlling shareholder, and the director. The company is incorporated in Bermuda. In November 2008 the Hong Kong Stock Exchange indefinitely halted trading of the company shares after police revealed that Wong was under investigation for stock manipulation. He resigned from company chairman on 16 January 2009 and was replaced by Chen Xiao.

In June 2009, US private equity firm Bain Capital invested 3 billion yuan in Gome in exchange of a 18 percent stake.

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  • Parents&Subsidiaries

    Company Name:China Paradise Electronics Retail Ltd

    Description: household appliances

    Gome's Percent Interest:100%

    Company Name: Sanlian Commercial Company

    Description: general merchandise

    Gome's Percent Interest:19.7%

    Company Name:Beijing Dazhong Electronics Ltd.

    Description: household appliances

    Gome's Percent Interest:100%

    Major Deals
    • On July 25th, 2006, Gome Electrical Appliances Holding Ltd acquired its rival China Paradise Electronics Retail Ltd with HK $5.27 billion (US$675.64 million)

      In late 2007, Gome Electrical Appliance Holdings Ltd acquired Beijing Dazhong Electronics Ltd with 3.6 billion Yuan ($488 million)....>>

    Key People
    Chen Xiao, the chairman of Gome group

    Chen Xiao has been appointed the chairman of the Group and has also acted as the chief executive officer of the Group with effect from 16 January 2009.

    Chen started his career in the industry of the home appliances retail business since 1985. He founded China Paradise Electronics Retail Limited in 1996, which later became the third largest electronics retail chain in China.

    Huang Guangyu, the founder and former chairman of Gome group

    Huang Guangyu, alternatively called Wong Kwong Yu in Hong Kong, was the former Chairman of GOME Group. Huang is a classic Chinese rags-to-riches story. Born into a poor family in Shantou, Guangdong Province, Huang left home at the age 17 to try his luck in Beijing. He bought his first appliance shop with his brother, naming it Gome. Huang beat competitors by delaying supplier payments and cutting profit margins, earning the nickname "price butcher." By 1993, the Gome chain could claim six Beijing locations. And currently, it's China's market leader.

    Huang was listed by Forbes magazine as China's richest man in 2006 and 2007 before falling to third place in the 2008 ranking with reported personal assets of 18 billion yuan. Up until Huang's arrest November 19, 2008 on stock manipulation charges, the tycoon controlled several real estate companies and retailers, in addition to Gome.

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