Fallen founder still pulls strings at GOME
0 Comment(s)
Print
E-mail China Daily, August 25, 2015
Rise of GOME Electrical Appliances Holding Ltd
1987
GOME is transformed from a clothing store to a retail chain selling electrical appliances.
2004
The group goes public on the Hong Kong Stock Exchange.
2009
Huang Guangyu resigns as president after being arrested in November 2008 on charges of bribery, illegal foreign exchange activities and insider trading.
2013
GOME buys coo8.com, a website that sells electronic appliances.
2014
The group rolls out an online-to-offline model which allows customers to buy goods on its website and pick them up from key locations.
Later in the year, GOME announces it will pay 1.9 billion yuan ($297 million) for a 5.41 percent stake of Huishang Bank. The plan fails to get approval from the China Securities Regulatory Commission.
By the end of year, the company announces it has 1,132 stores nationwide.
2015
In January, GOME moves its financial operations to Tianjin, which borders Hebei province and Beijing municipality. Total investment reaches 1.5 billion yuan. The division is managed by Huang Xiuhong, younger sister of Huang Guangyu.
In July, GOME buys 578 stores that were not included in the Hong Kong listing from another Huang company, GOME Management Ltd, for HK$11.3 billion ($1.46 billion).
Go to Forum >>0 Comment(s)