| Type | Joint Stock |
|---|---|
| Industry | Electrical appliance retailing |
| Founded | 1987 |
| Founder(s) | Mr. Wong Kwong Yu |
| Headquarters | Beijing, People's Republic of China |
| Area served | People's Republic of China Hong Kong |
| Key people | Chairman: Mr. Chen Xiao |
| Products | electrical goods consumer electronics |
| Revenue | RMB 24,729 million (2006) [1] |
| Net income | RMB 819 million (2006) [1] |
| Employees | 49,687 [2] |
| Website | http://www.gome.com.hk |
GOME Electrical Appliances Holding Limited (国美电器 in Chinese)(SEHK: 493) is one of the largest privately-owned electrical appliance retailers 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 "GOME" was first adopted in 1993. Since 1999, it has developed outside Beijing and established retail outlets in other China cities. It was listed on the Hong Kong Stock Exchange in 2004.[3][4] As of 2008 Wong is the chairperson, the controlling shareholder, and the director. The company is incorporated in Bermuda.[5]
In 1987 GOME's first electrical appliance retail outlet was opened in Beijing. In 1999 the company expanded outside of Beijing to Tianjin. 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.[5] He resigned from company chairman on 16 January 2009.[6]
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.[7]
The Wall Street Journal of May 18, 2010, reports that a Chinese court sentenced retail tycoon Huang Guangyu to 14 years in prison, a severe punishment for China's one-time wealthiest man. http://online.wsj.com/article/SB10001424052748703315404575251271890222924.html He is not accused of using chemical or radiation weapons against civilians and he did not steal high-value items from the owner and so it is unclear whether any substantial penalty was justified at all. On the other hand, the penalty for using chemical or radiation weapons against civilians is death.