Huang_Guangyu

Huang Guangyu

Huang Guangyu

Chinese businessman (born 1969)

Huang Guangyu, (simplified Chinese: 黄光裕; traditional Chinese: 黃光裕; pinyin: Huáng Guāngyù; Jyutping: Wong4 Kwong1 Yu6) (born 24 June 1969) is a Chinese businessman and 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 magazine's world's richest people ranking.[2] In 2005, he was the richest man in China according to Time magazine.[3] He was born and raised as a Christian.[4]

Quick Facts Born, Nationality ...
In this Chinese name, the family name is Huang.

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 in 2007, with a net worth estimated at $6.3 billion, according to the 2008 China Rich List by Hurun.[5] He was surpassed by Yang Huiyan in 2009, with a net worth of $7.1 billion.

Stock market manipulation

On November 24, 2008, the Hong Kong Stock Exchange indefinitely halted trading shares of GOME, amid reports of a police investigation of Huang Guangyu, the company's Chairman, executive director and Controlling Shareholder.[6] Furthermore, Huang was reported to be charged with alleged stock market manipulation, on which police declined to comment,[7] according to the state-run China Daily newspaper. He resigned from the post of chairman on 16 January 2009.[8]

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.[9]

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.[10]

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.[11][12]

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.[13][14]

References

  1. [1]
    "Huang Guangyu Of A Chinese Dream". Archived from the original on 2014-02-21. Retrieved 2014-01-25.
  2. [2]
    "Wong Kwong Yu, The 400 Richest Chinese". Forbes.com. Archived from the original on November 25, 2005. Retrieved 2010-05-19.
  3. [3]
    Mcgregor, James (2006-04-30). "Huang Guangyu". TIME. Archived from the original on June 19, 2006. Retrieved 2010-05-19.
  4. [4]
    Huang Guangyu, China's richest man, disappears amid corruption
  5. [5]
    "China's richest man 'under investigation'". CNN News. 24 November 2008. Retrieved 6 August 2022.
  6. [6]
    "Under investigation on charges of stock market manipulation". CNN. June 1999. Retrieved 2008-11-24.
  7. [7]
    Archived December 2, 2008, at the Wayback Machine
  8. [8]
    RESIGNATION OF DIRECTOR, APPOINTMENT OF CHAIRMAN, REAPPOINTMENT OF EXECUTIVE DIRECTOR AND APPOINTMENT OF NOMINATION COMMITTEE MEMBER AND REMUNERATION COMMITTEE MEMBER
  9. [9]
    Dean, Jason; Ng, Jeffrey (May 18, 2010). "Ex-Gome Chairman Sentenced to 14 Years in Prison". The Wall Street Journal. Retrieved 19 May 2010.
  10. [10]
    "Gome Electrical's Chairman Chen Quits After Boardroom Battle With Founder". Bloomberg. March 9, 2011. Retrieved 13 July 2011.
  11. [11]
    "Jailed Chinese tycoon bids for British aircraft carrier". ASD News. July 12, 2011. Retrieved 13 July 2011.
  12. [12]
    Tsui, Enid (1 September 2011). "Jailed Chinese Tycoon Bids for Ark Royal". CNBC. Retrieved 6 July 2020.
  13. [13]
    Liu, Pearl (24 June 2020). "Huang Guangyu, founder and ex-chairman of one of China's largest bricks-and-mortar electronics retailers, is released from jail". Retrieved 6 August 2022.
  14. [14]
    Wyk, Barry van (4 August 2022). "Offline electronic appliances retailer Gome can't compete with the ecommerce companies and is facing ruin". supchina.com. Retrieved 6 August 2022.
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