GOME Electrical Appliances Holding Ltd is an electrical appliance retailer in China and Hong Kong founded by Wong Kwong Yu in 1987, adopting the “Gome” brand name in 1993. It listed in Hong Kong in 2004, and in 2008 police revealed that Wong was being investigated for stock manipulation. He resigned in early 2009 and was sentenced to 14 years in prison.
Shares of Gome Electrical Appliances Holding fell 6.56 per cent after the retailer said it planned to buy a 5.7 per cent stake in Hefei-based Huishang Bank.Friday, 8 May, 2015, 9:12am
It might seem that the HK$420 million jailed mainland billionaire Wong Kwong-yu and his wife, Du Juan, have been ordered to pay in compensation to the firm he founded would put a huge hole in their pockets.8 May 2015 - 9:12am
Jailed mainland billionaire Wong Kwong-yu, founder and former chairman of Gome Electrical Appliances, and his wife Du Juan will pay HK$420.6 million to the company as compensation for misconduct in a 2008 share repurchase deal.8 May 2015 - 9:12am 1 comment
Sales hit 27.1 billion yuan (HK$34.3 billion) in the period, up 10.2 per cent year on year. About 5 percentage points of that stemmed from its e-commerce business, chief financial officer Fang Wei said, emphasising that the company was focused on profitability and not sales volume.28 Aug 2013 - 4:47am
GOME Electrial Appliances , backed by private equity firm Bain Capital, said on Friday profitability has significantly improved and it expects to swing into profit in the first half of the year from losses a year ago.19 Jul 2013 - 12:16pm
Gome Electrical Appliances expects a rebound in gross profit margin this year although its e-commerce business will remain a liability in the short term. With the company teaming up with Alibaba's consumer shopping site Tmall to boost internet sales, the second-largest home appliance retailer on the mainland is hopeful that its e-commerce business could break even by the end of the year.11 Jun 2013 - 3:25am
The Beijing-based retailer said in a filing yesterday that the net loss for the year to December was 597 million yuan (HK$746 million), compared to a net profit of 1.84 billion yuan in 2011.8 May 2015 - 9:12am
Anyone thinking of getting into China's consumer electronics retailing market might want to think again, following the latest downbeat news from homegrown giant Suning and a joint venture involving Germany's Metro Group.28 Feb 2013 - 11:20am
There is an intriguing rumour going around that would see struggling US electronics retailing giant Best Buy purchase its equally struggling Chinese counterpart Gome25 Feb 2013 - 1:56pm
Is the worst over for Gome Electrical Appliances? That is the question many are asking after the Beijing-based appliance retailer weathered a series of setbacks over the past month.
Two weeks ago Gome said in a filing to the Hong Kong Stock Exchange that it may record a loss for 2012, because of declining sales, increasing rental expenses, and losses in its e-commerce business.8 May 2015 - 9:12am
King's body makes final journey1 Feb 2013 - 3:15am
Gome Electrical Appliances' decision to close its Hong Kong operations signals a temporary halt to its overseas expansion plans, which have been losing momentum since its founder Wong Kwong-yu was jailed four years ago.22 Jan 2013 - 4:12am
Electrical appliance retailer Gome is closing its six shops in Hong Kong, throwing some 100 people out of work - starting in just 11 days on February 1.
The company announced over the weekend that it would be switching its Hong Kong business focus to wholesale trade.8 May 2015 - 9:12am
Is electrical appliance retailer Gome merely following its rivals or will its new internet-driven strategy truly jolt it out of the doldrums?
China's second-largest home appliance chain operator has rolled out a three-year strategy to increase its presence in lower-tier cities and expand into online food and cosmetics sales.8 May 2015 - 9:12am
A court in Beijing ruled yesterday that Wong Kwong-yu, the jailed billionaire founder of Gome Electrical Appliances, did not need to pay for the losses incurred by two stock investors as a result of his conviction for insider trading.
But the plaintiffs' lawyer said dozens of other small investors planned to bring a new round of lawsuits against the retail tycoon.8 May 2015 - 9:12am