GOME

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.

Gome shares tumble after news it would take stake in Huishang Bank

Shares of Gome tumbled after it took a stake in Huishang Bank. Photo: David Wong

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

Big chunk of compensation to Gome could end up back in Wongs' pocket

Wong Kwong-yu could share in Gome's windfall. Photo: Oliver Tsang

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 tycoon Wong Kwong-yu and wife agree to pay HK$420m to Gome in misconduct case

Former Gome Chairman Wong Kwong-yu (left) with former Executive Director Du Juan. Photo: May Tse

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

China's Gome first-half profit jumps 153pc as it pins hopes on online shop

Gome's same-store revenue growth jumped 15.1 per cent year on year in the first half. It had 1,073 shops in 250 mainland cities at the end of June. Photo: Reuters

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 expects interim profit on back of strong Q2

GOME expects to be back in the black soon. Photo: SCMP

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 expects earnings to improve

Gome Electrical Appliance is opening more shops and is looking to boost internet sales through its alliance with Alibaba. Photo: Reuters

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

Gome to shut more shops to stem losses

Gome plans to push ahead with closures of poor-performing stores to improve the company's profitability. Photo: David Wong

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

No buzz for Suning, Germany's Metro

A customer looks at television sets in a branch store of retail giant Suning in Chengdu. Photo: Xinhua

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

Best Buy and Gome: good bedfellows?

Best Buy shuttered all of its own-brand China stores two years ago. Photo: AP

There is an intriguing rumour going around that would see struggling US electronics retailing giant Best Buy purchase its equally struggling Chinese counterpart Gome

25 Feb 2013 - 1:56pm

Struggling Gome hopes the worst is now behind it

Illustration: Martin Megino

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

Talking points

King's body makes final journey

King's body makes final journey

1 Feb 2013 - 3:15am

Hong Kong closures signal Gome retreat

Gome Hong Kong has struggled to make a profit in the city and will close its six shop within two months. It will focus on wholesaling in the future. Photo: David Wong

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

Gome pulls plug on electrical shops and 100 jobs

A protester's poster says no to foreign labour. Photo: K. Y. Cheng

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

Appliance retailer Gome reveals three-year plan

Gome to open 200 stores.

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

Wong 'not liable' for investors' losses

Wong Kwong-yu

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

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