https://www.scmp.com/rss/212036/feed 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. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Beleaguered Chinese electronics retailer Gome Retail Holdings said it was prepared to fight, after bankruptcy petitions were filed against its unit by a group of suppliers over outstanding payments. The company acknowledged that bankruptcy petitions were filed recently against Gome Appliances in the Beijing No 1 Intermediate People’s Court by Shenyang Shengxingda Kitchen and Bathroom Products, Liaoning Supor Cookware Trading and two others. The plaintiffs claim that Gome Appliances owes them 4.7... https://www.scmp.com/business/article/3205056/gome-suppliers-seek-liquidation-struggling-chinese-electronics-retailers-subsidiary-over-outstanding?utm_source=rss_feed https://www.scmp.com/business/article/3205056/gome-suppliers-seek-liquidation-struggling-chinese-electronics-retailers-subsidiary-over-outstanding?utm_source=rss_feed Fri, 30 Dec 2022 07:11:40 +0000 Gome Retail Holdings, one of China’s largest electronics retailers, which is said to have suspended staff payments and is seeking a debt restructuring, saw its shares rise in Hong Kong on Friday. The stock closed 1.61 per cent higher at HK$0.126. On Thursday, its shares closed at HK$0.124, dropping 3.88 per cent following speculation on Chinese social media about the pay cuts. Staff were asked to sign a letter acknowledging the suspension of pay, photos of which have been circulated online.... https://www.scmp.com/business/article/3198500/chinese-electronics-retailer-gomes-stock-rises-despite-media-reports-it-has-suspended-staff-pay?utm_source=rss_feed https://www.scmp.com/business/article/3198500/chinese-electronics-retailer-gomes-stock-rises-despite-media-reports-it-has-suspended-staff-pay?utm_source=rss_feed Fri, 04 Nov 2022 12:00:22 +0000 Chinese electronics chain Gome Retail is seeking to raise HK$4.45 billion (US$573.7 million) from the sale of new shares after its founder Huang Guangyu pledged to return his company to its former glory after completing his parole last month. Gome Retail said it plans to place 2.28 billion shares, or 10.58 per cent of its existing shares, at HK$1.97 per share to repay debt and to expand its online and offline dual-platform business, in a filing to the Hong Kong stock exchange on Tuesday. The... https://www.scmp.com/business/china-business/article/3123743/chinese-electronics-chain-gome-retail-seeks-us574-million?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3123743/chinese-electronics-chain-gome-retail-seeks-us574-million?utm_source=rss_feed Tue, 02 Mar 2021 08:32:54 +0000 Huang Guangyu, the founder and former chairman of Gome Retail Holdings, one of China’s largest bricks-and-mortar electronics retailers, has been released from jail on parole, a court in Beijing said on Wednesday. The Beijing No. 1 Intermediate People’s Court ruled that Huang will be released on probation on Wednesday, according to an announcement on the Beijing Municipal High People’s Court’s official WeChat account. He was sentenced to 14 years in jail and his release was expected in November... https://www.scmp.com/business/china-business/article/3090443/huang-guangyu-founder-and-ex-chairman-one-chinas-largest?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3090443/huang-guangyu-founder-and-ex-chairman-one-chinas-largest?utm_source=rss_feed Wed, 24 Jun 2020 11:03:26 +0000 Gome Retail Holdings has launched a new retail strategy that will see China’s largest electronics retailer evolve into a one-stop provider for home appliances, home decoration and household services. The move comes on the back of Gome reporting a 10.7 per cent fall in net profit to 220.1 million yuan (US$33.30 million) for the first nine months of the year on higher finance costs as borrowings increased, offsetting a rise in sales. Wang Junzhou, president of Gome, said the company is well on... https://www.scmp.com/business/china-business/article/2122518/electronic-appliances-home-decoration-chinese-retailer-gome?