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 their respective listed markets. Instead, 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. The domestic application attached to ...

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

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 goods or service from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create and ...

"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 The Stock Exchange of Hong Kong (, SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. It is one of the largest stock exchanges in Asia and the List of major stock exchanges, 9th largest globally by market ...

in 2004. As of 2008 Wong was the chairperson, the controlling shareholder, and the director. The company is incorporated in

Bermuda Bermuda is a British Overseas Territories, British Overseas Territory in the Atlantic Ocean, North Atlantic Ocean. The closest land outside the territory is in the American state of North Carolina, about to the west-northwest. Bermuda is an ...

History

As of 2010 there were a total of 826 stores, 572 traditional stores, 13 digital stores and 2 flagship stores throughout mainland China. In November 2008 the

indefinitely halted trading of the company shares after police revealed that Wong was under investigation for

stock manipulation In economics and finance, market manipulation occurs when someone intentionally alters the supply or demand of a security to influence its price. This can involve spreading misleading information, executing misleading trades, or manipulating ...

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

CNN Cable News Network (CNN) is a multinational news organization operating, most notably, a website and a TV channel headquartered in Atlanta. Founded in 1980 by American media proprietor Ted Turner and Reese Schonfeld as a 24-hour cable ne ...

''. 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 were 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 1987 in Beijing