GOME Electrical Appliances
Encyclopedia
GOME Electrical Appliances Holding Limited (国美电器 in Chinese) 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. As of 2008 Wong is the chairperson, the controlling shareholder, and the director. The company is incorporated in Bermuda
.
. 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. 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.
Mainland China
Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...
and Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. It was founded by Wong Kwong Yu (Huang Guangyu), a Chinese
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
businessman, in Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
in 1987. Its brand name "GOME" was first adopted in 1993. Since 1999, it has developed outside Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
and established retail outlets in other China cities. It was listed on the Hong Kong Stock Exchange
Hong Kong Stock Exchange
The Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
in 2004. As of 2008 Wong is the chairperson, the controlling shareholder, and the director. The company is incorporated in Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
.
History
In 1987 GOME's first electrical appliance retail outlet was opened in BeijingBeijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
. In 1999 the company expanded outside of Beijing to Tianjin
Tianjin
' is a metropolis in northern China and one of the five national central cities of the People's Republic of China. It is governed as a direct-controlled municipality, one of four such designations, and is, thus, under direct administration of the central government...
. 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. 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.