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2122518/electronic-appliances-home-decoration-chinese-retailer-gome?utm_source=rss_feed Fri, 01 Dec 2017 12:22:02 +0000 Shares of Gome Electrical Appliances Holding fell 6.56 per cent yesterday after the retailer said it planned to buy a 5.7 per cent stake in Hefei-based Huishang Bank. Pending approval from regulators, Gome would subscribe to 632.5 million new H shares of the bank for HK$2.4 billion, it said in a filing with the stock exchange on Tuesday. Gome said it was part of its "open omni-channel retailer" strategy and would allow it to become a rounded and efficient retail chain. "It will help elevate our... https://www.scmp.com/business/china-business/article/1638117/gome-shares-tumble-after-news-it-would-take-stake-huishang?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1638117/gome-shares-tumble-after-news-it-would-take-stake-huishang?utm_source=rss_feed Wed, 12 Nov 2014 05:45:30 +0000 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. However, the actual penalty the couple would suffer for their misconduct in 2008 could be much less. This is because although Wong has been behind bars on the mainland since 2010, the couple remain the largest shareholders of Gome Electrical Appliances, with 35.55 per cent. If the retailer... https://www.scmp.com/business/companies/article/1456040/big-chunk-compensation-gome-could-end-back-wongs-pocket?utm_source=rss_feed https://www.scmp.com/business/companies/article/1456040/big-chunk-compensation-gome-could-end-back-wongs-pocket?utm_source=rss_feed Mon, 24 Mar 2014 03:15:30 +0000 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. Their agreement with the Securities and Futures Commission, announced yesterday, ends a nearly five-year legal battle between the couple and the regulator. The SFC has agreed to stay its proceedings and take no further action after the payment, which equals the gains they... https://www.scmp.com/business/companies/article/1446615/jailed-tycoon-wong-kwong-yu-and-wife-agree-pay-hk420m-gome?utm_source=rss_feed https://www.scmp.com/business/companies/article/1446615/jailed-tycoon-wong-kwong-yu-and-wife-agree-pay-hk420m-gome?utm_source=rss_feed Tue, 11 Mar 2014 14:17:07 +0000 Mainland home appliance retailer Gome Electrical Appliances said its first-half profit rose 153 per cent year on year to 322 million yuan and that its online business would turn profitable next year. 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. Gome's online... https://www.scmp.com/business/companies/article/1299940/chinas-gome-first-half-profit-jumps-153pc-it-pins-hopes-online?utm_source=rss_feed https://www.scmp.com/business/companies/article/1299940/chinas-gome-first-half-profit-jumps-153pc-it-pins-hopes-online?utm_source=rss_feed Tue, 27 Aug 2013 16:00:00 +0000 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. The company said in a filing to the Hong Kong exchange that this was largely due to increased sales and its joint venture partner shouldering 40 per cent of the losses incurred by its e-commerce business. GOME, China’s second-largest electrical appliance retailer, said profits in... https://www.scmp.com/business/companies/article/1286079/gome-expects-interim-profit-back-strong-q2?utm_source=rss_feed https://www.scmp.com/business/companies/article/1286079/gome-expects-interim-profit-back-strong-q2?utm_source=rss_feed Fri, 19 Jul 2013 04:16:45 +0000 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. "We will bring up the proportion of our highly profitable goods from 20 per cent to 30 per cent of overall... https://www.scmp.com/business/companies/article/1258103/gome-expects-earnings-improve?utm_source=rss_feed https://www.scmp.com/business/companies/article/1258103/gome-expects-earnings-improve?utm_source=rss_feed Mon, 10 Jun 2013 16:00:00 +0000 Gome Electrical Appliances, the second-largest home appliance retailer in the country, plans to close more stores to boost profit margins after reporting a narrower-than-estimated loss last year. 