• Fri
  • Apr 25, 2014
  • Updated: 4:51pm

Gome Electrical Appliances

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.

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

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.

Tuesday, 25 March, 2014, 1:02am

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

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.

12 Mar 2014 - 4:17am 1 comment

Gome to shut more shops to stem losses

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.

26 Mar 2013 - 3:18am

Struggling Gome hopes the worst is now behind it

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.

9 Feb 2013 - 4:51am

Gome pulls plug on electrical shops and 100 jobs

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.

21 Jan 2013 - 4:59am

Appliance retailer Gome reveals three-year plan

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.

27 Dec 2012 - 1:59am

Wong 'not liable' for investors' losses

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.

21 Dec 2012 - 3:46am

Gome looks to e-commerce after posting loss in first nine months

Gome Electrical Appliances, China's second-largest seller of home appliances, is betting on e-commerce to reverse declining sales after reporting a loss in the first nine months.

20 Nov 2012 - 4:06am

Gome sees net loss widen amid slowing growth on mainland

Gome Electrical Appliances yesterday warned that the company was expected to record a net loss of up to 700 million yuan (HK$867 million) for the nine months to September.

23 Oct 2012 - 4:19am

Three mainland retailers probed over promotional strategies in price war

Beijing launched an investigation into a high-profile price war on electrical appliances amid complaints from consumers that they were cheated by three mainland retailers.

6 Sep 2012 - 3:08am