GOME Electrical Appliances Holding Limited (国美电器 in Chinese)() changed its name to GOME Retail Holdings Ltd.. It is one of the largest

privately owned A privately held company (or simply a private company) is a company whose shares and related rights or obligations are not offered for public subscription or publicly negotiated in the respective listed markets, but rather the company's stock is ...

electrical appliance A home appliance, also referred to as a domestic appliance, an electric appliance or a household appliance, is a machine which assists in household functions such as cooking, cleaning and food preservation. Appliances are divided into three ty ...

retailers Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and t ...

in mainland China and Hong Kong. It was founded by Wong Kwong Yu (Huang Guangyu), a Chinese businessman, in Beijing in 1987. Its

brand name A brand is a name, term, design, symbol or any other feature that distinguishes one seller's good or service from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create an ...

"GOME" was first adopted in 1993. Since 1999, it has developed outside Beijing and established retail outlets in other Chinese cities. It was listed on the Hong Kong Stock Exchange in 2004. As of 2008 Wong is the chairperson, the controlling shareholder, and the director. The company is incorporated in

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History

In 1987 GOME's first electrical appliance retail outlet was opened in Beijing. In 1999 the company expanded outside of Beijing to

Tianjin Tianjin (; ; Mandarin: ), alternately romanized as Tientsin (), is a municipality and a coastal metropolis in Northern China on the shore of the Bohai Sea. It is one of the nine national central cities in Mainland China, with a total popu ...

. In 2004, GOME was selected as one of the "Key and Strategically Important Enterprises" in China by the Ministry of Commerce. In 2006 the company merged with China Paradise. As of 2010 there are a total of 826 stores, 572 traditional stores, 13 digital stores and 2 flagship stores throughout mainland China. In November 2008 the Hong Kong Stock Exchange indefinitely halted trading of the company shares after police revealed that Wong was under investigation for

stock manipulation In economics and finance, market manipulation is a type of market abuse where there is a deliberate attempt to interfere with the free and fair operation of the market; the most blatant of cases involve creating false or misleading appearances ...

.China's richest man 'under investigation'
" ''

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''. Retrieved 24 November 2008. He resigned from company chairman on 16 January 2009. In November 2010, the company reported third quarter 2010 net profit of 477.5 million yuan, an increase of 24 per cent from the same period in 2009, despite a public dispute between founder Wong and chairman Chen Xiao over business strategy. In January 2013, it was announced that Gome badged retail stores in Hong Kong would begin to close from March 2013, the six stores concerned are owned directly by Wong and not the listed company. The move marks a shift in emphasis for the company from one based on overseas expansion to one based on an increasing presence online and in second tier Chinese cities, although the company will remain in Hong Kong as a wholesaler.

References

External links

GOME Electrical Appliances Holding Limited (China)

GOME Electrical Appliances Holding Limited (Hong Kong)
{{Bain Capital Privately held companies of China Retail companies established in 1987 Companies based in Beijing Companies listed on the Hong Kong Stock Exchange Consumer electronics retailers of China Whitegoods retailers of China Bain Capital companies Retail companies of Hong Kong Chinese companies established in 1987