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. Meanwhile, sales revenue fell 20 per cent to 47.9 billion yuan. The company warned of a loss in a statement to... https://www.scmp.com/business/companies/article/1199783/gome-shut-more-shops-stem-losses?utm_source=rss_feed https://www.scmp.com/business/companies/article/1199783/gome-shut-more-shops-stem-losses?utm_source=rss_feed Mon, 25 Mar 2013 16:00:00 +0000 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 (Shenzhen: 002024) and a joint venture involving Germany's Metro Group (Frankfurt: MEO). In the former case, Suning has just reported 2012 results that will hardly encourage investors, including an accelerating decline in profits. In the latter, Metro has formally announced it will shutter its Media Markt stores, confirming buzz... https://www.scmp.com/business/companies/article/1162188/no-buzz-suning-germanys-metro?utm_source=rss_feed https://www.scmp.com/business/companies/article/1162188/no-buzz-suning-germanys-metro?utm_source=rss_feed Thu, 28 Feb 2013 03:20:24 +0000 It's a relatively quiet news day, so I thought I'd take this opportunity to write about an intriguing rumour that would see struggling US electronics retailing giant Best Buy (NYSE: BBY) purchase its equally struggling Chinese counterpart Gome (0493.HK). There are quite a few reasons why there may be no truth to these rumours; but at the same time, there are also some indications that perhaps something is happening, which makes it worth taking a look at this potential tie-up. From a broader... https://www.scmp.com/business/companies/article/1158221/best-buy-and-gome-good-bedfellows?utm_source=rss_feed https://www.scmp.com/business/companies/article/1158221/best-buy-and-gome-good-bedfellows?utm_source=rss_feed Mon, 25 Feb 2013 05:55:43 +0000 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. Around the same time it was reported to be planning to close all the shops it is managing in Hong Kong as a prelude to... https://www.scmp.com/business/companies/article/1146370/struggling-gome-hopes-worst-now-behind-it?utm_source=rss_feed https://www.scmp.com/business/companies/article/1146370/struggling-gome-hopes-worst-now-behind-it?utm_source=rss_feed Fri, 08 Feb 2013 16:00:00 +0000 King's body makes final journey The body of Cambodia's revered former king Norodom Sihanouk, who died late last year, makes its final journey from the royal palace in Phnom Penh. The body will be taken to a nearby park ahead of cremation on Monday. More than a million mourners are expected to line the streets of the capital for the lavish funeral procession. Sihanouk abdicated in 2004 after six tumultuous decades and died in Beijing in October.   New personal data code goes into force Beijing's... https://www.scmp.com/comment/insight-opinion/article/1140513/talking-points?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1140513/talking-points?utm_source=rss_feed Thu, 31 Jan 2013 16:00:00 +0000 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. Analysts said Gome's Hong Kong business has been making losses for the past decade due to a "smaller business scale" and "lack of local resources" compared to domestic players like Fortress and Broadway. More importantly, the company's long-term plan to shift its focus to the... https://www.scmp.com/business/companies/article/1133372/hong-kong-closures-signal-gome-retreat?utm_source=rss_feed https://www.scmp.com/business/companies/article/1133372/hong-kong-closures-signal-gome-retreat?utm_source=rss_feed Mon, 21 Jan 2013 16:00:00 +0000 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. A Gome spokeswoman in Hong Kong said: "It is a change of direction of business, from retailing to wholesaling or bulk trade. We hope to take advantage of Hong Kong's edge in geographical location and commerce and trade to develop... https://www.scmp.com/news/hong-kong/article/1132530/gome-pulls-plug-electrical-shops-and-100-jobs?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/1132530/gome-pulls-plug-electrical-shops-and-100-jobs?utm_source=rss_feed Sun, 20 Jan 2013 16:00:00 +0000 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. Yet some analysts doubt how much the new strategy would help the loss-making retailer. The Beijing-based company is making major strategic changes over the next three years... https://www.scmp.com/business/china-business/article/1113140/appliance-retailer-gome-reveals-three-year-plan?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1113140/appliance-retailer-gome-reveals-three-year-plan?utm_source=rss_feed Wed, 26 Dec 2012 16:00:00 +0000 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. Beijing No 2 Intermediate People's Court rejected yesterday the requests from two investors who asked for a total compensation of 6.5... https://www.scmp.com/business/china-business/article/1109412/wong-not-liable-investors-losses?