Huang Guangyu, () (born 24 June 1969) is the former Chairman of GOME Group, which is the largest consumer electronics retailer in China. He had a net worth of US$1.7 billion as of 2005, according to ''

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also rep ...

'' magazine's world's richest people ranking. In 2005, he was the richest man in China according to ''

Time Time is the continued sequence of existence and events that occurs in an apparently irreversible succession from the past, through the present, into the future. It is a component quantity of various measurements used to sequence events, t ...

'' magazine. He was born and raised as a Christian. In 2006, he was forced by regulations to sell off 25% of GOME Group, as listed in Hong Kong, making his net worth US$2.5 billion, according to some sources. His ambitious goals include "making Gome one of the 500 largest companies in the world by 2008". Huang was listed as the richest person in

Mainland China "Mainland China" is a geopolitical term defined as the territory governed by the People's Republic of China (including islands like Hainan or Chongming), excluding dependent territories of the PRC, and other territories within Greater China. ...

in 2007, with a net worth estimated at $6.3 billion, according to the 2008 China Rich List by Hurun. He was surpassed by

Yang Huiyan Yang Huiyan (; born 1981) is a Chinese-born Cypriot billionaire businesswoman and property developer. She is the majority shareholder of Country Garden Holdings, a stake largely transferred to her by her father Yang Guoqiang in 2007. She was ...

in 2009, with a net worth of $7.1 billion.

Stock market manipulation

On November 24, 2008 the

Hong Kong Stock Exchange The Stock Exchange of Hong Kong (SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. As of the end of 2020, it has 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is repor ...

indefinitely halted trading shares of GOME, amid reports of a police investigation of Huang Guang Yu, the company's Chairman, Executive Director and Controlling Shareholder. Furthermore, Huang was reported to be charged with alleged stock market manipulation, on which police declined to comment, according to the state-run China Daily newspaper. He resigned from the post of Chairman on 16 January 2009.

Sentencing

In 2010, a Chinese court sentenced Huang Guangyu to 14 years in prison, a punishment that observers considered likely to be seen as a warning to the country's business executives.

Business behind bars

In April 2011, Chairman Chen Xiao, who succeeded Huang when he was sentenced to prison, resigned after a seven-month campaign by Huang to reassert control. On July 12, 2011, Eagle Vantage Asset Management, controlled by Huang, bid on his behalf for the decommissioned British Royal Navy aircraft carrier, HMS ''Ark Royal''. According to reports, the plan is to create the world’s largest buoyant luxury shopping mall. On June 24, 2020, Huang was released on probation from prison after his term was reduced by 22 months for good behaviour. His probation period ended on February 16, 2021.

References

Forbes
{{DEFAULTSORT:Huang, Guangyu 1969 births Living people Billionaires from Guangdong Chinese company founders People from Chaoyang District, Shantou Businesspeople from Guangdong 21st-century Chinese businesspeople Renmin University of China alumni