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1109412/wong-not-liable-investors-losses?utm_source=rss_feed Thu, 20 Dec 2012 16:00:00 +0000 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. The Beijing-based retail chain posted a net loss of 687 million yuan (HK$846 million), compared with a profit of 1.79 billion yuan for the same period a year earlier, it said in a filing with the Hong Kong stock exchange. Revenue dropped 18 per cent to 36 billion yuan for the period, while consolidated profit margin... https://www.scmp.com/business/companies/article/1086405/gome-looks-e-commerce-after-posting-loss-first-nine-months?utm_source=rss_feed https://www.scmp.com/business/companies/article/1086405/gome-looks-e-commerce-after-posting-loss-first-nine-months?utm_source=rss_feed Mon, 19 Nov 2012 16:00:00 +0000 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. Shares in Gome declined 2.17 per cent to close at 90 HK cents yesterday before the announcement. The stock has plunged 40 per cent from HK$1.51 on April 26. The second-largest home appliances chain on the mainland said it had recorded a net loss of 501 million yuan in the first half. The company forecast the loss would reach... https://www.scmp.com/business/money/spending/article/1067502/gome-sees-net-loss-widen-amid-slowing-growth-mainland?utm_source=rss_feed https://www.scmp.com/business/money/spending/article/1067502/gome-sees-net-loss-widen-amid-slowing-growth-mainland?utm_source=rss_feed Mon, 22 Oct 2012 16:00:00 +0000 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. The National Development and Reform Commission (NDRC) found in a preliminary investigation that Jingdong Mall, a top online retailer formerly known as 360buy, Suning Appliance and Gome Electrical Appliances had all raised their original prices before conducting promotional activities last month to lure consumers, according to... https://www.scmp.com/business/china-business/article/1030360/three-mainland-retailers-probed-over-promotional-strategies?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1030360/three-mainland-retailers-probed-over-promotional-strategies?utm_source=rss_feed Wed, 05 Sep 2012 16:00:00 +0000 Gome Electrical Appliances, the second-largest home appliances chain on the mainland, expects its loss-making e-commerce business to turn a profit within the next two years - after posting an interim loss of 502 million yuan (HK$614.07 million) for the six months ended June. The Beijing-based company reported yesterday that sales fell 22 per cent to 23.1 billion yuan. The fall in revenues, combined with rising costs for rent and labour, tipped the retailer into the red for the reporting period,... https://www.scmp.com/business/china-business/article/1027377/e-commerce-sales-seen-picking-loss-making-gome-electrical?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1027377/e-commerce-sales-seen-picking-loss-making-gome-electrical?utm_source=rss_feed Fri, 31 Aug 2012 16:00:00 +0000 Diaoyu activists to return Sunday Citing Japanese media, CCTV has reported that the 14 activists from Taiwan, Hong Kong, and mainland China currently detained for illegal entry into Japan upon their arrival this week to the Diaoyu Islands will be deported Friday evening, making calls this week for boycotts against Japanese goods and nationwide protests this coming Sunday less likely to escalate. The Japanese government has said that although bricks were thrown as the activists were being... https://www.scmp.com/comment/blogs/article/1016863/first-thing-china-august-17?utm_source=rss_feed https://www.scmp.com/comment/blogs/article/1016863/first-thing-china-august-17?utm_source=rss_feed Fri, 17 Aug 2012 02:25:08 +0000 Shares in Gome Electrical Appliances Holdings, the mainland's second-largest home appliance retailer, plunged to an all-time low after it forecast a first-half loss due to lower sales and e-commerce losses. Gome slumped as much as 18 per cent yesterday before closing at a record low of 65 HK cents yesterday, down 14.5 per cent. It came after the company, which is backed by private equity firm Bain Capital, said on Tuesday that it may record a net loss for the six months to June because of a... https://www.scmp.com/article/1007743/gome-sinks-all-time-low-after-warning-losses?utm_source=rss_feed https://www.scmp.com/article/1007743/gome-sinks-all-time-low-after-warning-losses?utm_source=rss_feed Wed, 25 Jul 2012 16:00:00 +0000 Gome Electrical Appliances, the mainland's second-largest home appliance retailer, warned of a loss for the year's first half yesterday. The Beijing-based retailer's profit warning, which followed one issued by its chief competitor, Suning Appliance, earlier this month, underscores how the mainland's slowing economy is taking a toll on retail businesses. Suning, listed in Shenzhen, said its net profit in the first half would drop 20 to 30 per cent from a year earlier after disappointing... https://www.scmp.com/article/1007688/gome-warns-loss-first-half?utm_source=rss_feed https://www.scmp.com/article/1007688/gome-warns-loss-first-half?utm_source=rss_feed Tue, 24 Jul 2012 16:00:00 +0000 Hit by declining profit at home, Beijing-based Gome Electrical Appliances Holding is quietly exploring expanding to the Middle East through a joint venture company with a Lebanese businessman. People briefed on the matter told the South China Morning Post that Gome, the mainland's second-largest home appliance retailer, was in early talks with an investment firm led by a wealthy entrepreneur from Lebanon. The people declined to name the Middle East businessman in talks with Gome but would only... https://www.scmp.com/article/1003737/gome-talks-middle-east-foray?utm_source=rss_feed https://www.scmp.com/article/1003737/gome-talks-middle-east-foray?utm_source=rss_feed Mon, 11 Jun 2012 16:00:00 +0000 Gome Electrical Appliances, the mainland's second-largest home appliance retailer, saw profits slump nearly 90 per cent in the first three months of this year because of sliding sales and losses from its e-commerce business. Analysts expect its weak performance to continue this year in a cooling appliance market. The company said in a filing yesterday that sales revenue for the three months to March dropped 28.6 per cent compared to the same quarter in 2011, to 9.76 billion yuan (HK$12 billion).... https://www.scmp.com/article/1002024/profit-falls-88pc-gomes-sales-slide?utm_source=rss_feed https://www.scmp.com/article/1002024/profit-falls-88pc-gomes-sales-slide?utm_source=rss_feed Fri, 25 May 2012 16:00:00 +0000 Shares of Gome Electrical Appliances yesterday fell to their lowest in almost three years after the company issued a profit warning for the first quarter. The stock dropped 11.43 per cent to HK$1.24, the lowest since June 2009, after the company forecast on Monday 'a significant decline in its net profit' for the first quarter. It attributed the poor performance to lower sales and a loss in its e-commerce business. Analysts said demand for home appliances on the mainland had cooled since the... https://www.scmp.com/article/999936/profit-warning-sparks-sell-gome?utm_source=rss_feed https://www.scmp.com/article/999936/profit-warning-sparks-sell-gome?utm_source=rss_feed Wed, 02 May 2012 16:00:00 +0000 Gome Electrical Appliances, the second-largest home appliance retailer on the mainland, plans to maintain its pace of expansion by opening about 260 shops this year after reporting a 6.2 decline in net profit for last year. Gome yesterday posted earnings of 1.84 billion yuan (HK$2.27 billion), compared with 1.96 billion yuan in the previous year - more than 20 per cent below the average analyst average forecast of 2.4 billion yuan, according to Reuters. Revenue grew 17.5 per cent to 59.82... https://www.scmp.com/article/996780/gome-maintains-steady-expansion-profit-falls?utm_source=rss_feed https://www.scmp.com/article/996780/gome-maintains-steady-expansion-profit-falls?utm_source=rss_feed Tue, 27 Mar 2012 16:00:00 +0000 Suspending plans to form a property joint venture with its jailed former chairman's other firms could not stem the selling pressure on Gome Electrical Appliances as its shares tumbled nearly 15 per cent yesterday. The retailer's shares rose 7 per cent before falling 14.8 per cent to HK$1.56 at the close. The downswing came after the stock lost 29 per cent last week following news that the company was planning to form a joint venture with the real estate unit of former chairman and founder Wong... https://www.scmp.com/article/980945/gome-shares-plunge-joint-venture-woes?utm_source=rss_feed https://www.scmp.com/article/980945/gome-shares-plunge-joint-venture-woes?utm_source=rss_feed Mon, 03 Oct 2011 16:00:00 +0000 Shares of Gome Electrical Appliances Holdings, China's second-largest home-appliance retailer, tumbled by as much as 14 per cent after the company announced plans to set up a venture to invest in mainland property. Gome closed 11 per cent lower at HK$2.34 yesterday, compared with the Hang Seng Index, which fell less than 1 per cent. Analysts said the retailer's move into the property market would cloud its prospects and affect its core business. The Beijing-based firm said in a filing to the... https://www.scmp.com/article/980456/property-deal-news-hits-gome-share-price?utm_source=rss_feed https://www.scmp.com/article/980456/property-deal-news-hits-gome-share-price?utm_source=rss_feed Wed, 28 Sep 2011 16:00:00 +0000 Retail and export-led stocks were punished yesterday, with department stores, home appliances and jewellery segments posting the biggest falls in an across-the-board sell-off. Analysts said retail stocks had been resilient in recent market sell-offs but became selling targets for fund managers, although they said the sector's mid to long-term growth prospects were good. 'The retail sector will be the last to be affected by the US or European economy,' said Jerry Peng, an analyst with Guotai... https://www.scmp.com/article/979905/retailers-and-exporters-bear-brunt-selling-spree?utm_source=rss_feed https://www.scmp.com/article/979905/retailers-and-exporters-bear-brunt-selling-spree?utm_source=rss_feed Thu, 22 Sep 2011 16:00:00 +0000 Gome Electrical Appliances Holdings, the mainland's second-largest electronics retailer, will add 260 stores to its network this year as it opens more shops to meet demand. During the first half, the listed electronics retailer opened 131 stores and closed 19 stores on the mainland, representing a net increase of 112 stores against last year's 100 stores. Gome's total number of stores stood at 938 in the middle of this year from 826 at the end of last year. Gome plans to have 1,600 stores on... https://www.scmp.com/article/977553/gome-targets-second-tier-cities-expansion?utm_source=rss_feed https://www.scmp.com/article/977553/gome-targets-second-tier-cities-expansion?utm_source=rss_feed Mon, 29 Aug 2011 16:00:00 +0000 Airline and tourism services operator HNA Group is in talks to buy a commercial block in Beijing owned by Wong Kwong-yu, the jailed founder of the biggest electrical appliance retailer on the mainland. With Wong in jail, HNA Group, controlled by the government of Hainan province, is negotiating a deal with Beijing Gome Appliances. The company, owned and controlled by Wong, is the parent company of Hong Kong-listed Gome Electrical Appliances Holding, which operates the electrical-goods chain. 'We... https://www.scmp.com/article/976684/hna-eyes-property-gome-founder?utm_source=rss_feed https://www.scmp.com/article/976684/hna-eyes-property-gome-founder?utm_source=rss_feed Fri, 19 Aug 2011 16:00:00 +0000 A Hong Kong company owned by disgraced retail tycoon Wong Kwong-yu has tendered a bid for a decommissioned British aircraft carrier, the HMS Ark Royal, and plans to turn it into a floating showcase for hi-tech products. Zhao Qiguang , a spokesman for Hong Kong-based Eagle Vantage Asset Management, confirmed the bid, saying: 'We made the tender in May, and the result may come as early as Friday.' Wong, the founder of Hong Kong-listed Gome Electrical Appliances Holdings, is serving a 14-year... https://www.scmp.com/article/973304/jailed-tycoons-firm-bids-aircraft-carrier?utm_source=rss_feed https://www.scmp.com/article/973304/jailed-tycoons-firm-bids-aircraft-carrier?utm_source=rss_feed Tue, 12 Jul 2011 16:00:00 +0000 Three months after he resigned from the company, the once cordial relationship between Gome Electrical Appliances and its former chairman Chen Xiao has soured. The mainland's second-biggest home appliance retailer yesterday said that it had filed a lawsuit in the Beijing Intermediate People's Court, accusing Chen of making 'false and misleading company information to a financial newspaper', inflicting financial damage on the company. Chen was quoted by the Guangzhou-based 21st Century Business... https://www.scmp.com/article/971315/gome-sues-ex-chairman-over-false-comments?utm_source=rss_feed https://www.scmp.com/article/971315/gome-sues-ex-chairman-over-false-comments?utm_source=rss_feed Tue, 21 Jun 2011 16:00:00 +0000 Shares in Gome rose more than 8 per cent after China's second-largest home appliance retailer posted a higher-than-expected profit gain of 66 per cent in the first quarter. The shares jumped 8.2 per cent, the most in six months, to close at HK$3.04, outperforming the Hang Seng Index, which rose 1 per cent. The Beijing-based company posted a net profit of 552 million yuan (HK$662 million) for the first quarter, compared with 333 million yuan a year earlier. Revenue rose 16 per cent to 13.6... https://www.scmp.com/article/968951/gome-shares-after-profit-soars-66pc?utm_source=rss_feed https://www.scmp.com/article/968951/gome-shares-after-profit-soars-66pc?utm_source=rss_feed Fri, 27 May 2011 16:00:00 +0000 Shares in Gome Electrical Appliances dropped by as much as 4 per cent yesterday after a mainland newspaper reported former chairman Chen Xiao as saying the company had accounting loopholes and its stock has no prospects. Gome issued a statement to the Hong Kong Stock Exchange yesterday saying it would not tolerate Chen's behaviour as expressed in the article and vowed to take appropriate steps to protect the company's interests. Chen, who resigned from Gome in March, was quoted on Tuesday by... https://www.scmp.com/article/967499/newspaper-row-causes-plunge-gome-shares?utm_source=rss_feed https://www.scmp.com/article/967499/newspaper-row-causes-plunge-gome-shares?utm_source=rss_feed Wed, 11 May 2011 16:00:00 +0000 Chen Xiao, who resigned as chairman of Gome Electrical Appliances Holding last month, was awarded 12.5 million yuan (HK$14.8 million) in pay, bonus and share option last year, more than his earnings in previous years. His pay was even higher than that given to Gome founder and former chairman, Wong Kwong-yu, before he was detained in November 2008. Wong raged a months-long battle against Chen for control of the country's second-largest home appliances retailer last year. He blamed Chen for the... https://www.scmp.com/article/964526/former-gome-head-chen-paid-125m-yuan?utm_source=rss_feed https://www.scmp.com/article/964526/former-gome-head-chen-paid-125m-yuan?utm_source=rss_feed Thu, 07 Apr 2011 16:00:00 +0000 Yesterday's report, 'Wong stays on Gome board amid power tussle', on page B1 incorrectly stated that Wong Kwong-yu is still on the board of appliance retailer Gome Electrical Appliances Holding. Wong does not have a seat on Gome's board. The error was introduced in the editing process. https://www.scmp.com/article/726286/corrections-clarifications?utm_source=rss_feed https://www.scmp.com/article/726286/corrections-clarifications?utm_source=rss_feed Thu, 30 Sep 2010 16:00:00 +0000 The core retail business at Gome Electrical Appliances Holdings is selling electrical appliances and consumer electronics. https://www.scmp.com/article/640018/company-profile-gome?utm_source=rss_feed https://www.scmp.com/article/640018/company-profile-gome?utm_source=rss_feed Sun, 01 Jun 2008 16:00:00 +0000 Appliance company's president Chen Xiao says the group plans to boost its market share by 20 per cent and consolidate its leading position Were there any notable changes in the industry in 2007? Any key challenges? Gome Electrical Appliances Holding believes that the consolidation of China's household electrical appliances sector has been completed. To further solidify the group's leading position, the management has set out a new development plan: by 2011, the market share of the group,... https://www.scmp.com/article/634518/new-strategy-overtake-rivals?utm_source=rss_feed https://www.scmp.com/article/634518/new-strategy-overtake-rivals?utm_source=rss_feed Sun, 20 Apr 2008 16:00:00 +0000 Gome Electrical Appliances Holding, the mainland's largest consumer electronics retailer by outlets, said it would spend up to 2 billion yuan (HK$2.23 billion) to expand after reporting a 37.61 per cent increase in earnings last year. The Hong Kong-listed company would allocate between 1 billion yuan and 1.2 billion yuan to buy store locations with the rest going towards new store openings, renovations and building a logistics centre, said chief financial officer Zhou Yafei. Gome said it... https://www.scmp.com/article/634092/gome-electrical-outlines-2b-yuan-expansion-earnings-rise-376pc?utm_source=rss_feed https://www.scmp.com/article/634092/gome-electrical-outlines-2b-yuan-expansion-earnings-rise-376pc?utm_source=rss_feed Thu, 17 Apr 2008 16:00:00 +0000 Shares in Sanlian Commerce, a Shanghai-listed consumer electronics store chain, rose by the 10 per cent daily limit yesterday after bigger rival Gome Electrical Appliances Holding became its largest shareholder. The investment spurred speculation the nation's largest consumer electronics retailer will buy out Sanlian, paving the way for a back-door listing by Gome in the A-share market. Sanlian, which has surged 73.17 per cent over the past year, closed 10.02 per cent up at 10.65 yuan... https://www.scmp.com/article/628609/sanlian-surges-gome-stake-deal?utm_source=rss_feed https://www.scmp.com/article/628609/sanlian-surges-gome-stake-deal?utm_source=rss_feed Tue, 04 Mar 2008 16:00:00 +0000 Suning Appliance, the mainland's second-biggest home appliance retailer, said rising rental costs meant it would expand its store network by buying rather than leasing key sites around the country. The firm, which yesterday reported a better than expected 93.42 per cent increase in earnings last year, said it would buy properties at core business districts in big cities and aimed to open 200 stores this year. 'Rising rental costs are still the key challenge for the chain's development,' Suning... https://www.scmp.com/article/628187/expanding-suning-buy-sites-rents-rise?utm_source=rss_feed https://www.scmp.com/article/628187/expanding-suning-buy-sites-rents-rise?utm_source=rss_feed Fri, 29 Feb 2008 16:00:00 +0000 Gome Electrical Appliances Holding, the mainland's largest consumer electronics retailer, said its plan to take over Dazhong Electrical Appliances had been helped by rival Suning Appliance's decision to scrap a similar move. Executive director Du Juan said Gome had been in talks on the possible acquisition of Dazhong since last year and would benefit from Suning scrapping its proposed purchase of Dazhong, the country's third biggest and Beijing's No1 electronics appliance chain... https://www.scmp.com/article/619589/gome-upbeat-takeover-dazhong-after-suning-pullout?utm_source=rss_feed https://www.scmp.com/article/619589/gome-upbeat-takeover-dazhong-after-suning-pullout?utm_source=rss_feed Thu, 13 Dec 2007 16:00:00 +0000 The mainland's two biggest consumer electronics retailers are spending billions of yuan to buy store properties to make sure they can continue operations in prime locations amid rising rents. Gome Electrical Appliances Holding, the mainland's biggest electronics retailer with 654 stores, has purchased 20 recently to limit the impact of rising rents, according to president Chen Xiao. Each store cost 'between tens of million yuan and 100 million yuan', Mr Chen said. Gome, controlled by the... https://www.scmp.com/article/609848/gome-suning-buying-sites-hold-locations?utm_source=rss_feed https://www.scmp.com/article/609848/gome-suning-buying-sites-hold-locations?utm_source=rss_feed Sun, 30 Sep 2007 16:00:00 +0000 Wong Kwong-yu, the controlling shareholder of Gome Electrical Appliances Holding, will use some of the proceeds raised from placing HK$2.34 billion worth of his shares last week to boost the land bank of his property flagship, which is preparing to list in Shanghai, according to the company's management. Mr Wong, the mainland's richest man, will also use the proceeds to expand the network of the Hong Kong-listed firm's parent, Gome Group, said Gome president Chen Xiao. Gome, the mainland's... https://www.scmp.com/article/609146/wong-use-gome-proceeds-boost-land-bank?utm_source=rss_feed https://www.scmp.com/article/609146/wong-use-gome-proceeds-boost-land-bank?utm_source=rss_feed Mon, 24 Sep 2007 16:00:00 +0000